IDS High Yield Tax-Exempt Fund
1995 semiannual report
(icon of) shield with basket of apples enclosed
The goal of IDS High Yield Tax-Exempt Fund, Inc. is to provide high
yield generally exempt from federal income taxes.
Distributed by American Express Financial Advisors Inc.
(icon of) shield with basket of apples enclosed
More yield,less taxes
Most of the time, making money means paying taxes. But investors
still can enjoy income that is free from federal income taxes by taking
advantage of tax-exempt bonds.
High Yield Tax-Exempt Fund, the largest national municipal bond fund,
strives to provide the maximum amount of largely tax-free income by
focusing on municipal bonds that pay above-average interest. To reduce
the investment risk, the fund holds a large, widely diversified portfolio
of bonds. The result can be a healthy after-tax return for investors in
higher tax brackets.
Contents
From the president 3
From the portfolio manager 3
Ten largest holdings 5
Financial statements 6
Notes to financial statements 9
Investments in securities 18
Directors and officers 44
IDS Mutual funds 45
To our shareholders
(Picture of William Pearce)
William R. Pearce
President of the fund
From the president
As I indicated in the fund's annual report, new agreements between the
fund and American Express Financial Corporation were approved by
shareholders in November 1994. The new agreements became effective when
the fund began offering multiple classes of shares on March 20, 1995.
The advantage of offering more than a single class of shares is that
investors may choose how they wish to pay sales charges. These charges
compensate your American Express financial advisor (formerly called your
IDS planner), who is committed to providing you with outstanding
services.
Adding new classes of mutual fund shares does make the presentation of
financial information in this report more complex. However, we will
continue our effort to make the reports easier to read and understand.
Meanwhile, your American Express financial advisor is available to answer
your questions.
William R. Pearce
(Picture of Kurt Larson)
Kurt Larson
Portfolio manager
From the portfolio manager
Declining interest rates provided the fuel for a strong surge by the bond
market during the first half of IDS High Yield Tax-Exempt Fund's fiscal
year (December 1994 through May 1995).
In addition to the price appreciation engendered by the rally, the fund
also provided a healthy yield - a combination that resulted in a
substantial total return for Class A shareholders.
If there ever was any question about the relationship between the
direction of interest rates and bond values, the past year and a half
should have cleared it up. In February 1994, long-term interest rates
began rising in response to the Federal Reserve's effort to boost short-
term rates and, in the process, temper economic growth so that inflation
would not reach a threatening level. In this case, the effect on the bond
market was not only direct but dramatic. Bond prices promptly started
falling and didn't reach bottom until late in the year.
Turnaround begins
At that point, professional investors began to reassess the situation.
Their fear of rapidly rising inflation (the everlasting enemy of bonds
and other
fixed-income securities) had proved to be unwarranted; inflation remained
quite moderate. Their spirits renewed, investors gradually returned to
buying bonds. Just as the rash selling had previously driven down prices,
a renewed desire to buy bonds began boosting values, sending long-term
interest rates lower in the process.
Although the interest-rate reversal was a welcome relief, it didn't
totally overcome the damage that occurred in 1994. Nevertheless, it was
substantial, and municipal bonds rallied strongly in response during the
past winter. Although they continued to perform positively, their advance
was muted during the spring, largely because of talk in Washington about
the possibility of changes to the U.S. tax system. While changes could
reduce the investment appeal of municipal bonds, we believe that it's
unlikely anything would be enacted before 1997,
if ever.
In response to the decline in interest rates, we added to our holdings
among lower-rated bonds in order to support the fund's dividend. In
addition, we kept to a longer-than-average maturity level in the
portfolio. Both of these measures helped enhance the fund's
total return.
Fundamentals still good
With the economy showing some signs of weakness and little indication of
higher inflation thus far in 1995, upward pressure on long-term interest
rates should remain minimal in the months ahead. In fact, as the year
progresses, it's possible that rates could decline a bit more. Naturally,
that would again provide a lift for the bond market, although probably
not to the degree we've seen in the months just past. At the same time,
that would also temper the fund's dividend, and we are continuing our
efforts to seek as high an income level as the market will allow in
keeping with a prudent investment approach.
Kurt Larson
Class A
6-month performance
(All figures per share)
Net asset value (NAV)
May 31, 1995 $ 4.55
Nov. 30, 1994 $ 4.18
Increase $ 0.37
Distributions
Dec. 1, 1994 - May 31, 1995
From income $ 0.14
From capital gains $ --
Total distributions $0.14
Total return** +12.5%***
Class B
March 20, 1995 - May 31, 1995
(All figures per share)
Net asset value (NAV)
May 31, 1995 $ 4.55
March 20, 1995* $ 4.46
Increase $ 0.09
Distributions
March 20, 1995* - May 31, 1995
From income $ 0.07
From capital gains $ --
Total distributions $0.07
Total return** +3.6%***
Class Y
March 20, 1995 - May 31, 1995
(All figures per share)
Net asset value (NAV)
May 31, 1995 $ 4.55
March 20, 1995* $ 4.46
Increase $ 0.09
Distributions
March 20, 1995* - May 31, 1995
From income $ 0.07
From capital gains $ --
Total distributions $0.07
Total return** +3.6%***
*Commencement of operations.
**The prospectus discusses the effects of the sales charge on the various
classes.
***The total return is a hypothetical investment in the fund with all
distributions reinvested.
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<TABLE><CAPTION>
IDS High Yield Tax-Exempt Fund, Inc.
Your fund's ten largest holdings
(Pie chart)
The ten holdings listed here make up 7.01% of the fund's net assets
_____________________________________________________________________________________
Percent Value
(of fund's net assets) (as of May 31, 1995)
_____________________________________________________________________________________
<S> <C> <C>
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds Series A
6.25% 2021 .90% $56,191,530
Eastern North Carolina Municipal Power Agency
Power System Refunding Revenue Bonds Series 1991A
5.75% 2019 .82 50,989,400
Broward County Florida Resource Recovery Revenue Bonds
L.P. South Project
7.95% 2008 .74 46,534,076
Northern California Power Agency Geothermal #3
Revenue Bonds
5.00% 2009 .74 46,435,528
Monroe County Michigan Pollution Control Revenue Bonds
Detroit Edison
7.75% 2019 .70 43,602,020
Puerto Rico Electric Power Agency Revenue Bonds
Series N
6.00% 2010 .64 40,270,000
Texas Alliance Airport Authority Special Facility
Revenue Bonds American Airlines Series 1990
7.50% 2029 .62 38,985,012
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1990C
6.00% 2016 .62 38,813,827
Midland County Michigan Economic Development Corporation
Pollution Control Limited Obligation Refunding Revenue Bonds
Midland Cogeneration Series 1990B
9.50% 2009 .62 38,454,592
Washington Public Power Supply System Nuclear Project #1
Revenue Bonds Series 1990A
6.00% 2017 .61 38,264,662
Note: Certain of the fund's income may be subject to the alternative minimum tax.
/TABLE
<PAGE>
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<TABLE><CAPTION> Financial statements
Statement of assets and liabilities
IDS High Yield Tax-Exempt Fund, Inc.
May 31, 1995
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $5,701,521,509) $6,147,682,456
Cash in bank on demand deposit 1,738,142
Accrued interest receivable 140,899,533
Receivable for investment securities sold 1,391,377
_____________________________________________________________________________________________________________
Total assets 6,291,711,508
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Dividends payable to shareholders 6,171,495
Payable for investment securities purchased 31,933,225
Accrued investment management services fee 523,057
Accrued distribution and service fees 211,048
Accrued transfer agency fee 52,298
Accrued administrative services fee 35,393
Other accrued expenses 452,465
_____________________________________________________________________________________________________________
Total liabilities 39,378,981
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $6,252,332,527
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value; $ 13,733,062
Additional paid-in capital 5,902,038,947
Excess of distributions over net investment income (95)
Accumulated net realized loss (Notes 1 and 5) (109,596,303)
Unrealized appreciation (Note 4) 446,156,916
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $6,252,332,527
_____________________________________________________________________________________________________________
Net assets applicable to outstanding shares: Class A $6,204,695,576
Class B $ 22,278,269
Class Y $ 25,358,682
Net asset value per share of outstanding capital stock: Class A shares 1,362,843,011 $ 4.55
Class B shares 4,893,651 $ 4.55
Class Y shares 5,569,555 $ 4.55
See accompanying notes to financial statements.<PAGE>
PAGE
Financial statements
Statement of operations
IDS High Yield Tax-Exempt Fund, Inc.
Six months ended May 31, 1995
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Interest $214,700,481
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 14,276,231
Distribution fee
Class A 340,583
Class B 17,246
Transfer agency fee 1,441,011
Incremental transfer agency fee - Class B 147
Service fee
Class A 2,140,821
Class B 4,024
Administrative services fee 366,308
Compensation of directors 110,940
Compensation of officers 25,958
Custodian fees 102,118
Postage 156,937
Registration fees 65,063
Reports to shareholders 57,394
Audit fees 18,875
Administrative 38,670
Other 59,341
_____________________________________________________________________________________________________________
Total expenses 19,221,667
_____________________________________________________________________________________________________________
Investment income -- net 195,478,814
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) -- net
_____________________________________________________________________________________________________________
Net realized loss on security transactions (Note 3) (8,869,001)
Net realized loss on financial futures contracts (1,976,491)
______________________________________________________________________________________________________________
Net realized loss on investments (10,845,492)
Net change in unrealized appreciation or depreciation 522,376,434
_____________________________________________________________________________________________________________
Net gain on investments 511,530,942
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $707,009,756
_____________________________________________________________________________________________________________
See accompanying notes to financial statements./TABLE
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<TABLE><CAPTION> Financial statements
Statements of changes in net assets
IDS High Yield Tax-Exempt Fund, Inc.
_____________________________________________________________________________________________________________
Operations and distributions May 31, 1995 Nov. 30, 1994
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income -- net $ 195,478,814 $ 416,298,236
Net realized loss on investments (10,845,492) (76,837,611)
Net change in unrealized appreciation or depreciation 522,376,434 (714,013,228)
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations 707,009,756 (374,552,603)
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income
Class A (195,113,333) (416,298,458)
Class B (111,339) --
Class Y (254,237) --
Net realized gain -- (30,681,908)
_____________________________________________________________________________________________________________
Total distributions (195,478,909) (446,980,366)
_____________________________________________________________________________________________________________
Capital share transactions (Note 6)
_____________________________________________________________________________________________________________
Proceeds from sales
Class A shares (Note 2) 518,708,726 1,010,567,033
Class B shares 22,013,660 --
Class Y shares 51,933,534 --
Reinvestment of distributions at net asset value
Class A shares 131,710,553 316,177,064
Class B shares 93,651 --
Class Y shares 121 --
Payments for redemptions
Class A shares (725,592,641) (1,469,116,761)
Class B shares (Note 2) (165,304) --
Class Y shares (26,953,885) --
_____________________________________________________________________________________________________________
Decrease in net assets from capital share transactions (28,251,585) (142,372,664)
_____________________________________________________________________________________________________________
Total increase (decrease) in net assets 483,279,262 (963,905,633)
Net assets at beginning of period 5,769,053,265 6,732,958,898
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of
$(95) and $0) $6,252,332,527 $5,769,053,265
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
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Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
(Unaudited as to May 31, 1995)
__________________________________________________________________________
1. Summary of significant accounting policies
The fund is registered under the Investment Company Act of 1940 (as
amended) as a diversified, open-end management investment company. The
fund offers Class A, Class B and Class Y shares. Class A shares are sold
with a front-end sales charge. Class B shares, which the fund began
offering on March 20, 1995, may be subject to a contingent deferred sales
charge, Class B and such shares automatically convert to Class A after
eight years. Class Y shares, which the fund also began offering on March
20, 1995, have no sales charge and are offered only to qualifying
institutional investors.
All classes of shares have identical voting, dividend, liquidation and
other rights, and the same terms and conditions, except that the level of
distribution fee, transfer agency fee and service fee (class specific
expenses) differ among classes. Income, expenses (other than class
specific expenses) and realized and unrealized gains or losses on
investments are allocated to each class of shares based upon its relative
net assets.
Significant accounting policies followed by the fund are summarized below:
Valuation of securities
All securities are valued at the close of each business day. Securities
for which market quotations are not readily available are valued at fair
value according to methods selected in good faith by the board of
directors. Determination of fair value involves, among other things,
reference to market indexes, matrixes and data from independent brokers.
