OMB
APPROVAL |
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OMB Number: 3235-0570 |
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Expires: August 31, 2011 |
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Estimated average burden hours per response 18.9 |
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1345 Avenue of the Americas, New York, NY | 10105 | |
(Address of principal executive offices) | (Zip code) |
Item 1. | Report to Shareholders |
PMF | PCQ | PNF | ||||
Contents | ||
Letter to Shareholders
|
2-4 | |
Fund Insights/Performance & Statistics
|
6-8 | |
Schedules of Investments
|
10-27 | |
Statements of Assets and Liabilities
|
28 | |
Statements of Operations
|
29 | |
Statements of Changes in Net Assets
|
30-31 | |
Notes to Financial Statements
|
32-39 | |
Financial Highlights
|
40-42 | |
Changes to the Board of Trustees/Proxy Voting Policies & Procedures | 43 | |
Matters Relating to the Trustees Consideration of the Investment Management and Portfolio Management Agreements | 44-46 |
Municipal bonds rose in price during the fiscal six-month period ended October 31, 2010, as the U.S. economy continued to recover from the recession that ended in mid-2009. But the recovery has slowed from its pace of a year ago, and there are legitimate concerns about ongoing fiscal woes in many states and the impact this could have on the municipal bond market. |
Hans W. Kertess Chairman |
|
Six Months In Review
For the fiscal six-month period ended October 31, 2010:
PIMCO Municipal Income Fund rose 8.32% on net asset value (NAV) and 7.96 % on market price.
PIMCO California Municipal Fund rose 8.20% on NAV and 8.84% on market price.
PIMCO New York Municipal Income Fund rose 7.16% NAV and 3.63% on market price.
|
Brian S. Shlissel President & CEO |
Hans W. Kertess | Brian S. Shlissel | |
Chairman | President & Chief Executive Officer |
Total Return(1) | Market Price | NAV | ||||||
Six Month
|
7.96% | 8.32% | ||||||
1 Year
|
24.54% | 18.92% | ||||||
5 Year
|
6.15% | 4.43% | ||||||
Commencement of Operations (6/29/01) to 10/31/10
|
6.62% | 5.80% | ||||||
Market Price/NAV: | ||||
Market Price
|
$14.29 | |||
NAV
|
$12.23 | |||
Premium to NAV
|
16.84% | |||
Market Price
Yield(2)
|
6.82% | |||
Total Return(1) | Market Price | NAV | ||||||
Six Month
|
8.84% | 8.20% | ||||||
1 Year
|
20.36% | 16.48% | ||||||
5 Year
|
5.41% | 5.67% | ||||||
Commencement of Operations (6/29/01) to 10/31/10
|
6.03% | 6.20% | ||||||
Market Price/NAV: | ||||
Market Price
|
$13.97 | |||
NAV
|
$13.41 | |||
Premium to NAV
|
4.18% | |||
Market Price
Yield(2)
|
6.61% | |||
Total Return(1) | Market Price | NAV | ||||||
Six Month
|
3.63% | 7.16% | ||||||
1 Year
|
13.99% | 15.50% | ||||||
5 Year
|
0.95% | 2.00% | ||||||
Commencement of Operations (6/29/01) to 10/31/10
|
3.23% | 3.61% | ||||||
Market Price/NAV: | ||||
Market Price
|
$11.23 | |||
NAV
|
$11.08 | |||
Premium to NAV
|
1.35% | |||
Market Price
Yield(2)
|
6.09% | |||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
MUNICIPAL BONDS & NOTES96.5%
|
||||||||||
Alabama0.9%
|
||||||||||
$ | 2,500 |
Birmingham-Baptist Medical Centers Special Care Facs. Financing
Auth. Rev., Baptist Health Systems, Inc., 5.875%, 11/15/24,
Ser. A
|
Baa2/NR | $ | 2,517,750 | |||||
Huntsville-Redstone Village Special Care Facs. Financing Auth.
Rev., Redstone Village Project,
|
||||||||||
250 |
5.50%, 1/1/28
|
NR/NR | 224,108 | |||||||
885 |
5.50%, 1/1/43
|
NR/NR | 720,788 | |||||||
1,350 |
Montgomery Medical Clinic Board Rev., Jackson
Hospital & Clinic, 5.25%, 3/1/31
|
Baa2/BBB− | 1,323,459 | |||||||
4,786,105 | ||||||||||
Alaska1.1%
|
||||||||||
3,280 |
Borough of Matanuska-Susitna Rev., Goose Creek Correctional
Center, 6.00%, 9/1/32 (AGC)
|
Aa2/AA+ | 3,771,541 | |||||||
900 |
Industrial Dev. & Export Auth. Rev., Boys & Girls
Home, 6.00%, 12/1/36
|
NR/NR | 529,254 | |||||||
2,400 |
Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46,
Ser. A
|
Baa3/NR | 1,647,288 | |||||||
5,948,083 | ||||||||||
Arizona5.1%
|
||||||||||
5,000 |
Apache Cnty. Industrial Dev. Auth. Rev., Tucson Electric Power
Co. Project, 5.875%, 3/1/33, Ser. B
|
Baa3/BBB− | 5,019,450 | |||||||
Health Facs. Auth. Rev.,
|
||||||||||
2,050 |
Banner Health, 5.50%, 1/1/38, Ser. D
|
NR/A+ | 2,146,063 | |||||||
2,750 |
Beatitudes Campus Project, 5.20%, 10/1/37
|
NR/NR | 2,235,750 | |||||||
2,500 |
Maricopa Cnty. Pollution Control Corp. Rev., 5.00%, 6/1/35,
Ser. A Pima Cnty. Industrial Dev. Auth. Rev.,
|
A1/A | 2,574,725 | |||||||
Tucson Electric Power Co., Ser. A,
|
||||||||||
4,150 |
6.375%, 9/1/29
|
Baa3/BBB− | 4,304,006 | |||||||
750 |
5.25%, 10/1/40
|
Baa3/BBB− | 753,413 | |||||||
5,000 |
Salt River Project Agricultural Improvement & Power
Dist. Rev., 5.00%, 1/1/39, Ser. A (h)
|
Aa1/AA | 5,312,750 | |||||||
4,200 |
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37
|
A3/A | 4,002,348 | |||||||
26,348,505 | ||||||||||
Arkansas0.4%
|
||||||||||
8,500 |
Dev. Finance Auth. Rev., Arkansas Cancer Research Center
Project, zero coupon, 7/1/36 (AMBAC)
|
Aa2/NR | 2,192,150 | |||||||
California8.1%
|
||||||||||
3,000 |
Chula Vista Rev., San Diego Gas & Electric, 5.875%,
2/15/34, Ser. B
|
Aa3/A+ | 3,473,340 | |||||||
6,000 |
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33,
Ser. A-1
|
Baa3/BBB | 4,868,820 | |||||||
2,000 |
Health Facs. Financing Auth. Rev., Catholic Healthcare West,
6.00%, 7/1/39, Ser. A
|
A2/A | 2,153,600 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
California (continued)
|
||||||||||
$ | 4,175 |
Montebello Unified School Dist., GO, 5.00%, 8/1/33 (AGM)
|
Aa3/AA+ | $ | 4,340,414 | |||||
5,000 |
Orange Cnty. Airport Rev., 5.25%, 7/1/39, Ser. A State, GO,
|
Aa3/AA− | 5,211,550 | |||||||
300 |
5.00%, 6/1/37
|
A1/A− | 300,654 | |||||||
4,200 |
6.00%, 4/1/38
|
A1/A− | 4,677,372 | |||||||
1,000 |
Statewide Communities Dev. Auth. Rev.,
|
|||||||||
Catholic Healthcare West, 5.50%, 7/1/31, Ser. E
|
A2/A | 1,039,440 | ||||||||
Methodist Hospital Project (FHA),
|
||||||||||
2,600 |
6.625%, 8/1/29
|
Aa2/NR | 3,022,084 | |||||||
9,500 |
6.75%, 2/1/38
|
Aa2/NR | 11,000,525 | |||||||
4,000 |
Whittier Union High School Dist., GO, zero coupon, 8/1/25
|
NR/AA− | 1,783,160 | |||||||
41,870,959 | ||||||||||
Colorado0.6%
|
||||||||||
500 |
Confluence Metropolitan Dist. Rev., 5.45%, 12/1/34
|
NR/NR | 362,910 | |||||||
450 |
Denver Health & Hospital Auth. Rev., 5.625%, 12/1/40
|
NR/BBB | 456,718 | |||||||
500 |
Public Auth. for Colorado Energy Rev., 6.50%, 11/15/38
|
A2/A | 587,890 | |||||||
1,500 |
Univ. of Colorado Rev., 5.375%, 6/1/38, Ser. A
|
Aa2/AA− | 1,621,305 | |||||||
3,028,823 | ||||||||||
Connecticut0.2%
|
||||||||||
1,000 |
