Contents | ||||
Letter to Shareholders
|
1 | |||
Fund Insights/Performance & Statistics
|
2-7 | |||
Schedules of Investments
|
8-24 | |||
Statements of Assets and Liabilities
|
26 | |||
Statements of Operations
|
27 | |||
Statements of Changes in Net Assets
|
28-29 | |||
Notes to Financial Statements
|
30-37 | |||
Financial Highlights
|
38-40 | |||
Matters Relating to the Trustees Consideration of the Investment Management & Portfolio Management Agreements | 41-43 | |||
Board of Trustees Information/Subsequent Events/Proxy Voting Policies & Procedures | 44 |
Hans W. Kertess | Brian S. Shlissel | |
Chairman | President & Chief Executive Officer |
| For the six-month reporting period ended October 31, 2008, PIMCO Municipal Income Fund had a net asset value (NAV) return of (19.83)% and a market price return of (26.43)%, compared with (16.98)% and (22.52)%, respectively, for the Lipper Analytical General Municipal Debt Funds (Leveraged) average. |
| Municipal bond yields increased across the curve in all but the one-year portion of the curve during the six-month period ended October 31, 2008. |
| Duration hedging strategies affected performance negatively during the period. Thirty-year Treasury and London Interbank Offered Rate (LIBOR) swaps rallied while municipal rates increased. |
| Municipal to Treasury yield ratios moved higher during the period reaching all time high levels in September and continuing higher in October. The 10-year ratio increased to 108.67% and 30-year ratio increased to 123.76%. |
| Exposure to healthcare related munis was negative for performance as this sector underperformed during the six-month period. |
| Tobacco securitization sector holdings detracted from performance as muni investors focused on very high quality short-term munis and avoided lower rated sectors. |
| Exposure to zero coupon municipals was negative for performance as their longer durations caused underperformance as rates moved higher during the period. The Barclays Capital Zero Coupon Index returned (13.54)% for the six-month period. |
| Long Municipals underperformed Long Treasuries and the taxable debt sector during the six-month period as investors moved into Treasuries due to continued uncertainty in the markets. The Barclays Capital Long Municipal Bond Index returned (12.57)% while the Long Government/Credit and the Long Barclays Capital Treasury Indices returned (11.64)% and (0.85)%, respectively. |
| Municipal bond issuance remains at increased levels, although September and October saw a substantial decrease from the same months a year prior as issuers remained on hold due to market dislocation. Although issuance has been stalled somewhat, municipalities will need to access the debt markets to obtain funding for projects and various cash flow needs in the near term. During the six-month period, issuance totaled in excess of $205 billion. |
| PIMCO Municipal Income was generally positioned with a significant portion of its exposure in longer dated maturities due to the attractiveness of that portion of the curve. This hindered performance as the muni curve steepened during this period with longer rates increasing. The 15-, 20-, and 30-year maturity AAA General Obligation yields increased 67, 62, and 75 basis points, respectively while the two-year yield increased by only 10 basis points. |
Total Return(1): | Market Price | Net Asset Value (NAV) | ||||||
Six Months
|
(26.43 | )% | (19.83 | )% | ||||
1 Year
|
(22.96 | )% | (23.32 | )% | ||||
5 Year
|
3.35 | % | 0.33 | % | ||||
Commencement of Operations (6/29/01) to 10/31/08
|
3.22 | % | 1.90 | % | ||||
Market Price/NAV:
|
||||
Market Price
|
$11 | .70 | ||
NAV
|
$9 | .99 | ||
Premium to NAV
|
17 | .12% | ||
Market Price Yield(2)
|
8 | .07% | ||
(1) | Past performance is no guarantee of future results. Returns are calculated by determining the percentage change in net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Funds income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at October 31, 2008. |
| For the six-month reporting period ended October 31, 2008, PIMCO California Municipal Income Fund had a net asset value (NAV) return of (16.79)% and a market price return of (26.78)%, compared with (15.39)% and (20.05)%, respectively, for the Lipper Analytical California Municipal Debt Funds average. |
| Municipal bond yields increased across the curve in all but the one-year portion of the curve during the six-month period ended October 31, 2008. |
| Duration hedging strategies affected performance negatively during the period. Thirty-year Treasury and London Interbank Offered Rate (LIBOR) swaps rallied while municipal rates increased. |
| Municipal to Treasury yield ratios moved higher during the period reaching all time high levels in September and continuing higher in October. The 10-year ratio increased to 108.67% and 30-year ratio increased to 123.76%. |
| Exposure to healthcare related munis was negative for performance as this sector underperformed during the six-month period. |
| Tobacco securitization sector holdings detracted from performance as muni investors focused on very high quality short-term munis and avoided lower rated sectors. |
| Exposure to zero coupon municipals was negative for performance as their longer durations caused underperformance as rates moved higher during the period. The Barclays Capital Zero Coupon Index returned (13.54)% for the six-month period. |
| Municipal bonds within California underperformed the Barclays Capital Municipal Bond Index (national index) returning (5.34)% versus (4.70)% for the national index during the period. Year-to-date, California continues to lead all other states in new issue volume. The states issuance decreased 17.8% from the same period last year to $50 billion. |
| PIMCO California Municipal Income was generally positioned with a significant portion of its exposure in longer dated maturities due to the attractiveness of that portion of the curve. This hindered performance as long muni rates increased during this period. The shape of the California State AAA insured municipal yield curve steepened during the reporting period. Five-year maturity yields increased 54 basis points, 10-year yields increased 76 basis points, and 30-year yields increased 98 basis points. |
| Long municipals underperformed long Treasuries and the taxable debt sector during the six-month period as investors moved into Treasuries due to continued uncertainty in the markets. The Barclays Capital Long Municipal Bond Index returned (12.57)% while the Long Government/Credit and the Long Barclays Capital Treasury Indices returned (11.64)% and (0.85)%, respectively. |
| Municipal bond issuance remains at increased levels, although September and October saw a substantial decrease from the same months a year prior as issuers remained on hold due to market dislocation. Although issuance has been stalled somewhat, municipalities will need to access the debt markets to obtain funding for projects and various cash flow needs in the near term. During the six-month period, issuance totaled in excess of $205 billion. |
Total Return(1): | Market Price | Net Asset Value (NAV) | ||||||
Six Months
|
(26.78 | )% | (16.79 | )% | ||||
1 Year
|
(26.18 | )% | (18.54 | )% | ||||
5 Year
|
2.82 | % | 2.04 | % | ||||
Commencement of Operations (6/29/01) to 10/31/08
|
2.34 | % | 2.75 | % | ||||
Market Price/NAV:
|
||||
Market Price
|
$11 | .21 | ||
NAV
|
$10 | .94 | ||
Premium to NAV
|
2 | .47% | ||
Market Price Yield(2)
|
7 | .93% | ||
(1) | Past performance is no guarantee of future results. Returns are calculated by determining the percentage change in net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Funds income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at October 31, 2008. |
| For the six-month reporting period ended October 31, 2008, PIMCO New York Municipal Income Fund had a net asset value return (NAV) of (20.13)% and a market price return of (19.88)%, compared with (14.95)% and (18.34)%, respectively, for the Lipper Analytical New York Municipal Debt Funds average. |
| Municipal bond yields increased across the curve in all but the one-year portion of the curve during the six-month period ended October 31, 2008. |
| Duration hedging strategies affected performance negatively during the period. Thirty-year Treasury and London Interbank Offered Rate (LIBOR) swaps rallied while municipal rates increased. |
| Municipal to Treasury yield ratios moved higher during the six-month period reaching all time high levels in September and continuing higher in October. The 10-year ratio increased to 108.67% and 30-year ratio increased to 123.76%. |
| Exposure to healthcare related munis was negative for performance as this sector underperformed during the period. |
| Tobacco securitization sector holdings detracted from performance as muni investors focused on very high quality short-term munis and avoided lower rated sectors. |
| Exposure to zero coupon municipals was negative for performance as their longer durations caused underperformance as rates moved higher during the period. The Barclays Capital Zero Coupon Index returned (13.54)% for the six-month period. |
| Municipal bonds within New York outperformed the Barclays Capital Municipal Bond Index (national index) returning (4.08)% versus (4.70)% for the national index during the period. Year-to-date, New York State issuance aggregated $35.4 billion in bonds, 39.6% higher than the same period last year. New York ranks third among all states in terms of issuance. |
| PIMCO New York Municipal Income was generally positioned with a significant portion of its exposure in longer dated maturities due to the attractiveness of that portion of the curve. This hindered performance as long muni rates increased during this period. The shape of the New York Insured AAA municipal yield curve steepened during the reporting period. Five-year maturity AAA credits increased 45 basis points, 10-year maturities increased 65 basis points, and 30-year maturities increased by 81 basis points. |
| Long municipals underperformed long Treasuries and the taxable debt sector during the period as investors moved into Treasuries due to continued uncertainty in the markets. The Barclays Capital Long Municipal Bond Index returned (12.57)% while the Long Government/Credit and the Long Barclays Capital Treasury Indices returned (11.64)% and (0.85)%, respectively. |
| Municipal bond issuance remains at increased levels, although September and October saw a substantial decrease from the same months a year prior as issuers remained on hold due to market dislocation. Although issuance has been stalled somewhat, municipalities will need to access the debt markets to obtain funding for projects and various cash flow needs in the near term. During the six-month period, issuance totaled in excess of $205 billion. |
Total Return(1): | Market Price | Net Asset Value (NAV) | ||||||
Six Months
|
(19.88 | )% | (20.13 | )% | ||||
1 Year
|
(16.84 | )% | (21.21 | )% | ||||
5 Year
|
0.29 | % | (0.18 | )% | ||||
Commencement of Operations (6/29/01) to 10/31/08
|
0.81 | % | 1.06 | % | ||||
Market Price/NAV:
|
||
Market Price
|
$10.16 | |
NAV
|
$9.86 | |
Premium to NAV
|
3.04% | |
Market Price Yield(2)
|
6.60% | |
(1) | Past performance is no guarantee of future results. Returns are calculated by determining the percentage change in net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Funds income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at October 31, 2008. |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
MUNICIPAL BONDS & NOTES 95.3%
|
||||||||||
Alabama2.9% | ||||||||||
$ | 2,500 |
Birmingham Baptist Medical Centers Special Care Facs. Financing
Auth. Rev., 5.875%, 11/15/24, Ser. A
|
Baa1/NR | $ | 2,100,100 | |||||
8,000 |
Huntsville Health Care Auth.