Short-term securities maturing in more than 60 days from the valuation
date are valued at the market price or approximate market value based on
current interest rates; those maturing in 60 days or less are valued at
amortized cost.
Option transactions
In order to produce incremental earnings, protect gains, and facilitate
buying and selling of securities for investment purposes, the fund may buy
and sell put and call options and write covered call options on the
portfolio securities and may write cash-secured put options. The risk in
writing a call option is that the fund gives up the opportunity of profit
if the market price of the security increases. The risk in writing a put
option is that the fund may incur a loss if the market price of the
security decreases and the option is exercised. The risk in buying an
option is that the fund pays a premium whether or not the option is
exercised. The fund also has the additional risk of not being able to
enter into a closing transaction if a liquid secondary market does not
exist. The fund also may write over-the-counter options where the
completion of the obligation is dependent upon the credit standing of the
other party.
Option contracts are valued daily at the closing prices on their primary
exchanges and unrealized appreciation or depreciation is recorded. The
fund
will realize a gain or loss upon expiration or closing of the option
transaction. When options on debt securities or futures are exercised, the
fund will realize a gain or loss. When other options are exercised, the
proceeds on sales for a written call option, the purchase cost for a
written put option or the cost of a security for a purchased put or call
option is adjusted by the amount of premium received or paid.
Futures transactions
In order to gain exposure to or protect itself from changes in the market,
the fund may buy and sell interest rate futures contracts. Risks of
entering into futures contracts and related options include the
possibility that there may be an illiquid market and that a change in the
value of the contract or option may not correlate with changes in the
value of the underlying securities.
Upon entering into a futures contract, the fund is required to deposit
either cash or securities in an amount (initial margin) equal to a certain
percentage of the contract value. Subsequent payments (variation margin)
are made or received by the fund each day. The variation margin payments
are equal to the daily changes in the contract value and are recorded as
unrealized gains and losses. The fund recognizes a realized gain or loss
when the contract is closed or expires.
Securities purchased on a when-issued basis
Delivery and payment for securities that have been purchased by the fund
on a forward-commitment or when-issued basis can take place one month or
more after the transaction date. During this period, such securities are
subject to market fluctuations, and they may effect the fund's net assets
the same as owned securities. The fund designates cash or liquid high-
grade debt securities at least equal to the amount of its commitment. As
of May 31, 1995, the fund had entered into outstanding when-issued or
forward commitments of $12,012,800.
Federal taxes
Since the fund's policy is to comply with all sections of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders, no provision for
income or excise taxes is required.
Net investment income (loss) and net realized gains (losses) may differ
for financial statement and tax purposes primarily because of the deferral
of losses on certain futures contracts, the recognition of certain foreign
currency gains (losses) as ordinary income (loss) for tax purposes, and
losses deferred due to "wash sale" transactions. The character of
distributions made during the year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to the timing of dividend distributions,
the fiscal year in which amounts are distributed may differ from the year
that the income or realized gains (losses) were recorded by the fund.
Dividends to shareholders
Dividends from net investment income, declared daily and payable monthly,
are reinvested in additional shares of the fund at net asset value or
payable in cash. Capital gains, when available, are distributed along with
the last income dividend of the calendar year.
Other
Security transactions are accounted for on the date securities are
purchased or sold. Interest income, including level-yield amortization of
premium and discount, is accrued daily.
__________________________________________________________________________
2. Expenses and sales charges
Under terms of a prior agreement that ended March 19, 1995, the fund paid
American Express Financial Corporation a fee for managing its investments,
recordkeeping and other specified services. The fee was a percentage of
the fund's average daily net assets consisting of a group asset charge in
reducing percentages from 0.46% to 0.32% annually on the combined net
assets of all non-money market funds in the IDS MUTUAL FUND GROUP and an
individual annual asset charge of 0.11% of average daily net assets.
Also under the terms of a prior agreement, the fund paid American Express
Financial Corporation a distribution fee at an annual rate of $6 per
shareholder account and a transfer agency fee at an annual rate of $15.50
per shareholder account. The transfer agency fee was reduced by earnings
on monies pending shareholder redemptions.
Effective March 20, 1995, when the fund began offering multiple classes of
shares, the fund entered into agreements with American Express Financial
Corporation for managing its portfolio, providing administrative services
and serving as transfer agent as follows: Under its Investment Management
Services Agreement, American Express Financial Corporation determines
which securities will be purchased, held or sold. The management fee is a
percentage of the fund's average daily net assets in reducing percentages
from 0.49% to 0.36% annually. Under an Administrative Services Agreement,
the fund pays American Express Financial Corporation for administration
and accounting services at a percentage of the fund's average daily net
assets in reducing percentages from 0.04% to 0.02% annually.
Under a separate Transfer Agency Agreement, American Express Financial
Corporation maintains shareholder accounts and records. The fund pays
American Express Financial Corporation an annual fee per shareholder
account for this service as follows:
o Class A $15
o Class B $16
o Class Y $15
Also effective March 20, 1995, the fund entered into agreements with
American Express Financial Advisors Inc. for distribution and shareholder
servicing-
related services as follows: Under the Distribution Agreement, the fund
pays a distribution fee at an annual rate of 0.75% of the fund's average
daily net assets attributable to Class B shares for distribution-related
services.
Under a Shareholder Service Agreement, the fund pays a fee for service
provided to shareholders by financial advisors and other servicing agents.
The fee is calculated at a rate of 0.175% of the fund's average daily net
assets attributable to Class A and Class B shares.
American Express Financial Corporation will assume and pay any expenses
(except taxes and brokerage commissions) that exceed the most restrictive
applicable state expense limitation.
Sales charges by American Express Financial Advisors for distributing fund
shares were $5,221,511 for Class A and $80 for class B for the six months
ended May 31, 1995.
The fund has a retirement plan for its independent directors. Upon
retirement, directors receive monthly payments equal to one-half of the
retainer fee for as many months as they served as directors up to 120
months. There are no death benefits. The plan is not funded but the fund
recognizes the cost of payments during the time the directors serve on the
board. The retirement plan expense amounted to $45,584 for the six months
ended May 31, 1995.
__________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than short-
term obligations) aggregated $305,189,493 and $314,689,779, respectively,
for the six months ended May 31, 1995. Realized gains and losses are
determined on an identified cost basis.
__________________________________________________________________________
4. Interest rate futures contracts
At May 31, 1995, investments in securities included securities valued at
$34,286,190 that were pledged as collateral to cover initial margin
deposits on 2,000 open purchase contracts and 1,000 open sale contracts.
The market value of the open contracts at May 31, 1995 was $307,781,250
with a net unrealized loss of $4,031.
__________________________________________________________________________
5. Capital loss carryover
For federal income tax purposes, the fund has a capital loss carryover of
approximately $89,268,000 at May 31, 1995 that will expire in 2002 and
2003 if not offset by subsequent capital gains.
__________________________________________________________________________
<TABLE><CAPTION>
6. Capital share transactions
Transactions in shares of capital stock for the periods indicated are as
follows:
________________________________________________________________________________________
Six months ended May 31, 1995 Year ended
11/30/94
Class A Class B* Class Y* Class A
________________________________________________________________________________________
<S> <C> <C> <C> <C>
Sold 118,581,862 4,909,916 5,915,314 222,781,222
Issued for reinvested
distributions 29,885,546 20,725 27 70,023,194
Redeemed (166,385,189) (36,990) (345,786) (327,007,352)
_______________________________________________________________________________________
Net increase (decrease) (17,917,781) 4,893,651 5,569,555 (34,202,936)
_______________________________________________________________________________________
*Commencement of operations was March 20, 1995.
/TABLE
<PAGE>
<TABLE><CAPTION>
7. Financial highlights
The table below shows certain important financial information for evaluating the fund's results.
Fiscal period ended Nov. 30,
Per share income and capital changes*
1995** 1994 1993 1992 1991+++ 1990
Classes
A B Y
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, $4.18 $4.46 $4.46 $4.76 $4.65 $4.55 $4.44 $4.57
beginning of period
Income from investment operations:
Net investment income .14 .07 .07 .30 .30 .31 .30 .34
Net gains (losses) .37 .09 .09 (.56) .13 .12 .11 (.12)
(both realized
and unrealized)
Total from investment .51 .16 .16 (.26) .43 .43 .41 .22
operations
Less distributions:
Dividends from net (.14) (.07) (.07) (.30) (.30) (.32) (.30) (.34)
Investment income
Distributions from -- -- -- (.02) (.02) (.01) -- (.01)
realized gains
Total distributions (.14) (.07) (.07) (.32) (.32) (.33) (.30) (.35)
Net asset value, $4.55 $4.55 $4.55 $4.18 $4.76 $4.65 $4.55 $4.44
end of period
Ratios/supplemental data
1995** 1994 1993 1992 1991+++ 1990
Classes
A B Y
Net assets, end of period $6,205 $22 $25 $5,769 $6,733 $6,036 $5,291 $4,750
(in millions)
Ratio of expenses to .64%+ 1.49%+ .54%+ .59% .61% .62% .60%+ .60%
average daily net assets
Ratio of net income 6.53%+ 5.66%+ 6.65%+ 6.50% 6.32% 6.86% 7.26%+ 7.62%
to average daily net assets
Portfolio turnover rate 5% 5% 5% 17% 10% 12% 10% 22%
(excluding short-term
securities)
Total return*** 12.5%++ 3.6% 3.6% (5.8%) 9.6% 9.7% 10.1%+ 5.5%
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended May 31, 1995 for Class A and commencement of operations
March 20, 1995 for Class B and Y (Unaudited).
***Total return does not reflect payment of a sales charge.
+Adjusted to an annual basis.
++For the fiscal period ended May 31, 1995, the annualized total
return is 25.0%.
+++The fund's fiscal year-end was changed from Dec. 31 to Nov. 30, effective 1991.
