THORNBURG LIMITED TERM MUNICIPAL FUND-NATIONAL PORTFOLIO
CLASS SHARES Thornburg Thornburg
Limited Term Municipal Limited Term Municipal
Fund-National Fund-National
A Shares C Shares
SEC Yield (12/31/95) 3.96% 3.64%
Taxable Equiv. Yields 6.56% 6.03%
NAV (12/31/95) $13.55 $13.58
Max. Offering Price $13.90 $13.58
1 Year Ending 12/31/95 7.23% 9.42%
5 Years Ending 12/31/95 6.10% NA
10 Years Ending 12/31/95 6.78% NA
Since Inception 7.33% 5.85%
Inception Date (9/28/84) (9/1/94)
Dear Shareholder:
1995 continued a period of change in the bond market. After rising to their
highest levels in several years in November 1994, interest rates fell steadily
during 1995. The net asset value of Thornburg Limited Term Municipal Fund A
shares increased 63 cents per share to $13.55 over the year. If you were with us
for the entire period, you received dividends of 63.5 cents per share. If you
reinvested your dividends, you received 64.9 cents per share. Investors who
owned C Shares received dividends of 56 and 57.1 cents per share, respectively.
In recent months, the Federal Reserve has lowered the target interest rate for
overnight loans between banks three times. The current level is 5.25%. These
drops in short interest rates in the U.S. have been matched or exceeded by
interest rate decreases in virtually every developed economy in the world. Does
this matter to you? It does if you have large amounts of money invested in money
market funds or short maturity bank deposits.* Taken as a group, investors in
the U.S. increased their holdings of money funds and bank certificates of
deposit by approximately $340 billion in 1995. This is a 19% increase in one
year! As I write this letter, the income earned by those investments is
dropping, with no corresponding increase in the market value of the funds
invested.
Your Limited Term Municipal Fund portfolio currently holds over 480 municipal
obligations from 48 states and 2 U.S. Territories. Approximately 86% of the
bonds are rated A or better by one of the major rating agencies. As you know, we
"ladder" the maturities of the bonds in your portfolio so that some bonds are
scheduled to mature at par during each of the next 10 years. Today, your fund's
weighted average maturity is approximately 4 years, and we always keep it below
5 years. Percentages of the portfolio maturing within each of the next 10 years
are summarized on the next page:
*Money market funds seek to maintain a stable $1 net asset value. Bank deposits
are usually insured by the FDIC. Their principal value does not fluctuate and
their yield is often fixed at the time of deposit. The yields and principal
value of your fund varies over time.
% of portfolio maturing within: Cumulative % maturing by end of:
1 year = 11% year 1 = 11%
1 to 2 years = 10% year 2 = 21%
2 to 3 years = 14% year 3 = 35%
3 to 4 years = 15% year 4 = 50%
4 to 5 years = 16% year 5 = 66%
5 to 6 years = 13% year 6 = 79%
6 to 7 years = 12% year 7 = 91%
7 to 8 years = 3% year 8 = 94%
8 to 9 years = 3% year 9 = 97%
9 to 10 years = 2% year 10 = 99%
Over the years, our practice of laddering a diversified portfolio of short and
intermediate maturity municipal bonds has allowed your fund to consistently
perform well in varying interest rate environments. For instance, the A shares
of Limited Term Municipal Fund received "A" letter grades for one, three, and
five year performance relative to other short term municipal bond funds through
December 31, 1995.** These rankings, which were published in The Wall Street
Journal, reflect total returns in the top 20% of all short term municipal bond
funds for those periods. For the 10-year period ending December 31, 1995, the A
Shares of Thornburg Limited Term Municipal Fund had the highest total return out
of eight short municipal funds, according to Lipper Analytical Services.
Many municipal bonds issued between 1983 and 1988 are being paid off early.
Money to pay off these bonds prior to maturity already has been raised. You may
own municipal bonds or unit trusts which are being redeemed. Your investment in
Thornburg Limited Term Municipal Fund will not be redeemed until you sell it.
Please remember that you can easily add to your investment each month by
authorizing a simple, automatic transfer from your checking account.
We believe the investment program of your fund is a thoroughly sensible one over
time. At today's market prices and yields to maturity, the kinds of bonds you
own in this fund look attractive to me. Thank you for investing in Thornburg
Limited Term Municipal Fund.
Sincerely,
Brian J. McMahon
Managing Director
**Source: The Wall Street Journal, January 5, 1996. Performance data are
supplied by Lipper Analytical Services, Inc., and reflect performance for the 1,
3, and 5 year periods ending December 31, 1995. An "A" ranking reflects total
returns in the top 20% of all funds within the short term municipal objective,
as defined by The Wall Street Journal. The average maturity and average quality
of the funds within the short municipal objective may differ. At December 31,
1995, 54, 26 and 14 short municipal funds reported 1-year, 3-year, and 5-year
total returns, respectively. Performance calculations used to obtain these
rankings assume deduction of all expenses and reinvestment of all distributions,
but do not include the effect of any sales charge on total return.
s t a t e m e n t o f a s s e t s a n d l i a b i l i t i e s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
December 31, 1995
(unaudited)
ASSETS
Investments, at value (cost $ 881,729,358) $ 916,081,518
Cash 3,543,108
Receivable for fund shares sold 870,375
Receivable for securities sold 693,750
Interest receivable 14,369,277
Prepaid expenses and other assets 124,272
TOTAL ASSETS 935,682,300
LIABILITIES
Payable for securities purchased 20,430,240
Dividends payable 1,250,459
Payable for fund shares redeemed 1,129,487
Accounts payable and accrued expenses 421,957
Accounts payable investment adviser (Note 3) 563,179
TOTAL LIABILITIES 23,795,322
NET ASSETS $ 911,886,978
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share
($ 900,115,426 applicable to 66,421,208 shares of
beneficial interest outstanding - Note 4) $ 13.55
Maximum sales charge, 2.50% of offering
price (2.57% of net asset value per share) .35
Maximum Offering Price Per Share $ 13.90
Class C Shares:
Net asset value and offering price per share*
($ 11,771,552 applicable to 867,031 shares of
beneficial interest outstanding - Note 4) $ 13.58
* Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
See notes to financial statements.
s t a t e m e n t o f o p e r a t i o n s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Six Month Period Ended December 31, 1995
(unaudited)
INVESTMENT INCOME
Interest income (net of premium amortized ........ $ 26,425,942
of $ 1,095,329)
EXPENSES
Investment advisory fees (Note 3) ................ 3,306,522
Distribution and service fees (Note 3):
Class A Shares ............................... 580,844
Class B Shares ............................... 5,529
Class C Shares ............................... 27,611
Transfer agent fees .............................. 326,112
Custodian fees ................................... 180,740
Professional fees ................................ 80,225
Registration and filing fees ..................... 39,737
Other expenses ................................... 20,488
TOTAL EXPENSES ........................... 4,567,808
Less:
Investment advisory fees deferred by
investment adviser (Note 3) .............. (13,644)
NET EXPENSES ............................. 4,554,164
NET INVESTMENT INCOME ............................ 21,871,778
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS - NOTE 5
Net realized gain on investments sold ............ 89,060
Increase in unrealized appreciation of investments 12,339,190
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS .......... 12,428,250
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................... $ 34,300,028
See notes to financial statements.
s t a t e m e n t s o f c h a n g e s i n n e t a s s e t s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
(unaudited)
Six Month Period Year Ended
Ended December 31, 1995 June 30, 1995
- -----------------------------------------------------------------------
INCREASE (DECREASE) IN
NET ASSETS FROM:
OPERATIONS:
Net investment income $ 21,871,778 $ 47,287,795
Net realized gain (loss)
on investments sold 89,060 (4,022,722)
Increase in unrealized
appreciation of investments 12,339,190 9,446,075
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 34,300,028 52,711,148
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares (21,649,936) (47,098,833)
Class B Shares (32,246) (52,849)
Class C Shares (189,596) (136,113)
FUND SHARE TRANSACTIONS-- (Note 4)
Class A Shares (44,163,860) (103,592,542)
Class B Shares (2,834,331) 2,773,214
Class C Shares 5,178,719 6,380,857
NET DECREASE IN NET ASSETS (29,391,222) (89,015,118)
NET ASSETS:
Beginning of period 941,278,200 1,030,293,318
End of period $ 911,886,978 $ 941,278,200
See notes to financial statements.
n o t e s t o f i n a n c i a l s t a t e m e n t s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Note 1 - ORGANIZATION
Thornburg Limited Term Municipal Fund, Inc. (the "Fund") was incorporated in
Maryland on February 14, 1984. The Fund was reorganized in 1986 as a series
investment company with separate investment portfolios. The current portfolios
are as follows: National Portfolio (the "Portfolio") and California Portfolio.
The Fund is an open-end diversified management investment company, registered
under the Investment Company Act of 1940, as amended. The primary investment
objective of the Fund is to obtain as high a level of current income exempt from
federal income tax as is consistentwith preservation of capital.
On September 1, 1994 the Portfolio began offering three classes of shares of
beneficial interest, Class A, Class B and Class C shares. All shares outstanding
prior to September 1, 1994 are considered Class A shares. On September 28, 1995,
all existing Class B shares were converted at net asset value, without the
imposition of a deferred sales charge, into Class A shares of an equivalent
value. The Fund no longer offers Class B shares. Each class of shares of a
Portfolio represents an interest in the same portfolio of investments of the
Fund, except that (i) Class A shares are sold subject to a front-end sales
charge collected at the time the shares are purchased and bear a service fee,
(ii) Class B shares were sold at net asset value without a sales charge at the
time of purchase, but were subject to a contingent deferred sales charge upon
redemption, and bore both a service fee and a distribution fee, (iii) Class C
shares are sold at net asset value without a sales charge at the time of
purchase, but, effective October 2, 1995, are subject to a contingent deferred
sales charge upon redemption within one year, and bear both a service fee and a
distribution fee, and (iv) the respective classes have different reinvestment
privileges. Additionally, each Fund may allocate among its classes certain
expenses, to the extent allowable to specific classes, including transfer agent
fees, government registration fees, certain printing and postage costs, and
administrative and legal expenses. Currently, class specific expenses of the
Portfolio are limited to distribution fees and certain custody and transfer
agent expenses
Note 2 - SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies of the
Fund are as follows:
Valuation of Investments: In determining net asset value, the Portfolio utilizes
an independent pricing service approved by the Board of Directors. Debt
investment securities have a primary market over the counter and are valued on
the basis of valuations furnished by the pricing service. The pricing service
values portfolio securities at quoted bid prices or the yield equivalents when
quotations are not readily available. Securities for which quotations are not
readily available are valued at fair value as determined by the pricing service
using methods which include consideration of yields or prices of municipal
obligations of comparable quality, type of issue, coupon, maturity and rating;
indications as to value from dealers and general market conditions. The
valuation procedures used by the pricing service and the portfolio valuations
received by the Portfolio are reviewed by the officers of the Fund under the
general supervision of the Board of Directors. Short-term obligations having
remaining maturities of 60 days or less are valued at amortized cost, which
approximates market value.
Federal Income Taxes: It is the policy of the Fund to comply with the provisions
of the Internal Revenue Code applicable to "regulated investment companies" and
to distribute all of its taxable (if any) and tax exempt income to its
shareholders. Therefore, no provision for Federal income tax is required.
Dividends paid by the Portfolio for the period ended December 31, 1995 represent
exempt interest dividends which are excludable by shareholders from gross income
for Federal income tax purposes.