Rev., 5.75%, 6/1/31, Ser. A, (Pre-refunded @ $101, 6/1/11) (c)
|
A2/NR | 8,594,000 | |||||||
Huntsville-Redstone Village Special Care Facs. Financing Auth. Rev., | ||||||||||
250 |
5.50%, 1/1/28
|
NR/NR | 175,650 | |||||||
885 |
5.50%, 1/1/43
|
NR/NR | 564,072 | |||||||
1,350 |
Montgomery Medical Clinic Board, Jackson Hospital & Clinic Rev.,
5.25%, 3/1/31
|
Baa2/BBB− | 973,998 | |||||||
1,400 |
Tuscaloosa Educational Building Auth. Rev.,
Stillman College, 5.00%, 6/1/26
|
NR/BBB− | 1,014,538 | |||||||
13,422,358 | ||||||||||
Alaska1.8% | ||||||||||
900 |
Industrial Dev. & Export Auth. Boys & Girls Home Rev.,
6.00%, 12/1/36
|
NR/NR | 645,480 | |||||||
Northern Tobacco Securitization Corp. Rev., | ||||||||||
2,400 |
5.00%, 6/1/46, Ser. A
|
Baa3/NR | 1,334,256 | |||||||
6,000 |
5.50%, 6/1/29, (Pre-refunded @ $100, 6/1/11) (c)
|
Aaa/AAA | 6,368,520 | |||||||
8,348,256 | ||||||||||
Arizona2.6% | ||||||||||
5,000 |
Apache Cnty. Industrial Dev. Auth. Pollution Control Rev.,
Tucson Electric Power Co., 5.875%, 3/1/33
|
Baa3/BB+ | 3,584,200 | |||||||
2,750 | Health Facs. Auth. Rev., Beatitudes Project, 5.20%, 10/1/37 | NR/NR | 1,739,815 | |||||||
4,150 |
Pima Cnty. Industrial Dev. Auth. Rev.,
Tucson Electric Power, 6.375%, 9/1/29, Ser. A
|
Baa3/BB+ | 3,251,691 | |||||||
1,260 | Tuscon Day School, 5.00%, 6/1/37 | NR/BBB− | 832,595 | |||||||
4,200 | Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 | Aa3/AA− | 2,575,566 | |||||||
11,983,867 | ||||||||||
Arkansas0.4% | ||||||||||
8,500 | Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/36 (AMBAC) | Aa3/NR | 1,588,735 | |||||||
500 |
Little Rock Municipal Property Owners Multipurpose Improvement
Dist., Special Tax, 5.25%, 3/1/23, Ser. A
|
NR/NR | 403,330 | |||||||
1,992,065 | ||||||||||
California5.7% | ||||||||||
Golden State Tobacco Securitization Corp. Rev., Ser. A-1 | ||||||||||
6,000 |
5.00%, 6/1/33
|
Baa3/BBB | 3,805,680 | |||||||
10,000 |
6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (c)
|
NR/AAA | 11,218,200 | |||||||
State, GO, | ||||||||||
300 |
5.00%, 6/1/37
|
A1/A+ | 261,453 | |||||||
11,500 |
5.00%, 11/1/37 (j)
|
A1/A+ | 10,211,770 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
California (continued) | ||||||||||
$ | 1,000 |
Statewide Community Dev. Auth. Rev., Catholic Healthcare West,
5.50%, 7/1/31, Ser. E
|
A2/A | $ | 889,050 | |||||
26,386,153 | ||||||||||
Colorado2.6% | ||||||||||
500 | Confluence Metropolitan Dist. Rev., 5.45%, 12/1/34 | NR/NR | 353,320 | |||||||
1,000 |
Denver Health & Hospital Auth. Healthcare Rev., 6.00%, 12/1/23, Ser. A,
(Pre-refunded @ $100, 12/1/11) (c)
|
NR/NR | 1,088,930 | |||||||
12,400 | Health Facs. Auth. Rev., Liberty Heights, zero coupon, 7/15/24 | Aaa/AAA | 5,283,764 | |||||||
4,940 |
Northwest Parkway Public Highway Auth. Rev.,
7.125%, 6/15/41, Ser. D, (Pre-refunded @ $102, 6/15/11) (c)
|
NR/NR | 5,163,782 | |||||||
11,889,796 | ||||||||||
Connecticut0.2% | ||||||||||
1,000 | State Dev. Auth. Pollution Control Rev., 5.85%, 9/1/28 | Baa1/BBB− | 841,200 | |||||||
District of Columbia0.9% | ||||||||||
4,600 | Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24 | Baa3/BBB | 4,053,106 | |||||||
Florida0.8% | ||||||||||
905 |
Beacon Lakes Community Dev. Dist., Special Assessment,
6.00%, 5/1/38, Ser. A
|
NR/NR | 643,319 | |||||||
940 |
Dev. Finance Corp. Rev., Learning Gate Community School,
6.00%, 2/15/37
|
NR/BBB− | 712,830 | |||||||
1,750 |
Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt Health System,
6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (c)
|
NR/NR | 1,906,205 | |||||||
500 | Lee Cnty. Industrial Dev. Auth. Rev., 5.375%, 6/15/37, Ser. A | NR/BB | 324,100 | |||||||
3,586,454 | ||||||||||
Georgia0.3% | ||||||||||
2,300 | Medical Center Hospital Auth. Rev., 5.25%, 7/1/37 | NR/NR | 1,499,531 | |||||||
Illinois9.6% | ||||||||||
2,935 | Chicago, GO, 5.375%, 1/1/34, Ser. A (FGIC) | Aaa/AA− | 2,767,030 | |||||||
10,115 |
Chicago Board of Education School Reform, GO,
zero coupon, 12/1/31, Ser. A (MBIA-FGIC)
|
A1/AA | 2,241,181 | |||||||
10,000 | Chicago Motor Fuel Tax Rev., 5.00%, 1/1/38, Ser. A | Aaa/AAA | 8,711,100 | |||||||
Educational Facs. Auth. Rev., Univ. of Chicago, | ||||||||||
190 |
5.25%, 7/1/41
|
Aa1/AA | 178,446 | |||||||
80 |
5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (c)
|
Aa1/AA | 85,722 | |||||||
Finance Auth. Rev. (c),
Adventist Health System, (Pre-refunded @ $101, 11/15/09),
|
||||||||||
5,000 |
5.50%, 11/15/29
|
NR/NR | 5,247,150 | |||||||
1,260 |
5.65%, 11/15/24
|
NR/NR | 1,324,197 | |||||||
1,000 |
Fairview, 6.25%, 8/15/35, Ser. A
|
NR/NR | 742,150 | |||||||
3,800 |
Monarch Landing, Inc., 7.00%, 12/1/37, Ser. A
|
NR/NR | 2,998,162 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
Illinois (continued) | ||||||||||
$ | 3,000 |
Health Facs. Auth. Rev.,
Decatur Memorial Hospital, 5.75%, 10/1/24
|
A2/A | $ | 2,633,970 | |||||
Hillside, Tax Allocation, Mannheim Redev. Project, | ||||||||||
1,770 |
6.55%, 1/1/20
|
NR/NR | 1,583,867 | |||||||
1,140 |
7.00%, 1/1/28
|
NR/NR | 965,306 | |||||||
Lake Cnty. Community High School Dist., GO, Ser. B (MBIA-FGIC), | ||||||||||
5,000 |
zero coupon, 2/1/19
|
NR/AA | 2,865,950 | |||||||
5,000 |
zero coupon, 2/1/20
|
NR/AA | 2,661,450 | |||||||
5,690 |
zero coupon, 2/1/22
|
NR/AA | 2,635,096 | |||||||
5,345 |
Regional Transportation Auth. Rev.,
5.50%, 6/1/23, Ser. B (MBIA-FGIC)
|
Aa2/AA+ | 5,425,175 | |||||||
1,495 | Univ. Rev., 5.25%, 4/1/32, (FGIC) | Aa3/AA− | 1,436,546 | |||||||
44,502,498 | ||||||||||
Indiana0.7% | ||||||||||
500 | Anderson Rev., 5.00%, 10/1/32 | NR/NR | 326,630 | |||||||
4,000 |
Health & Educational Facs. Financing Auth. Rev.,
Community Foundation of Northwest Indiana, 5.50%, 3/1/37
|
NR/BBB | 3,016,800 | |||||||
3,343,430 | ||||||||||
Iowa1.7% | ||||||||||
Edgewater LLC, | ||||||||||
3,500 |
6.75%, 11/15/37
|
NR/NR | 2,692,830 | |||||||
1,500 |
6.75%, 11/15/42
|
NR/NR | 1,137,480 | |||||||
4,890 |
Finance Auth. Rev.,
Deerfield Retirement Community, Inc., 5.50%, 11/15/37
|
NR/NR | 2,856,885 | |||||||
2,000 |
Wedum Walnut Ridge LLC,
5.625%, 12/1/45, Ser. A
|
NR/NR | 1,300,440 | |||||||
7,987,635 | ||||||||||
Kansas4.4% | ||||||||||
1,000 | Lenexa, City Center East Tax Allocation, 6.00%, 4/1/27 | NR/NR | 806,460 | |||||||
500 | Lenexa Rev., 5.50%, 5/15/39 | NR/BBB− | 316,655 | |||||||
650 | Manhattan Rev., 5.125%, 5/15/42 | NR/NR | 392,750 | |||||||
Wichita Hospital Rev., | ||||||||||
5,000 |
5.625%, 11/15/31, Ser. III
|
NR/A+ | 4,347,550 | |||||||
14,370 |
6.25%, 11/15/24, Ser. XI
|
NR/A+ | 14,594,603 | |||||||
20,458,018 | ||||||||||
Kentucky0.2% | ||||||||||
810 |
Economic Dev. Finance Auth. Rev.,
St. Lukes Hospital, 6.00%, 10/1/19, Ser. B
|
A3/A | 811,191 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
Louisiana5.1% | ||||||||||
$ | 4,300 |
Local Govt Environmental Facs. & Community Dev. Auth. Rev.,
6.55%, 9/1/25 (ACA)
|
NR/NR | $ | 3,569,387 | |||||
27,895 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B | Baa3/BBB | 20,214,670 | |||||||
23,784,057 | ||||||||||
Maryland0.2% | ||||||||||
1,150 | Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (MBIA-FGIC) | A1/AA | 1,043,464 | |||||||
Massachusetts0.1% | ||||||||||
550 | Dev. Finance Agcy. Rev., Linden Ponds, 5.75%, 11/15/35, Ser. A | NR/NR | 360,712 | |||||||
Michigan2.3% | ||||||||||
1,000 | Detroit, GO, 5.375%, 4/1/17, Ser. A-1 (MBIA) | A2/AA | 994,940 | |||||||
775 | East Lansing Economic Corp., Burcham Hills Rev., 5.25%, 7/1/37 | NR/NR | 490,435 | |||||||
4,550 | Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A | NR/NR | 2,620,664 | |||||||
775 | Public Educational Facs. Auth. Rev., 5.00%, 9/1/22 | NR/BBB− | 604,345 | |||||||
50 |
Royal Oak Hospital Finance Auth. Rev.,
William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA)
|
A1/AA | 45,950 | |||||||
460 | Star International Academy, CP, 6.125%, 3/1/37 | NR/BB+ | 340,119 | |||||||
4,000 |
State Hospital Finance Auth. Rev., Detroit Medical Center,
6.25%, 8/15/13
|
Ba3/BB− | 3,840,320 | |||||||
2,000 |
Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution Control Co.,
5.45%, 9/1/29
|
A3/A− | 1,619,880 | |||||||
10,556,653 | ||||||||||
Minnesota0.4% | ||||||||||
95 |
Agricultural & Economic Dev. Board Rev., Health Care System,
6.375%, 11/15/29
|
A2/A | 94,400 | |||||||
North Oaks Presbyterian Homes Rev., | ||||||||||
1,070 |
6.00%, 10/1/33
|
NR/NR | 816,142 | |||||||
620 |
6.125%, 10/1/39
|
NR/NR | 469,538 | |||||||
100 | Rochester Healthcare Housing Rev., 5.30%, 4/1/37, Ser. A | NR/NR | 68,883 | |||||||
500 |
Washington Cnty. Housing & Redev. Auth. Rev.,
5.625%, 6/1/37, Ser. A
|
NR/NR | 342,985 | |||||||
1,791,948 | ||||||||||
Missouri0.3% | ||||||||||
750 |
Branson Regional Airport Transportation Dev. Dist. Rev.,
6.00%, 7/1/37, Ser. A
|
NR/NR | 507,750 | |||||||
1,000 | Joplin Industrial Dev. Auth. Rev., 5.75%, 5/15/26, Ser. F | NR/NR | 705,830 | |||||||
1,213,580 | ||||||||||
Nevada2.3% | ||||||||||
12,185 | Washoe Cnty., GO, 5.00%, 1/1/35 (MBIA) (j) | Aaa/AAA | 10,996,962 | |||||||
New Hampshire0.6% | ||||||||||
3,000 |
Business Finance Auth. Pollution Control Rev.,
Conn. Light & Power Co., 5.85%, 12/1/22
|