State Dev. Auth. Rev., Connecticut Light & Power Co.,
5.85%, 9/1/28, Ser. A
|
Baa1/BBB | 1,013,100 | |||||||
Delaware0.1%
|
||||||||||
650 |
State Economic Dev. Auth. Rev., Delmarva Power & Light
Co., 5.40%, 2/1/31
|
Baa2/BBB+ | 684,158 | |||||||
District of Columbia1.3%
|
||||||||||
2,500 |
Dist. of Columbia Rev., Brookings Institution, 5.75%, 10/1/39
|
Aa3/A+ | 2,794,625 | |||||||
3,895 |
Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24
|
Baa3/BBB | 3,945,869 | |||||||
6,740,494 | ||||||||||
Florida4.0%
|
||||||||||
895 |
Beacon Lakes Community Dev. Dist., Special Assessment, 6.00%,
5/1/38, Ser. A
|
NR/NR | 799,351 | |||||||
4,000 |
Broward Cnty. Water & Sewer Rev., 5.25%, 10/1/34,
Ser. A (h)
|
Aa2/AA | 4,296,800 | |||||||
500 |
Lee Cnty. Industrial Dev. Auth. Rev., Sara Lee Charter
Foundation, 5.375%, 6/15/37, Ser. A
|
NR/BB | 421,995 | |||||||
3,000 |
Miami-Dade Cnty. Airport Rev., 5.50%, 10/1/36, Ser. A
|
A2/A− | 3,132,960 | |||||||
1,250 |
Miami-Dade Cnty. School Board, CP, 5.375%, 2/1/34, Ser. A
(AGC)
|
Aa3/AA+ | 1,321,900 | |||||||
3,900 |
State Board of Education, GO, 5.00%, 6/1/38, Ser. D (h)
|
Aa1/AAA | 4,142,853 | |||||||
5,685 |
State Board of Governors Rev., Florida Univ., 6.50%, 7/1/33
|
Aa2/AA | 6,587,096 | |||||||
20,702,955 | ||||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Georgia0.4%
|
||||||||||
$ | 2,300 |
Medical Center Hospital Auth. Rev., Spring Harbor Green Island
Project, 5.25%, 7/1/37
|
NR/NR | $ | 1,932,759 | |||||
Illinois6.0%
|
||||||||||
5,000 |
Chicago, GO, 5.00%, 1/1/34, Ser. C (h)
|
Aa3/AA− | 5,124,250 | |||||||
10,115 |
Chicago Board of Education School Reform, GO, zero coupon,
12/1/31, Ser. A (FGIC-NPFGC)
|
Aa2/AA− | 2,903,511 | |||||||
1,250 |
Chicago Motor Fuel Tax Rev., 5.00%, 1/1/38, Ser. A (AGC)
|
Aa3/AA+ | 1,287,050 | |||||||
Finance Auth. Rev.,
|
||||||||||
1,000 |
Memorial Health Systems, 5.50%, 4/1/39
|
A1/A+ | 1,021,540 | |||||||
400 |
OSF Healthcare System, 7.125%, 11/15/37, Ser. A Univ. of Chicago,
|
A3/A | 453,692 | |||||||
190 |
5.25%, 7/1/41, Ser. 05-A
|
Aa1/AA | 193,412 | |||||||
15,000 |
5.50%, 7/1/37, Ser. B (h)
|
Aa1/AA | 16,711,950 | |||||||
1,900 |
Springfield Electric Rev., 5.00%, 3/1/36
|
Aa3/AA− | 1,921,945 | |||||||
1,495 |
Univ. of Illinois Rev., 5.25%, 4/1/32, Ser. B (FGIC-NPFGC)
|
Aa2/AA− | 1,500,561 | |||||||
31,117,911 | ||||||||||
Indiana0.7%
|
||||||||||
Finance Auth. Rev.,
|
||||||||||
1,500 |
Duke Energy Indiana, Inc., 6.00%, 8/1/39, Ser. B
|
NR/A | 1,670,235 | |||||||
1,000 |
U.S. States Steel Corp., 6.00%, 12/1/26
|
Ba2/BB | 1,072,100 | |||||||
1,000 |
Municipal Power Agcy. Rev., 6.00%, 1/1/39, Ser. B
|
A1/A+ | 1,081,570 | |||||||
3,823,905 | ||||||||||
Iowa1.8%
|
||||||||||
Finance Auth. Rev.,
|
||||||||||
4,890 |
Deerfield Retirement Community, Inc., 5.50%, 11/15/37, Ser. A Edgewater LLC Project,
|
NR/NR | 3,363,342 | |||||||
3,500 |
6.75%, 11/15/37
|
NR/NR | 3,427,550 | |||||||
1,500 |
6.75%, 11/15/42
|
NR/NR | 1,444,890 | |||||||
1,600 |
Wedum Walnut Ridge LLC Project, 5.625%, 12/1/45, Ser. A
|
NR/NR | 1,010,752 | |||||||
9,246,534 | ||||||||||
Kansas1.5%
|
||||||||||
1,000 |
Dev. Finance Auth. Rev., Adventist Health, 5.75%, 11/15/38
|
Aa3/AA− | 1,111,530 | |||||||
1,000 |
Lenexa City, Tax Allocation, Center East Project, 6.00%, 4/1/27
|
NR/NR | 797,270 | |||||||
650 |
Manhattan Rev., Meadowlark Hills Retirement, 5.125%, 5/15/42,
Ser. B
|
NR/NR | 535,242 | |||||||
5,000 |
Wichita Hospital Rev., Facs. Improvements, 5.625%, 11/15/31,
Ser. III
|
NR/A+ | 5,105,850 | |||||||
7,549,892 | ||||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Kentucky1.0%
|
||||||||||
$ | 700 |
Dev. Finance Auth. Rev., St. Lukes Hospital, 6.00%,
10/1/19, Ser. B
|
A3/A | $ | 702,548 | |||||
Economic Dev. Finance Auth. Rev.,
Baptist Healthcare Systems, Ser. A, |
||||||||||
1,000 |
5.375%, 8/15/24
|
Aa3/NR | 1,104,050 | |||||||
1,200 |
5.625%, 8/15/27
|
Aa3/NR | 1,321,668 | |||||||
1,000 |
Owensboro Medical Healthcare Systems, 6.375%, 6/1/40, Ser. A
|
Baa2/NR | 1,077,540 | |||||||
1,000 |
Ohio Cnty. Pollution Control Rev., Big Rivers Electric Corp.,
6.00%, 7/15/31, Ser. A
|
Baa1/BBB− | 1,041,220 | |||||||
5,247,026 | ||||||||||
Louisiana6.3%
|
||||||||||
Local Govt Environmental Facs. & Community Dev. Auth.
Rev.,
|
||||||||||
3,930 |
Capital Projects & Equipment Acquisition, 6.55%, 9/1/25 (ACA)
|
NR/NR | 3,682,017 | |||||||
750 |
Womans Hospital Foundation, 5.875%, 10/1/40, Ser. A
|
A3/BBB+ | 778,778 | |||||||
27,895 |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39,
Ser. 2001-B
|
Baa3/BBB | 28,123,460 | |||||||
32,584,255 | ||||||||||
Maryland0.3%
|
||||||||||
1,500 |
Economic Dev. Corp. Rev., 5.75%, 6/1/35, Ser. B
|
Baa3/NR | 1,562,700 | |||||||
Massachusetts0.4%
|
||||||||||
550 |
Dev. Finance Agcy. Rev., Linden Ponds, Inc. Fac., 5.75%,
11/15/35, Ser. A
|
NR/NR | 402,616 | |||||||
1,500 |
State College Building Auth. Rev., 5.50%, 5/1/39, Ser. A
|
Aa2/AA− | 1,658,415 | |||||||
2,061,031 | ||||||||||
Michigan2.2%
|
||||||||||
1,000 |
Detroit, GO, 5.375%, 4/1/17,
Ser. A-1
(NPFGC)
|
Baa1/A | 1,001,000 | |||||||
4,550 |
Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38,
Ser. A
|
NR/NR | 3,237,052 | |||||||
Royal Oak Hospital Finance Auth. Rev., William Beaumont Hospital,
|
||||||||||
50 |
5.25%, 11/15/35, Ser. M (NPFGC)
|
A1/A | 48,509 | |||||||
1,500 |
8.25%, 9/1/39
|
A1/A | 1,812,435 | |||||||
3,260 |
State Hospital Finance Auth. Rev., Detroit Medical Center,
6.25%, 8/15/13, Ser. A
|
Ba3/BB− | 3,272,225 | |||||||
2,000 |
Strategic Fund Rev., Detroit Edison Co. Pollution Control,
5.45%, 9/1/29, Ser. C
|
A2/A− | 2,015,300 | |||||||
11,386,521 | ||||||||||
Minnesota0.4%
|
||||||||||
95 |
Agricultural & Economic Dev. Board Rev., Health Care
Systems, 6.375%, 11/15/29, Ser. A
|
A2/A | 96,053 | |||||||
1,500 |
St. Louis Park Rev., Nicollett Health Services, 5.75%, 7/1/39
|
NR/A | 1,555,770 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Minnesota (continued)
|
||||||||||
$ | 500 |
Washington Cnty. Housing & Redev. Auth. Rev.,
Birchwood & Woodbury Projects, 5.625%, 6/1/37,
Ser. A
|
NR/NR | $ | 471,425 | |||||
2,123,248 | ||||||||||
Missouri0.2%
|
||||||||||
1,000 |
Joplin Industrial Dev. Auth. Rev., Christian Homes, Inc., 5.75%,
5/15/26, Ser. F
|
NR/NR | 968,080 | |||||||
Montana0.2%
|
||||||||||
1,000 |
Forsyth Pollution Control Rev., 5.00%, 5/1/33, Ser. A
|
A3/A− | 1,064,170 | |||||||
Nevada3.9%
|
||||||||||
Clark Cnty., GO,
|
||||||||||
5,000 |
4.75%, 6/1/30 (AGM)
|
Aaa/AA+ | 5,090,500 | |||||||
5,230 |
4.75%, 11/1/35 (FGIC-NPFGC)
|
Aaa/AA+ | 5,300,657 | |||||||
9,755 |
Washoe Cnty., Water & Sewer, GO, 5.00%, 1/1/35 (NPFGC)
|
Aa1/AA | 9,963,269 | |||||||