/TABLE
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<TABLE><CAPTION> Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1995 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (97.7%)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b)(c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Alabama (0.7%)
Baldwin County Eastern Shore Health Care Authority Hospital Revenue Bonds
Thomas Hospital Series 1991 8.50 % 2016 $ 4,765,000 $ 5,132,381
Camden Industrial Development Board Solid Waste Disposal Revenue Bonds
MacMillan Bloedel Series 1991A 7.75 2019 8,500,000 9,004,220
Columbia Industrial Development Board Pollution Control
Refunding Revenue Bonds Alabama Power Series D 9.375 2015 8,500,000 8,674,845
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series E 9.25 2015 11,500,000 11,995,075
Marengo County Limited Obligation Capital Outlay Warrants Series 1988 8.50 2018 3,000,000 3,435,690
Mobile Medical Clinic Board Psychiatric Revenue Bonds Charter Medical 11.50 2008 2,740,000 2,798,417
______________
Total 41,040,628
_____________________________________________________________________________________________________________________________
Alaska (0.3%)
Anchorage Municipality Senior Lien Electric Revenue Bonds Series 1986
(AMBAC Insured) 6.00 2019 10,150,000 10,157,714
North Slope Borough General Obligation Bonds Series 1984B
Zero Coupon (CGIC Insured) 7.05 2004 7,000,000 (f) 4,295,130
North Slope Borough General Obligation Bonds Series 1984B
Zero Coupon (CGIC Insured) 7.15 2005 7,000,000 (f) 4,046,420
North Slope Borough General Obligation Refunding Bonds Series 1984G 10.40 1995 310,000 310,000
______________
Total 18,809,264
_____________________________________________________________________________________________________________________________
Arizona (0.6%)
Chandler Industrial Development Authority Beverly Enterprises
Series 1994 7.625 2008 2,960,000 3,032,934
Maricopa County Hospital System Revenue Bonds Samaritan Health Services
Series 1981 12.00 2008 4,715,000 5,501,092
Maricopa County Industrial Development Authority Hospital System
Refunding Revenue Bonds Samaritan Health Services Series 1985A 9.25 2015 7,000,000 7,319,410
Maricopa County Pollution Control Refunding Revenue Bonds
Palo Verde Public Service 6.375 2023 3,500,000 3,334,975
Maricopa-Stanfield Irrigation & Drainage District Pinal County
General Obligation Refunding Bonds Series 1989 6.00 2004 12,750,000 8,542,500
Phoenix Civic Improvement Waste Water System Lease Refunding Revenue Bonds 5.00 2018 5,000,000 4,482,550
Scottsdale Industrial Development Authority Beverly Enterprises
Series 1994 7.625 2008 3,225,000 3,282,631
_____________
Total 35,496,092
_____________________________________________________________________________________________________________________________
Arkansas (0.2%)
Pope County Pollution Control Revenue Bonds Arkansas Power & Light
Series 1985 11.00 2015 7,380,000 7,765,753
Pope County Solid Waste Disposal Revenue Bonds Arkansas Power & Light
Series 1991 8.00 2021 3,250,000 3,512,535
______________
Total 11,278,288
_____________________________________________________________________________________________________________________________
California (5.6%)
Burbank Redevelopment Agency Tax Allocation Bonds
Golden State Series 1993A 6.00 2013-23 9,500,000 9,193,010
Community Development Authority Health Facilities Unihealth America
Certificate of Participation Series 1993 Inverse Floater (AMBAC Insured) 6.81 2011 22,400,000 (d) 22,372,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater (MBIA Insured) 6.12 2008 15,500,000 (d) 14,783,125
Eden Township Hospital District Insured Health Facilities
Refunding Revenue Bonds Certificate of Participation
Eden Hospital Health Services Series 1993 5.85 2018 3,750,000 3,498,450
Fresno Health Facility Refunding Revenue Bonds
Holy Cross Health System (MBIA Insured) 5.625 2013 3,000,000 2,967,690
Los Angeles International Airport Regional Airports Improvement
Corporation Refunding Revenue Bonds United Airlines Series 1984 8.80 2021 11,650,000 12,926,490
Los Angeles International Airport Regulatory Airports Improvement
Sublease Revenue Bonds Western Airlines Issue 1985 11.25 2025 10,000,000 10,572,300
Los Angeles Water & Power Electric Plant Refunding Revenue Bonds
Series 1992 6.375 2020 10,000,000 10,387,600
Modesto Santa Clara Redding Public Power Bonds San Juan Series C
(AMBAC Insured) 5.50 2021 4,500,000 4,360,455
Northern California Power Agency Geothermal #3 Refunding Revenue Bonds
Series 1985A 7.00 2010 13,510,000 13,547,693
Northern California Power Agency Geothermal #3 Revenue Bonds 5.00 2009 49,635,000 46,435,528
Novato Community Facility District #1 Vintage Oaks Public
Improvement Special Tax Refunding Bonds 7.25 2021 5,000,000 5,153,650
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A 7.35 2018 6,000,000 7,072,140
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A 6.15 2012 4,880,000 4,916,307
Regional Airports Improvement Facilities Sublease Revenue Bonds
Continental Airlines Los Angeles International Airport
Series 1988 9.00 2008-17 12,800,000 13,671,607
Sacramento Cogeneration Authority Revenue Bonds
Proctor & Gamble Series 1995 6.50 2021 8,000,000 8,112,960
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series R 6.00 2015-17 20,385,000 20,412,441
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 5.82 2005 15,800,000 (d) 15,918,500
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 6.02 2006 16,400,000 (d) 16,523,000
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (MBIA Insured) 6.47 2015 15,000,000 (d) 14,550,000
San Joaquin Hills Orange County Transportation Corridor Agency
Senior Lien Toll Road Revenue Bonds 6.75 2032 14,785,000 14,949,853
San Jose Redevelopment Agency Merged Area Tax Allocation Bonds
Series 1993 Inverse Floater (MBIA Insured) 5.591 2014 30,600,000 (d) 28,802,250
San Marcos Public Facility Authority Refunding Revenue Bonds
Civic Center Public Improvement Series A 6.20 2022 12,300,000 11,725,344
Sierra Unified School District Fresno County Certificate of Participation
Capital Financing Refunding Bonds Series 1993 6.125 2018 6,470,000 6,182,926
Southern California Public Power Authority Power Revenue Bonds
Palo Verde Series 1993 Inverse Floater (FGIC Insured) 6.92 2017 20,000,000 (d) 18,300,000
Southern California Public Power Authority Power Revenue Bonds
Series 1986B 5.75 2017 2,025,000 2,009,873
Southern California Public Power Authority Transmission
Refunding Revenue Bonds Series 1986B 7.00 2022 1,500,000 1,580,374
Ukiah Unified School District Mendocino County
Certificate of Participation Series 1993 6.00 2010 5,000,000 4,853,700
University of California Refunding Revenue Bonds
Multiple Purpose Project (AMBAC Insured) 5.25 2016 6,000,000 5,634,060
______________
Total 351,413,326
_____________________________________________________________________________________________________________________________
Colorado (4.4%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger 8.00 2009 4,000,000 4,352,760
Aurora Centretech Metropolitan District Arapahoe County Series 1987B 6.00 2023 5,732,785 3,898,294
Briargate Public Building Authority Landowner Assessment Lien Bonds
Series 1985A 10.25 2000 5,000,000 (e) 2,550,000
Colorado Health Facility Authorization Revenue Bonds Escrowed to Maturity
Liberty Heights Zero Coupon 7.50 2022 81,465,000 (f) 12,118,733
Colorado Springs Cottonwood General Improvement District
General Obligation Bonds Series 1986 9.25 2031 3,500,000 1,225,000
Colorado Springs Hospital Revenue Bonds Memorial Hospital Series 1990 7.875 2010 5,000,000 5,832,750
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment Lien Bonds Series 1988A 9.75 2008 2,869,110 (e) 86,073
Colorado Springs Utilities System PreRefunded Revenue Bonds Series 1991C 6.50 2015 1,505,000 1,685,540
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.50 2015 24,895,000 26,525,124
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.75 2001-21 30,000,000 33,222,768
Denver Airport System Revenue Bonds Series 1985 8.375 2011 6,000,000 6,077,760
Denver City & County Airport Systems Revenue Bonds Series 1991A 8.75 2023 10,000,000 11,428,500
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.75 2021 8,650,000 9,240,276
Denver City & County Airport Systems Revenue Bonds Series 1992A 7.25 2025 20,975,000 22,102,616
Denver City & County Airport Systems Revenue Bonds Series 1992B 7.25 2023 20,500,000 21,026,850
Denver City & County Airport Systems Revenue Bonds Series 1994A 7.50 2012-23 24,340,000 25,769,089
Denver City & County GVR Metropolitan District
General Obligation Refunding & Improvement Bonds Series 1985 10.25 2002 4,000,000 3,960,000
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1991 8.00 2006 2,115,000 1,988,100
Denver Special Facility Airport Revenue Bonds United Air Lines Series A 6.875 2032 25,400,000 25,613,614
Denver Urban Renewal Authority Tax Increment Revenue Bonds
South Broadway Montgomery Ward Urban Renewal Series 1992 8.50 2016 14,520,000 14,810,400
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.10 2005 2,215,000 2,342,850
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.15 2008 1,000,000 1,054,600
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.20 2007 1,250,000 1,293,950
Hotchkiss Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 1,500,000 1,634,880
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.25 2011 3,245,000 3,459,300
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.30 2018 2,935,000 3,080,048
Northern Colorado Water District Revenue Bonds Series D 6.00 2015 4,000,000 4,016,400
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 7.50 1998 3,300,000 3,335,310
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 8.25 2013 2,580,000 2,647,390
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 8.50 2013 12,000,000 12,445,680
Thornton Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 4,500,000 4,500,000
Westminster Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 3,500,000 3,814,720
______________
Total 277,139,375
_____________________________________________________________________________________________________________________________
Connecticut (0.2%)
Development Authority Solid Waste & Electric Revenue Bonds Ogden Martin 10.00 2014 7,500,000 7,759,650
State Transportation Infrastructure Special Tax Obligation Revenue Bonds
Series B 5.70 1997 4,300,000 4,426,205
______________
Total 12,185,855
_____________________________________________________________________________________________________________________________
District of Columbia (1.0%)
General Obligation Refunding Bonds Series A 7.875 2006 12,625,000 13,320,764
General Obligation Refunding Bonds Series 1994A (MBIA Insured) 6.00 2010 27,875,000 28,255,494
General Obligation Refunding Bonds Series 1994A (MBIA Insured) 6.10 2011 7,580,000 7,707,495
General Obligation Refunding Bonds Series 1994B-2 (FSA Insured) 5.50 2006 12,405,000 12,404,876
Housing Finance Agency Multiple Family Mortgage Revenue Bonds
Temple Courts Section 8 Series 1985 (FHA Insured) 12.00 2022 1,320,000 1,472,460
______________
Total 63,161,089
_____________________________________________________________________________________________________________________________
Florida (4.7%)
Broward County Airport System Revenue Bonds Series 1989B 7.625 2013 15,000,000 16,600,350
Broward County Resource Recovery Revenue Bonds L.P. South Project 7.95 2008 42,040,000 46,534,076
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds Royal Palm Retirement Centre Series 1991 9.50 2014 4,230,000 4,427,964
Crossings at Fleming Island Community Development District
Special Assessment Bonds Series 1995 8.25 2016 10,375,000 10,748,189
Crossings at Fleming Island Community Development District Utility
Revenue Bonds Series 1994 7.375 2019 14,000,000 13,500,900
Department of Transportation Turnpike Revenue Bonds Series 1991A
(AMBAC Insured) 6.25 2020 20,000,000 20,567,800
Gateway Centre Development District Pinellas County Special Assessment
Revenue Bonds Series 1988 9.125 2009 2,980,000 3,151,022
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 7.00 2001-14 24,000,000 26,019,902
Hillsborough County Utility Refunding Revenue Bonds Series 1991A
(MBIA Insured) 6.50 2016 24,760,000 26,369,400
Jacksonville Electric Authority St. John's River Power Park System
Revenue Bonds Series 1989 6.00 2015 10,300,000 10,306,695
Jacksonville Health Facilities Authority Hospital Refunding Revenue Bonds
Riverside Hospital Series 1989 7.625 2013 1,600,000 1,669,312
Lakeland Electric & Water Refunding Revenue Bonds Series 1986 7.00 2009 5,000,000 5,150,050
Lakewood Ranch Community Development District #1 Special Assessment Bonds
Series 1994 8.25 2014 9,755,000 10,248,310
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utility Series 1988A 9.625 2018 5,545,000 6,302,003
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utilities Series 1988B 9.50 2020 4,000,000 4,531,160
Miami Health Facility Authorization Revenue Bonds Inverse Floater
(AMBAC Insured) 6.15 2015 3,500,000 (d) 3,075,625
Municipal Power Agency Refunding Revenue Bonds St. Lucie Series 1986 7.375 2016 6,000,000 6,378,540
Orange County Health Facilities Authority 1st Mortgage Revenue Bonds
RHA/Princeton Hospital Series 1991 9.00 2021 10,000,000 8,007,300
Palm Beach County Health Facilities Authority Hospital Revenue Bonds
Good Samaritan Health Series 1993 6.30 2022 4,250,000 4,314,005
Pinellas County Capital Improvement Revenue Bonds Series 1991 5.40 1997 5,570,000 5,721,671
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II 8.75 2014 6,545,000 6,916,298
Port Everglades Port Authority Revenue Bonds Junior Lien 5.00 2016 18,635,000 17,297,752
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992A 8.50 2012 5,655,000 5,953,754