When-Issued and Delayed Delivery Transactions: The Portfolio may engage in
when-issued or delayed delivery transactions. To the extent the Portfolio
engages in such transactions, it will do so for the purpose of acquiring
portfolio securities consistent with its investment objectives and not for the
purpose of investment leverage or to speculate on interest rate changes. At the
time the Portfolio makes a commitment to purchase a security on a when-issued
basis, it will record the transaction and reflect the value in determining its
net asset value. When effecting such transactions, assets of the Portfolio of an
amount sufficient to make payment for the portfolio securities to be purchased
will be segregated on the Portfolio's records on the trade date. Securities
purchased on a when-issued or delayed delivery basis do not earn interest until
the settlement date.
Dividends: Net investment income of the Portfolio is declared daily as a
dividend on shares for which the Portfolio has received payment. Dividends are
paid monthly and are reinvested in additional shares of the Portfolio at net
asset value per share at the close of business on the dividend payment date, or
at the shareholder's option, paid in cash. Net capital gains, to the extent
available, will be distributed annually.
General: Securities transactions are accounted for on a trade date basis.
Interest income is accrued as earned. Premiums and original issue discounts
on securities purchased are amortized to call dates or maturity dates of the
respective securities. Realized gains and losses from the sale of securities
are recorded on an identified cost basis.
Use of Estimates: The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates.
n o t e s t o f i n a n c i a l s t a t e m e n t s (continued)
Note 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an investment advisory agreement, Thornburg Management Company, Inc.
(the "Adviser") serves as the investment adviser and performs services for which
the fees are payable at the end of each month at annual rates ranging from 3/4
of 1% to 4/10 of 1% of the average daily net assets of the Portfolio.
In the event normal operating expenses of the Portfolio, exclusive of brokerage
commissions, taxes, interest, and extraordinary expenses, exceed the limits
prescribed by any state in which the Fund's shares are qualified for sale, the
Adviser will reimburse the Portfolio for such excess. No such reimbursement was
required as a result of this limitation. For the period ended December 31, 1995,
the Adviser voluntarily deferred a portion of its investment advisory fee
amounting to $ 13,644.
The Fund has an underwriting agreement with Thornburg Securities Corporation
(the "Distributor"), which acts as the Distributor of Portfolio shares. For the
period ended December 31, 1995, the Distributor earned commissions aggregating $
44,735 from the sale of Class A shares, and did not collect any contingent
deferred sales charges from redemptions of Class B shares and Class C shares of
the Fund.
Pursuant to a Service Plan under Rule 12b-1 of the Investment Company Act of
1940, the Portfolio may reimburse to the Adviser amounts not to exceed .125 of
1% per annum of the average net assets of the Class A shares of the Fund and .25
of 1% per annum of the average net assets of the Class B and Class C shares of
the Fund for payments made by the Adviser to securities dealers and other
financial institutions to obtain various shareholder related services. The
Adviser may pay out of its own funds additional expenses for distribution of the
Portfolio's shares.
The Portfolio has also adopted a Distribution Plan pursuant to Rule 12b-1,
applicable only to the Portfolio's Class B and Class C shares, under which the
Portfolio can (i) reimburse the Distributor for certain distribution expenses on
a monthly basis at an annual rate of up to .75% of the average daily net assets
attributable to Class B shares, and (ii) compensate the Distributor for services
in promoting the sale of Class C shares at an annual rate of up to .75% of the
average daily net assets attributable to Class C shares. Total fees incurred by
each class of shares of the Portfolio under their respective service and
distribution plans for the period ended December 31, 1995 are set forth in the
statement of operations.
Certain officers and directors of the Fund are also officers and/or directors of
the Adviser and Distributor. The compensation of unaffiliated directors of the
Fund is borne by the Fund.
n o t e s t o f i n a n c i a l s t a t e m e n t s (continued)
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Note 4 - CAPITAL STOCK
At December 31, 1995 there were 600,000,000 shares of the Fund (including
485,000,000 for the Portfolio) of $.001 par value common stock authorized, and
capital paid in for the Portfolio aggregated $883,155,900. Transactions in
shares of beneficial interest were as follows:
Six Month Period Year Ended
Ended December 31, 1995 June 30, 1995
---- -------------
Class A Shares Shares Amount Shares Amount
Shares sold 3,503,276 $ 47,121,187 10,393,212 $ 136,432,966
Shares issued to
shareholders
in reinvestment of
distributions 1,071,004 14,432,776 2,183,285 28,759,060
Shares repurchased (7,846,697) (105,717,823) (20,550,093) (268,784,568)
Net Decrease (3,272,417)($ 44,163,860) (7,973,596) ($ 103,592,542)
Class B Shares
Shares sold 46,556 $ 623,905 220,994 $ 2,909,077
Shares issued to
shareholders
in reinvestment of
distributions 1,871 25,134 2,925 38,614
Shares repurchased (259,380) (3,483,370) (12,966) (174,477)
Net Increase
(Decrease) (210,953) ($ 2,834,331) 210,953 $ 2,773,214
Class C Shares
Shares sold 527,566 $ 7,114,171 564,508 $ 7,461,870
Shares issued to
shareholders
in reinvestment of
distributions 12,049 162,871 8,707 114,914
Shares repurchased (155,407) (2,098,323) (90,391) (1,195,927)
Net Increase 384,354 $ 5,178,719 482,824 $ 6,380,857
n o t e s t o f i n a n c i a l s t a t e m e n t s (continued)
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Note 5 - INVESTMENT SECURITY TRANSACTIONS
Purchases and proceeds from maturities or sales of investment securities of the
Portfolio other than short-term securities aggregated $114,088,072 and
$125,819,333 , respectively. The cost of investments for Federal income tax
purposes is $882,220,808. At December 31, 1995, the aggregate gross unrealized
appreciation and depreciation, based on cost for Federal income tax purposes
were $35,354,845 and $1,494,135, respectively.
Accumulated net realized losses from security transactions included in net
assets at December 31, 1995 aggregated $5,710,141.
For Federal income tax purposes, the Portfolio has realized capital loss
carryforwards of $5,218,691 from prior fiscal years available to offset future
realized capital gains. To the extent that such carryforwards are used, no
capital gains distributions will be made. The carryforwards expire as follows:
June 30, 1996 - $477,528, June 30, 1998 - $97,473, June 30, 1999 - $303,824,
June 30, 2002 - $807,085, and June 30, 2003 - $3,532,781.
f i n a n c i a l h i g h l i g h t s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Per share operating performance
(for a share outstanding
throughout the period)
Six Month Period
Ending December 31, Year Ended June 30,
-------------------- -------------------
1995 1995 1994 1993 1992 1991
-------------------- ---- ---- ---- ---- ----
(unaudited)
Class of Shares: A A A A A A
--------------------- - - - - -
Net asset value,
beginning of period $13.37 $13.27 $13.59 $13.09 $12.83 $12.74
Income from
investment operations:
Net investment income .32 .64 .63 .68 .79 .85
Net realized and unrealized
gain (loss) on investments .18 .10 (.32) .50 .26 .09
Total from
investment operations .50 .74 .31 1.18 1.05 .94
Less dividends from:
Net investment income (.32) (.64) (.63) (.68) (.79) (.85)
Change in net asset value .18 .10 (.32) .50 .26 .09
Net asset value,
end of period $13.55 $13.37 $13.27 $13.59 $13.09 $12.83
Total return (a) 3.74% 5.76% 2.25% 9.24% 8.40% 7.60%
Ratios/Supplemental Data Ratios to average net assets:
Net investment income 4.65% (b) 4.86% 4.60% 5.03% 5.96% 6.58%
Expenses, after
expense reductions .96% (b) .97% .95% 1.01% 1.04% 1.07%
Expenses, before
expense reductions .96% (b) .97% .95% 1.01% 1.04% 1.07%
Portfolio turnover rate 12.50% 23.02% 15.63% 19.30% 27.63% 32.36%
Net assets
at end of period (000) $900,115 $931,987$1,030,293$895,500$521,683$312,882
(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
(b) Annualized.
f i n a n c i a l h i g h l i g h t s (continued)
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
Per share operating performance
(for a share outstanding
throughout the period) (continued) Period from
Six Month Period Sept. 1, 1994 (a)
Ending December 31, to June 30,
------------------- -----------
1995 1995
---- ----
(unaudited)
Class of Shares: B* C B C
Net asset value, beginning of period $13.38 $13.40 $13.29 $13.29
Income from investment operations:
Net investment income .13 .28 .46 .46
Net realized and unrealized
gain (loss) on investments .05 .18 .09 .11
Total from investment operations .18 .46 .55 .57
Less dividends from:
Net investment income (.13) (.28) (.46) (.46)
Change in net asset value .05 .18 .09 .11
Net asset value, end of period $13.43 $13.58 $13.38 $13.40
Total return (b) 1.56% 3.47% 4.14% 4.25%
Ratios/Supplemental Data Ratios to average net assets:
Net investment income 4.12% (c) 4.16% (c) 4.24% (c) 4.21% (c)
Expenses, after expense reductions 1.58% (c) 1.45% (c) 1.57% (c) 1.60% (c)
Expenses, before expense reductions 1.99% (c) 1.68% (c) 2.30% (c) 1.84% (c)
Portfolio turnover rate 12.50% 12.50% 23.02% 23.02%
Net assets
at end of period (000) $0 $11,772 $2,823 $6,469
(a)Commencement of sales of Class B and Class C shares.
(b)Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
(c)Annualized.
* On September 28, 1995, all Class B shares were converted into Class A shares.