20,354,426 | ||||||||||
New Hampshire0.6%
|
||||||||||
3,000 |
Business Finance Auth. Pollution Control Rev., Connecticut
Light & Power Co., 5.85%, 12/1/22, Ser. A
|
Baa1/BBB | 3,039,300 | |||||||
New Jersey5.5%
|
||||||||||
2,000 |
Economic Dev. Auth. Rev., School Facs. Construction, 5.50%,
12/15/34, Ser. Z (AGC)
|
Aa3/AA+ | 2,206,080 | |||||||
16,550 |
Economic Dev. Auth., Special Assessment, Kapkowski Road Landfill
Project, 5.75%, 4/1/31
|
Ba2/NR | 16,768,129 | |||||||
1,000 |
Health Care Facs. Financing Auth. Rev., Trinitas Hospital,
5.25%, 7/1/30, Ser. A
|
Baa3/BBB− | 986,660 | |||||||
2,000 |
State Turnpike Auth. Rev., 5.25%, 1/1/40, Ser. E
|
A3/A+ | 2,162,380 | |||||||
9,100 |
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41,
Ser. 1-A
|
Baa3/BBB | 6,578,117 | |||||||
28,701,366 | ||||||||||
New Mexico1.5%
|
||||||||||
1,000 |
Farmington Pollution Control Rev., 5.90%, 6/1/40, Ser. D
|
Baa3/BB+ | 1,039,990 | |||||||
6,400 |
Hospital Equipment Loan Council Rev., Presbyterian Healthcare,
|
|||||||||
5.00%, 8/1/39
|
Aa3/AA− | 6,577,536 | ||||||||
7,617,526 | ||||||||||
New York6.8%
|
||||||||||
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters,
|
||||||||||
7,500 |
5.25%, 10/1/35
|
A1/A | 7,786,875 | |||||||
3,000 |
5.50%, 10/1/37
|
A1/A | 3,225,090 | |||||||
4,200 |
Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at
Harborside, 6.70%, 1/1/43, Ser. A
|
NR/NR | 4,254,180 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
New York (continued)
|
||||||||||
New York City Municipal Water Finance Auth. Water &
Sewer Rev.,
|
||||||||||
$ | 13,000 |
5.00%, 6/15/26, Ser. E (h)
|
Aa1/AAA | $ | 13,265,070 | |||||
670 |
5.00%, 6/15/37, Ser. D (h)
|
Aa1/AAA | 699,460 | |||||||
3,000 |
Second Generation Resolutions, 5.00%, 6/15/39, Ser. GG-1
|
Aa2/AA+ | 3,207,690 | |||||||
1,000 |
State Dormitory Auth. Rev., 5.00%, 3/15/38, Ser. A
|
NR/AAA | 1,063,880 | |||||||
1,625 |
Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25,
Ser. A
|
Baa1/BBB | 1,625,422 | |||||||
35,127,667 | ||||||||||
North Carolina1.3%
|
||||||||||
Capital Facs. Finance Agcy. Rev., Ser. A,
|
||||||||||
2,750 |
Duke Energy, 4.625%, 11/1/40
|
A1/A | 2,712,655 | |||||||
570 |
Duke Univ. Project, 5.125%, 10/1/41
|
Aa1/AA+ | 579,092 | |||||||
Medical Care Commission Rev.,
|
||||||||||
2,500 |
Novant Health, 5.00%, 11/1/43, Ser. A (d)
|
A1/A+ | 2,476,050 | |||||||
1,500 |
Village at Brookwood, 5.25%, 1/1/32
|
NR/NR | 1,239,540 | |||||||
7,007,337 | ||||||||||
Ohio1.9%
|
||||||||||
11,000 |
Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/47,
Ser. A-2
|
Baa3/BBB | 8,397,180 | |||||||
500 |
Higher Educational Fac. Commission Rev., Univ. Hospital Health
Systems, 6.75%, 1/15/39,
Ser. 2009-A
|
A2/A | 535,660 | |||||||
500 |
Montgomery Cnty. Rev., Miami Valley Hospital, 6.25%, 11/15/39,
Ser. A
|
Aa3/NR | 528,540 | |||||||
250 |
State Rev., Ashland Univ. Project, 6.25%, 9/1/24
|
Ba1/NR | 262,612 | |||||||
9,723,992 | ||||||||||
Oregon0.5%
|
||||||||||
2,000 |
Oregon Health & Science Univ. Rev., 5.75%, 7/1/39,
Ser. A
|
A2/A | 2,192,120 | |||||||
600 |
State Department of Administrative Services, CP, 5.25%, 5/1/39,
Ser. A
|
Aa2/AA− | 638,448 | |||||||
2,830,568 | ||||||||||
Pennsylvania4.8%
|
||||||||||
5,000 |
Geisinger Auth. Rev., 5.25%, 6/1/39, Ser. A
|
Aa2/AA | 5,282,450 | |||||||
2,000 |
Harrisburg Auth. Rev., Harrisburg Univ. of Science, 6.00%,
9/1/36, Ser. B
|
NR/NR | 1,873,060 | |||||||
Higher Educational Facs. Auth. Rev.,
|
||||||||||
500 |
Edinboro Univ. Foundation, 6.00%, 7/1/43
|
Baa3/BBB− | 515,850 | |||||||
350 |
Thomas Jefferson Univ., 5.00%, 3/1/40
|
A1/AA− | 360,500 | |||||||
Lancaster Cnty. Hospital Auth. Rev., Brethren Village Project,
Ser. A,
|
||||||||||
750 |
6.25%, 7/1/26
|
NR/NR | 753,158 | |||||||
85 |
6.375%, 7/1/30
|
NR/NR | 84,473 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Pennsylvania (continued)
|
||||||||||
$ | 1,100 |
Luzerne Cnty. Industrial Dev. Auth. Rev., Pennsylvania American
Water Co., 5.50%, 12/1/39
|
A2/A | $ | 1,143,758 | |||||
7,000 |
Philadelphia, GO, 5.25%, 12/15/32, Ser. A (AGM)
|
Aa3/AA+ | 7,358,190 | |||||||
4,700 |
Philadelphia Hospitals & Higher Education Facs. Auth.
Rev., Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A
|
Baa3/BBB | 4,703,196 | |||||||
500 |
Philadelphia Water Rev., 5.25%, 1/1/36, Ser. A
|
A1/A | 520,150 | |||||||
2,000 |
Turnpike Commission Rev., 5.125%, 12/1/40, Ser. D
|
A3/A− | 2,054,700 | |||||||
24,649,485 | ||||||||||
Puerto Rico1.3%
|
||||||||||
135 |
Commonwealth of Puerto Rico, Public Improvements, GO, 5.00%,
7/1/35, Ser. B
|
A3/BBB− | 135,586 | |||||||
Sales Tax Financing Corp. Rev.,
|
||||||||||
32,550 |
zero coupon, 8/1/54, Ser. A (AMBAC)
|
Aa2/AA− | 2,051,301 | |||||||
29,200 |
zero coupon, 8/1/56, Ser. A
|
Aa2/AA− | 1,586,144 | |||||||
3,000 |
5.375%, 8/1/38, Ser. C
|
A1/A+ | 3,163,830 | |||||||
6,936,861 | ||||||||||
Rhode Island4.6%
|
||||||||||
23,800 |
Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42,
Ser. A
|
Baa3/BBB | 23,700,992 | |||||||
South Carolina1.4%
|
||||||||||
Greenwood Cnty. Hospital Rev., Self Memorial Hospital,
|
||||||||||
3,500 |
5.50%, 10/1/21
|
A2/A | 3,539,795 | |||||||
2,000 |
5.50%, 10/1/26
|
A2/A | 2,015,520 | |||||||
450 |
Jobs-Economic Dev. Auth. Rev., Lutheran Homes, 5.50%, 5/1/28
|
NR/NR | 409,941 | |||||||
1,000 |
State Public Service Auth. Rev., 5.25%, 1/1/39, Ser. B
|
Aa2/AA− | 1,077,590 | |||||||
7,042,846 | ||||||||||
Tennessee4.7%
|
||||||||||
940 |
Memphis Health Educational & Housing Fac. Board Rev.,
Wesley Housing Corp. Project, 6.95%, 1/1/20 (a)(b)(j)(k)
(acquisition
cost-$935,300;
purchased 6/29/01)
|
NR/NR | 472,350 | |||||||
5,000 |
Metropolitan Govt Nashville & Davidson Cnty.
Health & Educational Facs. Board Rev., Vanderbilt
Univ., 5.00%, 10/1/39, Ser. B (h)
|
|||||||||
Tennessee Energy Acquisition Corp. Rev.,
|
Aa2/AA | 5,441,900 | ||||||||
370 |
5.00%, 2/1/21, Ser. C
|
Baa1/A | 385,951 | |||||||
5,000 |
5.00%, 2/1/27, Ser. C
|
Baa1/A | 5,072,000 | |||||||
6,460 |
5.25%, 9/1/17, Ser. A
|
Ba3/BB+ | 6,922,019 | |||||||
600 |
5.25%, 9/1/21, Ser. A
|
Ba3/BB+ | 633,450 | |||||||
300 |
5.25%, 9/1/22, Ser. A
|
Ba3/BB+ | 317,055 | |||||||
5,000 |
5.25%, 9/1/24, Ser. A
|
Ba3/BB+ | 5,256,150 | |||||||
24,500,875 | ||||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Texas8.6%
|
||||||||||
$ | 10,000 |
Coppell Independent School Dist., GO, zero coupon, 8/15/29
(PSF-GTD)
|
Aaa/AAA | $ | 4,497,200 | |||||
1,200 |
Dallas Rev., Dallas Civic Center, 5.25%, 8/15/38 (AGC)
|
Aa3/AA+ | 1,243,464 | |||||||
20 |
Duncanville Independent School Dist., GO, 5.25%, 2/15/32,
Ser. B (PSF-GTD)
|
Aaa/AAA | 20,432 | |||||||