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992B 8.50 2012 1,260,000 1,326,566
State Board of Education Refunding Bonds Series 1989A 6.00 2025 16,750,000 16,857,368
Sumter County Village Community Development District #1
Capital Improvement Revenue Bonds Series 1992 8.40 2012 4,730,000 4,960,635
Sunrise Utility System Refunding & Improvement Revenue Bonds 10.75 2018 5,000,000 6,406,300
______________
Total 293,342,947
_____________________________________________________________________________________________________________________________
Georgia (2.8%)
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 6.25 2019 8,685,000 8,247,623
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 7.90 2018 13,500,000 14,283,540
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1985 10.125 2015 8,175,000 8,338,500
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1985 10.50 2015 20,575,000 21,490,793
Colquitt County Development Authority Revenue Bonds Escrowed to Maturity
Zero Coupon 6.87 2021 46,350,000 (f) 7,747,402
Effingham County Pollution Control Revenue Bonds Fort Howard
Series 1988 7.90 2005 19,850,000 20,754,565
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A 6.375 2022 20,300,000 19,114,074
Municipal Electric Authority Power Refunding Bonds Series 1989R 6.00 2014 9,130,000 9,158,394
Municipal Electric Authority Power Revenue Bonds 6.00 2020 3,350,000 3,315,797
Municipal Electric Authority Power Revenue Bonds 7.00 2019 1,340,000 1,363,289
Municipal Electric Authority Power Revenue Bonds Series 5 (FGIC Insured) 6.00 2025 34,490,000 34,707,977
Municipal Electric Authority Power Revenue Bonds Series L 5.00 2020 1,150,000 997,752
Municipal Electric Authority Power Revenue Bonds Series 1986A 7.875 2018 2,625,000 2,735,434
Rockdale County Development Authority Solid Waste Disposal Revenue Bonds
Visy Paper Series 1993 7.50 2026 10,000,000 10,225,900
Savannah Georgia Economic Development Authority Revenue Bonds
Escrowed to Maturity Zero Coupon 6.87 2021 64,220,000 (f) 10,504,465
______________
Total 172,985,505
_____________________________________________________________________________________________________________________________
Hawaii (0.3%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 6.05 2006 10,000,000 (d) 10,200,000
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 6.35 2008 10,000,000 (d) 10,125,000
______________
Total 20,325,000
_____________________________________________________________________________________________________________________________
Idaho (--%)
The Regents of the University Student Fee Refunding Revenue Bonds
Series 1986 (FGIC Insured) 7.00 2010 1,050,000 1,082,550
_____________________________________________________________________________________________________________________________
Illinois (8.7%)
Bradley Kankakee County Tax Increment Refunding Revenue Bonds
Series 1993 8.40 2012 5,800,000 6,174,738
Broadview Cook County Senior Lien Tax Increment Revenue Bonds
Series 1993 8.25 2013 12,000,000 12,668,040
Chicago General Obligation Bonds Series 1991 (AMBAC Insured) 6.00 2016 6,170,000 6,220,964
Chicago General Obligation Bonds Series 1994A (AMBAC Insured) 5.875 2022 17,850,000 17,647,403
Chicago General Obligation Refunding Bonds Series 1985 9.875 2013 18,510,000 18,968,678
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 6.00 2018 29,000,000 28,679,550
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 7.50 2016 21,000,000 23,061,570
Chicago O'Hare International Airport General Airport
Refunding Revenue Bonds Series 1993A 5.00 2016 14,450,000 12,831,889
Chicago O'Hare International Airport Special Revenue Facility Bonds
Delta Airlines Series 1992 6.45 2018 10,000,000 9,881,300
Chicago O'Hare International Airport Special Revenue Facility Bonds
United Airlines Series C 8.20 2018 23,665,000 25,630,378
Chicago O'Hare International Airport Terminal Special Revenue Bonds 7.50 2017 32,250,000 34,855,800
Chicago O'Hare International Airport Terminal Special Revenue Bonds
(FGIC Insured) 7.875 2025 17,750,000 18,881,740
Chicago Ridge Special Service Area #1 Unlimited Ad Valorem Tax Bonds
Series 1990 9.00 2008 2,700,000 2,905,767
Chicago Wastewater Transmission Revenue Bonds Series 1994 (MBIA Insured) 6.375 2024 22,500,000 23,328,900
Civic Center Bonds Dedicated Tax Revenue Bonds Series 1985 9.50 2015 10,000,000 10,588,000
Cook County Bedford Park Senior Lien Tax Increment Revenue Bonds
Mark IV Series 1992 9.75 2012 1,740,000 1,975,126
Development Finance Authority Belmont House Limited II
Subordinate Revenue Bonds Series 1989B 11.00 2004 7,000,000 (e) 350,000
Development Finance Authority Pollution Control Refunding Revenue Bonds
Central Illinois Public Service Series 1993B-2 5.90 2028 2,500,000 2,460,675
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.70 2009 2,000,000 1,951,780
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.85 2014 4,500,000 4,154,355
Development Finance Authority Pollution Control Refunding Revenue Bonds
Illinois Power Series 1991A 7.375 2021 19,250,000 20,881,437
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986A 7.625 2016 25,000,000 26,223,250
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986B 7.625 2016 2,000,000 2,097,860
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986C 7.625 2016 15,560,000 16,321,351
Development Finance Authority Retirement Housing Revenue Bonds
Escrowed to Maturity Zero Coupon 7.75 2020 68,000,000 (f) 11,692,600
Development Finance Authority Solid Waste Disposal Facility Revenue Bonds
Ford Heights Waste Tire to Energy Series 1994 7.875 2011 12,000,000 12,089,040
Education Facilities Authority Refunding Revenue Bonds DePaul University
Series 1985A 9.625 2010 3,000,000 3,144,420
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.75 2018 1,750,000 1,697,973
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.80 2027 3,350,000 3,204,744
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993 Inverse Floater (FGIC Insured) 6.22 2012 11,000,000 (d) 10,848,750
Granite City Madison County Hospital Refunding Revenue Bonds
St. Elizabeth Medical Center Series 1989A 8.125 2008 3,500,000 3,609,235
Hanover Park Cook & DuPage Counties 1st Mortgage Revenue Bonds
Windsor Park Manor Series 1989 9.50 2014 7,000,000 7,730,240
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital Series 1993A 6.00 2019 6,350,000 5,967,921
Health Facilities Authority Refunding Revenue Bonds
Masonic Medical Center Series 1993 5.50 2019 2,000,000 1,779,240
Health Facilities Authority Refunding Revenue Bonds
Peoria Methodist Medical Center Series 1985A 8.00 2014 4,000,000 4,047,160
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured) 7.12 2014 10,000,000 (d) 9,625,000
Health Facilities Authority Revenue Bonds Masonic Medical Center
Series 1985 10.25 2015 4,100,000 4,244,730
Health Facility Authority Revenue Bonds Delnore Community Hospital
Series 1989 8.00 2019 7,000,000 7,996,450
Health Facility Authority Revenue Bonds Sarah Bush Lincoln Health Center
Series 1992 7.25 2012-22 4,000,000 4,112,540
Health Facility Authority Revenue Bonds South Suburban Hospital
Series 1992 7.00 2009-18 9,000,000 9,467,810
Hodgkins General Obligation Tax Increment Bonds Series 1991 9.50 2009 13,000,000 15,254,850
Hodgkins General Obligation Tax Increment Bonds Series 1995C 9.00 2001 1,450,000 1,388,375
Hodgkins Tax Increment Bonds Series 1995A 7.625 2013 9,000,000 9,200,070
Jefferson County Housing Development Rome Meadows Elderly Housing
Section 8 8.90 2006 2,000,000 2,044,660
Lansing Cook County Tax Increment Revenue Bonds Series 1987 10.00 2007 10,000,000 10,475,300
Lansing Tax Increment Refunding Revenue Bonds Landings Redevelopment Area
Limited Sales Tax Pledge Series 1992 7.00 2008 10,000,000 10,819,400
Marion General Obligation Hospital Alternate Revenue Source Bonds
Series 1991 7.50 2016 3,800,000 4,047,760
Metropolitan Fair & Exposition Authority Dedicated State Tax
Revenue Bonds 6.00 2014 5,585,000 5,590,306
Metropolitan Pier & Exposition Authority Dedicated State Tax
Refunding Revenue Bonds McCormick Place Zero Coupon (MBIA Insured) 6.61 2017 11,210,000 (f) 2,937,468
Northwest Suburban Water Supply Joint Action Water Agency (MBIA Insured) 5.75 2012 2,000,000 2,000,060
Northwest Water Commission Cook & Lake County Water Revenue Bonds
(MBIA Insured) 6.50 2012 5,025,000 5,326,299
Pekin Pollution Control Revenue Bonds Commonwealth Edison Series 1979B 6.75 2004 2,250,000 2,256,075
Regional Transportation Authority General Obligation Bonds
Counties of Cook, Dupage, Kane, Lake, McHenry & Will
Series 1992A (AMBAC Insured) 6.125 2022 7,200,000 7,275,312
Richland County Hospital Revenue Bonds Richland Memorial Hospital
Series B 10.70 2009 2,000,000 2,103,940
Robbins Cook County Resource Recovery Revenue Bonds
Robbins Resource Recovery Partners Series 1994A 9.25 2014 18,000,000 19,784,520
Streamwood Collateralized Industrial Development Revenue Bonds
Woodland Heights 10.75 2014 5,610,000 5,830,697
Tinley Park Cook & Will Counties Limited Sales Tax Revenue Bonds
Series 1988 10.25 1999 895,000 (e) 402,750
Tinley Park Cook & Will Counties Unlimited Ad Valorem Tax Bonds
of Special Service 10.65 2007 1,440,000 864,000
Waukegan Pollution Control Revenue Bonds Commonwealth Edison Series B 6.875 2009 5,000,000 5,015,100
______________
Total 542,615,346
_____________________________________________________________________________________________________________________________
Indiana (2.8%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 4,280,000 4,767,792
Carmel Retirement Rental Housing Refunding Revenue Bonds
Beverly Enterprises Series 1992 8.75 2008 7,000,000 7,683,900
Evansville Hospital Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System St. Mary's Medical Center 10.125 2015 3,000,000 3,122,070
Hanover 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 6,995,000 7,704,013
Health Facility Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993 6.00 2023 10,000,000 9,325,500
Health Facility Authority Hospital Revenue Bonds Union Hospital
(MBIA Insured) Series 1993 5.125 2018 10,000,000 9,095,700
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985AB 7.80 2004 9,400,000 10,059,612
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985B 7.90 2008 2,050,000 2,184,378
Kokomo Hospital Authority Hospital Refunding Revenue Bonds
St. Joseph's Hospital Series 1988A 8.75 2013 5,000,000 5,712,250
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.00 2023 2,990,000 2,622,439
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.25 2012 5,070,000 4,878,608
Lawrenceburg Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series E 5.90 2019 8,100,000 7,452,891
Marion County Hospital Authority Hospital Facility Revenue Bonds
Methodist Hospital Series 1989 6.50 2008-13 19,670,000 20,727,452
Muncie Economic Development 1st Mortgage Revenue Bonds
Delaware Advancement Series 1986 8.25 2016 3,000,000 3,125,130
Municipal Power Agency Power Supply System Refunding Revenue Bonds 5.75 2018 6,470,000 6,239,927
Princeton Pollution Control Revenue Bonds State Public Service Series 1987C
(MBIA Insured) 7.60 2012 16,000,000 17,086,720
Rockport Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series B 7.60 2016 5,500,000 5,845,785
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend 9.40 2010 2,000,000 2,591,440
Sullivan Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series C 5.95 2009 18,500,000 18,138,880
Vincennes Community School Building 1st Mortgage Refunding Bonds
Series 1986 6.00 2016 10,000,000 10,080,200
Vincennes Economic Development Revenue Bonds Southwest Indiana
Regional Youth Village Facility Series 1993 8.50 2024 16,575,000 17,027,663
______________
Total 175,472,350
_____________________________________________________________________________________________________________________________
Iowa (0.7%)
Iowa City Refunding Revenue Bonds Mercy Hospital Series 1986 6.00 2012 6,300,000 6,216,777
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991 7.625 2021 5,350,000 5,584,919
Muscatine Electric Refunding Revenue Bonds Series 1986 5.00 2007-08 7,720,000 7,203,464
Muscatine Electric Refunding Revenue Bonds Series 1986 6.00 2005-06 23,280,000 23,516,059
Sioux City Hospital Facility Revenue Bonds
St. Lukes Regional Medical Center 10.875 2013 3,740,000 4,218,720
______________
Total 46,739,939
_____________________________________________________________________________________________________________________________
Kentucky (1.4%)
Development Finance Authority Hospital Facility Revenue Bonds
St. Luke Hospital Series 1989B 6.00 2019 22,695,000 21,340,789
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds Ashland Hospital Series 1987 9.75 2011 4,000,000 4,565,095
Jefferson County Multi-family Housing Revenue Bonds Brownsboro Gardens
Series 1986A (FHA Insured) 8.00 2026 5,530,000 5,644,195
Louisville Airport Lease Revenue Bonds Series 1989A 7.875 2019 4,000,000 4,459,320
Louisville & Jefferson County Riverport Authority Mortgage Revenue Bonds
Series 1986 7.875 2016 7,185,000 7,543,172
Louisville Parking Authority of River City PARC 1st Mortgage
Refunding Revenue & Improvement Bonds Series 1985 9.25 2015 5,000,000 5,281,600
McCracken County Revenue Bonds Lourdes Hospital 6.00 2012 8,300,000 8,677,152
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1988 9.50 2010 4,350,000 4,811,100
Perry County Solid Waste Disposal Revenue Bonds
TJ International Series 1994 7.00 2024 2,000,000 2,018,280
Turnpike Authority Economic Road Development Refunding Revenue Bonds
Series 1993 Inverse Floater (AMBAC Insured) 6.881 2012 15,000,000 (d) 15,037,500
Turnpike Authority Toll Road Refunding Revenue Bonds Series 1981A 13.375 2010 7,870,000 8,076,194
______________
Total 87,454,397
_____________________________________________________________________________________________________________________________
Louisiana (3.0%)