s c h e d u l e o f i n v e s t m e n t s
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
December 31, 1995
CUSIPS: Class A - 532-723-103, Class B - 532-723-400, Class C - 532-723-509
NASDAQ Symbols: Class A - LTMFX
Principal Credit Rating+
Amount Issuer-Description Moody's/S&P Value
Alabama (1.65%)
$1,675,000 Alabama A&M University Housing & General
Fee Revenue Series 1992, 5.90%
due 11/1/02 (Living & Learning Center
Project; Insured: MBIA) Aaa/AAA $1,816,739
1,055,000 Alabama Higher Education Loan Corporation
Student Loan Revenue Refunding Series 1994-A,
4.70% due 3/1/97 (Insured: FSA) Aaa/AAA 1,065,001
1,095,000 Alabama Higher Education Loan Corporation
Student Loan Revenue Refunding Series 1994-A,
4.70% due 9/1/97 (Insured: FSA) Aaa/AAA 1,104,932
250,000 Alabama State Docks Department Facilities Revenue
Refunding, 7.20% due 10/1/00 (Insured: BIG) Aaa/AAA 273,897
2,250,000 Alabama Industrial Access Road & Bridge
Corporation Capital Improvement Series 1991,
5.60% due 6/1/97 A1/NR 2,301,413
1,000,000 Alabama Water Pollution Control Authority
Series 1991, 6.45% due 8/15/02
(Insured: AMBAC) Aaa/AAA 1,098,540
2,500,000 Birmingham Special Care Facility Finance
Authority Revenue Series 1990, 7.625% due 12/1/10,
put 12/1/00 (Methodist Homes for the Aging Project;
LOC: South Trust Bank) A1/NR 2,760,175
1,550,000 Birmingham Jefferson Civic Center Authority
Special Tax Series 1989, 7.20% due 1/1/01 A/A+ 1,692,166
1,120,000 Birmingham Jefferson Civic Center Authority
Special Tax, 6.90% due 1/1/98 A/A+ 1,170,702
1,695,000 Montgomery County Revenue Warrants Series 1992,
6.625% due 4/1/02 NR/A 1,831,786
Alaska (1.15%)
2,500,000 North Slope Borough G.O. Refunding Series 1992-A, 0%
due 6/30/02 (Insured: MBIA) Aaa/AAA 2,674,200
2,500,000 North Slope Borough G.O. Capital Appreciation Series B,
0% due 1/1/99 (Insured: MBIA) Aaa/AAA 2,211,600
7,000,000 North Slope Borough G.O. Capital Appreciation Series B,
0% due 1/1/01 (Insured: MBIA) Aaa/AAA 5,604,410
Arizona (3.43%)
5,250,000 Arizona Educational Loan Marketing Corporation Revenue,
Series 1992-A, 6.40% due 3/1/98 A/NR 5,467,717
1,250,000 Arizona Educational Loan Marketing Corporation
Revenue, Series 1992-A, 6.70% due 3/1/00 A/NR 1,331,438
1,600,000 Arizona State Certificate of Participation Series
1994-A, 5.45% due 5/1/98 (Insured: AMBAC) Aaa/AAA 1,641,536
1,000,000 Arizona Municipal Finance Program Certificate of
Participation Series 15, 8.65% due 8/1/04
(Flagstaff Project; Insured: BIG) Aaa/AAA 1,068,760
1,255,000 Maricopa Hospital District General Obligation Series
A, 5.00% due 6/1/98 (Insured: FGIC) Aaa/AAA 1,282,786
1,550,000 Maricopa County School District # 8 Series 1992,
0% due 7/1/99 (Osborn Elementary School
District Project) A1/A 1,332,039
2,000,000 Maricopa County Unified School District # 41 Refunding,
0% due 7/1/97 (Insured: FGIC) Aaa/AAA 1,889,240
2,000,000 Maricopa County/Paradise Valley Unified School
District General Obligation Refunding Series 1992,
0% due 7/1/01 (Insured: AMBAC) Aaa/AAA 1,563,880
2,980,000 Maricopa County Unified School District # 97, 0%
due 7/1/97 (Insured: FGIC) Aaa/AAA 2,814,968
1,390,000 Maricopa County Unified School District # 97, 0%
due 7/1/98 (Insured: FGIC) Aaa/AAA 1,258,075
710,000 Mohave County Certificate of Participation, 4.90%
due 7/1/98 NR/BBB 704,235
730,000 Mohave County Certificate of Participation, 5.10%
due 7/1/99 NR/BBB 718,977
2,000,000 Pima County/Tucson Unified School District # 1
School Improvement Series 1992-D,
5.50% due 7/1/02 (Insured: FGIC) Aaa/AAA 2,125,620
350,000 Pinal County Certificate of Participation, 7.90%
due 6/1/01 NR/BBB 358,624
155,170 Scottsdale IDA Hospital Revenue Refunding Series A,
Amortizing Coupon M-COATES, 7.50% final due 9/1/97
(Scottsdale Memorial Hospital Project) Aaa*/AAA* 163,650
175,000 South Tucson Municipal Property Corporation Series 1990,
8.20% due 6/1/99 NR/BB 183,498
175,000 South Tucson Municipal Property Corporation Series 1990,
8.25% due 6/1/00 NR/BB 184,952
1,290,000 Tempe General Obligation Series 1993-A, 0%
due 7/1/99 Aa/AA+ 1,114,328
4,950,000 Tempe IDA Guaranteed Multifamily Housing Revenue
Series 1991-A, 6.25% due 10/1/07, put 10/1/96
(Elliot Grove Project; Insured: Connecticut
General Life) NR/AA 4,959,454
1,200,000 Tucson Water System Revenue Refunding Series 1992,
5.80% due 7/1/99 A1/A+ 1,263,180
California (17.17%)
1,000,000 California Health Facilities Financing Authority Series A,
7.40% due 7/1/01(Episcopal Homes Project;
Insured: Cal. Mortgage Insurance) NR/A 1,076,230
7,440,000 California Health Facilities Financing Authority Series
1991-D, 6.50% due 7/1/01 @ 102 (pre-refunded)
(Catholic Health Care Project;Insured:AMBAC) Aaa/AAA 8,387,782
3,090,000 California Public Capital Improvement Finance Authority
Revenue Series 1988-E, 8.25% due 3/1/98 Baa/NR 3,319,000
2,000,000 California State General Obligation, 6.50%
due 10/1/99 A1/A 2,167,520
1,390,000 California Statewide Communities Development Authority
Insured Health Facilities Revenue Certificate of
Participation Series 1992, 6.40% due 5/1/02
(Eskaton Properties Inc. Phase II Project) NR/A 1,463,656
1,100,000 California Statewide Communities Development Authority
Certificate of Participation, 5.56% (inverse floater)
due 1/1/02 (Motion Picture & Television
Fund Project; Insured: AMBAC) Aaa/AAA 1,007,600
1,935,000 Chula Vista Multifamily Housing Refunding Revenue Series
1985, 5.75% due 11/1/07, mandatory put 11/1/97
(Eucalyptus Grove Project; Insured:
Continental Insurance Co.) NR/A+ 1,953,770
675,000 Garden Grove Agency Community Development Tax Allocation,
7.375% due 6/1/01 prerefunded 6/1/96 @ 102 NR/AAA 699,307
7,730,000 Glendale Hospital Revenue Series 1994, 7.625% due
1/1/05(Verdugo Hills Project; Surety Bond:
Industrial Indemnity) NR/A+ 8,447,962
4,400,000 Irvine Ranch Water District, 5.90% due 1/1/21, put 1/2/96
daily demand notes VMIG1/A1+ 4,400,000
1,000,000 Lancaster Redevelopment Agency Lease Revenue Notes
Series 1995, 4.90% due 12/1/00
(LOC: Sumitomo Bank / Dai Ichi Kangyo Bank) NR/SP1 991,350
5,710,000 Los Angeles Water and Power, 7.10% due 1/15/31,
crossover refunded 1/15/01 @102 Aa/AA- 6,458,867
1,500,000 Los Angeles U.S.D. Certificate of Participation,
6.20% due 6/1/01 (Dr. Francisco Bravo
Medical Project) A/A- 1,608,015
1,400,000 Los Angeles Wastewater System Revenue, 6.80%
pre-refunded 8/1/98 @102 AAA/A 1,523,606
2,000,000 Los Angeles County Certificate of Participation
Mobile Digital Comm.,7.70% due 7/15/01 Baa1/BBB+ 2,034,220
1,000,000 Los Angeles County Certificate of Participation
(LAC-CAL Equipment Project)Series 1992-A,
5.70% due 12/1/96 Baa/BBB 1,013,210
3,000,000 Los Angeles County Certificate of Participation
(LAC-CAL Equipment Project)Series 1992-B,
5.00% due 9/1/96 Baa/BBB 3,015,180
1,485,000 Los Angeles County Health Facilities Authority
Rev., 7.20% due 3/1/01, refunded 3/1/98
(Civic View Medical Center Project) AAA+/A 1,602,285
2,500,000 Los Angeles County Pension Obligation Certificates,
6.75% due 6/30/02 Baa1/BBB+ 2,580,350
3,500,000 Los Angeles County Pension Obligation Certificates,
6.875% due 6/30/07 Baa1/BBB+ 3,615,185
1,050,000 Los Angeles County Certificate of Participation
Series B, 5.50% due 7/1/98 A1/A+ 1,080,629
1,000,000 Los Angeles Transit Finance Corporation Certificate
of Participation Series 1992-B,
5.70% due 7/1/99 A1/A+ 1,042,790
1,995,000 Los Angeles Transportation Commission Certificate
of Participation, 5.90% due 7/1/00 A1/A+ 2,109,413
2,500,000 Los Angeles Transportation Commission Certificate
of Participation, 6.00% due 7/1/01 A1/A+ 2,658,525
2,000,000 MSR Public Power Agency Series 1987-C, 6.70%
due 7/1/02 A/A 2,080,300
1,500,000 MSR Public Power Agency Series F, 5.45% due 7/1/01
(San Juan Project; Insured: AMBAC) Aaa/AAA 1,583,010
265,000 New Haven Unified School District Certificate of
Participation, 7.00% due 12/1/99 NR/A- 286,303
1,000,000 Northern California Power Agency Series A, 6.75%
due 7/1/01(Geothermal #3 Project A/A- 1,028,330
2,500,000 Orange County Refunding Recovery, 5.10% due 6/1/02
(Insured: MBIA) Aaa/AAA 2,578,275
7,350,000 Orange County Refunding Recovery, 6.50% due 6/1/04
(Insured: MBIA) Aaa/AAA 8,228,545
5,200,000 Orange County Refunding Recovery, 6.50% due 6/1/05
(Insured: MBIA) Aaa/AAA 5,838,352
1,000,000 Orange County Local Transportation Measure "M" Sales
Tax Revenue, 5.50% due 2/15/01 Aa/AA 1,036,940
8,300,000 Orange County Local Transportation Authority Sales
Tax Revenue, 6.60%(inverse floater) due 2/15/99
(Insured: FGIC) Aaa/AAA 7,868,566
700,000 Orange County Sanitation District, 5.90% due 8/1/15,
put 1/2/96 daily demand notes
(LOC: National Westminister) VMIG1/A+ 700,000
2,000,000 Orange County Special Financing Authority Teeter
Plan Revenue Series E, 6.15% due 11/1/14,
put 11/1/99 (LOC: Industrial Bank of Japan) A1/A+ 2,023,600
5,000,000 Orange County Special Financing Authority Teeter
Plan Revenue Series E, 6.35% due 11/1/14,
put 11/1/01 (LOC: Industrial Bank of Japan) A1/A+ 5,047,900
3,000,000 Oxnard Harbor District Revenue Refunding,