Baa1/BBB− | 2,698,050 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
New Jersey4.8% | ||||||||||
Economic Dev. Auth. Rev.,
Arbor Glen,
|
||||||||||
$ | 2,510 |
5.875%, 5/15/16
|
NR/NR | $ | 2,344,089 | |||||
450 |
5.875%, 5/15/16, Ser. A, (Pre-refunded @ $102, 5/15/09) (c)
|
NR/NR | 468,990 | |||||||
16,550 |
Kapkowski Road Landfill, Special Assessment, 5.75%, 4/1/31
|
Baa3/NR | 13,498,180 | |||||||
1,000 |
Health Care Facs. Financing Auth. Rev., Trinitas Hospital,
5.25%, 7/1/30, Ser. A
|
Baa3/BBB- | 735,310 | |||||||
9,100 | Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A | Baa3/BBB | 4,864,769 | |||||||
21,911,338 | ||||||||||
New Mexico0.4% | ||||||||||
2,500 | Farmington Pollution Control Rev., 5.80%, 4/1/22 | Baa3/BB+ | 1,979,350 | |||||||
New York4.1% | ||||||||||
4,200 | Nassau Cnty. Industrial Dev. Agcy. Rev., | |||||||||
Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A
|
NR/NR | 3,354,078 | ||||||||
New York City Municipal Water Finance Auth. Rev., (j), | ||||||||||
13,000 |
5.00%, 6/15/26, Ser. 3245
|
Aa2/AAA | 12,687,090 | |||||||
670 |
5.00%, 6/15/37, Ser. 3240
|
Aa2/AAA | 587,912 | |||||||
2,875 | Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A | Baa3/BBB− | 2,418,220 | |||||||
19,047,300 | ||||||||||
North Carolina0.3% | ||||||||||
570 |
Capital Facs. Finance Agcy., Duke Univ. Rev.,
5.125%, 10/1/41, Ser. A
|
Aa1/AA+ | 538,450 | |||||||
1,500 |
Medical Care Commission Rev., Village at Brookwood,
5.25%, 1/1/32
|
NR/NR | 995,385 | |||||||
1,533,835 | ||||||||||
North Dakota0.9% | ||||||||||
5,400 |
Stark Cnty. Healthcare Rev., Benedictine Living Communities,
6.75%, 1/1/33
|
NR/NR | 4,175,658 | |||||||
Ohio2.6% | ||||||||||
11,000 |
Buckeye Tobacco Settlement Financing Auth. Rev.,
5.875%, 6/1/47, Ser. A-2
|
Baa3/BBB | 6,993,360 | |||||||
Lorain Cnty. Hospital Rev., Catholic Healthcare, | ||||||||||
2,500 |
5.625%, 10/1/17
|
A1/AA− | 2,535,625 | |||||||
2,565 |
5.75%, 10/1/18
|
A1/AA− | 2,621,917 | |||||||
12,150,902 | ||||||||||
Pennsylvania7.6% | ||||||||||
Allegheny Cnty. Hospital Dev. Auth. Rev., | ||||||||||
8,600 |
5.375%, 11/15/40, Ser. A
|
Ba3/BB | 5,372,592 | |||||||
5,780 |
9.25%, 11/15/30, Ser. B, (Pre-refunded @ $102, 11/15/10) (c)
|
Ba3/AAA | 6,565,907 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
Pennsylvania (continued) | ||||||||||
$ | 1,000 | Allegheny Cnty. Industrial Dev. Auth. Rev., 5.60%, 9/1/30 | Baa1/BBB+ | $ | 811,000 | |||||
500 |
Cumberland Cnty. Auth., Retirement Community Rev.,
Messiah Village, 5.625%, 7/1/28, Ser. A
|
NR/BBB− | 385,710 | |||||||
2,575 |
Delaware Cnty. Auth. College Rev., Neumann College,
5.80%, 10/1/17
|
NR/BBB | 2,625,058 | |||||||
2,000 | Harrisburg Auth. Rev., 6.00%, 9/1/36 | NR/NR | 1,520,500 | |||||||
6,200 | Higher Educational Facs. Auth. Rev., Ser. A | Aa3/AA− | 5,907,546 | |||||||
6.00%, 1/15/31
|
||||||||||
Lancaster Cnty. Hospital Auth. Rev., Ser. A, | ||||||||||
750 |
6.25%, 7/1/26
|
NR/NR | 592,432 | |||||||
85 |
6.375%, 7/1/30
|
NR/NR | 65,865 | |||||||
1,000 | LaSalle Univ., 5.00%, 5/1/37 | NR/BBB | 710,260 | |||||||
7,000 | Philadelphia, GO, 5.25%, 12/15/32, Ser. A (FSA) | Aaa/AAA | 6,492,150 | |||||||
4,700 |
Philadelphia Hospitals & Higher Education Facs. Auth. Hospital Rev.,
Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A
|
Baa3/BBB | 3,890,566 | |||||||
34,939,586 | ||||||||||
Puerto Rico0.6% | ||||||||||
135 | Commonwealth of Puerto Rico, GO, 5.00%, 7/1/35 | Baa3/BBB− | 107,916 | |||||||
Sales Tax Financing Corp. Rev., Ser. A, | ||||||||||
32,550 |
zero coupon, 8/1/54 (AMBAC)
|
Aa3/AA | 1,374,587 | |||||||
29,200 |
zero coupon, 8/1/56
|
A1/A+ | 1,002,144 | |||||||
2,484,647 | ||||||||||
Rhode Island3.7% | ||||||||||
23,800 | Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | Baa3/BBB | 17,083,878 | |||||||
South Carolina5.3% | ||||||||||
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, | ||||||||||
3,500 |
5.50%, 10/1/21
|
A2/A | 3,290,105 | |||||||
2,000 |
5.50%, 10/1/26
|
A2/A | 1,781,660 | |||||||
3,000 | Jobs Economic Dev. Auth. Rev., | |||||||||
Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian)
|
NR/BBB+ | 2,598,660 | ||||||||
450 |
Lutheran Homes, 5.50%, 5/1/28
|
NR/NR | 323,870 | |||||||
15,600 |
Tobacco Settlement Rev. Management Auth. Rev.,
6.375%, 5/15/30, Ser. B
|
Baa3/BBB | 16,437,408 | |||||||
24,431,703 | ||||||||||
Tennessee2.6% | ||||||||||
940 | Memphis Health Educational & Housing Fac. Rev., | |||||||||
Wesley Housing Corp. Project, 6.95%, 1/1/20 (a)(b)(e)
|
NR/NR | 472,350 | ||||||||
State Energy Acquisition Corp. Rev., | ||||||||||
370 |
5.00%, 2/1/21, Ser. C
|
A2/AA− | 271,595 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
Tennessee (continued) | ||||||||||
$ | 6,460 |
5.25%, 9/1/17, Ser. A
|
Aa3/AA− | $ | 5,235,701 | |||||
5,000 |
5.25%, 9/1/24, Ser. A
|
Aa3/AA− | 3,556,650 | |||||||
3,500 |
Sumner Cnty. Health Educational & Housing Facs. Board Rev.,
5.50%, 11/1/37
|
NR/NR | 2,488,920 | |||||||
12,025,216 | ||||||||||
Texas9.4% | ||||||||||
4,000 |
Austin Rev., 5.25%, 5/15/31, Ser. A & B,
(Partially pre-refunded @ $100, 5/15/11) (FSA) (c)
|
Aaa/AAA | 4,002,720 | |||||||
2,935 |
Bell Cnty. Health Fac. Dev. Corp. Rev.,
5.25%, 11/15/19, (Pre-refunded @ $101, 11/15/08) (c)
|
NR/AAA | 2,966,610 | |||||||
10,000 |
Coppell Independent School Dist., GO,
zero coupon, 8/15/29 (PSF-GTD)
|
Aaa/AAA | 2,892,600 | |||||||
20 |
Duncanville Independent School Dist., GO,
5.25%, 2/15/32, Ser. B (PSF-GTD)
|
Aaa/AAA | 19,786 | |||||||
975 |
Harris Cnty. Health Facs. Dev. Corp. Rev. (c), Christus Health,
5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA)
|
A1/AA | 1,008,530 | |||||||
7,000 |
Memorial Hermann Healthcare,
6.375%, 6/1/29, (Pre-refunded @ $101, 6/1/11)
|
A2/A | 7,672,700 | |||||||
285 | Mansfield Independent School Dist., GO, 5.25%, 2/15/23, (PSF-GTD) | Aaa/AAA | 288,081 | |||||||
North Harris Cnty. Regional Water Auth. Rev., | ||||||||||
4,200 |
5.25%, 12/15/33
|
A3/A+ | 3,720,486 | |||||||
4,200 |
5.50%, 12/15/38
|
A3/A+ | 3,745,644 | |||||||
6,050 | North Texas Tollway Auth. Rev., 5.625%, 1/1/33, Ser. A | A2/A− | 5,514,273 | |||||||
6,500 |
State Municipal Gas Acquisition & Supply Corp. I Rev.,
5.25%, 12/15/23, Ser. A
|
A2/A | 4,742,270 | |||||||
400 | State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A | Baa3/BBB− | 303,688 | |||||||
19,990 |
State Turnpike Auth. Central Turnpike System Rev.,
zero coupon, 8/15/25, Ser. A (AMBAC)
|
Aa3/AA | 6,657,869 | |||||||
43,535,257 | ||||||||||
Utah1.7% | ||||||||||
7,000 |
Salt Lake Cnty. Hospital Rev., IHC Health Services,
5.125%, 2/15/33 (AMBAC)
|
Aa3/AA+ | 7,281,540 | |||||||
250 | State Charter School Finance Auth. Rev., 6.75%, 8/15/28, Ser. A | NR/NR | 212,618 | |||||||
600 |
Utah Cnty. Lincoln Academy Charter School Rev., GO,
5.875%, 6/15/37, Ser. A (a)(d)
|
NR/NR | 446,886 | |||||||
7,941,044 | ||||||||||
Virginia0.3% | ||||||||||
2,000 |
Peninsula Town Center Community Dev. Auth. Rev.,
6.45%, 9/1/37
|
NR/NR | 1,542,140 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
Washington0.9% | ||||||||||
$ | 2,000 |
Health Care Facs. Auth. Rev., Virginia Mason Medical Center,
6.125%, 8/15/37, Ser. A
|
Baa2/BBB | $ | 1,498,540 | |||||
State Housing Finance Commission Rev., Skyline at First Hill, Ser. A, | ||||||||||
275 |
5.25%, 1/1/17
|
NR/NR | 228,124 | |||||||
3,600 |
5.625%, 1/1/38
|
NR/NR | 2,427,876 | |||||||
4,154,540 | ||||||||||
Wisconsin4.0% | ||||||||||
Badger Tobacco Asset Securitization Corp. Rev., | ||||||||||
5,000 |
5.75%, 6/1/12
|
Baa3/BBB | 5,047,850 | |||||||
9,785 |
6.00%, 6/1/17
|
Baa3/BBB | 9,529,220 | |||||||
Health & Educational Facs. Auth. Rev., | ||||||||||
2,250 |
Divine Savior Heathcare Rev., 5.00%, 5/1/32
|
NR/BBB | 1,594,778 | |||||||
2,230 |
Kenosha Hospital & Medical Center, 5.625%, 5/15/29
|
NR/A | 1,880,158 | |||||||
550 | Milwaukee Redev. Auth. Rev., 5.65%, 8/1/37, Ser. A | NR/NR | 393,563 | |||||||
18,445,569 | ||||||||||
Total Municipal Bonds & Notes (cost$502,866,919) | 440,932,947 | |||||||||
VARIABLE RATE NOTES (a)(d)(g)3.4%
|
||||||||||
Hawaii0.7% | ||||||||||
3,468 |
Honolulu City & Cnty. Wastewater System Rev.,
First Board Resolution, 3.77%, 7/1/23, Ser. 400 (FGIC) (f)
|
A1/NR | 3,262,085 | |||||||
Illinois1.4% | ||||||||||
7,252 | Cook Cnty., GO, 6.77%, 11/15/28, Ser. 458 (FGIC) (f) | Aa2/NR | 6,701,890 | |||||||
New York1.3% | ||||||||||
8,160 |
New York City Municipal Water Finance Auth.,
Water & Sewer System Rev., 8.632%, 6/15/39
|
Aa2/NR | 6,020,122 | |||||||
Total Variable Rate Notes (cost$18,801,831) | 15,984,097 | |||||||||
U.S. Treasury Bills (i)1.3%
|
||||||||||
5,900 |
0.10%-0.84%, 11/28/08-12/26/08 (cost$5,896,474)
|
5,896,474 | ||||||||
Total Investments (cost$527,565,224)100.0% | $ | 462,813,518 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
CALIFORNIA MUNICIPAL BONDS & NOTES90.5%
|
||||||||||
$ | 1,385 |
Alvord Unified School Dist., GO,
5.375%, 8/1/29, Ser. C (FSA)
|
Aaa/NR | $ | 1,405,650 | |||||
Assoc. of Bay Area Govt Finance Auth. Rev., | ||||||||||
1,000 |
Channing House Rev., CP, 5.375%, 2/15/19
|
NR/BBB | 899,150 | |||||||
1,000 |
Poway Housing, 5.375%, 11/15/25 (CA Mtg. Ins.)