Calcasieu Parish Industrial Development Pollution Control
Refunding Revenue Bonds Gulf State Utilities Series 1992 6.75 2012 7,000,000 7,022,680
Energy & Power Authority Refunding Revenue Bonds Rodemacher Unit #2
Series 1991 (FGIC Insured) 6.00 2013 28,000,000 28,235,480
Hodge Village Combined Utility System Revenue Bonds Stone Container
Series 1990 9.00 2010 23,000,000 24,478,210
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 7.00 1997 1,000,000 1,039,010
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 8.00 2012 7,100,000 7,733,959
New Orleans Housing Development Elderly Assisted Tivoli Place Section 8 7.875 2010 1,500,000 1,533,825
Public Facilities Authority Revenue Bonds Alton Ochsner Medical Foundation
Series 1985A 6.00 2005 4,165,000 4,324,728
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
2nd Series 1984 8.00 2014 29,155,000 32,266,130
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1984 8.25 2014 28,600,000 31,672,212
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1991 7.50 2021 20,700,000 21,505,437
St. James Parish Pollution Control Revenue Bonds B.F. Goodrich
Series 1981 14.50 2011 500,000 582,430
Southern Louisiana Port Commission Dock & Wharf Facilities B.F. Goodrich 14.50 2011 3,335,000 3,884,808
Southern Louisiana Port Commission Terminal Refunding Revenue Bonds
Gatx Terminal Series 1993 7.00 2023 13,180,000 13,438,855
West Feliciana Parish Demand Pollution Control Revenue Bonds
Gulf State Utilities Series 1985B 9.00 2015 6,000,000 6,827,520
______________
Total 184,545,284
_____________________________________________________________________________________________________________________________
Maine (0.3%)
Bucksport Solid Waste Disposal Revenue Bonds
Champion International Series 1985 6.25 2010 14,185,000 14,328,694
Health & Higher Educational Facilities Authority Revenue Bonds
St. Mary's Hospital Series 1989 8.625 2022 3,500,000 4,068,365
______________
Total 18,397,059
_____________________________________________________________________________________________________________________________
Maryland (0.6%)
Frederick County Economic Refunding Revenue Bonds Alumax Series 1992 7.25 2017 9,880,000 10,256,527
Harford County Industrial Development Revenue Bonds Dorsey 8.00 2005 587,000 589,988
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.00 2022 7,000,000 8,042,510
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.25 2017 11,400,000 13,267,662
State Transportation Authority Facility Revenue Bonds
Series 1992 Capital Appreciation Zero Coupon (FGIC Insured) 6.33 2010-11 9,700,000 (f) 4,024,429
State Transportation Authority Facility Revenue Bonds
Series 1992 Zero Coupon (FGIC Insured) 6.35 2012 5,000,000 (f) 1,914,200
______________
Total 38,095,316
______________________________________________________________________________________________________________________________
Massachusetts (2.3%)
Bay Transportation Authority Refunding Revenue Bonds
Series 1994A (MBIA Insured) 6.00 2012 8,000,000 8,218,880
Greater Lawrence Sanitary District North Andover
General Obligation Bonds 8.50 2005 4,080,000 4,224,595
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 5.90 2011 2,000,000 1,759,320
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 6.00 2020 4,000,000 3,358,800
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater (MBIA Insured) 6.72 2020 8,000,000 (d) 7,780,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series B 7.25 2013 6,455,000 6,796,599
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.00 2000 885,000 907,187
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.875 2018 2,800,000 3,073,084
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1989 9.875 2018 550,000 603,641
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds Eastern Edison Series 1993 5.875 2008 2,750,000 2,653,283
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A 9.00 2015 18,885,000 20,657,168
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991B 9.25 2015 25,000,000 27,466,250
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1992B 6.75 2017 10,130,000 11,533,917
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1993A Inverse Floater (AMBAC Insured) 5.47 2018 6,500,000 (d) 5,923,125
State General Obligation Consolidated Loan Bonds Series 1989
(AMBAC Insured) 6.90 1997 2,500,000 2,622,800
Water Resources Authority General Refunding Revenue Bonds Series 1992B 5.50 2015 22,175,000 21,383,352
Water Resources Authority General Revenue Bonds Series 1992A 6.50 2019 3,500,000 3,815,735
Water Resources Authority General Revenue Bonds Series 1993B
(MBIA Insured) 5.00 2022 10,000,000 8,980,900
______________
Total 141,758,636
_____________________________________________________________________________________________________________________________
Michigan (3.9%)
Crawford County Economic Development Corporation Environmental
Improvement Revenue Bonds Weyerhaeuser Series 1991A 7.125 2007 10,800,000 11,714,976
Detroit Unlimited Tax General Obligation Bonds Series 1993 6.35 2014 3,895,000 3,905,789
Flint Economic Development Limited Obligation Economic Development
Revenue Bonds Hillhaven Series 1982 12.50 2010 2,500,000 2,550,000
Lincoln Consolidated School District Unlimited Tax General Obligation
Refunding Bonds (FGIC Insured) 5.85 2018 6,455,000 6,511,546
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990B 9.50 2009 35,200,000 38,454,592
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990C 8.50 2009 18,900,000 19,940,823
Monroe County Pollution Control Revenue Bonds Detroit Edison 7.75 2019 40,250,000 (g) 43,602,020
Monroe County Pollution Control Revenue Bonds Detroit Edison Series 1985A 10.50 2016 10,000,000 10,608,000
Regents of the University of Michigan Hospital Refunding Revenue Bonds
Series 1986A 7.75 2012 5,000,000 5,359,200
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System Providence Hospital 10.00 2015 4,900,000 5,107,858
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1993A 6.50 2018 10,000,000 10,208,000
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A 7.50 2021 7,500,000 8,766,000
State Job Development Authority Pollution Control Revenue Bonds Chrysler 5.70 1999 4,350,000 4,391,934
Strategic Fund Limited Obligation Refunding Revenue Bonds Detroit Edison
Series 1995AA (MBIA Insured) 6.40 2025 12,000,000 (h) 12,699,360
Strategic Fund Limited Obligation Refunding Revenue Bonds Ford Motor
Series 1991A 7.10 2006 16,400,000 18,008,020
Strategic Fund Limited Obligation Refunding Revenue Bonds
Great Lakes Pulp & Fibre Series 1994 10.25 2016 35,000,000 38,011,400
Troy City Downtown Development Authority Revenue Bonds
Oakland County Series 1995A 6.375 2018 1,000,000 1,003,760
Van Buren County Downtown Development Authority
Tax Increment Revenue Bonds Series 1994 8.40 2016 4,000,000 4,357,160
______________
Total 245,200,438
_____________________________________________________________________________________________________________________________
Minnesota (3.5%)
Appleton Correctional Facility Revenue Bonds Series 1990A 9.875 2020 15,000,000 (e) 8,250,000
Apple Valley 1st Mortgage Nursing Home Revenue Bonds
Apple Valley Health Care (FHA Insured) 10.50 2012 460,000 517,840
Becker Solid Waste Disposal Facility Revenue Bonds
Liberty Paper Series 1994B 9.00 2015 18,000,000 18,933,840
Bloomington Community Development Refunding Revenue Note
24th Avenue Motel 8.50 2005 1,575,370 1,606,877
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992 8.50 2002 4,785,000 5,202,683
Brainerd Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Joseph Medical Center Series 1990 8.375 2020 4,670,000 5,476,649
Duluth Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Mary's Medical Center Series 1990 8.375 2020 8,300,000 9,733,659
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.00 2000 200,000 199,958
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.25 2009 750,000 749,842
International Falls Solid Waste Disposal Revenue Bonds Boise Cascade
Series 1990 7.75 2015 10,000,000 10,469,700
Maplewood Elder Care Facility Revenue Bonds Care Institute Series 1994 7.75 2024 8,000,000 7,990,000
Mille Lacs Capital Improvement Authority Infrastructure Revenue Bonds
Series 1992A 9.25 2012 4,825,000 5,339,876
Minneapolis Water & Sewer Revenue Bonds Series 1992 5.00 1995 7,800,000 7,827,456
Regents of the University of Minnesota General Obligation Linked Bonds
Series 1993A Inverse Floater 4.80 2003 24,000,000 (d) 23,631,600
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 4.925 2005 9,200,000 (d) 7,992,500
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 5.925 2013 18,000,000 (d) 15,502,500
St. Louis Park Health Care Park Nicollet Medical Center Facility
Revenue Bonds Series 1990A 9.25 2020 6,000,000 7,221,540
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 7.125 2017 2,890,000 2,904,277
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 9.60 2006 2,125,000 2,259,789
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Multi-family Rental Housing Series 1993B 7.00 2024 2,870,000 2,799,943
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986B 7.00 2016 2,000,000 2,074,060
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1992 5.75 2018 32,210,000 31,707,524
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985A 7.00 2018 8,265,000 8,409,472
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985C 7.00 2016 3,885,000 3,952,910
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.73 2022 17,500,000 (f) 3,640,875
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.74 2023 27,500,000 (f) 5,379,000
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.75 2024-27 87,410,000 (f) 14,853,628
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.87 2021 13,500,000 (f) 2,986,875
______________
Total 217,614,873
_____________________________________________________________________________________________________________________________
Mississippi (1.3%)
Claiborne County Pollution Control Refunding Revenue Bonds
System Energy Resources Series 1995 7.30 2025 4,000,000 4,090,880
Claiborne County Pollution Control Revenue Bonds Middle South Energy 9.50 2013-16 21,750,000 23,260,335
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series C 9.875 2014 15,375,000 17,856,986
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series D 12.50 2015 16,000,000 16,530,880
Harrison County Waste Water Management District Refunding Bonds
Series 1986 5.00 2015 4,250,000 3,928,914
Jackson Industrial Development Revenue Bonds Dorsey 8.00 2005 487,000 491,787
Lowndes County Solid Waste Disposal Pollution Control Revenue Bonds
Weyerhaeuser Series 1989 7.875 2005 12,250,000 13,334,615
Lowndes County Solid Waste Disposal Pollution Control
Refunding Revenue Bonds Weyerhaeuser Series 1989 Inverse Floater 7.81 2022 4,000,000 (d) 4,368,360
______________
Total 83,862,757
_____________________________________________________________________________________________________________________________
Missouri (0.7%)
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B 7.00 2021 5,810,000 6,668,137
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991C 7.90 2021 2,700,000 2,959,551
St. Louis Industrial Development Authority Refunding Revenue Bonds
Kiel Center Multipurposes Arena Series 1992 7.875 2024 15,400,000 16,138,584
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.60 2000 4,040,000 4,213,114
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.80 2002 4,165,000 4,402,530
State Environment & Improvement Energy Resources Authority
Pollution Control Revenue Bonds Chrysler 5.70 1999 9,250,000 9,287,740
______________
Total 43,669,656
_____________________________________________________________________________________________________________________________
Nebraska (--%)
Omaha Public Power District Electric System Revenue Bonds Series 1986A 6.00 2015 1,370,000 1,441,404
_________________________________________________________________________________________________________________________________
Nevada (0.5%)
Clark County Collateralized Pollution Control Revenue Bonds
State Power 7.80 2009 11,850,000 12,537,300
Clark County Industrial Development Revenue Bonds State Power Series 1990 7.80 2020 5,000,000 5,269,200
Humboldt County Collateralized Pollution Control & Water Facilities
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1989A 7.60 2019 2,750,000 3,096,308
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.00 2010 2,000,000 1,961,140
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.10 2014 2,000,000 1,964,580
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1993A 6.00 2015 7,250,000 7,093,182
______________
Total 31,921,710
_____________________________________________________________________________________________________________________________
New Hampshire (2.6%)
Business Financial Authority Pollution Control Refunding Revenue Bonds
United Illuminating Series 1993A 5.875 2033 13,200,000 11,868,912
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991A 7.65 2021 10,000,000 10,612,600
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991B 7.50 2021 35,735,000 38,026,328
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991C 7.65 2021 25,000,000 26,531,500
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1987A 9.375 2012 15,000,000 16,597,350
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1989A 8.00 2014 8,000,000 8,465,520
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Hitchcock Clinic Series 1994 (MBIA Insured) 6.00 2024 13,000,000 13,093,340
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Mary Hitchcock Memorial Hospital Series 1993 Inverse Floater
(FGIC Insured) 4.84 2013 17,000,000 (d) 16,126,710
State Turnpike System Refunding Revenue Bonds Series 1992 5.75 2020 20,615,000 20,107,665