6.60% due 8/1/00 (Insured: Capital Guaranty) Aaa/AAA 3,288,240
2,900,000 Redwood City Multi-Family Housing Revenue
Series 1985-B, 5.20% due 10/1/08,put 10/1/00
(Redwood Shores Apt. Project;
LOC: Continental Casualty) NR/A+ 2,919,401
10,800,000 Sacramento Unified School District Certificate
of Participation, 4.60% due 2/1/19,
mandatory put 8/1/96 NR/NR 10,836,936
2,100,000 San Joaquin County Certificate of Participation,
5.50% due 9/1/99 (General Hospital Project) A/A- 2,122,050
2,000,000 San Marcos PFA Tax Allocation Series 1992-A,
5.60% due 1/1/01 (Insured: FSA) Aaa/AAA 2,126,140
1,995,000 San Marcos PFA Custodial Receipts Revenue, 0% due 3/1/98
Escrowed to Maturity Aaa/NR 1,779,580
1,310,000 San Marcos PFA Custodial Receipts Revenue, 0% due 7/1/98
Escrowed to Maturity Aaa/NR 1,148,241
1,990,000 San Marcos PFA Custodial Receipts Revenue, 0% due 9/1/98
Escrowed to Maturity Aaa/NR 1,729,051
1,990,000 San Marcos PFA Custodial Receipts Revenue, 0% due 3/1/99
Escrowed to Maturity Aaa/NR 1,681,570
1,990,000 San Marcos PFA Custodial Receipts Revenue, 0% due 9/1/99
Escrowed to Maturity Aaa/NR 1,637,511
1,995,000 San Marcos PFA Custodial Receipts Revenue, 0% due 3/1/00
Escrowed to Maturity Aaa/NR 1,592,150
4,180,000 Santa Margarita / Dana Point Authority Revenue
Improvement District Series A, 9.50%
due 8/1/03 (Insured: MBIA) Aaa/AAA 5,429,318
6,335,000 Simi Valley Community Development Agency Certificate
of Participation, 6.05% due 10/1/18,
mandatory put 10/1/99 (Simi Valley Business Center
Project; Insured: New England Mutual Life) NR/AA- 6,559,639
1,000,000 Sonoma County Certificate of Participation
Public Works Improvement Program, 5.875%
due 8/1/04 (Integrated Waste Project) NR/A+ 1,049,190
9,500,000 South Coast Local Education Agencies Series 1995A,
5.00% due 8/14/96 NS/SP1+ 9,556,620
510,000 University of California Revenue Series A,
11.00% due 9/1/99 NR/A- 626,428
780,000 University of California Revenue Series A, 6.30%
due 9/1/00 NR/A- 848,094
Colorado (4.77%)
1,000,000 Adams County School District #12 Series A,
7.20% due 12/15/97, pre-refunded 12/15/96 A/AAA* 1,037,550
500,000 Arvada Limited Sales & Use Tax Series 1991,
6.50% due 6/1/01 Escrowed to Maturity Aaa*/NR 549,635
2,355,000 Boulder Urban Renewal Authority Tax Increment
Refunding Series 1992, 5.90% due 3/1/01
(Insured: MBIA) Aaa/AAA 2,518,013
1,465,000 Boulder Urban Renewal Authority Tax Increment
Refunding Series 1992, 6.00% due 3/1/02
(Insured: MBIA) Aaa/AAA 1,566,730
85,000 Boulder County Single Family Revenue Series 1982-A,
10.00% due 5/1/98 NR/CCC 78,469
385,000 Boulder County Single Family Revenue Series 1982-A,
10.00% due 11/1/98 NR/CCC 355,440
390,000 Boulder County Single Family Revenue Series 1982-A,
10.00% due 11/1/99 NR/CCC 355,263
490,000 Castle Pines Metropolitan District General Obligation
Refunding & Improvement, 7.50% due 12/1/99
(Insured: FSA) Aaa/AAA 547,046
2,000,000 Colorado Housing Finance Authority Capital
Appreciation Series A, 0% due 11/1/01 Aa/AA+ 1,450,340
1,000,000 Colorado Certificate of Participation, 4.75%
due 5/1/97 (Insured: AMBAC) Aaa/AAA 1,011,850
1,055,000 Colorado Student Loan Authority Revenue,
6.625% due 6/1/99 A/NR 1,119,144
1,140,000 Colorado Student Loan Revenue Series 1992-B,
6.20% due 9/1/98 A/NR 1,191,118
865,000 Colorado Student Loan Revenue Series 1992-B,
6.40% due 9/1/99 A/NR 914,599
3,555,000 Colorado Student Loan Revenue Series 1992-B,
6.55% due 12/1/02 A/NR 3,769,402
2,500,000 Colorado Student Obligation Bond Authority Revenue
Series 1992-F, 5.90% due 9/1/02 A/NR 2,564,825
3,230,000 Colorado Student Obligation Bond Authority Revenue
Series 1994-L, 5.90% due 9/1/00 A/NR 3,410,040
1,080,000 Denver City & County Industrial Development Revenue,
7.40% due 3/1/03 NR/BBB+ 1,195,733
(University of Denver Project)
1,155,000 Denver City & County Industrial Development Revenue,
7.50% due 3/1/04
(University of Denver Project) NR/BBB+ 1,278,111
1,185,000 Denver City & County Industrial Development Revenue,
7.60% due 3/1/05
(University of Denver Project) NR/BBB+ 1,310,646
1,000,000 Denver City & County Industrial Development Revenue,
5.375% due 7/1/11, put 7/1/00(Translogic Corporation
Project; LOC: Commerzbank) NR/AA- 1,014,960
445,000 Denver City & County Industrial Development Revenue
Series 1985, 6.40% due 6/1/10,put 6/1/99 (4999 Ltd.
Project; LOC: Central Bank National
Association) NR/A+ 464,353
2,750,000 Highlands Ranch Metro District Refunding Series 1991,
6.70% due 6/15/01
(LOC: Swiss Bank) prerefunded 6/15/96 @ 100 Aaa*/AA+ 2,787,400
2,175,000 Highlands Ranch Metro District #2 General Obligation,
6.00% due 6/15/04 (Insured: FSA) Aaa/AAA 2,298,170
2,800,000 Jefferson County Industrial Development Refunding
Revenue Series 1993,4.60% due 12/1/97
(Dayton Hudson Project) NR/BBB+ 2,785,160
2,000,000 Summit County Recreational Facilities Revenue,
5.80% due 4/1/17, put 10/1/98
(Copper Mountain Project; LOC: Daiwa Bank) NR/BBB 2,016,580
1,000,000 University of Colorado Certificate of
Participation, 7.10% due 12/1/99 A/NR 1,089,350
321,106 Westminster Installment Note, 8.00%
due 12/12/96 *A/NR 332,284
1,750,000 Westminster MFHR, 7.75% due 12/1/07, put 12/1/98
(Green Lawn Aptartments Project;
Insured: FGIC) Aaa/AAA 1,792,035
2,725,000 Westminster Colorado Multi family Housing Revenue
Series 1995, 5.95% due 9/1/15, put 9/1/06
(Semper Village Apartments;
Insured Axa Re/U.K.) NR/AA 2,858,225
Connecticut (1.95%)
2,195,000 Bristol Resource Recovery Facility Operating
Committee - Solid Waste Revenue Refunding
Series 1995, 5.20% due 7/1/97
(Ogden Martin of Bristol Project A/NR 2,212,362
2,290,000 Bristol Resource Recovery Facility Operating
Committee - Solid Waste Revenue Refunding
Series 1995, 5.40% due 7/1/98
(Ogden Martin of Bristol Project) A/NR 2,318,304
1,045,000 Capital Region Education Council, 6.375%
due 11/15/05 NR/BBB 1,058,157
4,670,000 Connecticut Housing Finance Authority Series B1,
7.55% due 11/15/08 (LOC: FHA/VA) Aa/AA 4,892,993
700,000 Connecticut Resource Recovery Authority, 7.125%
due 11/15/08 (Wallingford Project;
LOC: National Westminister) Aa2/AA 737,926
1,000,000 Connecticut Special Tax Obligation Revenue
Series C, 7.40% due 10/1/04 prerefunded
10/1/98 NR/AAA 1,106,280
5,540,000 Connecticut State Special Tax Obligation Series
1989-B, 0% due 7/1/99 (Transportation
Infrastructure Project; Insured: AMBAC) Aaa/AAA 4,805,285
715,000 New Haven General Obligation Series 1991,
8.125% due 8/15/96 Baa/BBB 732,875
District of Columbia (1.94%)
1,000,000 District of Columbia General Obligation 1986
Series A, 7.60% due 6/1/00 prerefunded 6/1/97Aaa*/B 1,064,860
1,000,000 District of Columbia General Obligation 1988 Series A,
7.65% due 12/1/03 (Insured: MBIA) Aaa/AAA 1,118,080
1,505,000 District of Columbia General Obligation Capital
Appreciation Refunding, 0% due 6/1/02
(Insured: MBIA) Aaa/AAA 1,104,023
6,230,000 District of Columbia General Obligation 1994
Series A-3, 4.90% due 6/1/00 Ba/B 6,060,980
2,000,000 District of Columbia General Obligation 1986
Series C, 8.00% due 6/1/99 prerefunded 6/1/96
(Insured: MBIA) Aaa/AAA 2,076,680
1,500,000 District of Columbia General Obligation Refunding
Series A, 5.30% due 6/1/00 Ba/B 1,482,510
500,000 District of Columbia General Obligation Refunding
Series A, 5.50% due 6/1/01 Ba/B 493,535
4,000,000 District of Columbia Certificate of Participation
Series 1993, 6.875% due 1/1/03 NR/B- 4,069,840
275,000 District of Columbia Association of American Medical
College, 7.20% due 2/15/01 NR/AA- 301,452
Florida (1.65%)
225,000 Broward County Educational Fac. Auth. Rev.,
8.125% due 4/1/96 (Nova University Project)
Escrowed to Maturity NR/AAA* 227,619
5,790,000 Dade County Housing Finance Authority Multifamily
Mortgage Revenue Series 1985 A,
4.60% due 1/1/15, put 1/1/99 (Gulf View Apartments
Project; LOC: Sumitomo & Credit Suisse NR/AAA 5,812,986
4,500,000 Florida Housing Agency MFHR Series RR, 5.50% due 11/1/07,
put 11/1/97 (Palm Beach Oxford Project;
Insured: Financial Security Assurance) Aaa/AAA 4,578,030
1,200,000 Florida Housing Finance Authority Multifamily
Housing Revenue, 5.10% due 4/1/13, put
4/1/02(Park Colony Project; LOC: Mellon Bank)NR/A+ 1,206,744
1,200,000 Florida Housing Finance Authority Series 1983-I, 4.85%
due 12/1/05, put 12/1/99(Wood Forest Project;
LOC: Connecticut General) NR/AA 1,199,952
270,000 Florida Housing Finance Authority Series 1983-I, 4.85%
due 12/1/05, put 12/1/99(Wood Forest Project;
LOC: Connecticut General) NR/AA 272,551
1,680,000 Florida Housing Finance Authority Capital
Appreciation Residential Mortgage Revenue,
0% due 7/15/01 (LOC: Citibank) NR/AA 933,694
725,000 Martin County Combined Special Assessment Series 1990-A,
8.125% due 3/1/01 NR/NR 816,517
100,000 Pensacola Health Facility Authority Revenue, 4.60% due 1/1/00
(Daughter of Charity National Health Project)Aa/NR 100,399
Georgia (0.70%)
2,960,000 Augusta Housing Authority MFHR Series 1992, 5.50% due
4/1/05, put 4/1/97 (Stevens Creek Commons Project;
LOC: Federal Home Loan Bank) NR/AAA 3,013,635