|
NR/A+ | 969,090 | |||||||
2,250 |
Capistrano Unified School Dist., Special Tax,
5.75%, 9/1/29, (Pre-refunded @ $102, 9/1/09) (c)
|
NR/NR | 2,374,177 | |||||||
5,250 |
Central JT Powers Health Financing Auth. Rev., CP,
5.75%, 2/1/31, (Pre-refunded @ $101, 2/1/11) (c)
|
Baa2/AAA | 5,668,688 | |||||||
Contra Costa Cnty. Public Financing Auth., Tax Allocation, | ||||||||||
2,150 |
5.125%, 8/1/19
|
NR/BBB | 2,054,690 | |||||||
350 |
5.85%, 8/1/33
|
NR/NR | 326,522 | |||||||
4,650 |
5.85%, 8/1/33, (Pre-refunded @ $100, 8/1/13) (c)
|
NR/BBB | 5,135,925 | |||||||
1,250 |
CSUCI Financing Auth. Rev.,
5.00%, 9/1/31, Ser. A, (Pre-refunded @ $100, 9/1/11) (MBIA) (c)
|
A2/AA | 1,331,088 | |||||||
3,635 |
Cucamonga Cnty. Water Dist. Rev., CP,
5.125%, 9/1/35 (MBIA-FGIC)
|
NR/AA | 3,201,926 | |||||||
East Side Union High School Dist., Santa Clara Cnty., GO, Ser. E (XLCA), | ||||||||||
1,985 |
zero coupon, 8/1/21
|
NR/A+ | 829,373 | |||||||
1,490 |
zero coupon, 8/1/22
|
NR/A+ | 578,701 | |||||||
El Monte, CP (AMBAC), | ||||||||||
10,790 |
4.75%, 6/1/30
|
Aa3/AA | 9,122,945 | |||||||
14,425 |
5.25%, 1/1/34
|
Aa3/AA | 14,167,081 | |||||||
Foothill Eastern Corridor Agcy. Toll Road Rev., | ||||||||||
5,000 |
zero coupon, 1/15/33
|
Baa3/BBB- | 718,750 | |||||||
5,000 |
zero coupon, 1/15/34
|
Baa3/BBB- | 661,750 | |||||||
Fremont Community Dist., Special Tax, | ||||||||||
165 |
6.00%, 9/1/18
|
NR/NR | 152,242 | |||||||
505 |
6.00%, 9/1/19
|
NR/NR | 451,950 | |||||||
3,500 |
6.30%, 9/1/31
|
NR/NR | 2,871,470 | |||||||
Golden State Tobacco Securitization Corp. Rev., | ||||||||||
5,000 |
zero coupon, 6/1/37, Ser. A-2
|
Baa3/BBB | 2,097,450 | |||||||
9,000 |
5.00%, 6/1/33, Ser. A-1
|
Baa3/BBB | 5,708,520 | |||||||
6,000 |
5.00%, 6/1/35, Ser. A (FGIC) (j)
|
A2/A | 4,932,200 | |||||||
2,000 |
5.00%, 6/1/38, Ser. A (FGIC) (j)
|
A2/A | 1,473,320 | |||||||
16,330 |
6.25%, 6/1/33, Ser. A-1
|
Aaa/AAA | 17,445,339 | |||||||
10,155 |
6.75%, 6/1/39, Ser. A-1, (Pre-refunded @ $100, 6/1/13) (c)
|
NR/AAA | 11,392,082 | |||||||
540 |
7.875%, 6/1/42, Ser. A-3, (Pre-refunded @ $100, 6/1/13) (c)
|
Aaa/AAA | 631,044 | |||||||
Health Facs. Finance Auth. Rev., | ||||||||||
1,980 |
5.00%, 7/1/18
|
A2/A | 1,816,630 | |||||||
5,315 |
5.125%, 7/1/18
|
NR/BBB+ | 4,422,718 | |||||||
3,000 |
5.25%, 10/1/14, Ser. B
|
NR/AAA | 3,047,910 | |||||||
4,565 |
Adventist Health System, 5.00%, 3/1/33
|
NR/A | 3,448,447 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
$ | 875 |
Catholic Healthcare West,
5.00%, 7/1/28 |
A2/A | $ | 690,699 | |||||
6,250 |
Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges,
5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (c)
|
Aaa/AAA | 6,318,938 | |||||||
La Quinta Redev. Agcy., Tax Allocation (AMBAC), | ||||||||||
3,000 |
5.00%, 9/1/21
|
Aa3/AA | 2,765,550 | |||||||
10,000 |
5.10%, 9/1/31
|
Aa3/AA | 8,561,700 | |||||||
1,000 |
5.125%, 9/1/32
|
Aa3/AA | 852,810 | |||||||
1,495 |
Lincoln Public Financing Auth. Rev.,
Twelve Bridges Ltd., 6.125%, 9/2/27
|
NR/NR | 1,274,577 | |||||||
Los Angeles Community Redev. Agcy., Tax Allocation, | ||||||||||
520 |
5.875%, 9/1/26
|
NR/NR | 415,017 | |||||||
325 |
6.00%, 9/1/31
|
NR/NR | 256,279 | |||||||
5,000 |
Los Angeles Department of Water & Power Rev.,
4.75%, 7/1/30, Ser. A-2 (FSA) (j)
|
Aaa/AAA | 4,242,950 | |||||||
5,820 |
Montclair Redev. Agcy., Tax Allocation,
5.30%, 10/1/30 (MBIA)
|
A2/AA | 5,679,738 | |||||||
2,900 |
Municipal Finance Auth. Rev., Biola Univ.,
5.875%, 10/1/34
|
Baa1/NR | 2,133,820 | |||||||
195 |
Murrieta Valley Unified School Dist., Special Tax,
6.30%, 9/1/18, (Pre-refunded @ $102, 9/1/09) (c)
|
NR/NR | 206,636 | |||||||
1,080 |
Palm Springs Community Redev. Agcy., Tax Allocation,
5.50%, 8/1/21
|
NR/A | 1,097,377 | |||||||
1,690 |
Rancho Etiwanda Public Facs., Special Tax,
6.375%, 9/1/24, (Pre-refunded @ $102, 3/1/10) (c)
|
NR/NR | 1,818,170 | |||||||
Rancho Mirage Redev. Agcy., Tax Allocation, | ||||||||||
1,190 |
5.50%, 4/1/24
|
Baa1/A | 1,177,755 | |||||||
1,580 |
5.625%, 4/1/33
|
Baa1/A | 1,524,068 | |||||||
Riverside, Improvement Board Act 1915, Special Assessment, | ||||||||||
500 |
6.15%, 9/2/19
|
NR/NR | 465,520 | |||||||
1,350 |
6.375%, 9/2/26
|
NR/NR | 1,215,783 | |||||||
8,305 | Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | A2/AA | 7,720,411 | |||||||
575 |
Roseville, Woodcreek Community Facs. Dist., Special Tax,
6.375%, 9/1/27, (Pre-refunded @ $102, 9/1/10) (c)
|
NR/NR | 620,241 | |||||||
Sacramento, Special Tax, | ||||||||||
2,945 |
5.70%, 9/1/23
|
NR/NR | 2,503,721 | |||||||
655 |
6.10%, 9/1/21
|
NR/NR | 575,810 | |||||||
1,240 |
6.15%, 9/1/26
|
NR/NR | 1,048,321 | |||||||
2,000 |
Sacramento Health Fac. Rev.,
5.30%, 1/1/24, Ser. A (CA Mtg. Ins.)