______________
Total 161,429,925
_____________________________________________________________________________________________________________________________
New Jersey (0.2%)
Economic Development Authority 1st Mortgage Gross Revenue Bonds
Mega Care Union Hospital 8.625 2007 2,500,000 2,761,250
Health Care Facility Finance Authority Revenue Bonds
St. Peter Medical Center Series 1994F (MBIA Insured) 5.00 2016 10,000,000 9,332,600
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital Series C 8.50 2012 3,500,000 3,733,555
______________
Total 15,827,405
_____________________________________________________________________________________________________________________________
New Mexico (1.8%)
Albuquerque Airport Revenue Bonds Series 1987B 8.75 2019 15,000,000 16,274,100
Albuquerque Health Care System Revenue Bonds Lovelace Medical Fund 10.25 2011 55,000 55,695
Cibola County Correctional Facility Certificate of Participation
Series 1993 8.50 2015 17,355,000 18,459,299
Farmington Pollution Control Refunding Revenue Bonds State Public Service
San Juan Series 1994A 6.40 2023 30,650,000 28,933,293
Farmington Pollution Control Revenue Bonds State Public Service 6.50 2009 5,935,000 5,863,661
Farmington Pollution Control Revenue Bonds State Public Service San Juan
Series 1978A 6.00 2008 9,105,000 8,781,864
Farmington Power Refunding Revenue Bonds Generating Division 9.875 2013 5,000,000 6,816,300
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987 9.625 2013 5,925,000 6,346,327
Lordsberg Pollution Control Refunding Revenue Bonds Phelps Dodge 6.50 2013 20,000,000 20,732,400
______________
Total 112,262,939
_____________________________________________________________________________________________________________________________
New York (7.2%)
Battery Park City Authority Refunding Revenue Bonds
Series 1993A 5.50 2010 9,940,000 9,589,217
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 5.00 2017 20,820,000 18,128,390
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 6.00 2016 39,465,000 38,813,827
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990D 7.00 2009 5,000,000 5,525,900
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1994A 5.75 2018 5,500,000 5,295,785
Dormitory Authority New York Court Facility Lease Revenue Bonds
Series 1993A 5.375 2016 11,000,000 10,087,550
Dormitory Authority New York State University Education Facility
Pre-Refunded Revenue Bonds Series 1990A 7.70 2012 10,000,000 11,572,900
Dormitory Authority New York State University Education Facility
Revenue Bonds Series 1993A 5.50 2013 24,530,000 23,217,400
Metropolitan Transportation Authority Commuter Facility Revenue Bonds
Series H 6.00 2014 6,150,000 6,094,466
Metropolitan Transportation Authority Transit Facility Revenue Bonds
Series G 6.00 2014 4,970,000 4,925,121
Metropolitan Transportation Transit Facilities Service Contract Series 3 6.00 2019 6,395,000 6,322,289
New York City General Obligation Bonds Series 1992B 7.40 2000 30,000,000 32,545,500
New York City General Obligation Bonds Series 1994B 7.00 2016 16,500,000 17,459,805
New York City Industrial Development Agency Special Facility Revenue Bonds
American Airlines Series 1990 8.00 2020 16,130,000 17,100,058
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series 1994B Inverse Floater (MBIA Insured) 5.975 2009 15,500,000 (d) 14,473,125
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series A 6.25 2021 55,500,000 56,191,530
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series B 5.00 2017 6,255,000 5,723,763
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines 9.00 2006 2,645,000 2,946,292
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.00 2010 8,800,000 9,806,720
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.125 2015 17,500,000 19,669,825
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.125 2022 10,750,000 11,234,072
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.375 2024 23,000,000 24,361,370
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.50 2021 9,000,000 9,421,380
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1990A 7.50 2025 30,975,000 33,225,643
State Energy Research & Development Authority Electric Facility
Revenue Bonds Long Island Lighting Series 1992B 7.15 2022 8,000,000 8,025,920
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A 6.50 2013 3,500,000 3,921,085
State Local Government Assistance Corporation Series 1991A 6.50 2020 11,000,000 11,591,360
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993D 5.25 2023 15,000,000 13,237,200
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993F 5.25 2019 5,790,000 5,196,699
State Urban Development Correctional Facility Revenue Bonds Series A 7.00 2016 1,800,000 1,867,626
State Urban Development Correctional Facility Revenue Bonds Series B 7.00 2016 10,750,000 11,153,878
______________
Total 448,725,696
_____________________________________________________________________________________________________________________________
North Carolina (4.0%)
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1993B 6.25 2012 24,655,000 24,527,534
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985D 7.50 2012 510,000 511,474
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 4.00 2018 8,675,000 6,884,306
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 5.00 2017 6,500,000 6,012,253
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1988A 6.00 2026 3,125,000 3,158,642
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 5.50 2011 37,800,000 35,572,824
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 6.50 2024 16,750,000 16,918,672
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 7.50 2010 29,160,000 33,743,317
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1991A 5.75 2019 55,000,000 50,989,400
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1994B 7.25 2007 5,000,000 5,498,500
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series B 6.125 2009 10,000,000 10,068,000
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985A 7.00 2020 9,000,000 9,116,547
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985B 8.50 2017 13,000,000 13,592,670
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1988 7.00 2016 5,140,000 5,380,757
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 5.47 2012 7,400,000 (d) 7,002,250
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 5.67 2020 15,000,000 (d) 14,100,000
Offiss Incorporation Recreational Facilities Gross Revenue Bonds
Smoky Mountain Golf Course Series 1994 7.50 2019 5,695,000 5,570,621
______________
Total 248,647,767
_____________________________________________________________________________________________________________________________
North Dakota (0.3%)
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 6.875 2012 3,000,000 3,426,270
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 7.00 2022 4,250,000 4,883,973
General Obligation Bonds Real Estate Series 1986A 6.00 2013 10,000,000 10,175,700
Hettinger Hospital Refunding Revenue Bonds Community Memorial Hospital
Series 1985 10.00 2005 3,415,000 3,542,345
______________
Total 22,028,288
_____________________________________________________________________________________________________________________________
Ohio (2.5%)
Air Quality Development Authority Pollution Control Refunding Revenue Bonds
Ohio Edison Series A 5.95 2029 13,300,000 11,920,790
Air Quality Development Authority Pollution Control Revenue Bonds
Cincinnati Gas & Electric 10.125 2015 10,000,000 10,522,900
Air Quality Development Authority Pollution Control Revenue Bonds
Dayton Power & Light 9.50 2015 7,050,000 7,394,181
Air Quality Development Authority Pollution Control Revenue Bonds
Ohio Edison Series 1989A 7.625 2023 6,750,000 6,945,412
Bellefontaine Hospital Facilities Refunding Revenue Bonds
Mary Rutan Health Association Series 1993 6.00 2013 5,330,000 4,905,839
Butler County Hospital Facilities Refunding Revenue & Improvement Bonds
Fort Hamilton-Hughes Memorial Center Series 1991 7.50 2010 8,650,000 9,021,258
Cleveland Parking Facilities Improvement Revenue Bonds Series 1992 8.10 2022 15,000,000 16,006,500
Coshocton County Solid Waste Disposal Refunding Revenue Bonds
Stone Container Series 1992 7.875 2013 17,500,000 18,083,975
Erie County Hospital Improvement & Refunding Revenue Bonds
Firelands Community Hospital Series 1992 6.75 2015 6,540,000 6,732,276
Franklin County Refunding Revenue Bonds Online Computer Library Center
Series 1985 9.75 2009 2,500,000 2,566,675
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.30 2015 1,800,000 1,643,940
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.375 2010 2,000,000 1,934,200
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1985 11.75 2015 3,500,000 3,714,620
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1990A 9.25 2016 9,000,000 9,415,170
Montgomery County Industrial Development Revenue Bonds SPM Systems
Series 1991 10.00 2005 7,290,000 (e) 3,645,000
Water Development Authority Collateralized Pollution Control Revenue Bonds
Cleveland Electric Series 1989 8.00 2023 10,000,000 10,693,400
Water Development Authority Collateralized Pollution Control Revenue Bonds
Toledo Edison Series 1989 8.00 2023 8,500,000 8,748,455
Water Development Authority Pollution Control Revenue Bonds Ohio Edison 8.10 2023 10,000,000 10,580,500
Water Development Authority Pollution Control Refunding Revenue Bonds
Toledo Edison Series 1994A 8.00 2023 10,000,000 10,492,500
___________
Total 154,967,591
_____________________________________________________________________________________________________________________________
Oklahoma (1.2%)
Grand River Dam Authority Refunding Revenue Bonds Series 1985 9.375 2005 3,500,000 3,570,000
Grand River Dam Authority Refunding Revenue Bonds Series 1987 5.00 2012 10,105,000 9,393,103
Hinton Economic Development Authority Certificate of Participation
Dominion Leasing Series 1990A 9.75 2015 19,090,000 21,185,509
Hinton Economic Development Authority Certificate of Participation
Series 1994 8.75 2015 12,800,000 13,412,736
Jackson County Memorial Hospital Authority Hospital
Refunding Revenue Bonds Jackson County Memorial Hospital Series 1994 7.30 2015 6,580,000 6,370,295
Midwest City Memorial Hospital Authority Hospital Revenue Bonds
Series 1992 7.375 2022 7,815,000 8,087,744
Municipal Power Authority Power Supply System Revenue Bonds
Series 1985C 9.625 2023 6,740,000 7,091,154
Oklahoma City Central Oklahoma Transportation & Parking Authority
Parking System Refunding Revenue Bonds Series 1986 (AMBAC Insured) 6.90 2008 8,180,000 8,517,998
______________
Total 77,628,539
_____________________________________________________________________________________________________________________________
Oregon (0.5%)
State Veterans Welfare Department Pre-Refunded Bonds Series LXVII 12.40 2000 2,000,000 2,238,500
Western Generation Agency Revenue Bonds Wauna Cogeneration
Series 1994A 7.125 2021 19,200,000 19,784,064
Western Generation Agency Revenue Bonds Wauna Cogeneration
Series 1994B 7.40 2016 9,000,000 9,350,910
______________
Total 31,373,474
_____________________________________________________________________________________________________________________________
Pennsylvania (5.1%)
Alleghany County Industrial Development Authority
Environment Improvement Revenue Bonds USX Corporation Series 1994A 6.70 2020 6,000,000 6,032,340
Beaver County Industrial Development Authority Collateralized Pollution
Control Refunding Revenue Bonds Cleveland Electric Illuminating
Series 1995 7.625 2025 7,500,000 7,667,175
Beaver County Industrial Development Authority Collateralized Pollution
Control Revenue Bonds Cleveland Electric Illuminating Series 1985 10.50 2015 6,000,000 6,210,420
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Cleveland Electric Illuminating Series 1984 11.125 2014 25,800,000 26,642,628
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison 7.75 2024 34,650,000 36,244,593
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison Series A 10.50 2015 10,000,000 10,495,700
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1984A 13.25 2014 6,000,000 6,140,880
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1985B 12.25 2015 5,450,000 5,680,698
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison-Beaver Valley Series 1985C 10.75 2015 4,500,000 4,715,505
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison-Beaver Valley Series 1995 7.625 2020 11,700,000 11,960,793
Butler County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2011 2,000,000 1,917,260
Butler County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2016 3,000,000 2,734,530
Convention Center Authority Refunding Revenue Bonds Philadelphia
Series 1994A 6.75 2019 5,300,000 5,502,460
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village Continuing Care Series 1989 9.70 2009-19 11,000,000 12,026,830
Delaware County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series A 7.375 2021 900,000 945,378
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SUB Series 1994C 6.95 2021 5,000,000 4,764,800
Fayette County Hospital Authority Hospital Refunding Revenue Bonds
Uniontown Hospital Series 1987 7.625 2015 9,000,000 9,296,010
Montgomery County Higher Education and Health Authority
Retirement Community Revenue Bonds G.D.L. Farms Series A 9.50 2020 3,000,000 3,621,990
Northhampton County Pollution Control Revenue Bonds Metropolitan Edison 10.50 1995 2,000,000 2,030,480
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 8.875 2005 1,680,000 1,737,540
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 9.00 2015 5,750,000 5,947,340
Philadelphia Gas Works Revenue Bonds Series 13 7.70 2021 4,150,000 4,865,336
Philadelphia Hospital & Higher Education Facility Authority Hospital