3,320,000 DeKalb County Multifamily Housing Revenue Series 1985-G,
5.50% due 7/15/07,put 7/15/97 (DeKalb Crossing
Project; Insured: Continental Casualty) NR/A+ 3,356,387
Hawaii (2.06%)
6,000,000 Hawaii State Refunding Series CB, 5.00%
due 1/1/00 Aa/AA 6,181,980
2,000,000 Hawaii Airport System Revenue Refunding, 5.10% due
7/1/99 (Insured: MBIA) Aaa/AAA 2,062,040
1,340,000 Hawaii State Department Budget & Finance Special
Purpose Mortgage Revenue, 6.70% due 7/1/97
(Queens Medical Center Project; Insured:FGIC)Aaa/AAA 1,394,739
1,210,000 Hawaii State Department Budget & Finance Special
Purpose Mortgage Revenue, 7.125% due 7/1/98
(Wahiawa General Hospital Project) NR/BBB- 1,270,137
1,500,000 Hawaii State Department Budget & Finance Special
Purpose Mortgage Revenue, 5.70% due 7/1/03
(Kapiolani Health Care System Project) A/A 1,550,820
5,885,000 Honolulu General Obligation Series 1995, 6.00% due
11/1/02 (Insured: MBIA) Aaa/AAA 6,442,780
Idaho (0.65%)
746,429 Boise Industrial Development Corporation IDRB Series
1985, 10.816% due 8/29/00 (Associated Dairies Project;
Guaranteed: Chemical Bank) *A2/A* 746,361
4,980,000 Idaho Falls Electric Revenue Refunding, 0% due 4/1/00
(Insured: FGIC) Aaa/AAA 4,188,329
1,025,000 Idaho Student Loan Marketing Association Refunding
Revenue Series 1992, 6.40% due 10/1/99 NR/NR 1,054,059
Illinois (2.10%)
1,455,000 Cook County Community College District 508 COP,
7.70% due 1/1/97 (Insured: FGIC Aaa/AAA 1,512,865
1,800,000 Cook County Community College District 508 COP,
8.50% due 1/1/02 (Insured: FGIC) Aaa/AAA 2,175,228
1,000,000 Hoffman Estates Tax Increment Revenue, 7.00% due 11/15/97
(Hoffman Estates Economic Development Project;
LOC: Union Bank of Switzerland) Aaa/AAA 1,045,020
2,000,000 Illinois Health Facilities Authority Revenue Series 1992,
7.00% due 7/1/02(Trinity Medical
Center Project) Baa1/NR 2,108,620
1,000,000 Illinois Health Facilities Authority Revenue Series 1993-A,
7.875% due 8/15/05 (Community Provider Pooled
Loan Program Project) NR/NR 1,049,710
1,000,000 Illinois Educational Facilities Authority Revenue,
5.625% due 10/1/26,put 10/1/96 (Museum of Science
and Industry Project; LOC: Sanwa Bank) Aa3/NR 1,013,780
5,415,000 Lombard Multifamily Housing Refunding Revenue, 6.50%
due 12/15/06,mandatory tender 12/15/96
(Surety Bond: Continental Casualty; Clover Creek
Apartments Project) NR/A+ 5,569,219
3,000,000 Southern Illinois University Revenue Refunding Series 86-A,
7.125% due 4/1/03 A/A 3,067,290
1,575,000 Winnebago & Boone Counties School District # 205 G.O.,
7.00% due 2/1/98 (Insured: FSA) NR/AAA 1,670,665
Indiana (1.64%)
895,000 Gary Indiana Judgement Funding General Obligation,
6.60% due 6/15/99 NR/NR 934,774
570,000 Gary Indiana Judgement Funding General Obligation,
6.60% due 12/15/99 NR/NR 598,221
2,000,000 Indiana Bond Bank Series B, 7.25% due 2/1/01
Special Loan Program) A/A 2,148,980
1,120,000 Indiana Bond Bank Special Program Series 1992-B,
5.60% due 8/1/99 NR/A 1,163,747
1,000,000 Indiana Bond Bank State Revolving Fund Guaranty
Revenue Series 1993-A, 5.30% due 2/1/99 NR/A 1,026,620
2,640,000 Indiana Bond Bank State Revolving Fund Guaranty
Revenue Series 1993-A, 5.50% due 2/1/00 NR/A 2,735,489
1,500,000 Indiana Health Facilities Revenue, 5.55% due
7/1/01 (Marion General Hospital Project;
Insured: MBIA) Aaa/AAA 1,579,035
500,000 Indianapolis Economic Development Revenue, 8.625% due
12/1/07, put 12/1/97 (Suncrest Project;
FNMA Collateralized) NR/AAA 537,545
1,645,000 Logansport Multi-Purpose School Building Corporation
First Mortgage Refunding Series 1992,
5.50% due 7/1/01 NR/A 1,721,164
Iowa (1.43%)
500,000 Davenport Hospital Revenue Series A, 6.90% due
7/1/99 (St. Luke's Hospital Project;
Insured: AMBAC) Aaa/AAA 543,410
500,000 Iowa Higher Educational Loan Facilities Authority,
5.50% due 8/1/02 (Insured: MBIA) Aaa/AAA 500,000
1,500,000 Iowa Certificate of Participation, 6.10% due 7/1/01
(Insured: AMBAC) Aaa/AAA 1,612,860
2,000,000 Iowa Student Loan Liquidity Corporation Student Loan
Revenue 1991 Series C, 6.80% due 12/1/02 Aaa/AAA 2,179,660
750,000 Iowa Student Loan Liquidity Corporation Student
Loan Revenue Series A, 6.35% due 3/1/01 Aa1/NR 792,780
2,600,000 Marion Commercial Development Revenue Refunding Series
1991-A, 7.25% due 1/1/14, put 7/1/02
(Collins Road Project; Insured: Trygg-Hansa) NR/A+ 2,812,238
4,445,000 Muscatine Electric Revenue Refunding Series 1992, 5.40%
due 1/1/00 (Insured: AMBAC) Aaa/AAA 4,634,757
Kansas (0.83%)
1,000,000 Kansas City Industrial Revenue Series 12/1/84, 7.20%
due 12/1/04 (Ash Grove Cement Project) Aa2/NR 1,046,950
2,000,000 Lenexa Industrial Revenue Series 8/1/83, 9.50% due 8/1/98
(J.C. Nichols Co. Project) NR/NR 2,228,200
20,000 Olathe Single Family Mortgage Revenue Series A, 9.375%
due 11/1/00 NR/A 20,758
4,055,000 Topeka Multifamily Housing Revenue Refunding Series
1991-A, 7.25% due 4/1/21, put 4/1/02
(Fleming Court Project; Insured: Trygg-Hansa)NR/A+ 4,306,410
Kentucky (0.95%)
630,000 Danville Multi-Lease Revenue Series E, 5.40% due
11/1/96 Baa1/NR 635,613
4,500,000 Jefferson County Insured Hospital Revenue Series
1992, 8.885% (inverse floater)due 10/1/02
(Alliant Health Systems; Insured: MBIA) Aaa/AAA 5,253,750
2,590,000 Paintsville First Mortgage Revenue Series 1991
(Paul B. Hall Medical Center Project), 8.50% due 9/1/03
(Guaranteed: Health Management Associates) NR/NR 2,780,676
Louisiana (4.37%)
290,000 East Baton Rouge Sewage Commission Sewer Revenue,
8.05% due 9/1/96 Baa/BBB 297,902
2,020,000 East Baton Rouge Parish Public Improv. Sales Tax Series
1993-A, 8.00% due 2/1/00 (Insured: FGIC) Aaa/AAA 2,292,538
2,165,000 East Baton Rouge Parish Public Improv. Sales Tax Series
1993-A, 8.00% due 2/1/01 (Insured: FGIC) Aaa/AAA 2,505,035
1,100,000 Louisiana Public Facilities Authority Hospital Revenue &
Refunding, 5.61%(inverse floater) due 7/1/97
(St. Francis Medical Center Project;
Insured: FSA) Aaa/AAA 1,072,863
1,000,000 Louisiana Public Facilities Authority Hospital Revenue &
Refunding, 6.11%(inverse floater) due 7/1/98 (St. Francis
Medical Center Project; Insured: FSA) Aaa/AAA 976,910
1,200,000 Louisiana Public Facilities Authority Hospital Revenue &
Refunding, 6.41%(inverse floater) due 7/1/99 (St. Francis
Medical Center Project; Insured: FSA) Aaa/AAA 1,158,180
1,100,000 Louisiana Public Facilities Authority Hospital Revenue &
Refunding, 6.66%(inverse floater) due 7/1/00 (St. Francis
Medical Center Project; Insured: FSA Aaa/AAA 1,054,427
1,300,000 Louisiana Public Facilities Authority Hospital Revenue &
Refunding, 6.86%(inverse floater) due 7/1/01 (St. Francis
Medical Center Project; Insured: FSA) Aaa/AAA 1,225,094
3,000,000 Louisiana PFA MFHR Series 1991, 6.00% due 7/1/07, put
7/1/97(Riverview Villas Project; Guaranteed:
Connecticut General Life) NR/AA 3,015,000
3,000,000 Louisiana PFA Student Loan Revenue Series A-1, 5.90%
due 3/1/99 Aaa/NR 3,120,150
2,250,000 Louisiana PFA Student Loan Revenue Series A-1, 6.10%
due 3/1/00 Aaa/NR 2,376,630
1,850,000 Louisiana PFA Local Government G.O. Refunding Series A,
4.85% due 3/1/99 (Insured: FSA) Aaa/AAA 1,887,463
1,500,000 Louisiana General Obligation Refunding Series 1987-B,
8.00% due 5/1/00, pre-refunded 5/1/97
(Insured: Capital Guaranty) NR/AAA 1,610,925
500,000 Louisiana Recovery District Sales Tax Series 1988,
7.625% due 7/1/96 A/A- 508,980
2,450,000 Louisiana Recovery District Sales Tax Refunding Series
1992, 5.70% due 7/1/98 A/A- 2,533,006
5,000,000 Louisiana Recovery District Sales Tax Refunding Series 1992,
5.50% due 7/1/98 (Insured: MBIA) Aaa/AAA 5,157,850
500,000 Louisiana State University Agricultural & Mechanical
College Board, 7.70% due 4/15/02
Escrowed to Maturity NR/A 549,440
1,120,000 Orleans Levee District Refunding Improvement Series A,
7.50% due 11/1/98 NR/BBB+ 1,133,496
6,760,000 Orleans Levee District Public Improvement Trust Receipts
Series 1995-A, 5.95% due 11/1/01
(Insured: FSA) Aaa/NR 7,088,198
460,000 Ouachita Parish Hospital Revenue District # 1
Series 1991, 7.25% due 7/1/01 NR/A- 508,976
Maine (0.17%)
500,000 Regional Waste Systems Incorporated Series A-C, 7.30%
due 7/1/98 NR/AA 535,195
1,000,000 Topsham Revenue, 7.20% due 9/1/05, put 9/1/96
(Guaranteed: Continental Insurance Co.) NR/AA+ 1,022,620
Maryland (0.71%)
2,000,000 Howard County Maryland Multifamily Housing Revenue,
7.00% due 7/1/24, put 7/1/04 (Chase Glen Project;
Guaranty: Avalon Prop.) Baa3/NR 2,201,620
3,000,000 Prince Georges County Solid Waste Management System
Revenue Series 1993, 4.60% due 6/15/00
(Insured: F.S.A.) Aaa/AAA 3,028,860
1,105,000 Washington Suburban Sanitary District Series 1994,
8.75% due 6/1/99 Aa1/AA 1,267,523
Massachusetts (5.39%)
1,000,000 Boston General Obligation Series A, 7.25%
due 7/1/99 A/A+ 1,089,540
1,600,000 Boston General Obligation Series A, 7.60%
due 2/1/04 pre-refunded 2/1/99 Aaa+/A+ 1,789,568
1,000,000 Boston FHA Insured City Hospital Revenue
Series A, 7.15% due 2/15/01 prerefunded 8/15/00
(Boston City Hospital Project) Aaa/NR 1,140,240
90,000 Haverhill General Obligation Municipal Purpose Loan