Municipal Gas Acquisition & Supply Corp. I Rev.,
|
||||||||||
6,500 |
5.25%, 12/15/23, Ser. A
|
A2/A | 6,749,795 | |||||||
150 |
5.25%, 12/15/25, Ser. A
|
A2/A | 153,456 | |||||||
6,500 |
6.25%, 12/15/26, Ser. D
|
A2/A | 7,321,925 | |||||||
North Harris Cnty. Regional Water Auth. Rev.,
|
||||||||||
4,200 |
5.25%, 12/15/33
|
A1/A+ | 4,374,300 | |||||||
4,200 |
5.50%, 12/15/38
|
A1/A+ | 4,389,714 | |||||||
North Texas Tollway Auth. Rev.,
|
||||||||||
3,000 |
5.25%, 1/1/44, Ser. C
|
A2/A− | 3,061,650 | |||||||
6,050 |
5.625%, 1/1/33, Ser. A
|
A2/A− | 6,447,061 | |||||||
600 |
5.75%, 1/1/33, Ser. F
|
A3/BBB+ | 634,902 | |||||||
400 |
State Public Finance Auth. Rev., Charter School Finance Corp.,
5.875%, 12/1/36, Ser. A
|
Baa3/BBB− | 403,776 | |||||||
4,000 |
Tarrant Cnty. Cultural Education Facs. Finance Corp. Rev.,
Baylor Health Care Systems Project, 6.25%, 11/15/29
|
Aa2/AA− | 4,536,640 | |||||||
1,000 |
Uptown Dev. Auth., Tax Allocation, Infrastructure Improvement
Facs., 5.50%, 9/1/29
|
NR/BBB+ | 1,030,150 | |||||||
44,864,465 | ||||||||||
U.S. Virgin Islands0.1%
|
||||||||||
500 |
Virgin Islands Public Finance Auth. Rev., 5.00%, 10/1/39,
Ser. A-1
|
Baa2/BBB | 493,950 | |||||||
Utah1.4%
|
||||||||||
7,000 |
Salt Lake Cnty. Rev., IHC Health Services, 5.125%, 2/15/33
(AMBAC)
|
WR/AA+ | 7,133,630 | |||||||
Virginia0.6%
|
||||||||||
1,000 |
Fairfax Cnty. Industrial Dev. Auth. Rev., Inova Health Systems,
5.50%, 5/15/35, Ser. A
|
Aa2/AA+ | 1,095,410 | |||||||
2,000 |
Peninsula Town Center Community Dev. Auth. Rev., 6.45%, 9/1/37
|
NR/NR | 2,009,620 | |||||||
3,105,030 | ||||||||||
Washington1.1%
|
||||||||||
Health Care Facs. Auth. Rev.,
|
||||||||||
700 |
Multicare Health Systems, 6.00%, 8/15/39, Ser. B (AGC)
|
Aa3/AA+ | 762,706 | |||||||
250 |
Seattle Cancer Care Alliance, 7.375%, 3/1/38
|
A3/NR | 284,178 | |||||||
2,000 |
Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A
|
Baa2/BBB | 2,091,640 | |||||||
State Housing Finance Commission Rev., Skyline at First Hill
Project, Ser. A,
|
||||||||||
275 |
5.25%, 1/1/17
|
NR/NR | 242,528 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Washington (continued)
|
||||||||||
$ | 3,600 |
5.625%, 1/1/38
|
NR/NR | $ | 2,317,140 | |||||
5,698,192 | ||||||||||
Wisconsin2.7%
|
||||||||||
Health & Educational Facs. Auth. Rev.,
|
||||||||||
2,230 |
Kenosha Hospital & Medical Center Project, 5.625%, 5/15/29
|
NR/A | 2,230,803 | |||||||
500 |
Prohealth Care, Inc., 6.625%, 2/15/39
|
A1/A+ | 552,720 | |||||||
10,000 |
State Rev., 6.00%, 5/1/36, Ser. A
|
Aa3/AA− | 11,259,600 | |||||||
14,043,123 | ||||||||||
Total Municipal Bonds & Notes (cost$473,259,958)
|
500,554,995 | |||||||||
VARIABLE RATE NOTES (a)(c)(e)(f)3.5%
|
||||||||||
Illinois1.5%
|
||||||||||
5,950 |
Cook Cnty., GO, 7.62%, 11/15/28, Ser. 458 (FGIC)
|
Aa3/NR | 5,959,282 | |||||||
2,000 |
Metropolitan Pier & Exposition Auth. Rev., 11.97%,
6/15/50, Ser. 3217 (b)(j) (acquisition
cost-$1,969,580; purchased 10/7/10)
|
NR/AAA | 2,089,080 | |||||||
8,048,362 | ||||||||||
Texas0.4%
|
||||||||||
1,000 |
JPMorgan Chase Putters/Drivers Trust, GO, 7.824%, 2/1/17,
Ser. 3480
|
NR/AA+ | 1,152,120 | |||||||
JPMorgan Chase Putters/Drivers Trust Rev.,
|
||||||||||
200 |
8.26%, 2/1/27, Ser. 3224
|
Aa1/NR | 248,342 | |||||||
600 |
8.344%, 10/1/31, Ser. 3227
|
NR/AAA | 734,208 | |||||||
2,134,670 | ||||||||||
Washington1.6%
|
||||||||||
6,670 |
JPMorgan Chase Putters/Drivers Trust, GO, 11.318%, 8/1/28,
Ser. 3388
|
NR/AA+ | 8,144,937 | |||||||
Total Variable Rate Notes (cost$16,120,499)
|
18,327,969 | |||||||||
Shares | ||||||||||
COMMON STOCK0.0%
|
||||||||||
Airlines0.0%
|
||||||||||
1,017 |
Delta Air Lines, Inc. (g) (cost$0)
|
14,126 | ||||||||
Total Investments
(cost$489,380,457)100.0% |
$ | 518,897,090 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
CALIFORNIA MUNICIPAL BONDS & NOTES91.8%
|
||||||||||
$ | 1,000 |
Assoc. of Bay Area Govt Finance Auth. for Nonprofit Corps.
Rev., Poway Housing, Inc. Project, 5.375%, 11/15/25, Ser. A (CA
Mtg. Ins.)
|
NR/A− | $ | 1,000,700 | |||||
10,000 |
Bay Area Toll Auth. Rev., San Francisco Bay Area, 5.00%, 4/1/34,
Ser. F-1
|
Aa3/AA | 10,511,100 | |||||||
5,000 |
Chula Vista Rev., San Diego Gas & Electric, 5.875%,
2/15/34, Ser. B
|
Aa3/A+ | 5,788,900 | |||||||
650 |
City & Cnty. of San Francisco, Capital Improvement
Projects, CP, 5.25%, 4/1/31, Ser. A
|
Aa3/AA− | 685,659 | |||||||
720 |
City & Cnty. of San Francisco Redev. Agcy. Rev.,
Special Tax, 6.125%, 8/1/31, Ser. B
|
NR/NR | 706,255 | |||||||
350 |
Contra Costa Cnty. Public Financing Auth., Tax Allocation,
5.85%, 8/1/33, Ser. A
|
NR/BBB | 350,752 | |||||||
3,635 |
Cucamonga Valley Water Dist., CP, 5.125%, 9/1/35 (FGIC-NPFGC)
|
Aa3/AA− | 3,678,656 | |||||||
5,000 |
Desert Community College Dist., GO, 5.00%, 8/1/37, Ser. C (AGM)
|
Aa2/AA+ | 5,193,800 | |||||||
310 |
Dublin Unified School Dist., GO, zero coupon, 8/1/23, Ser. E
|
Aa2/AA− | 163,367 | |||||||
6,300 |
Eastern Municipal Water Dist., CP, 5.00%, 7/1/35, Ser. H
|
Aa2/AA | 6,614,244 | |||||||
Educational Facs. Auth. Rev.,
|
||||||||||
Claremont McKenna College,
|
||||||||||
1,400 |
5.00%, 1/1/39
|
Aa2/NR | 1,478,610 | |||||||
10,200 |
5.00%, 1/1/39 (h)
|
Aa2/NR | 10,772,730 | |||||||
Univ. of Southern California, Ser. A
|
||||||||||
5,000 |
5.00%, 10/1/38
|
Aa1/AA+ | 5,339,550 | |||||||
10,000 |
5.00%, 10/1/39 (h)
|
Aa1/AA+ | 10,637,200 | |||||||
2,975 |
El Dorado Irrigation Dist. & El Dorado Water Agcy., CP,
5.75%, 8/1/39, Ser. A (AGC)
|
Aa3/AA+ | 3,133,032 | |||||||
El Monte, Department of Public Social Services Fac., CP (AMBAC)
|
||||||||||
10,790 |
4.75%, 6/1/30
|
A2/A+ | 10,796,906 | |||||||
14,425 |
Phase II, 5.25%, 1/1/34
|
A2/NR | 14,444,762 | |||||||
1,000 |
Folsom Redev. Agcy., Tax Allocation, 5.50%, 8/1/36
|
NR/A | 990,390 | |||||||
Fremont Community Facs. Dist. No. 1, Special Tax,
|
||||||||||
165 |
6.00%, 9/1/18
|
NR/NR | 166,696 | |||||||
505 |
6.00%, 9/1/19
|
NR/NR | 509,777 | |||||||
3,500 |
6.30%, 9/1/31
|
NR/NR | 3,527,090 | |||||||
Golden State Tobacco Securitization Corp. Rev.,
|
||||||||||
9,000 |
5.00%, 6/1/33, Ser. A-1
|
Baa3/BBB | 7,303,230 | |||||||
3,000 |
5.00%, 6/1/35, Ser. A (FGIC)
|
A2/BBB+ | 2,905,020 | |||||||
6,000 |
5.00%, 6/1/38, Ser. A (FGIC)
|
A2/BBB+ | 5,757,180 | |||||||
1,600 |
5.00%, 6/1/45 (AMBAC-TCRS)
|
A2/A− | 1,526,640 | |||||||
8,300 |
5.125%, 6/1/47, Ser. A-1
|
Baa3/BBB | 5,966,206 | |||||||
9,225 |
5.75%, 6/1/47, Ser. A-1
|
Baa3/BBB | 7,359,520 | |||||||
500 |
Hartnell Community College Dist., GO, zero coupon, 8/1/34,
Ser 2002-D (i)
|
Aa2/AA− | 271,145 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Health Facs. Financing Auth. Rev., Adventist Health System, Ser.