Revenue Bonds Albert Einstein Medical Center 7.625 2011 15,545,000 16,606,413
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.25 2013 2,500,000 2,473,075
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.30 2017 1,550,000 1,515,497
Philadelphia Water & Sewer Revenue Bonds 12th Series 6.00 2016 10,000,000 10,213,800
Philadelphia Water & Sewer Revenue Bonds 12th Series 7.25 2014 12,000,000 12,519,840
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.00 2018 14,000,000 14,851,900
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.50 2010 13,200,000 14,382,984
Philadelphia Water & Wastewater Revenue Bonds Series 1993 (CGIC Insured) 5.50 2015 11,000,000 10,713,010
Pittsburgh Public Parking Authority Parking System Revenue Bonds
Series 1985 9.50 2007 4,200,000 4,397,274
State Department of General Services Certificate of Participation
Series 1994A (AMBAC Insured) 5.00 2015 25,000,000 22,977,000
State Economic Development Finance Authority Resource Recovery
Revenue Bonds Colver Series 1994D 7.15 2018 20,000,000 20,568,200
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont Series 1991A 10.00 2021 8,495,000 10,449,786
______________
Total 318,849,465
_____________________________________________________________________________________________________________________________
Puerto Rico (0.7%)
Electric Power Agency Revenue Bonds Series N 6.00 2010 40,000,000 40,270,000
Electric Power Agency Revenue Bonds Series O 6.00 2010 5,305,000 5,340,809
______________
Total 45,610,809
_____________________________________________________________________________________________________________________________
Rhode Island (0.1%)
Public Building Authority Revenue Bonds Series 1994A (AMBAC Insured) 5.25 2007 3,485,000 3,466,704
_____________________________________________________________________________________________________________________________
South Carolina (1.8%)
Cherokee County Spring City Knitting Cluett Peabody 7.40 2009 5,200,000 6,026,332
Greenville County Industrial Development Revenue Bonds
Merscot-Greenville Waste Water Treatment Series 1986A 8.00 2008 8,530,000 8,922,551
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1985 7.00 2025 17,430,000 17,734,676
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1986B 5.75 2024 7,550,000 7,233,277
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1985A 9.50 2022 23,920,000 24,744,044
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1986D 6.375 2022 2,250,000 2,255,288
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1991D 6.625 2031 14,975,000 16,880,419
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series A 9.20 2021 3,000,000 3,102,630
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1991B 6.00 2031 8,000,000 7,987,600
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater (MBIA Insured) 6.49 2013 17,700,000 (d) 16,969,875
______________
Total 111,856,692
_____________________________________________________________________________________________________________________________
South Dakota (0.3%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986 6.00 2010 10,205,000 10,753,621
State Lease Revenue Trust Certificates Series 1993
(CGIC Insured) 6.70 2017 7,260,000 8,168,153
______________
Total 18,921,774
_____________________________________________________________________________________________________________________________
Tennessee (0.5%)
Chattanooga Municipal Improvement & Sewer Facility Unlimited Tax Bonds 6.50 2007 2,000,000 2,086,600
Jackson Industrial Development Board Solid Waste Disposal Revenue Bonds
Owens-Corning Fiberglass Series 1993 6.25 2004 5,350,000 5,390,714
Knox County Health Education & Housing Facility Hospital Revenue Bonds
Baptist Health System East Tennessee Series 1989 8.60 2016 10,000,000 10,764,300
Nashville & Davidson County Health & Education Facility 1st Mortgage
Revenue Bonds Blakeford at Green Hills CCRC 9.25 2024 12,230,000 12,605,950
______________
Total 30,847,564
_____________________________________________________________________________________________________________________________
Texas (9.9%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2029 37,400,000 38,985,012
Arlington Limited Tax General Obligation Bonds 6.50 2004 1,500,000 1,534,305
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 8.00 2014 6,500,000 6,620,055
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 10.75 2010-15 12,000,000 15,181,920
Austin Combined Utility Systems Refunding Revenue Bonds Series 1986 5.00 2013 20,000,000 17,950,000
Austin General Obligation Public Improvement Bonds Series 1986 6.75 2006 2,000,000 2,065,220
Austin General Obligation Public Improvement Bonds Series 1986 7.00 2007 5,450,000 5,642,167
Austin Utility Subordinate Lien Refunding Revenue Bonds Series 1985 7.00 2015 9,000,000 9,126,000
Board of Regents of the University System General Refunding Revenue Bonds
Series 1986 6.50 2007 17,500,000 18,149,370
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1986 8.25 2016 7,765,000 8,286,497
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1989A 8.25 2019 14,000,000 15,380,400
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1990A 8.125 2020 13,205,000 14,446,798
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1991A 7.875 2021 24,450,000 26,934,120
Brazos River Authority Collateralized Refunding Revenue Bonds
Houston Lighting & Power Series 1989A 7.625 2019 26,300,000 28,739,588
Brazos River Authority Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 9.875 2015 11,500,000 11,834,650
Brazos River Authority Pollution Control Revenue Bonds Texas Utilities 9.25 2018 13,000,000 14,640,210
Brownsville Utility System Priority Revenue Bonds Series 1990
(AMBAC Isured) 6.50 2017 10,015,000 10,544,994
Colony Municipal Utility District #1 Denton County Series 1980 9.25 2007 1,000,000 1,362,740
Dallas & Fort Worth International Airport Regional Airport
Joint Revenue Bonds Series 1985 9.125 2015 14,500,000 15,196,580
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2025 26,200,000 27,298,828
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
Delta Air Lines Series 1991 7.125 2026 13,500,000 13,724,100
Denison Hospital Authority Hospital Revenue Bonds
Texoma Medical Center Series 1994 7.10 2024 3,950,000 3,988,829
El Paso Water & Sewer Revenue Bonds 7.00 2003-05 7,100,000 7,256,697
Garland Utility System Revenue Bonds Series 1986 6.80 2003 3,335,000 3,403,001
Harris County Health Facilities Development Hospital
Refunding Revenue Bonds Memorial Hospital Series 1985 6.00 2004 6,460,000 6,460,000
Harris County Health Facilities Hospital Revenue Bonds Memorial Hospital
Series 1992 7.125 2015 16,000,000 16,941,440
Harris County Industrial Development Marine Terminal Refunding Revenue Bonds
GATX Terminal Series 1992 6.95 2022 15,000,000 15,540,600
Karnes County Public Facility Lease Revenue Bonds 9.20 2015 15,990,000 16,342,899
Lower Colorado River Authority Priority Revenue Bonds 7.00 2013 17,000,000 17,297,160
Lower Colorado River Authority Priority Revenue Bonds 9.00 2009 10,000,000 10,484,300
Lower Colorado River Authority Priority Revenue Bonds Series 1985 8.00 2014 2,500,000 2,604,000
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.25 2003 1,000,000 1,010,310
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.375 2007 1,815,000 1,834,076
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Central Power & Light Series 1986A (AMBAC Insured) 7.50 2020 6,500,000 7,182,825
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1986A 7.875 2016 8,000,000 8,499,840
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1989A 7.875 2019 10,060,000 11,002,521
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Central Power & Light Series 1986 7.875 2016 18,000,000 18,948,240
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 10.00 2015 5,000,000 5,201,750
Midland County Hospital District Revenue Bonds Series 1992 7.50 2016 3,025,000 3,181,030
Mills Road Municipal Utility District Harris County Unlimited Tax
Refunding Bonds Series 1993 6.50 2014 2,690,000 2,735,407
Municipal Power Agency Refunding Revenue Bonds (MBIA Insured) 5.25 2009 8,000,000 7,873,200
Municipal Power Agency Revenue Bonds 5.50 2013 7,410,000 7,152,799
Municipal Power Agency Revenue Bonds (BIG Insured) 6.25 2010 13,940,000 14,769,848
Municipal Power Agency Revenue Bonds Series 1985 7.00 2014 10,000,000 10,077,100
Municipal Power Agency Revenue Bonds Series 1985 9.50 2013 19,500,000 20,149,350
Municipal Power Agency Revenue Bonds Series 1986 6.50 2014 4,000,000 4,118,920
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 9.90 2006-07 2,800,000 3,062,080
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 10.00 2008-09 2,625,000 2,873,929
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center 8.20 2019 4,245,000 4,501,907
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center Series 1987 7.75 2017 7,500,000 7,708,050
Plano Collin & Denton County General Obligation Bonds Limited Tax
Series 1986 6.00 2006 1,600,000 1,609,280
Sabine River Authority Collateralized Pollution Control Revenue Bonds
Texas Utilities Electric Series 1990A 8.125 2020 30,500,000 33,032,110
San Antonio Electric & Gas System Refunding Revenue Bonds Series 1989B 5.00 2016 11,000,000 10,070,940
San Antonio Electric & Gas System Revenue Bonds Series 1987 5.00 2014 8,680,000 7,921,455
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1991 8.20 2021 17,550,000 19,607,386
_____________
Total 618,086,833
_____________________________________________________________________________________________________________________________
Utah (1.9%)
Association Municipal Power System Hunter Series A (AMBAC Insured) 5.50 2012 4,000,000 3,934,520
Carbon County Solid Waste Disposal Refunding Revenue Bonds
Sunnyside Cogeneration Associates Series 1991 9.25 2018 25,350,000 27,668,764
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.30 2011 1,430,000 1,524,995
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.35 2016 1,130,000 1,196,851
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990 10.50 2020 7,835,000 9,003,198
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series F (AMBAC Insured) 5.00 2013 5,000,000 4,634,500
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985A 10.375 2016 7,000,000 (g) 7,204,190
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B 7.00 2019-20 12,400,000 12,431,124
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B (AMBAC Insured) 9.50 2015 3,600,000 3,688,128
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1993B Inverse Floater 6.608 2011 7,600,000 (d) 7,277,000
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series G 8.00 2020 4,740,000 4,756,780
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series J (MBIA Insured) 6.50 2014 6,620,000 6,633,968
Intermountain Power Agency Power Supply Revenue Bonds Series 1987A
(MBIA Insured) 5.00 2012 8,000,000 7,442,640
Intermountain Power Agency Power Supply Revenue Bonds Series 1989A 6.00 2023 3,500,000 3,490,305
Intermountain Power Agency Power Supply Revenue Bonds Series 1989B 6.00 2023 10,165,000 10,136,843
Salt Lake City & County General Obligation Public Building Bonds 6.875 2010-11 5,700,000 5,919,051
West Valley City Salt Lake County K mart Industrial Development
Revenue Bonds 10.50 2005 1,450,000 1,536,348
______________
Total 118,479,205
_____________________________________________________________________________________________________________________________
Virginia (0.4%)
Hopewell City Industrial Development Authority Pollution Control
Refunding Revenue Bonds Stone Container Series 1992 8.25 2010 3,170,000 3,356,681
Housing Development Authority Commonwealth Mortgage Bonds Series 1992A 7.15 2033 15,000,000 15,793,800
Southeastern Public Service Authority Senior Revenue Bonds
Regional Solid Waste System Series A 10.50 2015 5,300,000 5,433,984
_____________
Total 24,584,465
_____________________________________________________________________________________________________________________________
Washington (3.6%)
Health Care Facilities Authority Revenue Bonds
Seattle Highline Community Hospital Series 1993 (Connie Lee Insured) 5.50 2014 7,500,000 7,165,425
King County Housing Authority Pooled Housing Refunding Revenue Bonds
Series 1995A 7.20 2026 4,000,000 4,034,000
Longview Industrial Development Corporation Solid Waste Revenue Bonds
Weyerhauser Series 1991 7.45 2013 20,000,000 21,510,000
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Bonneville Power Administration Series 1993A Inverse Floater
(FSA Insured) 5.87 2011 25,000,000 (d) 24,937,500
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series A 6.50 2015 21,000,000 21,622,020
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1989 6.00 2017 28,070,000 27,629,301
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1990A 6.00 2017 38,875,000 38,264,662
Public Power Supply System Nuclear Project #2 Revenue Bonds Series 1994A 5.375 2011 10,000,000 9,399,400
Public Power Supply System Nuclear Project #2 Revenue Linked Bonds
Inverse Floater (FGIC Insured) 5.41 2010 20,000,000 (d) 19,758,200
Public Power Supply System Nuclear Project #3 Revenue Bonds Series 1989B 5.50 2017-18 27,550,000 25,509,974
Seattle Municipal Light & Power Refunding Revenue Bonds Series 1986 5.875 2010 6,000,000 6,148,980
Snohomish County Public Utility District #1 Generation System
Revenue Bonds Series 1986A 5.00 2020 17,750,000 16,008,370
______________
Total 221,987,832
_____________________________________________________________________________________________________________________________
West Virginia (1.7%)
Board of Regents State System Tuition Fee Revenue Bonds University 7.75 2011 8,000,000 8,396,240
Kanawha County Pollution Control Revenue Bonds Union Carbide Series 1984 7.35 2004 3,000,000 3,295,410