Series 1991, 7.50% due 10/15/11 Baa/BBB 100,465
765,000 Holyoke General Obligation, 9.85%, due 11/1/08,
refunded 11/1/97 @102 Aaa/NR 855,981
690,000 Holyoke General Obligation Electric Revenue Series 1991-A,
8.00% due 6/1/01 Baa/NR 752,024
600,000 Holyoke General Obligation Sewer Revenue Series B,
8.00% due 6/1/01 Baa/NR 652,206
1,670,000 Holyoke General Obligation School Project Loan Act
of 1948, 7.35% due 8/1/02 Baa/NR 1,880,186
1,060,000 Lynn General Obligation, 7.00% due 1/15/04 Baa1/NR 1,167,993
705,000 Massachusetts Educational Loan Revenue Series 1985-C,
7.875% due 6/1/03 (LOC: Rabobank Nederland) NR/AAA 754,272
2,000,000 Massachusetts General Obligation Consolidated Loan of
1991 Series B, 0% due 6/1/01 A1/A+ 1,587,980
2,000,000 Massachusetts General Obligation Consolidated Series 1987-A,
5.75% due 3/1/99 A1/A+ 2,074,940
1,500,000 Massachusetts Dedicated Income Tax Series A General
Obligation, 7.25% due 6/1/9 A1/A+ 1,522,185
2,315,000 Massachusetts Dedicated Income Tax Series A General
Obligation, 7.875% due 6/1/97 A1/A+ 2,444,177
3,000,000 Massachusetts Hynes Convention Center Authority Refunding
Series 1992, 0% due 9/1/00 A1/A+ 2,452,560
2,500,000 Massachusetts Hynes Convention Center Authority Refunding
Series 1992, 0% due 9/1/02 A1/A+ 1,844,700
690,000 Massachusetts State Health & Education Facilities
Authority Series B, 6.50% due 7/1/97
(Charlton Hospital Project) A/A 711,494
1,465,000 Massachusetts State Health & Education Facilities
Authority Series B, 6.70% due 7/1/98
(Charlton Hospital Project) A/A 1,537,019
1,245,000 Massachusetts State Health & Education Facilities
Authority Series B, 6.875% due 7/1/99
(Charlton Hospital Project) A/A 1,321,680
2,500,000 Massachusetts IFA Recovery Refunding Revenue Series
1993-A, 5.45% due 7/1/01 (Insured: FSA) Aaa/AAA 2,609,725
1,920,000 Massachusetts IFA Stetson Place Development Trust
Series A, 5.125% due 6/1/08,
put 6/1/98 (LOC: State Street Bank & Trust) Aa2/NR 1,947,187
2,345,000 New Bedford Industrial Revenue, 7.42% due 7/1/02
(Aerovox Corporation Project) NR/A- 2,427,263
2,000,000 New England Educational Loan Marketing Corporation Student
Loan Revenue Series 1993-E, 5.00% due 7/1/99 A1/A- 2,030,140
1,000,000 New England Educational Loan Marketing Corporation Student
Loan Revenue Series 1992-F, 6.50% due 9/1/02 Aa/NR 1,070,670
3,000,000 New England Educational Loan Marketing Corporation Student
Loan Revenue Series 1993-B, 5.40% due 6/1/00 A1/A- 3,094,920
2,500,000 New England Educational Loan Marketing Corporation Student
Loan Revenue Series 1993-G, 5.00% due 8/1/00 A1/A- 2,540,850
425,000 South Essex Sewer District General Obligation,
9.00% due 12/1/96 Baa1/NR 445,056
425,000 South Essex Sewer District General Obligation,
9.00% due 12/1/97 Baa1/NR 463,671
425,000 South Essex Sewer District General Obligation,
9.00% due 12/1/98 Baa1/NR 480,403
295,000 South Essex Sewer District General Obligation,
9.00% due 12/1/99 Baa1/NR 344,421
550,000 Springfield General Obligation, 7.75%
due 5/1/99 Baa/NR 598,785
250,000 Springfield General Obligation, 7.75%
due 5/1/00 Baa/NR 276,422
300,000 Springfield General Obligation, 7.75%
due 5/1/01 Baa/NR 335,412
300,000 Springfield General Obligation, 7.80%
due 5/1/02 Baa/NR 338,538
2,000,000 University of Massachusetts Bldg. Authority Ref.
Revenue Series 1991-A, 6.80% due 5/1/99 A1/A+ 2,163,260
1,000,000 University of Massachusetts Bldg. Authority Ref.
Revenue Series 1991-A, 7.15% due 5/1/03 A1/A+ 1,157,360
1,250,000 Worcester Municipal Purpose Loan of 1991 General
Obligation, 6.80% due 5/15/01 (Insured: MBIA)Aaa/AAA 1,394,475
Michigan (2.24%)
1,300,000 Detroit General Obligation Series 1990-A, 8.50%
due 4/1/00 Ba1/BBB 1,471,249
1,500,000 Detroit Distributable State Aid General Obligation
Unlimited Series 1992,5.625% due 5/1/97 Baa/BBB 1,525,695
3,000,000 Detroit Economic Development Corp. Refunding, 7.00%
due 6/1/12, put 6/1/02 (F.H. Associates Project;
Surety: ITT Lyndon Property Insurance) NR/NR 3,296,070
47,777 Fenton Lease Purchase Agreement, 8.00%
due 8/1/96 NR/NR 47,875
1,200,000 Flint Tax Increment Finance Authority Limited Tax
General Obligation Series 1985,
9.30% due 6/1/97 Escrowed to Maturity Baa/AAA* 1,288,476
1,490,000 Michigan State Hospital Finance Authority Revenue Series
1991-A, 8.30% due 9/1/0 Ba/BBB- 1,581,054
6,570,000 Michigan State Housing Development Authority Rental
Housing Rev. Series 1992-A,
5.40% due 4/1/98 (Detroit Edison Project) NR/A+ 6,684,252
2,000,000 Wayne County Building Authority Limited Tax General
Obligation Sinking Fund Series 1992-A, 7.80%
due 3/1/05, prerefunded 3/1/02 @ 102 Baa/AAA* 2,252,920
2,000,000 Wayne County Wastewater Control System Limited Tax General
Obligation Refunding, 7.875% due 5/1/02 Baa/BBB- 2,380,060
Minnesota (2.02%)
4,820,000 Burnsville MFHR Series 1991, 7.20% due 5/1/11,
put 5/1/02 (The Atrium Project;
Insured: Trygg-Hansa) NR/A+ 5,032,128
1,100,000 Coon Rapids Industrial Development Ref. Rev., 6.75% due
12/1/01 (LOC: Norwest Bank) Aa3/AA 1,130,316
2,000,000 Hennepin County G.O. Solid Waste Revenue Refunding Series
1992, 4.65% due 10/1/97 Aaa/AAA 2,029,520
1,500,000 Metropolitan Council Minneapolis - St. Paul Area Sports
Facilities Revenue,5.30% due 10/1/00
(Hubert H. Humphrey Metrodome Project) A/A 1,554,645
3,300,000 Minneapolis - Saint Paul Housing & Redevelopment
Authority Series 1993, 5.00% due 12/1/04, put 12/1/98
(Corporate Partner Project;
LOC: Continental Insurance) NR/A+ 3,299,868
690,000 Minneapolis MFHR Refunding Series 1991,
6.75% due 10/1/01 (Churchill Apartments Project;
FHA Insurance Mortgage) NR/AAA 745,745
1,250,000 Minneapolis School District Certificate of Participation,
5.30% due 2/1/00 Baa1/A 1,285,975
1,910,000 Minneapolis-Saint Paul Single Family Housing Revenue
Series A, 8.25% due 11/1/07 NR/AAA 2,049,716
1,380,000 Saint Cloud Industrial Development Revenue Refunding
Series 1992, 6.25% due 4/1/98 (Alton Realty Co. & Pan-O-Gold
Baking Co. Project;LOC: Norwest
Bank of Minnesota) NR/AA- 1,411,009
Mississippi (0.78%)
1,700,000 Jackson County Pollution Control Revenue, 5.90% due 6/1/23,
put 1/2/96 daily demand notes Aa2/P-1 1,700,000
2,000,000 Mississippi Higher Education Assistance Corporation
Student Loan Revenue Series 1992-B, 6.00%
due 1/1/00 NR/A 2,082,820
1,300,000 Mississippi Hospital Equipment & Facilities Authority
Revenue, 8.60% due 1/1/01 (Rush Medical
Foundation Project) Baa/NR 1,459,185
1,920,000 Ridgeland Multifamily Housing Rev. Series 1985, 6.50%
due 10/1/07, put 10/1/97
(Sunchase Apartments Project) NR/AAA 1,948,896
Missouri (1.57%)
4,000,000 Missouri Higher Education Loan Authority Student Loan
Revenue Refunding, 5.50% due 2/15/00 Aa/NR 4,117,200
3,000,000 Missouri Economic Development Export & Infrastructure
Board Industrial Revenue Series 1993, 5.375% due 5/1/03,
mandatory put 5/1/00 (Mark Twain Tower Project;
Lincoln National Insurance Guaranty) NR/A 3,050,190
760,000 Missouri State Housing Development Authority Revenue,
6.30% due 7/15/99 Aa/AA+ 774,182
1,055,000 Missouri Health & Education Facilities Authority Revenue,
0% due 1/1/02 (Missouri Baptist Medical
Center Project) Escrowed to Maturity Aaa*/A- 773,294
255,000 Missouri State Environmental Improvement & Energy
Resources Authority Water Pollution Control Revenue
Series 1991-A, 6.50% due 12/1/02
(State Revolving Revenue Project) A1/NR 281,370
325,000 Missouri State Environmental Improvement & Energy
Resources Authority Water Pollution Control Revenue
Series 1991-A, 6.60% due 12/1/03
(State Revolving Revenue Project) AA/NR 359,206
1,080,000 St. Louis County Industrial Development Authority Housing
Revenue Series 1992-A, 6.00% due 6/1/98 A/NR 1,123,535
3,860,000 St. Louis IDA Refunding Revenue Series 1993-B, 5.10%
due 12/1/08, put 12/1/00, (Westport Residence Project;
Guaranteed: Lincoln National Corporation) NR/A 3,859,846
Montana (0.17%)
1,000,000 Billings Tax Increment Urban Renewal Series 1987-A,
8.65% due 3/1/99,refunded 3/1/98 Aaa/NR 1,097,050
450,000 Montana Higher Education Student Loan
Revenue Series 1992-A, 6.70% due 12/1/01 A/NR 482,112
Nebraska (0.80%)
3,000,000 Nebraska Industrial Finance Authority Tax Exempt Multifamily
Housing Revenue Refunding Series 1995-A, 5.50% due 12/1/25,
put 12/1/05 (Willow Park Apartments Project;
LOC: FNMA Collateral) NR/AAA 3,029,550
2,500,000 Nebraska Public Power District Series 1993,
5.10% due 1/1/00 A1/A+ 2,575,650
1,500,000 Nebraska Investment Finance Authority Hospital Equipment
Revenue, 6.85% due 3/1/02(Insured: MBIA) Aaa/AAA 1,681,065
Nevada (0.53%)
760,000 Las Vegas Downtown Redevelopment Project Revenue, 7.65%
due 6/1/97 Baa/A- 787,360
780,000 Las Vegas Valley Water District, 6.60% due 8/1/98
(Insured: AMBAC) Aaa/AAA 827,206
1,085,000 Washoe County Airport Authority Revenue Refunding,
5.30% due 7/1/00 (Insured: MBIA) Aaa/AAA 1,126,306
1,325,000 Washoe County Airport Authority Revenue Refunding,
5.45% due 7/1/01 (Insured: MBIA) Aaa/AAA 1,383,154
700,000 Washoe County Airport Authority Revenue Refunding,
5.60% due 7/1/02 (Insured: MBIA) Aaa/AAA 737,765
New Hampshire (0.56%)