A
|
||||||||||
$ | 4,630 |
5.00%, 3/1/33
|
NR/A | $ | 4,532,122 | |||||
2,000 |
5.75%, 9/1/39
|
NR/A | 2,085,540 | |||||||
Catholic Healthcare West, Ser. A,
|
||||||||||
1,765 |
5.00%, 7/1/18
|
A2/A | 1,766,571 | |||||||
570 |
5.00%, 7/1/28
|
A2/A | 570,046 | |||||||
2,000 |
6.00%, 7/1/34
|
A2/A | 2,078,200 | |||||||
4,000 |
6.00%, 7/1/39
|
A2/A | 4,307,200 | |||||||
750 |
Childrens Hospital of Los Angeles, 5.25%, 7/1/38 (AGM)
|
Aa3/AA+ | 759,015 | |||||||
1,000 |
Childrens Hospital of Orange Cnty., 6.50%, 11/1/38, Ser. A
|
NR/A | 1,096,210 | |||||||
1,450 |
Scripps Health, 5.00%, 11/15/36, Ser. A
|
A1/AA− | 1,472,098 | |||||||
1,600 |
Sutter Health, 5.00%, 11/15/42, Ser. A (IBC-NPFGC)
|
Aa3/A | 1,577,328 | |||||||
10,590 |
Kern Cnty., Capital Improvements Projects, CP, 5.75%, 8/1/35,
Ser. A (AGC)
|
Aa3/AA+ | 11,282,268 | |||||||
10,000 |
La Quinta Redev. Agcy., Tax Allocation, 5.10%, 9/1/31 (AMBAC)
|
WR/A+ | 9,987,800 | |||||||
500 |
Lancaster Redev. Agcy. Rev., Capital Improvements Projects,
|
|||||||||
5.90%, 12/1/35
|
NR/A | 507,140 | ||||||||
500 |
Lancaster Redev. Agcy., Tax Allocation, 6.875%, 8/1/39
|
NR/A | 556,710 | |||||||
1,495 |
Lincoln Public Financing Auth. Rev., Twelve Bridges, 6.125%,
9/2/27
|
NR/NR | 1,449,866 | |||||||
Long Beach Bond Finance Auth. Rev., Long Beach Natural Gas,
Ser. A
|
||||||||||
1,000 |
5.50%, 11/15/27
|
A2/A | 1,045,150 | |||||||
3,900 |
5.50%, 11/15/37
|
A2/A | 3,949,452 | |||||||
Los Angeles Department of Water & Power Rev.,(h)
|
||||||||||
5,000 |
4.75%, 7/1/30, Ser. A-2 (AGM)
|
Aa3/AA+ | 5,114,100 | |||||||
3,000 |
5.375%, 1/7/34, Ser. A
|
NR/NR | 3,286,830 | |||||||
7,000 |
5.375%, 7/1/38, Ser. A
|
Aa2/AA | 7,593,110 | |||||||
Los Angeles Unified School Dist., GO,
|
||||||||||
10,000 |
5.00%, 7/1/29, Ser. I (h)
|
Aa2/AA− | 10,575,300 | |||||||
13,000 |
5.00%, 1/1/34, Ser. I
|
Aa2/AA− | 13,423,540 | |||||||
5,000 |
5.00%, 1/1/34, Ser. I (h)
|
Aa2/AA− | 5,162,900 | |||||||
250 |
5.30%, 1/1/34, Ser. D
|
Aa2/AA− | 263,465 | |||||||
700 |
Malibu, City Hall Project, CP, 5.00%, 7/1/39, Ser. A
|
NR/AA+ | 724,836 | |||||||
200 |
M-S-R Energy Auth. Rev., 6.50%, 11/1/39, Ser. B
|
NR/A | 235,012 | |||||||
2,900 |
Municipal Finance Auth. Rev., Biola Univ., 5.875%, 10/1/34
|
Baa1/NR | 3,102,420 | |||||||
5,000 |
Orange Cnty. Sanitation Dist., CP, 5.00%, 2/1/39, Ser. A
|
NR/AAA | 5,222,800 | |||||||
2,145 |
Patterson Public Financing Auth. Rev., Waste Water Systems
Project, 5.50%, 6/1/39 (AGC)
|
NR/AA+ | 2,249,462 | |||||||
1,250 |
Peralta Community College Dist., GO, 5.00%, 8/1/39, Ser. C
|
NR/AA− | 1,290,125 | |||||||
1,250 |
Pollution Control Financing Auth. Rev., American Water Capital
Corp. Project, 5.25%, 8/1/40 (a)(c)
|
Baa2/BBB+ | 1,279,588 | |||||||
2,000 |
San Jose Water Co. Projects, 5.10%, 6/1/40
|
NR/A | 2,068,860 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Riverside, Special Assessment, Riverwalk Assessment Dist.,
|
||||||||||
$ | 500 |
6.15%, 9/2/19
|
NR/NR | $ | 510,515 | |||||
1,350 |
6.375%, 9/2/26
|
NR/NR | 1,378,498 | |||||||
8,305 |
Riverside Cnty., CP, 5.125%, 11/1/30 (NPFGC)
|
A1/AA− | 8,441,866 | |||||||
545 |
San Diego Cnty., CP, 5.25%, 10/1/28
|
A2/NR | 550,919 | |||||||
San Diego Cnty. Water Auth., CP,
|
||||||||||
1,000 |
5.00%, 5/1/32, Ser. A (NPFGC)
|
Aa2/AA+ | 1,024,820 | |||||||
6,250 |
5.00%, 5/1/38, Ser. 2008-A (AGM)
|
Aa2/AA+ | 6,491,250 | |||||||
2,000 |
San Diego Public Facs. Financing Auth. Rev., 5.25%, 5/15/39,
Ser. A
|
Aa3/A+ | 2,141,860 | |||||||
3,285 |
San Diego Regional Building Auth. Rev., Cnty. Operations
Center & Annex, 5.375%, 2/1/36, Ser. A
|
Aa3/AA+ | 3,513,603 | |||||||
4,400 |
San Diego Unified School Dist., GO, 4.75%, 7/1/27, Ser. D-2 (AGM)
|
Aa1/AA+ | 4,567,816 | |||||||
880 |
San Francisco Bay Area Rapid Transit Dist. Rev., 5.125%, 7/1/36
(AMBAC)
|
Aa2/AA+ | 886,574 | |||||||
5,065 |
San Joaquin Cnty., General Hospital Project, CP, 5.00%, 9/1/20
(NPFGC)
|
A1/A | 5,075,231 | |||||||
San Joaquin Hills Transportation Corridor Agcy. Rev., Ser. A
|
||||||||||
5,000 |
5.50%, 1/15/28
|
Ba2/BB− | 4,682,650 | |||||||
5,000 |
5.70%, 1/15/19
|
Ba2/BB− | 5,069,050 | |||||||
230 |
San Jose, Special Assessment, 5.60%, 9/2/17, Ser.
24-Q
|
NR/NR | 236,813 | |||||||
600 |
Santa Ana Financing Auth. Rev., 5.60%, 9/1/19, Ser. C
|
NR/A | 603,978 | |||||||
3,500 |
Santa Clara Cnty. Financing Auth. Rev., 5.75%, 2/1/41, Ser. A
(AMBAC)
|
A1/A+ | 3,640,280 | |||||||
1,815 |
Santa Clara, Central Park Library Project, CP, 5.00%, 2/1/32
(AMBAC)
|
Aa2/AA | 1,858,179 | |||||||
1,300 |
Santa Cruz Cnty. Redev. Agcy., Tax Allocation, Live Oak/Soquel
Community, 7.00%, 9/1/36, Ser. A
|
A1/A | 1,471,717 | |||||||
State, GO,
|
||||||||||
5,885 |
5.00%, 9/1/35
|
A1/A− | 5,920,075 | |||||||
3,000 |
5.00%, 12/1/37
|
A1/A− | 3,006,960 | |||||||
8,000 |
6.00%, 4/1/38
|
A1/A− | 8,909,280 | |||||||
2,000 |
State Public Works Board Rev., 5.75%, 10/1/30, Ser. G-1
|
A2/BBB+ | 2,121,460 | |||||||
2,000 |
California State Univ., 6.00%, 11/1/34, Ser. J
|
Aa3/BBB+ | 2,161,500 | |||||||
2,000 |
Regents Univ., 5.00%, 4/1/34, Ser. E
|
Aa2/AA− | 2,072,140 | |||||||
Statewide Communities Dev. Auth. Rev.,
|
||||||||||
1,000 |
American Baptist Homes West, 6.25%, 10/1/39
|
NR/BBB− | 1,023,230 | |||||||
900 |
California Baptist Univ., 5.50%, 11/1/38, Ser. A
|
NR/NR | 829,062 | |||||||
1,000 |
Catholic Healthcare West, 5.50%, 7/1/31, Ser. D
|
A2/A | 1,039,440 | |||||||
13,050 |
Henry Mayo Newhall Memorial Hospital, 5.125%, 10/1/30, Ser. A (CA Mtg. Ins.)
|
NR/A− | 12,960,869 | |||||||
1,000 |
Kaiser Permanente, 5.25%, 3/1/45, Ser. B
|
NR/A+ | 1,003,150 | |||||||
1,000 |
Lancer Student Housing Project, 7.50%, 6/1/42
|
NR/NR | 1,057,490 | |||||||
3,000 |
Los Angeles Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)
|
NR/A− | 2,984,430 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Methodist Hospital Project (FHA),
|
||||||||||
$ | 2,100 |
6.625%, 8/1/29
|
Aa2/NR | $ | 2,440,914 | |||||
7,700 |
6.75%, 2/1/38
|
Aa2/NR | 8,916,215 | |||||||
St. Joseph,
|
||||||||||
100 |
5.125%, 7/1/24 (NPFGC)
|
A1/AA− | 105,331 | |||||||
3,200 |
5.75%, 7/1/47, Ser. A (FGIC)
|
A1/AA− | 3,313,888 | |||||||
4,000 |
Sutter Health, 5.50%, 8/15/34, Ser. B
|
Aa3/A+ | 4,039,520 | |||||||
8,000 |
The Internext Group, CP, 5.375%, 4/1/30
|
NR/BBB | 7,797,360 | |||||||
910 |
Windrush School, 5.50%, 7/1/37
|
NR/NR | 778,041 | |||||||
2,000 |
Turlock, Emanuel Medical Center, CP, 5.50%, 10/15/37, Ser. B
|
NR/BBB | 1,918,640 | |||||||
Tustin Unified School Dist., Special Tax, Ser. B
|
||||||||||
2,345 |
5.50%, 9/1/22
|
NR/NR | 2,364,323 | |||||||
2,520 |
5.60%, 9/1/29
|
NR/NR | 2,502,410 | |||||||
2,000 |
5.625%, 9/1/32
|
NR/NR | 1,930,420 | |||||||
Univ. of California Rev.,
|
||||||||||
8,000 |
4.75%, 5/15/35, Ser. F (AGM)(h)
|
Aa1/AA+ | 8,095,760 | |||||||
10,000 |
5.00%, 5/15/36, Ser. A (AMBAC)
|
Aa1/AA | 10,224,000 | |||||||
1,000 |
Western Municipal Water Dist. Facs. Auth. Rev.,
|
|||||||||
5.00%, 10/1/39, Ser. B
|
NR/AA+ | 1,051,330 | ||||||||
1,000 |
Westlake Village, CP, 5.00%, 6/1/39
|
NR/AA+ | 1,034,350 | |||||||
1,000 |
Whittier Union High School Dist., GO, zero coupon, 8/1/25
|
NR/AA− | 445,790 | |||||||
Total California Municipal Bonds & Notes
(cost$368,170,102)
|
392,387,178 | |||||||||
OTHER MUNICIPAL BONDS & NOTES5.8%
|
||||||||||
Iowa1.8%
|
||||||||||
8,700 |
Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B
|
Baa3/BBB | 7,790,328 | |||||||
Louisiana0.4%
|
||||||||||
1,750 |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser.