|
NR/A+ | 2,014,600 | |||||||
545 | San Diego Cnty., CP, 5.25%, 10/1/28 | A2/NR | 512,295 | |||||||
San Diego Cnty. Water Auth. Rev., CP, Ser. A, | ||||||||||
1,000 |
5.00%, 5/1/32 (MBIA)
|
Aa3/AA+ | 925,820 | |||||||
6,250 |
5.00%, 5/1/38 (FSA)
|
Aaa/AAA | 5,619,125 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
San Francisco Bay Area Transit Financing Auth. Rev. (AMBAC), | ||||||||||
$ | 880 |
5.125%, 7/1/36
|
Aa3/AA+ | $ | 828,555 | |||||
2,450 |
5.125%, 7/1/36, (Pre-refunded @ $100, 7/1/11) (c)
|
Aa3/AA+ | 2,604,424 | |||||||
720 |
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax,
6.125%, 8/1/31
|
NR/NR | 585,389 | |||||||
5,065 | San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | A2/AA | 4,814,688 | |||||||
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A, | ||||||||||
5,000 |
5.50%, 1/15/28
|
Ba2/BB− | 3,876,800 | |||||||
5,000 |
5.70%, 1/15/19
|
Ba2/BB− | 4,555,100 | |||||||
230 |
San Jose, Improvement Board Act 1915, Special Assessment,
5.60%, 9/2/17, Ser. Q
|
NR/NR | 212,476 | |||||||
5,000 |
San Jose Unified School Dist., Santa Clara Cnty., GO,
5.125%, 8/1/25, Ser. D, (Pre-refunded @ $101, 8/1/10) (FSA) (c)
|
Aaa/AAA | 5,293,500 | |||||||
San Juan Unified School Dist., GO (FSA), | ||||||||||
9,445 |
zero coupon, 8/1/22
|
Aaa/AAA | 4,334,688 | |||||||
10,895 |
zero coupon, 8/1/25
|
Aaa/AAA | 4,083,119 | |||||||
6,110 |
zero coupon, 8/1/26
|
Aaa/AAA | 2,140,944 | |||||||
600 | Santa Ana Financing Auth. Rev., 5.60%, 9/1/19 | NR/BBB | 600,462 | |||||||
1,815 | Santa Clara, CP, 5.00%, 2/1/32 (AMBAC) | Aa3/AA | 1,669,600 | |||||||
State, GO, | ||||||||||
13,950 |
5.00%, 6/1/37
|
A1/A+ | 12,157,564 | |||||||
8,700 |
5.00%, 11/1/37, Ser. 2670 (j)
|
A1/A+ | 7,725,426 | |||||||
3,300 |
5.00%, 12/1/37
|
A1/A+ | 2,874,003 | |||||||
Statewide Community Dev. Auth. Rev., | ||||||||||
900 |
Baptist Univ., 5.50%, 11/1/38, Ser. A
|
NR/NR | 565,515 | |||||||
1,000 |
Catholic Healthcare West, 5.50%, 7/1/31, Ser. D
|
A2/A | 889,060 | |||||||
8,000 |
Catholic West, CP, 6.50%, 7/1/20,
(Pre-refunded @ $101, 7/1/10) (c) |
A2/NR | 8,612,175 | |||||||
5,320 |
Gillispie School, 6.625%, 10/1/31
|
NR/NR | 4,253,021 | |||||||
15,250 |
Henry Mayo Newhall Memorial Hospital,
5.125%, 10/1/30 (CA Mtg. Ins.) |
NR/A+ | 13,396,972 | |||||||
8,000 |
Internext Group, CP, 5.375%, 4/1/30
|
NR/BBB | 6,069,920 | |||||||
3,000 |
Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)
|
NR/A+ | 2,690,430 | |||||||
1,000 |
Kaiser Permanente, 5.25%, 3/1/45, Ser. B
|
NR/A+ | 799,040 | |||||||
2,380 |
St. Marks School, 6.75%, 6/1/28 (a)(b)
|
NR/NR | 2,302,198 | |||||||
4,000 |
Sutter Health, 5.50%, 8/15/34, Ser. B
|
Aa3/AA- | 3,557,520 | |||||||
4,085 |
Tehiy Day School, 6.625%, 11/1/31
|
NR/NR | 3,201,496 | |||||||
910 |
Windrush School, 5.50%, 7/1/37
|
NR/NR | 629,820 | |||||||
8,000 |
Tobacco Securitization Agcy. Rev., Los Angeles Cnty.,
zero coupon, 6/1/28 |
Baa3/NR | 5,181,600 | |||||||
Tobacco Securitization Auth. Rev., Ser. A,
(Pre-refunded @ $100, 6/1/11) (c), |
||||||||||
1,500 |
5.25%, 6/1/31
|
Aaa/AAA | 1,605,990 | |||||||
9,300 |
5.375%, 6/1/41
|
Aaa/AAA | 9,985,968 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
$ | 1,650 | Town of Apple Valley Rev., CP, 5.375%, 6/1/21 (CA Mtg. Ins.) | NR/A+ | $ | 1,696,002 | |||||
2,000 |
Turlock, Emanuel Medical Center Rev., CP,
5.50%, 10/15/37, Ser. B
|
NR/BBB+ | 1,409,000 | |||||||
Tustin Unified School Dist., Special Tax, | ||||||||||
2,345 |
5.50%, 9/1/22
|
NR/NR | 1,986,590 | |||||||
2,520 |
5.60%, 9/1/29
|
NR/NR | 2,032,632 | |||||||
2,000 |
5.625%, 9/1/32
|
NR/NR | 1,542,760 | |||||||
Univ. Rev., | ||||||||||
8,000 |
4.75%, 5/15/35, Ser. 1119 (FSA) (j)
|
Aaa/AAA | 6,607,760 | |||||||
10,000 |
5.00%, 5/15/36, Ser. A (AMBAC)
|
Aa1/AA | 9,110,500 | |||||||
3,750 |
West Kern Cnty. Water Dist., CP,
5.625%, 6/1/31, (Pre-refunded @ $101, 6/1/10) (c)
|
Baa2/NR | 3,993,825 | |||||||
Total California Municipal Bonds & Notes (cost $346,549,424) | 322,051,091 | |||||||||
OTHER MUNICIPAL BONDS & NOTES6.9%
|
||||||||||
Illinois1.5% | ||||||||||
Educational Facs. Auth. Rev., Univ. of Chicago, | ||||||||||
240 |
5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (c)
|
Aa1/AA | 257,036 | |||||||
5,260 |
5.00%, 7/1/33
|
Aa1/AA | 4,940,665 | |||||||
5,197,701 | ||||||||||
Iowa1.7% | ||||||||||
8,700 | Tobacco Settlement Auth. of Iowa Rev., 5.60%, 6/1/34, Ser. B | Baa3/BBB | 6,095,481 | |||||||
Louisiana0.4% | ||||||||||
1,750 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B | Baa3/BBB | 1,268,172 | |||||||
New Jersey1.9% | ||||||||||
Tobacco Settlement Financing Corp. Rev., | ||||||||||
1,685 |
6.00%, 6/1/37, (Pre-refunded @ $100, 6/1/12) (c)
|
Aaa/AAA | 1,844,806 | |||||||
2,210 |
6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) (c)
|
Aaa/AAA | 2,428,856 | |||||||
2,315 |
6.375%, 6/1/32
|
Aaa/AAA | 2,527,980 | |||||||
6,801,642 | ||||||||||
New York0.1% | ||||||||||
450 |
New York City Municipal Water Finance Authority Rev.,
5.00%, 6/15/37, Ser. 3240 (j) |
Aa2/AAA | 394,866 | |||||||
Puerto Rico0.9% | ||||||||||
Sales Tax Financing Corp. Rev., Ser. A, | ||||||||||
19,200 |
zero coupon, 8/1/47 (AMBAC)
|
Aa3/AA | 1,412,928 | |||||||
24,000 |
zero coupon, 8/1/54 (AMBAC)
|
Aa3/AA | 1,013,520 | |||||||
21,600 |
zero coupon, 8/1/56
|
A1/A+ | 741,312 | |||||||
3,167,760 | ||||||||||
Rhode Island0.3% | ||||||||||
1,500 |
Tobacco Settlement Financing Corp. Rev.,
6.125%, 6/1/32, Ser. A
|
Baa3/BBB | 1,136,265 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
South Carolina0.1% | ||||||||||
$ | 340 |
Tobacco Settlement Rev. Management Auth. Rev.,
6.375%, 5/15/30, Ser. B
|
Baa3/BBB | $ | 358,251 | |||||
Total Other Municipal Bonds & Notes (cost$30,046,273) | 24,420,138 | |||||||||
CALIFORNIA VARIABLE RATE NOTES (a)(g)0.3%
|
||||||||||
1,670 |
Sacramento Cnty. Sanitation Dist. Rev.,
8.621%, 8/1/13, Ser. 1034 (MBIA) (cost$1,882,222)
|
NR/AAA | 1,035,818 | |||||||
OTHER VARIABLE RATE NOTES (a)(d)(g)1.2%
|
||||||||||
Illinois1.2% | ||||||||||
6,670 |
Chicago Water Supply System Rev.,
6.338%, 5/1/14, Ser. 1419 (AMBAC) (cost$7,001,509)
|
NR/AAA | 4,168,016 | |||||||
CALIFORNIA VARIABLE RATE DEMAND NOTES
(g)(h)0.3%
|
||||||||||
200 | Irvine Ranch Water District, CP, 0.59%, 11/7/08 | VMIG1/A-1 | 200,000 | |||||||
900 | Orange Cnty. Sanitation Dist., CP, 0.60%, 11/3/08, Ser. B | VMIG1/NR | 900,000 | |||||||
Total California Variable Rate Demand Notes (cost$1,100,000) | 1,100,000 | |||||||||
U.S. Treasury Bills (i)0.8%
|
||||||||||
3,030 |
0.17%-0.84%, 11/28/08-12/26/08 (cost$3,028,751)
|
3,028,751 | ||||||||
Total Investments (cost$389,608,179)100.0% | $ | 355,803,814 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
NEW YORK MUNICIPAL BONDS & NOTES84.9%
|
||||||||||
$ | 3,265 |
Albany Industrial Dev. Agcy. Civic Fac. Rev.,
5.30%, 4/1/29, Ser. A
|
Baa3/NR | $ | 2,938,794 | |||||
1,600 |
Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,
6.00%, 11/15/36
|
NR/NR | 1,146,496 | |||||||
Liberty Dev. Corp. Rev., | ||||||||||
1,150 |
5.50%,10/1/37
|
Aa3/AA− | 958,364 | |||||||
11,290 |
Goldman Sachs Headquarters, 5.25%, 10/1/35 (j)
|
Aa3/AA− | 9,120,175 | |||||||
1,000 |
Long Island Power Auth. Electric System Rev.,
5.375%, 5/1/33, Ser. L, (Pre-refunded @ $100, 5/1/11) (a)(b)(c)
|
Aaa/AAA | 1,068,950 | |||||||
Metropolitan Transportation Auth. Rev., Ser. A, | ||||||||||
6,040 |
5.00%, 7/1/25 (MBIA-FGIC)
|
A1/AA | 5,847,264 | |||||||
8,150 |
5.00%, 7/1/30 (AMBAC)
|
Aa3/AA | 7,530,600 | |||||||
1,375 |
5.125%, 1/1/29
|
A1/AA− | 1,273,112 | |||||||
1,500 |
Monroe Tobacco Asset Securitization Corp. Rev.,
6.375%, 6/1/35, (Pre-refunded @ $101, 6/1/10) (c)
|
Aaa/AAA | 1,612,425 | |||||||
1,600 |
Nassau Cnty. Industrial Dev. Agcy. Rev.,
Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A
|
NR/NR | 1,277,744 | |||||||
New York City, GO, Ser. J, | ||||||||||
2,595 |
5.125%, 5/15/29 (MBIA)
|
Aa3/AA | 2,430,659 | |||||||
5 |
5.25%, 6/1/28
|
Aa3/AA | 4,788 | |||||||
New York City Industrial Dev. Agcy. Rev., | ||||||||||
1,000 |
Liberty Interactive Corp., 5.00%, 9/1/35
|
Ba2/BB+ | 693,750 | |||||||
1,820 |
Vaughn College Aeronautics, 5.25%, 12/1/36, Ser. B
|
NR/BB+ | 1,207,807 | |||||||
New York City Municipal Water Finance Auth., Water &
Sewer System Rev.,
|
||||||||||
7,605 |
4.75%, 6/15/31, Ser. A (FGIC)
|
Aa2/AAA | 6,802,672 | |||||||
5,000 |
5.125%, 6/15/33, Ser. C
|
Aa2/AAA | 4,780,900 | |||||||
5,000 |
5.25%, 6/15/25, Ser. D
|
Aa2/AAA | 5,016,000 | |||||||
New York City Transitional Finance Auth. Rev., | ||||||||||
10,345 |
4.75%, 11/1/23, Ser. B
|
Aa1/AAA | 9,823,095 | |||||||
1,650 |
4.75%, 11/15/23
|
Aa1/AAA | 1,566,592 | |||||||
New York Cntys. Tobacco Trust II Rev., | ||||||||||