40,000 New Hampshire Higher Educational & Health Facilities
Authority Student Loan Revenue 1983 Series A, 10.00%
due 9/1/97 (New Hampshire Higher Educational Assistance
Foundation; Insured: AMBAC) Aaa/AAA 44,074
990,000 New Hampshire Industrial Development Authority Revenue
Series 1995, 7.70% due 7/1/00
(Electra/ PJ-Allied Project) A2/NR 990,040
2,030,000 New Hampshire Industrial Development Authority Revenue,
6.40% due 12/1/09 put 12/1/99 (Central Vermont Public
Service Project; LOC: Toronto Dominion Bank) NR/AA 2,155,190
1,920,000 New Hampshire Industrial Development Authority Revenue
Series 1991, 5.50% due 12/1/11,(Claremont American Brush
Company/Stanley Works Project) A2/NR 1,940,026
New Jersey (0.48%)
2,400,000 New Jersey Economic Development Authority Series 1991,
6.875% due 10/1/14, optional put 10/1/98
(Fairway Corporation II Project;
Guaranty: Provident Mutual Life) A2/NR 2,443,272
1,000,000 New Jersey Turnpike Authority Revenue Series A,
5.70% due 1/1/01 Baa1/BBB+ 1,044,280
807,131 New Jersey Wastewater Treatment Trust - Wastewater Treatment
Insured Loan Revenue Series 1987, Amortizing Coupon
M-COATES, 9.00% due 9/1/97 *Aaa/AAA* 869,054
New Mexico (1.06%)
2,000,000 Albuquerque Multifamily Housing Revenue Series 1988,
5.00%due 5/1/98 (Sunchase Apartments Project)NR/AAA 2,000,040
250,000 Espanola Sinking Fund Sales Tax Revenue, 7.70% due 7/1/96
(Escrowed to Maturity) *Aaa/AAA* 255,268
5,390,000 Jicarilla Apache Tribe Tribal Revenue Refunding,
7.75% due 7/1/05 NR/A 5,546,256
239,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 7/1/97 (ETM) NR/AAA 257,018
261,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 7/1/98 (ETM) NR/AAA 291,952
273,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 1/1/99 (ETM) NR/AAA 310,963
285,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 7/1/99 (ETM) NR/AAA 330,372
298,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 1/1/00 (ETM) NR/AAA 350,472
326,000 Santa Fe County Office and Training Facilities Series 1990,
9.00% due 1/1/01 (ETM) NR/AAA 395,161
New York (4.23%)
1,785,000 Islip Resource Recovery Agency Series 85 D, 5.95%
due 7/1/03 (Insured: AMBAC) Aaa/AAA 1,942,383
630,000 Jamestown General Obligation Series A, 7.00%
due 3/15/97 Baa/NR 652,819
3,000,000 Metropolitan Transit Authority Series M,
5.10% due 7/1/98 Baa/BBB+ 3,052,140
1,240,000 New York City General Obligation Series E,
7.20% due 2/1/00 Baa1/BBB+ 1,340,638
2,760,000 New York City General Obligation Series D,
6.30% due 2/1/01 Baa1/BBB+ 2,892,811
2,695,000 New York City General Obligation Series E,
6.30% due 8/1/01 Baa1/BBB+ 2,835,706
2,175,000 New York City Municipal Water Finance Authority Water &
Sewer System Revenue, 7.10% due 6/15/97 A/A- 2,272,331
1,000,000 New York City Municipal Water Finance Authority Water &
Sewer System Revenue, 7.15% due 6/15/98 A/A- 1,069,450
3,000,000 New York Dorm Authority Revenue State University
Educational Facilities, 5.25% due 7/1/02
(Insured: AMBAC) Aaa/AAA 3,148,080
1,000,000 New York Dorm Authority Revenue State University
Educational Facilities Series A,
7.00% due 5/15/04 Baa1/BBB+ 1,122,010
7,110,000 New York State Dormitory Authority Series 1994-B, 6.00%
due 7/1/24, put 12/5/99 (Miriam Osborn Memorial
Home Project; LOC: Banque Paribas) A1/A 7,425,400
2,000,000 New York State Health Facilities Revenue Refunding
Series 1990-A, 7.90% due 11/1/99 Baa/BBB+ 2,218,520
1,500,000 Local Government Assistance Corporation Revenue Series D,
6.50% due 4/1/02 A/A 1,660,995
1,500,000 New York State Medical Care Facilities Finance
Agency 1991 Series A, 7.25% due 2/15/01 Baa1/BBB+ 1,646,400
2,500,000 New York State Urban Development Corporation, 7.60%
due 4/1/03, pre-refunded 4/1/01 AAA/BBB 2,921,550
2,500,000 Syracuse Industrial Development Authority Pilot
Revenue Refunding Series 1995, 5.125%
due 10/15/02 (LOC: ABN AMRO Bank) NR/AA 2,510,475
North Carolina (0.48%)
3,575,000 Carteret County Certificate of Participation Series 1992,
6.50% due 2/1/00 (Elementary School Project) Baa1/BBB+ 3,750,711
610,000 North Carolina Housing Finance Authority Single
Family Housing Revenue, 6.80% due 7/1/08
(Insured: FHA/VA) Aa1/AA+ 617,655
North Dakota (0.11%)
1,000,000 North Dakota Building Authority Refunding Rev.
Series 1993-A, 5.15% due 6/1/00
(Insured: AMBAC) Aaa/AAA 1,034,270
Ohio (4.44%)
1,000,000 Barberton Hospital Facilities Series 1992,
6.65% due 1/1/02 A/NR 1,083,720
2,000,000 Belmont County IDRB Series 1991, 6.50% due 1/1/00
(May Department Stores Co. Project) NR/A 2,121,820
400,000 Cambridge Hospital Revenue Refunding Series 1991,
7.25% due 12/1/97 NR/BBB 419,096
3,000,000 Cincinnati School District Tax Anticipation Notes,
5.40% due 12/1/96 NR/A- 3,037,560
1,500,000 Cincinnati School District Revenue Anticipation Notes,
5.75% due 6/15/98 NR/A- 1,551,885
1,000,000 Cincinnati School District Revenue Anticipation
Notes, 6.15% due 6/15/02 NR/A- 1,079,970
500,000 Cincinnati School District Revenue Anticipation Notes,
6.05% due 6/15/00 NR/A- 531,830
2,250,000 Clermont County Hospital Facilities Revenue Refunding
Series 1993-B, 4.70% due 9/1/99 (Mercy Health System
Project; Insured: MBIA) Aaa/AAA 2,288,565
2,000,000 Cleveland Certificate of Participation, 7.10%
due 7/1/02 (Motor Vehicle & Community
Equipment Project) Baa/BBB 2,119,260
5,000,000 Cleveland School District Revenue Anticipation
Notes Series 1993, 4.70% due 6/1/99
(Insured: AMBAC) Aaa/AAA 5,088,100
1,195,000 Columbus School Building Corporation, 5.50%
due 1/15/01 (Insured: MBIA) Aaa/AAA 1,256,065
1,255,000 Columbus School Building Corporation, 5.50%
due 1/15/02 (Insured: MBIA) Aaa/AAA 1,324,138
2,000,000 Cuyahoga County Health Care Facilities Revenue
Series 1995-A, 5.30% due 12/1/25 put 12/1/05
(Benjamin Rose Institute Project;
LOC: Society National) NR/A 1,999,900
3,360,000 Cuyahoga County Housing Revenue Series 1993,
7.00% due 4/1/00 (North Coast
Community Homes Project) NR/NR 3,486,638
1,000,000 Erie County Hospital Improvement Refunding
Revenue Series 1992, 6.25% due 1/1/01
(Firelands Community Hospital Project) A/A- 1,055,650
2,000,000 Franklin County General Obligation, 6.375%
pre-refunded 12/1/01 @102 Aaa/AAA 2,243,720
1,100,000 Hamilton County Hospital Facilities Refunding Revenue
Series 1992, 6.25% due 1/1/01 (Episcopal
Retirement Homes, Inc. Project;
LOC: Fifth/Third Bank) Aa2/NR 1,185,932
3,670,000 Lorain County First Mortgage Revenue Series 1992-B,
6.375% due 2/1/07,put 2/1/97 (Kendal at Oberlin Project;
LOC: Bank of Ireland) A1/A- 3,730,812
3,095,000 Ohio Water Development Authority Safe Water
Refunding Series 1992,0% due 12/1/00
(Insured: MBIA) Aaa/AAA 2,521,156
1,060,000 Switzerland Local School District of Monroe County Revenue
Anticipation Notes Series 1995, 6.25%
due 6/15/00 NR/NR 1,088,938
2,765,000 Warren County Hospital Facilities Improvement
and Refunding Revenue,6.80% due 7/1/01
(Otterbein Home Project;
LOC: Fifth/Third Bank) Aa2/NR 3,049,436
910,000 Washington County Hospital Facilities Revenue, 6.875% due
9/1/02 (Marietta Area Health Project) Baa1/NR 967,521
Oklahoma (0.67%)
1,190,000 Broken Arrow Utility System & Sales Tax Revenue Refunding
Series 1992-A, 6.00% due 5/1/01
(Insured: FGIC) Aaa/AAA 1,282,570
250,000 Comanche County SFMR Refunding 1990 Series,
7.60% due 12/1/98 A1/NR 265,850
260,000 Comanche County SFMR Refunding 1990 Series,
7.65% due 6/1/99 A1/NR 277,207
1,060,000 Oklahoma City Municipal Improvement Authority Water &
Sewer Revenue Series Refunding A, 0%
due 7/1/00 (Insured: AMBAC) Aaa/AAA 869,603
1,340,000 Pushmatahah County Town of Antlers Hospital Authority
Revenue Refunding Series 1991,
8.75% due 6/1/03 NR/NR 1,482,000
1,940,000 Tulsa PFA Solid Waste Steam & Electric Revenue
Refunding Series 1994, 4.90% due 11/1/99 (Ogden Martin
Systems of Tulsa Inc. Project; Insured:AMBAC)Aaa/AAA 1,986,890
Oregon (0.56%)
2,500,000 Clackamas County Hospital Facilities Revenue,
6.10% due 10/1/01 A1/AA- 2,695,375
2,000,000 Oregon State Department of Transportation Regional
Light Rail Extension, 5.20% due 6/1/98
(Westside Light Rail Project; Insured: MBIA) Aaa/AAA 2,058,540
330,000 Springfield General Obligation, 6.70%
due 10/1/00 A/A 332,241
Pennsylvania (5.44%)
1,900,000 Allentown Area Hospital Authority Revenue Series 1991,
7.75% due 7/1/98 (Sacred Heart Hospital
Project) NR/BBB 2,049,910
1,250,000 Armstrong County Hospital Authority Series 1992-A,
5.25% due 11/1/12, put 11/1/97
(LOC: Pittsburgh National Bank) A1/NR 1,270,700
1,000,000 Chester County Utility, 7.00%
pre-refunded 8/1/01 Aa/AAA* 1,131,760
550,000 Clairton School District General Obligation,
0% due 11/1/99 NR/A 450,274
500,000 Clairton School District General Obligation,
0% due 11/1/02 NR/A 356,095
3,060,000 Delaware County Health Facilities Authority Revenue
Series 1993-B, 5.375% due 11/15/99 (Mercy Health
Corporation of S.E. Pennsylvania Project) NR/BBB 3,061,377
2,500,000 Delaware County Industrial Development Authority
Refunding Revenue Series A, 7.40% due 12/1/98 (Resource
Recovery Project; LOC: Bank of America) Aa3/AA- 2,625,175