2001-B
|
Baa3/BBB | 1,764,333 | |||||||
New York0.1%
|
||||||||||
450 |
New York City Municipal Water Finance Auth. Water &
Sewer Rev., 5.00%, 6/15/37, Ser. D (h)
|
Aa1/AAA | 474,795 | |||||||
Ohio0.4%
|
||||||||||
2,250 |
Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/47,
Ser. A-2
|
Baa3/BBB | 1,717,605 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Puerto Rico3.0%
|
||||||||||
$ | 1,000 |
Electric Power Auth. Rev., 5.25%, 7/1/40, Ser. XX
|
A3/BBB+ | $ | 1,043,040 | |||||
Sales Tax Financing Corp. Rev.,
|
||||||||||
8,000 |
5.25%, 8/1/41, Ser. C
|
A1/A+ | 8,321,200 | |||||||
3,000 |
5.50%, 8/1/42, Ser. A
|
A1/A+ | 3,203,550 | |||||||
12,567,790 | ||||||||||
South Carolina0.1%
|
||||||||||
340 |
Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/30,
Ser. B
|
Baa3/BBB | 438,389 | |||||||
Total Other Municipal Bonds & Notes
(cost$24,523,488)
|
24,753,240 | |||||||||
OTHER VARIABLE RATE
NOTES (a)(c)(e)(f)1.7%
|
||||||||||
Illinois1.7%
|
||||||||||
6,670 |
Chicago Water Rev., 11.258%, 5/1/14, Ser. 1419 (AMBAC)
(cost$6,896,230)
|
NR/AA− | 7,166,781 | |||||||
CALIFORNIA VARIABLE RATE
NOTES (a)(c)(e)(f)0.7%
|
||||||||||
1,000 |
Health Facs. Financing Auth. Rev., 7.88%, 11/15/36, Ser. 3193
|
NR/NR | 1,029,200 | |||||||
1,670 |
Sacramento Cnty. Sanitation Dists. Financing Auth. Rev.,
11.289%, 8/1/13, Ser. 1034 (NPFGC)
|
NR/AA | 1,951,963 | |||||||
Total California Variable Rate Notes (cost$2,774,719)
|
2,981,163 | |||||||||
Total Investments
(cost$402,364,539)100.0%
|
$ | 427,288,362 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
NEW YORK MUNICIPAL BONDS & NOTES87.1%
|
||||||||||
$ | 1,600 |
Erie Cnty. Industrial Dev. Agcy. Rev., Orchard Park, Inc.
Project, 6.00%, 11/15/36, Ser. A
|
NR/NR | $ | 1,370,592 | |||||
Liberty Dev. Corp. Rev.,
|
||||||||||
1,000 |
6.375%, 7/15/49
|
NR/BBB− | 1,072,110 | |||||||
Goldman Sachs Headquarters,
|
||||||||||
120 |
5.25%, 10/1/35
|
A1/A | 124,590 | |||||||
11,290 |
5.25%, 10/1/35 (h)
|
A1/A | 11,721,842 | |||||||
1,925 |
5.50%, 10/1/37
|
A1/A | 2,069,433 | |||||||
Long Island Power Auth. Rev., Ser. A,
|
||||||||||
750 |
5.00%, 9/1/34, (AMBAC)
|
A3/A− | 768,570 | |||||||
4,500 |
5.75%, 4/1/39
|
A3/A− | 4,969,620 | |||||||
Metropolitan Transportation Auth. Rev.,
|
||||||||||
7,150 |
5.00%, 7/1/30, Ser. A (AMBAC)
|
Aa3/AA− | 7,395,030 | |||||||
1,375 |
5.125%, 1/1/29, Ser. A
|
Aa3/AA− | 1,431,045 | |||||||
2,000 |
5.25%, 11/15/31, Ser. E
|
A2/A | 2,074,060 | |||||||
1,600 |
Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at
Harborside, 6.70%, 1/1/43, Ser. A
|
NR/NR | 1,620,640 | |||||||
3,500 |
New York City Health & Hospital Corp. Rev., 5.00%,
2/15/30, Ser. A
|
Aa3/A+ | 3,702,160 | |||||||
1,000 |
New York City Industrial Dev. Agcy. Rev., Liberty Interactive
Corp., 5.00%, 9/1/35
|
Ba2/BB+ | 942,970 | |||||||
900 |
Queens Baseball Stadium, 6.50%, 1/1/46 (AGC)
|
Aa3/AA+ | 1,008,045 | |||||||
1,820 |
Vaughn College Aeronautics, 5.25%, 12/1/36, Ser. B
|
NR/BB+ | 1,602,037 | |||||||
3,200 |
Yankee Stadium, 7.00%, 3/1/49 (AGC)
|
Aa3/AA+ | 3,723,680 | |||||||
3,595 |
New York City Municipal Water Finance Auth. Rev., 5.25%,
6/15/25, Ser. D
|
Aa1/AAA | 3,711,190 | |||||||
New York City Municipal Water Finance Auth. Water &
Sewer Rev.,
|
||||||||||
3,000 |
5.00%, 6/15/32, Ser. A
|
Aa1/AAA | 3,053,340 | |||||||
2,500 |
5.00%, 6/15/40, Ser. FF-2
|
Aa2/AA+ | 2,641,375 | |||||||
5,000 |
Second Generation Resolutions, 4.75%, 6/15/35,
Ser. DD (h)
|
Aa2/AA+ | 5,177,650 | |||||||
New York City Transitional Finance Auth. Rev.,
|
||||||||||
15 |
4.75%, 11/1/23, Ser. B
|
Aaa/AAA | 15,115 | |||||||
5,000 |
5.25%, 1/15/39, Ser. S-3
|
Aa3/AA− | 5,360,700 | |||||||
300 |
New York City Trust for Cultural Res. Rev., Julliard School,
5.00%, 1/1/34, Ser. A
|
Aa2/AA | 324,168 | |||||||
5 |
New York City, GO, 5.25%, 6/1/28, Ser. J
|
Aa2/AA | 5,597 | |||||||
1,000 |
Niagara Falls Public Water Auth. Water & Sewer Rev.,
5.00%, 7/15/34, Ser. A (NPFGC)
|
Baa1/A | 1,012,770 | |||||||
Port Auth. of New York & New Jersey Rev.,
Ser. 132,
|
||||||||||
2,000 |
5.00%, 9/1/29
|
Aa2/AA− | 2,151,420 | |||||||
4,300 |
5.00%, 9/1/38
|
Aa2/AA− | 4,464,991 | |||||||
State Dormitory Auth. Rev.,
|
||||||||||
500 |
5.00%, 7/1/35, Ser. A
|
Aa2/NR | 532,285 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
$ | 3,850 |
Lenox Hill Hospital, 5.50%, 7/1/30
|
Baa3/NR | $ | 3,852,695 | |||||
1,300 |
Mount Sinai School of Medicine, 5.125%, 7/1/39
|
A3/A− | 1,329,562 | |||||||
4,500 |
New York Univ., 5.00%, 7/1/38, Ser. C
|
Aa3/AA− | 4,739,535 | |||||||
1,500 |
New York Univ. Hospitals Center, 5.00%, 7/1/26, Ser. A
|
Baa2/BBB | 1,535,520 | |||||||
300 |
North Shore-Long Island Jewish Health System, 5.50%, 5/1/37, Ser. A
|
Baa1/A− | 316,434 | |||||||
4,995 |
NY & Presbyterian Hospital, 4.75%, 8/1/27 (AMBAC-FHA)
|
WR/NR | 4,995,599 | |||||||
2,900 |
Orange Regional Medical Center, 6.25%, 12/1/37
|
Ba1/NR | 2,968,034 | |||||||
1,000 |
Pratt Institute, 5.125%, 7/1/39, Ser. C (AGC)
|
Aa3/NR | 1,065,780 | |||||||
Sloan-Kettering Center Memorial,
|
||||||||||
2,500 |
4.50%, 7/1/35, Ser. A-1
|
Aa2/AA | 2,551,850 | |||||||
4,000 |
5.00%, 7/1/34, Ser. 1
|
Aa2/AA | 4,086,640 | |||||||
1,500 |
St. Francis College, 5.00%, 10/1/40
|
NR/A− | 1,510,425 | |||||||
Teachers College,
|
||||||||||
1,500 |
5.00%, 7/1/32 (NPFGC)
|
A1/NR | 1,522,110 | |||||||
1,800 |
5.50%, 3/1/39
|
A1/NR | 1,910,898 | |||||||
1,275 |
Winthrop Univ. Hospital Assoc., 5.25%, 7/1/31, Ser. A (AMBAC)
|
WR/NR | 1,290,058 | |||||||
2,000 |
State Environmental Facs. Corp. Rev.,
|
|||||||||
New York City Municipal Water Project, 5.125%, 6/15/31,
Ser. D
|
Aaa/AAA | 2,087,160 | ||||||||
1,800 |
State Urban Dev. Corp. Rev., 5.00%, 3/15/36,
Ser. B-1 (h)
|
NR/AAA | 1,912,356 | |||||||
250 |
Suffolk Cnty. Industrial Dev. Agcy. Rev., New York Institute of
Technology, 5.00%, 3/1/26
|
Baa2/BBB+ | 266,582 | |||||||
3,000 |
Triborough Bridge & Tunnel Auth. Rev., 5.25%,
11/15/34,
Ser. A-2 (h)
|
Aa2/AA− | 3,268,350 | |||||||
800 |
Troy Rev., Rensselaer Polytechnic Institute, 5.125%, 9/1/40,
Ser. A
|
A3/A | 831,576 | |||||||
2,945 |
Warren & Washington Cntys. Industrial Dev. Agcy. Rev.,
Glens Falls Hospital Project, 5.00%, 12/1/27, Ser. C (AGM)
|
Aa3/AA+ | 3,046,661 | |||||||
400 |
Yonkers Industrial Dev. Agcy. Rev., Sarah Lawrence College
Project, 6.00%, 6/1/41, Ser. A
|
NR/A | 431,369 | |||||||
Total New York Municipal Bonds & Notes
(cost$114,513,650)
|
119,566,219 | |||||||||
OTHER MUNICIPAL BONDS & NOTES12.9%
|
||||||||||
California1.1%
|
||||||||||
1,500 |
Los Angeles Department of Water & Power Rev., 5.00%,
7/1/39,
Ser. A-1
(AMBAC)
|
Aa3/AA− | 1,560,165 | |||||||
Louisiana0.5%
|
||||||||||
750 |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39,
Ser. 2001-B
|
Baa3/BBB | 756,142 | |||||||
Ohio1.1%
|
||||||||||
2,000 |
Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/47,
Ser. A-2
|
Baa3/BBB | 1,526,760 | |||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000s) | (Moodys/S&P) | Value | ||||||||
Puerto Rico9.8%
|
||||||||||
Aqueduct & Sewer Auth. Rev., Ser. A,
|
||||||||||
$ | 3,100 |
6.00%, 7/1/38
|
Baa1/BBB− | $ | 3,362,756 | |||||
1,000 |
6.00%, 7/1/44
|
Baa1/BBB− | 1,066,850 | |||||||
1,000 |
Electric Power Auth. Rev., 5.25%, 7/1/40, Ser. XX
|
A3/BBB+ | 1,043,040 | |||||||
Sales Tax Financing Corp. Rev.,
|
||||||||||
4,000 |
5.25%, 8/1/41, Ser. C
|
A1/A+ | 4,160,600 | |||||||
2,000 |
5.50%, 8/1/42, Ser. A
|
A1/A+ | 2,135,700 | |||||||
1,500 |
5.75%, 8/1/37, Ser. A
|
A1/A+ | 1,628,550 | |||||||
13,397,496 | ||||||||||
U. S. Virgin Islands0.4%
|
||||||||||
500 |
Virgin Islands Public Finance Auth. Rev., 5.00%, 10/1/39,
Ser. A-1
|
Baa2/BBB | 493,951 | |||||||
Total Other Municipal Bonds & Notes
(cost$16,253,477)
|
17,734,514 | |||||||||
Total Investments
(cost$130,767,127)100.0%
|
$ | 137,300,733 | ||||||||
(a)
|
Private PlacementRestricted as to resale and may not have a readily available market. Securities with an aggregate value of $18,800,319, representing 3.6% of total investments in Municipal Income and $11,427,532, representing 2.7% of total investments in California Municipal Income. | |
(b)
|
Illiquid. | |
(c)
|
144AExempt 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. | |
(d)
|
When-issued. To be settled after October 31, 2010. | |
(e)
|