8,000 |
5.625%, 6/1/35
|
Ba1/BBB | 6,282,240 | |||||||
13,130 |
5.75%, 6/1/43
|
Ba1/BBB | 9,971,841 | |||||||
1,000 |
Niagara Falls Public Water Auth., Water & Sewer System Rev.,
5.00%, 7/15/34, Ser. A (MBIA)
|
A2/AA | 887,160 | |||||||
Port Auth. of New York & New Jersey Rev., | ||||||||||
3,000 |
5.00%, 9/1/29, Ser. 132
|
Aa3/AA− | 2,894,430 | |||||||
4,300 |
5.00%, 9/1/38, Ser. 132
|
Aa3/AA− | 3,950,969 | |||||||
4,515 |
Sachem Central School Dist. of Holbrook, GO,
5.00%, 10/15/30, Ser. B (MBIA)
|
A2/AA+ | 4,864,596 | |||||||
State Dormitory Auth. Rev., Augustana Lutheran Home for the Aged, Inc. (MBIA-FHA),
|
||||||||||
95 |
5.40%, 2/1/31
|
A2/AA | 91,772 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
$ | 1,435 |
5.50%, 2/1/41
|
A2/AA | $ | 1,362,389 | |||||
1,500 |
Hospital Center, 5.00%, 7/1/26, Ser. A
|
Ba2/BB | 1,091,685 | |||||||
3,850 |
Lenox Hill Hospital, 5.50%, 7/1/30
|
Ba1/NR | 2,860,357 | |||||||
1,825 |
Mount Sinai Health, 6.50%, 7/1/25, Ser. A
|
A3/NR | 1,632,535 | |||||||
7,000 |
NY & Presbyterian Hospital, 4.75%, 8/1/27, (AMBAC-FHA)
|
Aa3/AA | 6,633,200 | |||||||
445 |
NY Univ., 5.50%, 7/1/21, Ser. 2 (AMBAC)
|
Aa3/AA | 453,428 | |||||||
2,900 |
Orange Regional Medical Center, 6.25%, 12/1/37
|
Ba1/NR | 2,305,964 | |||||||
4,000 |
Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1
|
Aa2/AA | 3,357,840 | |||||||
1,275 |
Winthrop Univ. Hospital Assoc.,
5.25%, 7/1/31, Ser. A (AMBAC) |
Aa3/AA | 1,224,332 | |||||||
475 | State Urban Dev. Corp. Rev., Correctional Facs., | |||||||||
4.75%, 1/1/28, Ser. B, (Pre-refunded @ $101, 1/1/09) (AMBAC) (c)
|
Aa3/AA | 482,116 | ||||||||
Triborough Bridge & Tunnel Auth. Rev., Ser. A, | ||||||||||
1,500 |
5.00%, 1/1/27
|
Aa2/AA− | 1,464,915 | |||||||
755 |
5.00%, 1/1/32
|
Aa2/AA− | 718,179 | |||||||
1,225 |
Ulster Cnty. Industrial Dev. Agcy. Rev.,
6.00%, 9/15/37, Ser. A
|
NR/NR | 900,216 | |||||||
2,945 |
Warren & Washington Cntys. Industrial Dev. Agcy. Rev.
Glens Falls Hospital, 5.00%, 12/1/27, Ser. C (FSA) |
Aaa/AAA | 2,937,726 | |||||||
Total New York Municipal Bonds & Notes (cost$133,927,864) | 121,468,077 | |||||||||
OTHER MUNICIPAL BONDS & NOTES7.5%
|
||||||||||
California0.9% | ||||||||||
2,000 | Tobacco Securitization Agcy. Rev., | |||||||||
Los Angeles Cnty., zero coupon, 6/1/28
|
Baa3/NR | 1,295,400 | ||||||||
Louisiana0.4% | ||||||||||
750 |
Tobacco Settlement Financing Corp. Rev.,
5.875%, 5/15/39, Ser. 2001-B
|
Baa3/BBB | 543,503 | |||||||
Nevada3.1% | ||||||||||
5,500 |
Truckee Meadows Water Auth. Rev.,
4.75%, 7/1/31, Ser. A (MBIA)
|
A1/AA | 4,496,965 | |||||||
Puerto Rico3.1% | ||||||||||
3,100 |
Aqueduct & Sewer Auth. Rev.,
6.00%, 7/1/38, Ser. A
|
Baa3/BBB− | 2,840,220 | |||||||
1,500 | Commonwealth Highway & Transportation Auth. Rev., | |||||||||
5.25%, 7/1/38, Ser. D, (Pre-refunded @ $100, 7/1/12) (c)
|
Baa3/AAA | 1,582,935 | ||||||||
4,423,155 | ||||||||||
Total Other Municipal Bonds & Notes (cost$12,543,205) | 10,759,023 | |||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P) | Value | ||||||||
OTHER VARIABLE RATE NOTES (g)2.4%
|
||||||||||
Puerto Rico2.4% | ||||||||||
$ | 2,500 | Commonwealth of Puerto Rico, GO, 5.211%, 7/1/19, Ser. A | Aaa/AAA | $ | 2,108,725 | |||||
1,300 | Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A | Ba1/BBB− | 1,305,187 | |||||||
Total Other Variable Rate Notes (cost$3,453,569) | 3,413,912 | |||||||||
NEW YORK VARIABLE RATE DEMAND NOTES
(g)(h)3.8%
|
||||||||||
1,700 |
Long Island Power Auth. Electric System Rev.,
1.40%, 11/3/08, Ser. 3A
|
VMIG1/A-1+ | 1,700,000 | |||||||
3,600 |
New York City Transitional Finance Auth. Rev.,
0.75%, 11/3/08, Ser. C
|
VMIG1/A-1+ | 3,600,000 | |||||||
100 |
State Dormitory Auth. Rev., Cornell Univ.,
1.15%, 11/3/08, Ser. C
|
VMIG1/A-1+ | 100,000 | |||||||
Total New York Variable Rate Demand Notes (cost$5,400,000) | 5,400,000 | |||||||||
U.S. Treasury Bills (i)1.4%
|
||||||||||
2,000 |
0.10%-0.84%, 11/26/08-12/26/08 (cost$1,999,165)
|
1,999,165 | ||||||||
Total Investments (cost$157,323,803)100.0% | $ | 143,040,177 | ||||||||
(a) | Private PlacementRestricted as to resale and may not have a readily available market. Securities with an aggregate value of $16,903,333, representing 3.65% of total investments in Municipal Income; securities with an aggregate value of $7,506,032, representing 2.11% of total investments in California Municipal Income; securities with an aggregate value of $1,068,950, representing 0.75% of total investments in New York Municipal Income. | |
(b) | Illiquid security. |
(c) | Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). |
(d) | 144A Security Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | |
(e) | Security in default. |
(f) | Inverse Floater The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. The interest rate disclosed reflects the rate in effect on October 31, 2008. |
(g) | Variable Rate Notes Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on October 31, 2008. | |
(h) | Maturity date shown is date of next put. |
(i) | All or partial amount segregated as collateral for swaps. | |
(j) | Residual Interest Bonds held in Trust Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
California |
New York |
||||||||||||
Municipal | Municipal | Municipal | |||||||||||
Assets:
|
|||||||||||||
Investments, at value (cost $527,565,224,
$389,608,179 and $157,323,803, respectively)
|
$462,813,518 | $355,803,814 | $143,040,177 | ||||||||||
Cash
|
1,117,992 | 797,804 | | ||||||||||
Interest receivable
|
10,449,760 | 6,233,290 | 2,582,862 | ||||||||||
Premium for swaps purchased
|
396,281 | 195,026 | 162,573 | ||||||||||
Unrealized appreciation on swaps
|
257,908 | 124,178 | 106,984 | ||||||||||
Receivable for investments sold
|
131,230 | 3,635,754 | | ||||||||||
Prepaid expenses and other assets
|
99,990 | 798,665 | 802,242 | ||||||||||
Total Assets
|
475,266,679 | 367,588,531 | 146,694,838 | ||||||||||
Liabilities:
|
|||||||||||||
Payable for floating rate notes
|
20,769,928 | 15,100,000 | 5,645,000 | ||||||||||
Unrealized depreciation on swaps
|
3,649,094 | 1,764,348 | 1,510,465 | ||||||||||
Dividends payable to common and preferred shareholders
|
2,072,126 | 1,447,603 | 446,503 | ||||||||||
Investment management fees payable
|
230,872 | 177,038 | 69,113 | ||||||||||
Interest payable
|
180,293 | 240,121 | 34,114 | ||||||||||
Payable to custodian for cash overdraft
|
| | 1,440,148 | ||||||||||
Accrued expenses and other payables
|
247,236 | 242,323 | 65,518 | ||||||||||
Total Liabilities
|
27,149,549 | 18,971,433 | 9,210,861 | ||||||||||
Preferred shares ($25,000 net asset and liquidation
value per share applicable to an aggregate of 8,000, 6,000 and
2,520 shares issued and outstanding, respectively)
|
200,000,000 | 150,000,000 | 63,000,000 | ||||||||||
Net Assets Applicable to Common Shareholders
|
$248,117,130 | $198,617,098 | $74,483,977 | ||||||||||
Composition of Net Assets Applicable to Common
Shareholders:
|
|||||||||||||
Common Stock (no par value):
|
|||||||||||||
Paid-in-capital
|
$353,417,689 | $257,897,824 | $106,472,883 | ||||||||||
Dividends in excess of net investment income
|
(3,172,419 | ) | (2,336,926 | ) | (901,748 | ) | |||||||
Accumulated net realized loss on investments
|
(33,992,050 | ) | (21,131,931 | ) | (13,981,211 | ) | |||||||
Net unrealized depreciation of investments and swaps
|
(68,136,090 | ) | (35,811,869 | ) | (17,105,947 | ) | |||||||
Net Assets Applicable to Common Shareholders
|
$248,117,130 | $198,617,098 | $74,483,977 | ||||||||||
Common Shares Outstanding
|
24,846,370 | 18,151,615 | 7,552,868 | ||||||||||
Net Asset Value Per Common Share
|
$9.99 | $10.94 | $9.86 | ||||||||||
California |
New York |
|||||||||||
Municipal | Municipal | Municipal | ||||||||||
Investment Income:
|
||||||||||||
Interest
|
$16,045,223 | $11,240,951 | $4,139,454 | |||||||||
Expenses:
|
||||||||||||
Investment management fees
|
1,654,039 | 1,258,864 | 501,624 | |||||||||
Interest expense
|
380,342 | 396,099 | 103,954 | |||||||||
Auction agent fees and commissions
|
265,983 | 198,057 | 83,450 | |||||||||
Custodian and accounting agent fees
|
149,788 | 75,894 | 64,303 | |||||||||
Trustees fees and expenses
|
29,500 | 26,059 | 15,714 | |||||||||
Shareholder communications
|
24,799 | 32,830 | 31,304 | |||||||||
Audit and tax services
|
16,889 | 25,268 | 17,480 | |||||||||
Transfer agent fees
|
15,058 | 15,257 | 15,456 | |||||||||
Legal fees
|
14,700 | 14,196 | 14,378 | |||||||||
New York Stock Exchange listing fees
|
13,246 | 13,116 | 13,035 | |||||||||
Insurance expense
|
2,630 | 2,014 | 1,007 | |||||||||
Miscellaneous
|
3,444 | 3,042 | 2,538 | |||||||||
Total expenses
|
2,570,418 | 2,060,696 | 864,243 | |||||||||