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1993 7.75 2011 20,000,000 18,189,400
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1994 8.25 2011 10,000,000 9,525,700
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1995 9.00 2011 5,000,000 5,035,500
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power Series 1992J 6.60 2022 25,000,000 25,626,750
Pea Ridge Public Service District Sewer Refunding Revenue Bonds
Series 1990 9.25 2020 2,655,000 2,841,620
Putnam County Pollution Control Revenue Bonds Appalachian Power Series C 6.60 2019 10,600,000 10,897,754
School Building Authority Capital Improvement Revenue Bonds Series 1991A 6.00 2021 20,785,000 20,983,497
South Charleston Pollution Control Refunding Revenue Bonds Union Carbide
Series 1985 7.625 2005 3,000,000 3,361,830
______________
Total 108,153,701
_____________________________________________________________________________________________________________________________
Wisconsin (0.7%)
Health & Education Facilities Authority Revenue Bonds St. Clare Hospital 7.00 2022 10,000,000 10,115,200
Health Facilities Authority Refunding Revenue Bonds Villa Clement
Series 1986 8.75 2012 4,500,000 4,556,745
Madison Industrial Development Refunding Revenue Bonds
Madison Gas & Electric Series 1992B 6.70 2027 19,300,000 20,238,559
Superior Water Supply Facility Revenue Bonds
Superior Water Light & Power Series 1986 7.875 2021 6,500,000 6,804,200
______________
Total 41,714,704
_____________________________________________________________________________________________________________________________
Wyoming (0.2%)
Green River & Rock Springs Sweetwater County Joint Powers
Water Board Revenue Bonds Series 1988A 8.50 2007 2,500,000 2,726,200
Natrona County Hospital Revenue Bonds Wyoming Medical Center 8.125 2010 6,500,000 6,994,650
State Farm Loan Board Capital Facilities Revenue Bonds Series 1994 6.10 2024 5,000,000 5,048,300
______________
Total 14,769,150
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $5,661,120,079) $6,107,269,606
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (0.6%)
_____________________________________________________________________________________________________________________________
Issuer (c) Annualized Amount Value(a)
yield on date payable at
of purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal notes
Breckenridge Health Facility Revenue Bonds (MBIA Insured)
11-15-13 4.25% $ 2,595,000 (i) $ 2,595,000
Michigan General Obligation Bonds
09-29-95 4.25 9,000,000 9,032,850
Minneapolis Minnesota Special School District (MBIA Insured)
02-01-15 4.25 1,285,000 (i) 1,285,000
Monroe County Georgia Development Authority Gulf Power
Pollution Control Revenue Bonds 4.65 1,700,000 (i) 1,700,000
09-01-24
New York City Government Obligation Bonds Series 1993B
10-01-20 4.75 500,000 (i) 500,000
Port Arthur District of Jefferson Texas Pollution Control
Refunding Revenue Bonds Texaco
10-01-24 4.10 300,000 (i) 300,000
St. Louis Park Minnesota Health Systems Revenue Bonds
07-01-13 4.25 25,000,000 (i) 25,000,000
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $40,401,430) $ 40,412,850
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $5,701,521,509)(j) $6,147,682,456
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Investments in bonds, by rating category as a percentage of total bonds, are as follows:
<CAPTION>
(Unaudited)
__________________________________________
Rating 05-31-95 11-30-94
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 27% 28%
AA 6 7
A 23 23
BBB and below 41 41
Non-rated 3 1
_______________________________________________________________________________________________________
Total 100% 100%
_______________________________________________________________________________________________________
(c) The following abbreviations are used in portfolio descriptions to identify
the insurer of the issue:
AMBAC -- American Municipal Bond Association Corporation
BIG -- Bond Investors Guarantee
CGIC -- Capital Guaranty Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
(d) Inverse floaters represent securities that pay interest at a rate that
increases (decreases) in the same magnitude as, or in a multiple of, a
decline (increase) in market short-term rates. Interest rate disclosed
is the rate in effect on May 31, 1995. Inverse floaters in the aggregate
represent 6.0% of the fund's net assets as of May 31, 1995.
(e) Presently non-income producing. For long-term debt securities items
identified are in default as to payment of interest and/or principal.
(f) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(g) Partially pledged as initial deposit on the following open interest rate
futures contracts (see Note 4 to the financial statements):
<CAPTION>
<S> <C>
Type of security Notional amount
Purchase contracts
________________________________________________________________
Municipal Bonds June 1995 $200,000,000
________________________________________________________________
Sales contracts
________________________________________________________________
U.S. Treasury Bonds June 1995 $100,000,000
________________________________________________________________
(h) At May 31, 1995, the cost of securities purchased, including interest
purchased, on a when-issued basis was $12,012,800.
(i) Interest rate varies to reflect current market conditions; rate shown is
the effective rate on May 31, 1995.
(j) At May 31, 1995, the cost of securities for federal income tax purposes was
approximately $5,696,166,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $503,094,000
Unrealized depreciation (51,578,000)
___________________________________________________________________________
Net unrealized appreciation $451,516,000
___________________________________________________________________________
/TABLE
<PAGE>
PAGE
Directors and officers
Directors and officers of the fund
_____________________________________________________________________
President and interested director
William R. Pearce
President of all funds in the IDS MUTUAL FUND GROUP.
_____________________________________________________________________
Independent directors
Lynne V. Cheney
Distinguished fellow, American Enterprise Institute for
Public Policy Research.
Robert F. Froehlke
Former president of all funds in the IDS MUTUAL FUND GROUP.
Heinz F. Hutter
Former president and chief operating officer, Cargill, Inc.
Anne P. Jones
Attorney and telecommunications consultant.
Donald M. Kendall
Former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
Senior counsellor for national and international affairs,
The Reader's Digest Association, Inc.
Lewis W. Lehr
Former chairman and chief executive officer,
Minnesota Mining and Manufacturing Company (3M).
Edson W. Spencer
Former chairman and chief executive officer, Honeywell, Inc.
Wheelock Whitney
Chairman, Whitney Management Company.
C. Angus Wurtele
Chairman of the board and chief executive officer, The Valspar Corporation.
_____________________________________________________________________
Interested directors who are officers and/or employees of American
Express Financial Corporation
William H. Dudley
Executive vice president, American Express Financial Corporation.
David R. Hubers
President and chief executive officer, American Express Financial
Corporation.
John R. Thomas
Senior vice president, American Express Financial Corporation.
_____________________________________________________________________
Officers who also are officers and or/employees of American Express
Financial Corporation
Peter J. Anderson
Vice president of all funds in the IDS MUTUAL FUND GROUP.
Melinda S. Urion
Treasurer of all funds in the IDS MUTUAL FUND GROUP.
_____________________________________________________________________
Other officer
Leslie L. Ogg
Vice president, general counsel and secretary of all funds in the
IDS MUTUAL FUND GROUP .
<PAGE>
PAGE
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposit (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
Income investments
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income.
Secondary objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers to
seek high total return through income and growth of capital.
(icon of) globe
IDS Extra Income Fund
Invests mainly in long-term, high-yielding corporate fixed-income
securities in the lower rated, higher risk bond categories to seek
high current income. Secondary objective is capital growth.
(icon of) cornucopia
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher rated,
lower risk bond categories, or the equivalent, and in government bonds.
(icon of) greek column
IDS Selective Fund
Invests in high-quality corporate bonds and other highly rated debt
instruments including government securities and short-term
investments. Seeks current income and preservation of capital.
(icon of) skyline
IDS Federal Income Fund
Invests primarily in securities issued or guaranteed as to the timely
payment of principal and interest by the U.S. government, its agencies
and instrumentalities. Seeks a high level of current income and
safety of principal consistent with its type of investments.
(icon of) federal building
Tax-exempt income investments
These funds provide tax-free income by investing in municipal bonds.
The income is generally free from federal income tax. Risk varies
by bond quality.
IDS High Yield Tax-Exempt Fund
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower-quality securities generally involve greater risk of
principal and income.
(icon of) shield with basket of apples enclosed
IDS State Tax-Exempt Funds
(CA, MA, MI, MN, NY, OH)
Invests primarily in high- and medium-grade municipal securities
to provide income to residents of each respective state that is
exempt from federal, state and local income taxes. (New York
is the only state that is exempt at the local level.)
(icon of) shield with U.S. enclosed
IDS Tax-Exempt Bond Fund
Invests mainly in bonds and notes of state or local government
units, with at least 75% in the four highest rated, lowest risk bond
categories.
(icon of) shield with Greek column
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the fund but does not guarantee
the market value of the fund's shares.
(icon of) shield with eagle head
Growth and income investments
These funds focus on securities of medium to large, well-established
companies that offer long-term growth of capital and reasonable income
from dividends and interest. Moderate risk.
IDS International Fund
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The fund may invest up to 20%
of its assets in the U.S. market.
(icon of) three flags
IDS Managed Retirement Fund
Invests in a combination of common stocks, fixed-income
investments and money market securities to seek a maximum total
return through a combination of growth of capital and current income.
(icon of) bird in a nest
IDS Equity Select Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of
capital and income.
(icon of) three apple trees
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by our research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
(icon of) ribbon
IDS Stock Fund
Invests in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) three growing flowers
IDS Utilities Income Fund
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
(icon of) electrical cord
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily, to benefit from the growth potential offered
by stock investments.
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IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
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Growth investments
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
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IDS Strategy Aggressive Fund
Invests primarily in common stocks of companies that are selected
for their potential for above-average growth. Above-average means
that their growth potential is better, in the opinion of the
portfolio's investment manager, than the Standard & Poor's
Corporation (S&P) 500 Stock Index.
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IDS Growth Fund
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
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IDS Global Growth Fund
Invests in stocks of companies throughout the world that are
positioned to meet market needs in a changing world economy.
These companies offer above-average potential for long-term growth.
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IDS New Dimensions Fund
Invests primarily in companies with significant growth
potential due to superiority in technology, marketing or management.
The fund frequently changes its industry mix.
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IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
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Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
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For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your financial
advisor or writing to American Express Shareholder Service,
P.O. Box 534, Minneapolis, MN 55440-0534. Read it carefully before
you invest or send money.
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Quick telephone reference
American Express Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangements
National/Minnesota:
800-437-3133
Mpls./St. Paul area:
671-3800
American Express Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
American Express Infoline
Automated account information (TouchTone phones only), including current
fund prices and performance, account values and recent account
transactions
National/Minnesota:
800-272-4445
Mpls./St. Paul area:
671-1630
AMERICAN EXPRESS FINANCIAL ADVISORS
IDS High Yield Tax-Exempt Fund
IDS Tower 10
Minneapolis, MN 55440-0010