Inverse FloaterThe 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, 2010. | |
(f)
|
Variable Rate NotesInstruments 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, 2010. | |
(g)
|
Non-income producing. | |
(h)
|
Residual Interest Bonds held in TrustSecurities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which each Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. | |
(i)
|
Step BondCoupon is a fixed rate for an initial period then resets at a specific date and rate. | |
(j)
|
Restricted. The aggregate acquisition cost of such securities is $2,904,880 in Municipal Income. The aggregate market value is 2,561,430, representing 0.5% of total investments in Municipal Income. | |
(k)
|
In default. |
California |
New York |
|||||||||||
Municipal | Municipal | Municipal | ||||||||||
Assets:
|
||||||||||||
Investments, at value (cost$489,380,457, $402,364,539 and
$130,767,127, respectively)
|
$518,897,090 | $427,288,362 | $137,300,733 | |||||||||
Cash
|
1,656,811 | 931,673 | 1,666,098 | |||||||||
Interest receivable
|
9,118,478 | 6,964,578 | 1,963,577 | |||||||||
Prepaid expenses and other assets
|
3,512,592 | 1,132,634 | 1,522,879 | |||||||||
Total Assets
|
533,184,971 | 436,317,247 | 142,453,287 | |||||||||
Liabilities:
|
||||||||||||
Payable for floating rate notes issued
|
30,990,403 | 35,911,418 | 10,476,876 | |||||||||
Payable for investments purchased
|
2,500,000 | 2,507,248 | | |||||||||
Dividends payable to preferred shareholders
|
2,050,949 | 1,422,305 | 436,901 | |||||||||
Investment management fees payable
|
275,628 | 219,203 | 72,804 | |||||||||
Interest payable
|
105,210 | 112,243 | 24,382 | |||||||||
Accrued expenses and other liabilities
|
133,272 | 235,709 | 50,319 | |||||||||
Total Liabilities
|
36,055,462 | 40,408,126 | 11,061,282 | |||||||||
Preferred Shares ($25,000 liquidation preference per share
applicable to an aggregate of 7,600, 6,000 and 1,880 shares
issued and outstanding, respectively)
|
190,000,000 | 150,000,000 | 47,000,000 | |||||||||
Net Assets Applicable to Common Shareholders
|
$307,129,509 | $245,909,121 | $84,392,005 | |||||||||
Composition of Net Assets Applicable to Common
Shareholders:
|
||||||||||||
Common Shares (no par value):
|
||||||||||||
Paid-in-capital
|
$356,333,345 | $260,180,813 | $107,062,216 | |||||||||
Undistributed net investment income
|
3,615,798 | 5,108,714 | 1,423,958 | |||||||||
Accumulated net realized loss on investments
|
(82,973,655 | ) | (44,233,516 | ) | (29,707,469 | ) | ||||||
Net unrealized appreciation of investments
|
30,154,021 | 24,853,110 | 5,613,300 | |||||||||
Net Assets Applicable to Common Shareholders
|
$307,129,509 | $245,909,121 | $84,392,005 | |||||||||
Common Shares Issued and Outstanding
|
25,103,665 | 18,338,893 | 7,616,624 | |||||||||
Net Asset Value Per Common Share
|
$12.23 | $13.41 | $11.08 | |||||||||
California |
New York |
|||||||||||
Municipal | Municipal | Municipal | ||||||||||
Investment Income:
|
||||||||||||
Interest
|
$16,079,501 | $12,271,865 | $3,832,603 | |||||||||
Expenses:
|
||||||||||||
Investment management fees
|
1,607,648 | 1,277,696 | 425,752 | |||||||||
Auction agent fees and commissions
|
156,596 | 123,411 | 42,536 | |||||||||
Interest expense
|
155,102 | 168,645 | 39,327 | |||||||||
Custodian and accounting agent fees
|
54,803 | 47,729 | 27,926 | |||||||||
Audit and tax services
|
34,224 | 27,784 | 20,056 | |||||||||
Trustees fees and expenses
|
25,208 | 21,160 | 6,624 | |||||||||
Shareholder communications
|
24,656 | 29,624 | 7,728 | |||||||||
Legal fees
|
22,080 | 16,560 | 7,360 | |||||||||
Transfer agent fees
|
16,192 | 15,640 | 15,640 | |||||||||
New York Stock Exchange listing fees
|
13,115 | 13,010 | 12,874 | |||||||||
Insurance expense
|
6,303 | 5,319 | 1,995 | |||||||||
Miscellaneous
|
5,721 | 5,322 | 4,921 | |||||||||
Total Expenses
|
2,121,648 | 1,751,900 | 612,739 | |||||||||
Less: custody credits earned on cash balances
|
(155 | ) | (257 | ) | (326 | ) | ||||||
Net Expenses
|
2,121,493 | 1,751,643 | 612,413 | |||||||||
Net Investment Income
|
13,958,008 | 10,520,222 | 3,220,190 | |||||||||
Realized and Change in Unrealized Gain:
|
||||||||||||
Net realized gain on investments
|
939,350 | 478,790 | 1,130,109 | |||||||||
Net change in unrealized appreciation/depreciation of investments
|
9,602,401 | 8,266,830 | 1,440,399 | |||||||||
Net realized and change in unrealized gain on investments
|
10,541,751 | 8,745,620 | 2,570,508 | |||||||||
Net Increase in Net Assets Resulting from
|
||||||||||||
Investment Operations
|
24,499,759 | 19,265,842 | 5,790,698 | |||||||||
Dividends on Preferred Shares from
|
||||||||||||
Net Investment Income
|
(405,685 | ) | (320,195 | ) | (101,059 | ) | ||||||
Net Increase in Net Assets Applicable to Common
|
||||||||||||
Shareholders Resulting from Investment Operations
|
$24,094,074 | $18,945,647 | $5,689,639 | |||||||||
Municipal | ||||||||
Six Months |
||||||||
ended |
||||||||
October 31, 2010 | Year ended | |||||||
(unaudited) | April 30, 2010 | |||||||
Investment Operations:
|
||||||||
Net investment income
|
$13,958,008 | $29,300,454 | ||||||
Net realized gain on investments,
|
939,350 | 603,647 | ||||||
Net change in unrealized appreciation/depreciation of investments
|
9,602,401 | 54,536,158 | ||||||
Net increase in net assets resulting from investment operations
|
24,499,759 | 84,440,259 | ||||||
Dividends on Preferred Shares from Net Investment Income
|
(405,685 | ) | (901,693 | ) | ||||
Net increase in net assets applicable to common shareholders
resulting from investment operations
|
24,094,074 | 83,538,566 | ||||||
Dividends to Common Shareholders from Net Investment
Income
|
(12,226,024 | ) | (24,354,251 | ) | ||||
Common Share Transactions:
|
||||||||
Reinvestment of dividends
|
804,751 | 1,765,250 | ||||||
Total increase in net assets applicable to common shareholders
|
12,672,801 | 60,949,565 | ||||||
Net Assets Applicable to Common Shareholders:
|
||||||||
Beginning of period
|
294,456,708 | 233,507,143 | ||||||
End of period (including undistributed net investment income of
$3,615,798 and $2,289,499; $5,108,714 and $3,372,324; $1,423,958
and $906,774; respectively)
|
$307,129,509 | $294,456,708 | ||||||
Common Shares Issued in Reinvestment of Dividends
|
59,686 | 146,491 | ||||||
California Municipal | New York Municipal | |||||||||||||
Six Months |
Six Months |
|||||||||||||
ended |
ended |
|||||||||||||
October 31, 2010 |
Year ended |
October 31, 2010 |
Year ended |
|||||||||||
(unaudited) | April 30, 2010 | (unaudited) | April 30, 2010 | |||||||||||
$10,520,222 | $22,076,765 | $3,220,190 | $6,665,205 | |||||||||||
478,790 | 1,327,677 | 1,130,109 | 178,676 | |||||||||||
8,266,830 |
34,686,166 | 1,440,399 | 9,772,086 | |||||||||||
19,265,842 | 58,090,608 | 5,790,698 | 16,615,967 | |||||||||||
(320,195 | ) | (712,775 | ) | (101,059 | ) | (223,823 | ) | |||||||
18,945,647 |
57,377,833 | 5,689,639 | 16,392,144 | |||||||||||
(8,463,637 | ) | (16,851,241 | ) | (2,601,947 | ) | (5,183,647 | ) | |||||||
635,128 | 1,416,293 | 230,516 | 382,886 | |||||||||||
11,117,138 | 41,942,885 | 3,318,208 | 11,591,383 | |||||||||||
234,791,983 | 192,849,098 | 81,073,797 | 69,482,414 | |||||||||||
$245,909,121 |
$234,791,983 | $84,392,005 | $81,073,797 | |||||||||||
48,320 | 117,624 | 21,201 | 38,039 | |||||||||||
| Level 1 quoted prices in active markets for identical investments that the Funds have the ability to access |
| Level 2 valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges |
| Level 3 valuations based on significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
Municipal: |
||||||||||||||||
Level 2 |
Level 3 |
|||||||||||||||
Other Significant |
Significant |
|||||||||||||||
Level 1 |
Observable |
Unobservable |
Value at |
|||||||||||||
Quoted Prices | Inputs | Inputs | 10/31/10 | |||||||||||||
Investments in Securities Assets
|
||||||||||||||||
Municipal Bonds & Notes
|
| $ | 500,082,645 | $ | 472,350 | $ | 500,554,995 | |||||||||
Variable Rate Notes
|
| 18,327,969 | | 18,327,969 | ||||||||||||
Common Stock
|
$ | 14,126 | | | 14,126 | |||||||||||
Total Investments
|
$ | 14,126 | $ | 518,410,614 | $ | 472,350 | $ | 518,897,090 | ||||||||
California Municipal: |
||||||||||||||||
Level 2 |
Level 3 |
|||||||||||||||
Other Significant |
Significant |
|||||||||||||||
Level 1 |
Observable |