Less: investment management fees waived
|
(170,773 | ) | (129,942 | ) | (51,854 | ) | ||||||
custody credits earned on cash balances
|
(30,509 | ) | (8,203 | ) | (9,073 | ) | ||||||
Net expenses
|
2,369,136 | 1,922,551 | 803,316 | |||||||||
Net Investment Income
|
13,676,087 | 9,318,400 | 3,336,138 | |||||||||
Realized and Change In Unrealized Gain (Loss)
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Investments
|
1,239,424 | 1,407,195 | 1,949,997 | |||||||||
Futures contracts
|
(909,679 | ) | (309,817 | ) | (383,178 | ) | ||||||
Options written
|
225,465 | 169,915 | 66,986 | |||||||||
Net change in unrealized appreciation/depreciation of:
|
||||||||||||
Investments
|
(68,457,597 | ) | (46,024,015 | ) | (21,001,944 | ) | ||||||
Futures contracts
|
(309,320 | ) | (277,937 | ) | (158,766 | ) | ||||||
Options written
|
(152,152 | ) | (114,665 | ) | (45,205 | ) | ||||||
Swaps
|
(3,391,186 | ) | (1,640,170 | ) | (1,403,481 | ) | ||||||
Net realized and change in unrealized loss on investments,
futures contracts, options written and swaps
|
(71,755,045 | ) | (46,789,494 | ) | (20,975,591 | ) | ||||||
Net Decrease in Net Assets Resulting from
Investment Operations
|
(58,078,958 | ) | (37,471,094 | ) | (17,639,453 | ) | ||||||
Dividends on Preferred Shares from
Net Investment Income |
(3,857,516 | ) | (2,888,939 | ) | (1,220,907 | ) | ||||||
Net Decrease in Net Assets Applicable to Common Shareholders
Resulting from Investment Operations
|
$(61,936,474 | ) | $(40,360,033 | ) | $(18,860,360 | ) | ||||||
Municipal | ||||||||
Six Months |
||||||||
ended October 31, 2008 |
Year ended |
|||||||
(unaudited) | April 30, 2008 | |||||||
Investment Operations:
|
||||||||
Net investment income
|
$13,676,087 | $27,581,652 | ||||||
Net realized gain (loss) on investments, futures contracts,
options written and swaps
|
555,210 | (5,514,686 | ) | |||||
Net change in unrealized appreciation/depreciation of
investments, futures contracts, options written and swaps
|
(72,310,255 | ) | (37,830,459 | ) | ||||
Net decrease in net assets resulting from investment operations
|
(58,078,958 | ) | (15,763,493 | ) | ||||
Dividends on Preferred Shares from Net Investment Income
|
(3,857,516 | ) | (7,111,992 | ) | ||||
Net decrease in net assets applicable to common shareholders
resulting from investment operations
|
(61,936,474 | ) | (22,875,485 | ) | ||||
Dividends on Common Shareholders from Net Investment
Income
|
(12,100,664 | ) | (24,103,636 | ) | ||||
Capital Share Transactions:
|
||||||||
Reinvestment of dividends
|
886,337 | 2,263,389 | ||||||
Total decrease in net assets applicable to common shareholders
|
(73,150,801 | ) | (44,715,732 | ) | ||||
Net Assets Applicable to Common Shareholders:
|
||||||||
Beginning of period
|
321,267,931 | 365,983,663 | ||||||
End of period (including dividends in excess of net investment
income of $(3,172,419) and $(890,326); $(2,336,926) and
$(390,187); $(901,748) and $(436,049); respectively)
|
$248,117,130 | $321,267,931 | ||||||
Common Shares Issued in Reinvestment of Dividends
|
59,051 | 148,191 | ||||||
California Municipal | New York Municipal | |||||||||||||
Six Months ended |
Six Months ended |
|||||||||||||
October 31, 2008 |
Year ended |
October 31, 2008 |
Year ended |
|||||||||||
(unaudited) | April 30, 2008 | (unaudited) | April 30, 2008 | |||||||||||
$9,318,400 | $19,381,280 | $3,336,138 | $7,275,242 | |||||||||||
1,267,293 |
221,523 | 1,633,805 | 24,717 | |||||||||||
(48,056,787 |
) | (19,890,355 | ) | (22,609,396 | ) | (7,691,572 | ) | |||||||
(37,471,094 | ) | (287,552 | ) | (17,639,453 | ) | (391,613 | ) | |||||||
(2,888,939 | ) | (5,026,208 | ) | (1,220,907 | ) | (2,245,279 | ) | |||||||
(40,360,033 |
) | (5,313,760 | ) | (18,860,360 | ) | (2,636,892 | ) | |||||||
(8,376,200 | ) | (16,681,528 | ) | (2,580,930 | ) | (5,143,675 | ) | |||||||
740,368 | 1,547,398 | 234,367 | 436,455 | |||||||||||
(47,995,865 | ) | (20,447,890 | ) | (21,206,923 | ) | (7,344,112 | ) | |||||||
246,612,963 | 267,060,853 | 95,690,900 | 103,035,012 | |||||||||||
$198,617,098 |
$246,612,963 | $74,483,977 | $95,690,900 | |||||||||||
50,704 | 102,530 | 18,695 | 33,359 | |||||||||||
| Level 1 quoted prices in active markets for identical investments | |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) | |
| Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
Investments in |
Other Financial |
|||||||
Valuation Inputs | Securities | Instruments | ||||||
Level 1 Quoted Prices
|
$ | | $ | | ||||
Level 2 Other Significant Observable Inputs
|
462,813,518 | (3,391,186 | ) | |||||
Level 3 Significant Unobservable Inputs
|
| | ||||||
Total
|
$ | 462,813,518 | $ | (3,391,186 | ) | |||
Investments in |
Other Financial |
|||||||
Valuation Inputs | Securities | Instruments | ||||||
Level 1 Quoted Prices
|
$ | | $ | | ||||
Level 2 Other Significant Observable Inputs
|
355,803,814 | (1,640,170 | ) | |||||
Level 3 Significant Unobservable Inputs
|
| | ||||||
Total
|
$ | 355,803,814 | $ | (1,640,170 | ) | |||
Investments in |
Other Financial |
|||||||
Valuation Inputs | Securities | Instruments | ||||||
Level 1 Quoted Prices
|
$ | | $ | | ||||
Level 2 Other Significant Observable Inputs
|
143,040,177 | (1,403,481 | ) | |||||
Level 3 Significant Unobservable Inputs
|
| | ||||||
Total
|
$ | 143,040,177 | $ | (1,403,481 | ) | |||
California |
New York |
|||||||||||
Municipal | Municipal | Municipal | ||||||||||
Purchases
|
$ | 112,427,556 | $ | 9,937,948 | $ | 11,416,540 | ||||||
Sales
|
99,747,055 | 19,194,536 | 11,624,495 | |||||||||
Contracts | Premiums | |||||||
Municipal Income:
|
||||||||
Options outstanding, April 30, 2008
|
276 | $225,464 | ||||||
Options expired
|
(276 | ) | (225,464 | ) | ||||
Options outstanding, October 31, 2008
|
| $ | ||||||
California Municipal:
|
||||||||
Options outstanding, April 30, 2008
|
208 | $169,915 | ||||||
Options expired
|
(208 | ) | (169,915 | ) | ||||
Options outstanding, October 31, 2008
|
| $ | ||||||
New York Municipal:
|
||||||||
Options outstanding, April 30, 2008
|
82 | $66,986 | ||||||
Options expired
|
(82 | ) | (66,986 | ) | ||||
Options outstanding, October 31, 2008
|
| $ | ||||||
Rate Type | ||||||||||||
Notional |
Payments |
Payments |
Unrealized |
|||||||||
Amount |
Termination |
Made by |
Received by |
Appreciation |
||||||||
Swap Counterparty | (000) | Date | Fund | Fund | (Depreciation) | |||||||
Municipal:
|
||||||||||||
Morgan Stanley
|
41,500 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | $(2,663,020 | ) | ||||||
Royal Bank of Scotland
|
27,000 | 12/17/23 | 5.00% | 3-Month USD-LIBOR | 257,908 | |||||||
Royal Bank of Scotland
|
16,000 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | (986,074 | ) | ||||||
$(3,391,186 | ) | |||||||||||
California Municipal:
|
||||||||||||
Morgan Stanley
|
20,100 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | $(1,289,800 | ) | ||||||
Royal Bank of Scotland
|
13,000 | 12/17/23 | 5.00% | 3-Month USD-LIBOR | 124,178 | |||||||
Royal Bank of Scotland
|
7,700 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | (474,548 | ) | ||||||
$(1,640,170 | ) | |||||||||||
New York Municipal:
|
||||||||||||
Morgan Stanley
|
17,200 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | $(1,103,709 | ) | ||||||
Royal Bank of Scotland
|
11,200 | 12/17/23 | 5.00% | 3-Month USD-LIBOR | 106,984 | |||||||
Royal Bank of Scotland
|
6,600 | 12/18/33 | 5.00% | 3-Month USD-LIBOR | (406,756 | ) | ||||||
$(1,403,481 | ) | |||||||||||
Gross |
Gross |
Net |
||||||
Cost of |
Unrealized |
Unrealized |
Unrealized |
|||||
Investments | Appreciation | Depreciation | Depreciation | |||||
Municipal
|
$508,009,967 | $7,223,099 | $73,242,719 | $(66,019,620) | ||||
California Municipal
|
376,486,979 | 10,196,699 | 45,389,385 | (35,192,686) | ||||
New York Municipal
|
153,233,213 | 896,220 | 15,950,572 | (15,054,352) |
High | Low | At October 31, 2008 | ||||
Municipal:
|
||||||
Series A
|
11.347% | 2.448% | 3.475% | |||
Series B
|
12.565% | 2.536% | 3.088% | |||
Series C
|
12.261% | 2.481% | 2.989% | |||
Series D
|
11.728% | 2.459% | 3.000% | |||
Series E
|
10.205% | 2.483% | 3.306% | |||
California Municipal:
|
||||||
Series A
|
11.347% | 2.448% | 3.475% | |||
Series B
|
12.261% | 2.481% | 2.989% | |||
Series C
|
10.205% | 2.483% | 3.306% | |||
New York Municipal:
|
||||||
Series A
|
12.565% | 2.536% | 3.088% |
Municipal
|
$0.08125 per common share | |
California Municipal
|
$0.077 per common share | |
New York Municipal
|
$0.057 per common share |
Municipal
|
$0.08125 per common share | |
California Municipal
|
$0.077 per common share |
Six Months |
|||||||||||||||||||||||||||||
ended |
|||||||||||||||||||||||||||||