Unobservable |
Value at |
|||||||||||||
Quoted Prices | Inputs | Inputs | 10/31/10 | |||||||||||||
Investments in Securities Assets
|
||||||||||||||||
California Municipal Bonds & Notes
|
| $ | 392,387,178 | | $ | 392,387,178 | ||||||||||
Other Municipal Bonds & Notes
|
| 24,753,240 | | 24,753,240 | ||||||||||||
Other Variable Rate Notes
|
| 7,166,781 | | 7,166,781 | ||||||||||||
California Variable Rate Notes
|
| 2,981,163 | | 2,981,163 | ||||||||||||
Total Investments
|
| $ | 427,288,362 | | $ | 427,288,362 | ||||||||||
New York Municipal: |
||||||||||||||||
Level 2 |
Level 3 |
|||||||||||||||
Other Significant |
Significant |
|||||||||||||||
Level 1 |
Observable |
Unobservable |
Value at |
|||||||||||||
Quoted Prices | Inputs | Inputs | 10/31/10 | |||||||||||||
Investments in Securities Assets
|
||||||||||||||||
New York Municipal Bonds & Notes
|
| $ | 119,566,219 | | $ | 119,566,219 | ||||||||||
Other Municipal Bonds & Notes
|
| 17,734,514 | | 17,734,514 | ||||||||||||
Total Investments
|
| $ | 137,300,733 | | $ | 137,300,733 | ||||||||||
Municipal: |
||||||||||||||||||||
Net |
||||||||||||||||||||
Change |
||||||||||||||||||||
Beginning |
in Unrealized |
Transfers |
Transfers |
Ending |
||||||||||||||||
Balance |
Appreciation/ |
into |
out of |
Balance |
||||||||||||||||
4/30/10 | Depreciation | Level 3 | Level 3 | 10/31/10 | ||||||||||||||||
Investments in Securities Assets
|
||||||||||||||||||||
Municipal Bonds & Notes
|
$ | 470,000 | $ | 2,350 | | | $ | 472,350 | ||||||||||||
Total Investments
|
$ | 470,000 | $ | 2,350 | | | $ | 472,350 | ||||||||||||
California |
New York |
|||||||||||
Municipal | Municipal | Municipal | ||||||||||
Purchases
|
$ | 28,784,994 | $ | 30,037,460 | $ | 20,758,235 | ||||||
Sales
|
21,867,374 | 25,906,893 | 21,281,959 |
Gross Unrealized |
Gross Unrealized |
Net Unrealized |
||||||||||||||
Cost of Investments | Appreciation | Depreciation | Appreciation | |||||||||||||
Municipal
|
$ | 463,247,529 | $ | 40,897,523 | $ | 12,849,895 | $ | 28,047,628 | ||||||||
California Municipal
|
368,192,857 | 26,604,322 | 2,494,680 | 24,109,642 | ||||||||||||
New York Municipal
|
121,966,627 | 7,785,295 | 1,448,215 | 6,337,080 |
High | Low | At October 31, 2010 | ||||||||||
Municipal:
|
||||||||||||
Series A
|
0.472 | % | 0.350 | % | 0.442 | % | ||||||
Series B
|
0.472 | % | 0.381 | % | 0.427 | % | ||||||
Series C
|
0.472 | % | 0.350 | % | 0.427 | % | ||||||
Series D
|
0.472 | % | 0.350 | % | 0.427 | % | ||||||
Series E
|
0.487 | % | 0.350 | % | 0.442 | % | ||||||
California Municipal:
|
||||||||||||
Series A
|
0.472 | % | 0.350 | % | 0.442 | % | ||||||
Series B
|
0.472 | % | 0.350 | % | 0.427 | % | ||||||
Series C
|
0.487 | % | 0.350 | % | 0.442 | % | ||||||
New York Municipal:
|
||||||||||||
Series A
|
0.472 | % | 0.381 | % | 0.427 | % |
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 | |
New York Municipal
|
$0.057 per common share |
Six Months |
||||||||||||||||||||||||
ended |
Year ended April 30 | |||||||||||||||||||||||
October 31, 2010 |
||||||||||||||||||||||||
(unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Net asset value, beginning of period
|
$11.76 | $9.38 | $12.96 | $14.85 | $14.54 | $14.84 | ||||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||
Net investment income
|
0.56 | 1.18 | 1.13 | 1.12 | 1.07 | 1.10 | ||||||||||||||||||
Net realized and change in unrealized gain (loss) on
investments, futures contracts, options written and swaps
|
0.42 | 2.22 | (3.53 | ) | (1.74 | ) | 0.50 | (0.21 | ) | |||||||||||||||
Total from investment operations
|
0.98 | 3.40 | (2.40 | ) | (0.62 | ) | 1.57 | 0.89 | ||||||||||||||||
Dividends on Preferred Shares from Net Investment
Income
|
(0.02 | ) | (0.04 | ) | (0.20 | ) | (0.29 | ) | (0.28 | ) | (0.21 | ) | ||||||||||||
Net increase (decrease) in net assets applicable to common
shareholders resulting from investment operations
|
0.96 | 3.36 | (2.60 | ) | (0.91 | ) | 1.29 | 0.68 | ||||||||||||||||
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
|
$12.23 | $11.76 | $9.38 | $12.96 | $14.85 | $14.54 | ||||||||||||||||||
Market price, end of period
|
$14.29 | $13.72 | $11.40 | $16.46 | $18.00 | $16.22 | ||||||||||||||||||
Total Investment Return (1)
|
7.96 | % | 30.34 | % | (24.58 | )% | (2.47 | )% | 17.77 | % | 18.13 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets applicable to common shareholders, end of period
(000s)
|
$307,130 | $294,457 | $233,507 | $321,268 | $365,984 | $355,877 | ||||||||||||||||||
Ratio of expenses to average net assets, including interest
expense (2)(3)(4)
|
1.40 | %* | 1.46 | %(5) | 1.64 | %(5) | 1.51 | %(5) | 1.32 | %(5) | 1.18 | %(5) | ||||||||||||
Ratio of expenses to average net assets, excluding interest
expense (2)(3)
|
1.30 | %* | 1.34 | %(5) | 1.42 | %(5) | 1.20 | %(5) | 1.00 | %(5) | 0.98 | %(5) | ||||||||||||
Ratio of net investment income to average net assets (2)
|
9.21 | %* | 10.77 | %(5) | 10.65 | %(5) | 8.07 | %(5) | 7.23 | %(5) | 7.41 | %(5) | ||||||||||||
Preferred shares asset coverage per share
|
$65,409 | $63,743 | $55,722 | $65,143 | $70,727 | $69,462 | ||||||||||||||||||
Portfolio turnover
|
4 | % | 11 | % | 60 | % | 32 | % | 6 | % | 13 | % | ||||||||||||
*
|
Annualized | |
(1)
|
Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds 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(i) in Notes to Financial Statements). | |
(4)
|
Interest expense primarily relates to the liability for floating rate notes issued in connection with Inverse Floater transactions and/or investments in reverse repurchase agreement transactions. | |
(5)
|
During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waivers relative to the average net assets of common shareholders were 0.01%, 0.10%, 0.17%, 0.24% and 0.32% for the years ended April 30, 2010, April 30, 2009, April 30, 2008, April 30, 2007 and April 30, 2006, respectively. |
Six Months |
||||||||||||||||||||||||
ended |
Year ended April 30 | |||||||||||||||||||||||
October 31, 2010 |
||||||||||||||||||||||||
(unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Net asset value, beginning of period
|
$12.84 | $10.61 | $13.62 | $14.84 | $14.48 | $14.60 | ||||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||
Net investment income
|
0.57 | 1.21 | 1.08 | 1.07 | 1.10 | 1.05 | ||||||||||||||||||
Net realized and change in unrealized gain (loss) on
investments, futures contracts, options written and swaps
|
0.48 | 1.98 | (2.96 | ) | (1.09 | ) | 0.44 | (0.05 | ) | |||||||||||||||
Total from investment operations
|
1.05 | 3.19 | (1.88 | ) | (0.02 | ) | 1.54 | 1.00 | ||||||||||||||||
Dividends on Preferred Shares from Net Investment
Income
|
(0.02 | ) | (0.04 | ) | (0.21 | ) | (0.28 | ) | (0.26 | ) | (0.20 | ) | ||||||||||||
Net increase (decrease) in net assets applicable to common
shareholders resulting from investment operations
|
1.03 | 3.15 | (2.09 | ) | (0.30 | ) | 1.28 | 0.80 | ||||||||||||||||
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
|
$13.41 | $12.84 | $10.61 | $13.62 | $14.84 | $14.48 | ||||||||||||||||||
Market price, end of period
|
$13.97 | $13.29 | $12.18 | $15.83 | $17.70 | $15.87 | ||||||||||||||||||
Total Investment Return (1)
|
8.84 | % | 17.72 | % | (16.72 | )% | (4.88 | )% | 18.20 | % | 18.93 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets applicable to common shareholders, end of period
(000s)
|
$245,909 | $234,792 | $192,849 | $246,613 | $267,061 | $259,127 | ||||||||||||||||||
Ratio of expenses to average net assets, including interest
expense (2)(3)(4)
|
1.45 | %* | 1.49 | %(5) | 1.66 | %(5) | 1.41 | %(5) | 1.26 | %(5) | 1.08 | %(5) | ||||||||||||
Ratio of expenses to average net assets, excluding interest
expense (2)(3)
|
1.31 | %* | 1.34 | %(5) | 1.39 | %(5) | 1.15 | %(5) | 1.05 | %(5) | 0.99 | %(5) | ||||||||||||
Ratio of net investment income to average net assets (2)
|
8.70 | %* | 10.15 | %(5) | 9.42 | %(5) | 7.57 | %(5) | 7.48 | %(5) | 7.19 | %(5) | ||||||||||||
Preferred shares asset coverage per share
|
$65,982 | $64,130 | $57,140 | $66,086 | $69,491 | $68,164 | ||||||||||||||||||
Portfolio turnover
|
6 | % | 8 | % | 42 | % | 14 | % | 4 | % | 8 | % | ||||||||||||
*
|
Annualized | |
(1)
|
Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds 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 |