October 31, 2008 |
Year ended April 30, | ||||||||||||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||
Net asset value, beginning of period
|
$12.96 | $14.85 | $14.54 | $14.84 | $14.11 | $14.03 | |||||||||||||||||||||||
Investment Operations:
|
|||||||||||||||||||||||||||||
Net investment income
|
0.56 | 1.12 | 1.07 | 1.10 | 1.15 | 1.16 | |||||||||||||||||||||||
Net realized and change in unrealized gain (loss) on
investments, futures contracts, options written and swaps
|
(2.88 | ) | (1.74 | ) | 0.50 | (0.21 | ) | 0.68 | (0.03 | ) | |||||||||||||||||||
Total from investment operations
|
(2.32 | ) | (0.62 | ) | 1.57 | 0.89 | 1.83 | 1.13 | |||||||||||||||||||||
Dividends on Preferred Shares from Net Investment Income
|
(0.16 | ) | (0.29 | ) | (0.28 | ) | (0.21 | ) | (0.12 | ) | (0.07 | ) | |||||||||||||||||
Net increase (decrease) in net assets applicable to common
shareholders resulting from investment operations
|
(2.48 | ) | (0.91 | ) | 1.29 | 0.68 | 1.71 | 1.06 | |||||||||||||||||||||
Dividends to Common Shareholders from Net Investment
Income
|
(0.49 | ) | (0.98 | ) | (0.98 | ) | (0.98 | ) | (0.98 | ) | (0.98 | ) | |||||||||||||||||
Net asset value, end of period
|
$9.99 | $12.96 | $14.85 | $14.54 | $14.84 | $14.11 | |||||||||||||||||||||||
Market price, end of period
|
$11.70 | $16.46 | $18.00 | $16.22 | $14.64 | $13.55 | |||||||||||||||||||||||
Total Investment Return (1)
|
(26.43 | )% | (2.47 | )% | 17.77 | % | 18.13 | % | 15.68 | % | 2.15 | % | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
|||||||||||||||||||||||||||||
Net assets applicable to common shareholders, end of period (000)
|
$248,117 | $321,268 | $365,984 | $355,877 | $360,699 | $341,784 | |||||||||||||||||||||||
Ratio of expenses to average net assets, including interest
expense (2)(3)(4)(5)
|
1.56 | %# | 1.51 | % | 1.32 | % | 1.18 | % | 1.06 | % | 1.04 | % | |||||||||||||||||
Ratio of expenses to average net assets, excluding interest
expense (2)(3)(5)
|
1.31 | %# | 1.20 | % | 1.00 | % | 0.98 | % | 0.97 | % | 0.98 | % | |||||||||||||||||
Ratio of net investment income to average net assets (2)(5)
|
8.90 | %# | 8.07 | % | 7.23 | % | 7.41 | % | 7.97 | % | 8.22 | % | |||||||||||||||||
Preferred shares asset coverage per share
|
$56,006 | $65,143 | $70,727 | $69,462 | $70,077 | $67,719 | |||||||||||||||||||||||
Portfolio turnover
|
20 | % | 32 | % | 6 | % | 13 | % | 11 | % | 16 | % | |||||||||||||||||
# | Annualized. | |
(1) | Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized. | |
(2) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. | |
(3) | Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See Note 1(j) in Notes to Financial Statements). | |
(4) | Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. | |
(5) | During the periods indicated above, the Investment manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.11%, 0.17%, 0.24%, 0.32%, 0.31% and 0.32% for the six months ended October 31, 2008, and for the years ended April 30, 2008, April 30, 2007, April 30, 2006, April 30, 2005 and April 30, 2004, respectively. |
Six Months |
|||||||||||||||||||||||||||||
ended |
|||||||||||||||||||||||||||||
October 31, 2008 |
Year ended April 30, | ||||||||||||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||
Net asset value, beginning of period
|
$13.62 | $14.84 | $14.48 | $14.60 | $13.92 | $14.17 | |||||||||||||||||||||||
Investment Operations:
|
|||||||||||||||||||||||||||||
Net investment income
|
0.51 | 1.07 | 1.10 | 1.05 | 1.07 | 1.05 | |||||||||||||||||||||||
Net realized and change in unrealized gain (loss) on
investments, futures contracts, options written and swaps
|
(2.57 | ) | (1.09 | ) | 0.44 | (0.05 | ) | 0.64 | (0.31 | ) | |||||||||||||||||||
Total from investment operations
|
(2.06 | ) | (0.02 | ) | 1.54 | 1.00 | 1.71 | 0.74 | |||||||||||||||||||||
Dividends on Preferred Shares from Net Investment Income
|
(0.16 | ) | (0.28 | ) | (0.26 | ) | (0.20 | ) | (0.11 | ) | (0.07 | ) | |||||||||||||||||
Net increase (decrease) in net assets applicable to common
shareholders resulting from investment operations
|
(2.22 | ) | (0.30 | ) | 1.28 | 0.80 | 1.60 | 0.67 | |||||||||||||||||||||
Dividends to Common Shareholders from Net Investment
Income
|
(0.46 | ) | (0.92 | ) | (0.92 | ) | (0.92 | ) | (0.92 | ) | (0.92 | ) | |||||||||||||||||
Net asset value, end of period
|
$10.94 | $13.62 | $14.84 | $14.48 | $14.60 | $13.92 | |||||||||||||||||||||||
Market price, end of period
|
$11.21 | $15.83 | $17.70 | $15.87 | $14.20 | $13.19 | |||||||||||||||||||||||
Total Investment Return (1)
|
(26.78 | )% | (4.88 | )% | 18.20 | % | 18.93 | % | 15.05 | % | (0.28 | )% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
|||||||||||||||||||||||||||||
Net assets applicable to common shareholders, end of period (000)
|
$198,617 | $246,613 | $267,061 | $259,127 | $259,978 | $247,857 | |||||||||||||||||||||||
Ratio of expenses to average net assets, including interest
expense (2)(3)(4)(5)
|
1.64 | %# | 1.41 | % | 1.26 | % | 1.08 | % | 1.00 | % | 1.03 | % | |||||||||||||||||
Ratio of expenses to average net assets, excluding interest
expense (2)(3)(5)
|
1.30 | %# | 1.15 | % | 1.05 | % | 0.99 | % | 1.00 | % | 1.01 | % | |||||||||||||||||
Ratio of net investment income to average net assets (2)(5)
|
7.89 | %# | 7.57 | % | 7.48 | % | 7.19 | % | 7.56 | % | 7.53 | % | |||||||||||||||||
Preferred shares asset coverage per share
|
$58,092 | $66,086 | $69,491 | $68,164 | $68,319 | $66,306 | |||||||||||||||||||||||
Portfolio turnover
|
3 | % | 14 | % | 4 | % | 8 | % | 5 | % | 25 | % | |||||||||||||||||
# | Annualized. | |
(1) | Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized. | |
(2) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. | |
(3) | Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See Note 1(j) in Notes to Financial Statements). | |
(4) | Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. | |
(5) | During the periods indicated above, the Investment manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.11%, 0.17%, 0.25%, 0.32%, 0.31% and 0.32% for the six months ended October 31, 2008, and for the years ended April 30, 2008, April 30, 2007, April 30, 2006, April 30, 2005 and April 30, 2004, respectively. |
Six Months |
|||||||||||||||||||||||||||||
ended |
|||||||||||||||||||||||||||||
October 31, 2008 |
Year ended April 30, | ||||||||||||||||||||||||||||
(unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||
Net asset value, beginning of period
|
$12.70 | $13.74 | $13.47 | $13.83 | $13.44 | $13.49 | |||||||||||||||||||||||
Investment Operations:
|
|||||||||||||||||||||||||||||
Net investment income
|
0.44 | 0.97 | 0.97 | 0.98 | 1.01 | 1.00 | |||||||||||||||||||||||
Net realized and change in unrealized gain (loss) on
investments, futures contracts, options written and swaps
|
(2.78 | ) | (1.03 | ) | 0.37 | (0.23 | ) | 0.40 | (0.08 | ) | |||||||||||||||||||
Total from investment operations
|
(2.34 | ) | (0.06 | ) | 1.34 | 0.75 | 1.41 | 0.92 | |||||||||||||||||||||
Dividends on Preferred Shares from Net Investment Income
|
(0.16 | ) | (0.30 | ) | (0.28 | ) | (0.22 | ) | (0.12 | ) | (0.07 | ) | |||||||||||||||||
Net increase (decrease) in net assets applicable to common
shareholders resulting from investment operations
|
(2.50 | ) | (0.36 | ) | 1.06 | 0.53 | 1.29 | 0.85 | |||||||||||||||||||||
Dividends to Common Shareholders from Net Investment
Income
|
(0.34 | ) | (0.68 | ) | (0.79 | ) | (0.89 | ) | (0.90 | ) | (0.90 | ) | |||||||||||||||||
Net asset value, end of period
|
$9.86 | $12.70 | $13.74 | $13.47 | $13.83 | $13.44 | |||||||||||||||||||||||
Market price, end of period
|
$10.16 | $13.06 | $15.02 | $14.56 | $13.90 | $12.70 | |||||||||||||||||||||||
Total Investment Return (1)
|
(19.88 | )% | (8.31 | )% | 8.89 | % | 11.45 | % | 17.04 | % | 0.21 | % | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
|||||||||||||||||||||||||||||
Net assets applicable to common shareholders, end of period (000)
|
$74,484 | $95,691 | $103,035 | $100,367 | $102,112 | $98,922 | |||||||||||||||||||||||
Ratio of expenses to average net assets, including interest
expense (2)(3)(4)(5)
|
1.79 | %# | 2.00 | % | 1.94 | % | 1.57 | % | 1.44 | % | 1.27 | % | |||||||||||||||||
Ratio of expenses to average net assets, excluding interest
expense (2)(3)(5)
|
1.56 | %# | 1.32 | % | 1.23 | % | 1.09 | % | 1.12 | % | 1.10 | % | |||||||||||||||||
Ratio of net investment income to average net assets (2)(5)
|
7.35 | %# | 7.41 | % | 7.06 | % | 7.04 | % | 7.48 | % | 7.41 | % | |||||||||||||||||
Preferred shares asset coverage per share
|
$54,550 | $62,969 | $65,863 | $64,809 | $65,509 | $64,251 | |||||||||||||||||||||||