2,030,000 Erie School District General Obligation, 0% due
6/1/00 Escrowed to Maturity Aaa*/A 1,679,297
1,000,000 Erie School District General Obligation, 0% due 12/1/00
Escrowed to Maturity Aaa*/A 807,790
3,365,000 Harrisburg Authority Commonwealth Lease Revenue
Series 1991, 6.25% due 6/1/00 (Insured: FSA) Aaa/AAA 3,619,831
1,300,000 Harrisburg Authority Lease Revenue, 6.50% due 6/1/04
(Insured: FSA) crossover refunded 6/1/01 Aaa/AAA 1,419,600
1,455,000 McKeesport Area School District General Obligation
Refunding Revenue Series 1991, 0% due 10/1/00NR/A 1,162,952
1,680,000 McKeesport Area School District General Obligation
Refunding Revenue Series 1991,0% due 10/1/02 NR/A 1,202,074
3,160,000 Pennsylvania Intergovernmental Cooperation Authority
Special Tax Revenue, 5.20% due 6/15/96
(Philadelphia Refunding Project;
Insured: FGIC) Aaa/AAA 3,182,246
2,000,000 Pennsylvania State Refunding & Projects General
Obligation Series A, 6.50% due 1/1/00 A1/AA- 2,164,900
4,270,000 Pennsylvania State Certificate of Participation,
4.60% due 6/1/97 A/A- 4,305,526
4,085,000 Pennsylvania State Certificate of Participation,
4.60% due 12/1/97 A/A- 4,126,790
875,000 Pennsylvania Higher Education Facilities Authority
Revenue, 8.05% due 3/1/97 Baa/BBB 913,666
1,770,000 Philadelphia Gas Works Revenue 14th Series,
5.60% due 7/1/99 Baa1/BBB 1,816,339
1,565,000 Philadelphia Water & Sewer Revenue 12th
Series, 7.60% due 7/1/98 refunded 7/1/96 Aaa/AAA 1,627,631
2,850,000 Philadelphia Water & Wastewater Revenue Series 1993,
4.875% due 6/15/01 (Insured: FSA) Aaa/AAA 2,909,480
2,245,000 Philadelphia Hospital & Higher Education Facilities
Authority Hospital Revenue Series 1991, 7.00% due 7/1/01
(Graduate Health System Project) Baa1/BBB+ 2,425,184
2,825,000 State Public School District, Reading School District
Building Authority Capital Appreciation Series B, 0%
due 7/15/00 (Insured: MBIA) Aaa/AAA 2,323,506
3,000,000 Southeastern Pennsylvania Transportation Authority
Series 1994, 6.00% due 6/1/99 (LOC: Canadian Imperial
Bank of Commerce) Aa3/AA- 3,171,330
Puerto Rico (0.15%)
250,000 Puerto Rico Public Improvement General Obligation,
6.60% due 7/1/04 Baa/A- 285,020
1,000,000 Puerto Rico Electric Power Revenue Refunding
Series 1992-Q, 5.70% due 7/1/00 Baa1/A- 1,054,280
Rhode Island (0.49%)
2,000,000 Rhode Island Depositor's Economic Protection Corp. Series
1992-A, 6.10% due 8/1/02 (Insured: FSA) Aaa/AAA 2,181,820
825,000 Rhode Island Health & Educational Building Corporation
Health Facilities Revenue, 8.00% due 7/1/00
(Steere House Issue Project) NR/NR 885,605
1,369,000 Rhode Island Industrial Facilities Corporation Series
1991, 6.375% due 6/1/02 (Paramount Cards, Inc.;
LOC: Daichi Kangyo Bank) A1/NR 1,384,114
South Carolina (0.33%)
500,000 Florence County Public Facilities Corporation, 7.30% due 3/1/03,
prerefunded 3/1/00 (Law Enforcement Project;
Insured: AMBAC) Aaa/AAA 563,330
2,000,000 Piedmont Municipal Power Agency Series 1992, 5.20%
due 1/1/98 (Electric Revenue Project) A/BBB 2,023,880
500,000 South Carolina State Housing Authority Multifamily Revenue,
7.375% due 12/1/07 NR/NR 435,000
South Dakota (0.24%)
760,000 South Dakota Housing Development Authority Home
Ownership Mortgage Series 1993-A, 4.75%
due 5/1/99 Aa/AA 768,725
1,400,000 South Dakota Health & Education Facilities Authority
Revenue Series 1992, 5.40% due 9/1/01(Rapid City Regional
Hospital Project; Insured: MBIA) Aaa/AAA 1,459,528
Tennessee (1.68%)
5,000,000 Chattanooga-Hamilton County Hospital Revenue,
6.854% due 5/25/21, refunded 5/1/01 @ 102 (Erlanger
Medical Center Project; Insured: FSA) Aaa/AAA 6,356,250
1,565,000 Clarksville Natural Gas Corporation Series 1994-A,
7.00% due 5/1/02 (Guaranty:
Louis Dreyfus Natural Gas) NR/BBB- 1,620,526
1,130,000 Clarksville Natural Gas Corporation Series 1994-A,
7.00% due 11/1/02 (Guaranty:
Louis Dreyfus Natural Gas) NR/BBB- 1,170,680
4,000,000 Clarksville Public Building Authority Pooled Loan
Refunding, 4.75% due 12/1/00
(GIC: Assured Return) NR/AA- 4,054,160
1,120,000 Copperhill Industrial Development Board, 7.80% due 12/1/00
(City Services Company Project) Baa3/BBB 1,129,128
1,000,000 Southeast Tax Exempt Mortgage Bond Trust Tender Option
Certificates Series 1990, 7.25% due 4/1/17,
put 4/1/03 NR/AAA 1,090,940
Texas (7.68%)
13,410,000 Bell County Health Facilities Development Corporation
Series 1993-A, 4.75% due 10/1/23, put 10/1/98
(Central Texas Pooled Health Care Loan Program;
LOC: Sun Life of America) NR/AA 13,412,548
2,000,000 Bexar County Health Facilities Development Corporate
Hospital Revenue Series 1991,
7.40% due 5/1/00 Baa1/BBB 2,221,980
1,065,000 Cypress-Fairbanks Independent School District
General Obligation, 0% due 2/1/02
(Insured: FGIC) Aaa/AAA 805,481
1,685,000 Dallas Waterworks & Sewer System Revenue,
7.10% due 4/1/99 Aa/AA 1,797,204
315,000 Dallas Waterworks & Sewer System Revenue,
7.10% due 4/1/99 Aa/AA 334,889
2,015,000 Ector County Hospital Revenue, 7.125%
due 4/15/02 Baa1/BBB 2,173,681
90,000 Fort Worth HFC SFMR Series 1985, 9.15% due 11/1/96
(Insured: MBIA) Aaa/AAA 91,711
1,920,000 Harris County Health Facilities Development Corporation,
7.375% due 12/1/25, put 12/1/98 (Greater Houston Pooled
Health Care Project; Guaranteed: Prudential) Aa/NR 1,943,328
4,000,000 Harris County Flood Control District L.T.G.O. Series 1991-A,
0% due 10/1/01 Aa/AA+ 3,075,000
955,000 Harris County Health Facilities Dev. Corp. Hospital
Revenue, 6.70% due 6/1/00 (Memorial Hospital
Systems Project) A/A- 1,027,656
2,850,000 Humble Independent School District of Harris County
Series 1992, 0% due 12/15/00 (PSF Guaranty) Aaa/AAA 2,381,346
1,295,000 Irving Flood Control District Section 3 Refunding Capital
Appreciation, 0% due 9/1/01 Baa/NR 957,743
1,530,000 Jefferson County Health Facilities Development Corporation
Hospital Revenue Series 1989, 8.125% due 10/1/99
(Baptist Health Care System Project) Baa/BBB 1,627,109
925,000 La Joya Independent School District Unlimited Tax School
Refunding Series 1987, 8.00% due 8/1/97 Baa/NR 948,458
325,000 La Joya Independent School District Unlimited Tax School
Refunding Series 1987, 8.00% due 8/1/97 Baa/NR 333,242
960,000 La Villa Independent School District of Hidalgo County Unlimited
Tax Refunding Series 1989, 9.00% due 2/1/02 NR/NR 964,474
2,630,000 Lancaster Independent School District Unlimited Tax Refunding,
0% due 2/15/99 (PSF Guaranty) Aaa/AAA 2,313,190
2,300,000 Lancaster Independent School District Unlimited Tax Refunding,
0% due 2/15/98 (PSF Guaranty) Aaa/AAA 2,116,506
2,230,000 Lower Colorado River Authority Jr. Lien Refunding Revenue
Series 1992, 0% due 1/1/01 (Insured: AMBAC) Aaa/AAA 1,786,275
845,000 North Texas Health Facilities Development Corporation Revenue
Series 1988, 8.25% due 9/1/98 (Wichita Falls United
Diagnostic Center Project) *A/A* 921,194
1,000,000 North Texas Higher Education Student Loan Revenue, 6.50%
due 4/1/99 (Insured: AMBAC) Aaa/AAA 1,051,200
350,000 Northgate Crossing Utility District Road System & Drainage
System Unlimited Tax Sinking Fund Series 1986, 9.25%
due 12/1/98(LOC: Lomas Financial Corporation)NR/NR 350,175
1,040,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/06 pre-refunded 8/1/98 Aaa/AAA 1,131,697
1,115,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/07 pre-refunded 8/1/98 Aaa/AAA 1,213,310
1,295,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/09 pre-refunded 8/1/98 Aaa/AAA 1,409,180
1,395,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/10 pre-refunded 8/1/98 Aaa/AAA 1,517,997
1,500,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/11 pre-refunded 8/1/98 Aaa/AAA 1,632,255
1,615,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/12 pre-refunded 8/1/98 Aaa/AAA 1,757,395
2,135,000 Palo Duro River Authority General Obligation, 7.60% due
8/1/13 pre-refunded 8/1/98 Aaa/AAA 2,323,243
1,000,000 Palo Duro River Authority Unlimited Tax Refunding Series 1992,
5.10% due 8/1/97 Capital Guaranty Insurance) NR/AAA 1,018,590
4,600,000 Plano Capital Appreciation Refunding General Obligation, 0%
due 3/1/01 A1/AA- 3,638,186
975,000 San Antonio Electric & Gas Systems Revenue Improvement,
8.00% due 2/1/96 Aa/AA 978,607
955,000 Tarrant County HFC Multifamily Housing Revenue,
4.50% due 9/1/06, put 9/1/96 (Bedford Springs Project;
Guaranteed: Provident Mutual Life Insurance
Corporation) NR/AA- 956,136
190,000 Texas Housing Agency MFHR 1983-A, 10.00%
due 3/1/05 NR/NR 108,300
220,000 Texas Housing Agency MFHR 1983-B, 10.00%
due 3/1/05 NR/NR 125,400
5,880,000 Texas Public Finance Authority Series B, 5.25% due 2/1/98
(Insured: AMBAC) Aaa/AAA 6,026,882
705,000 Texas Water Resource Finance Authority Revenue, 7.00%
due 8/15/99 (Insured: AMBAC Aaa/AA 765,059
1,000,000 Texas Water Resource Finance Authority Revenue, 7.40%
due 8/15/00 A/A 1,095,300
880,000 Texas Water Resources Authority Revenue, 7.50%
due 8/15/01 A/A- 965,228
1,100,000 Trinity HFC Multifamily Housing Revenue Series 1982, 10.00%
due 6/1/98(Timberline Apartment Project) NR/NR 1,100,000
Utah (1.39%)
975,000 Davis County Housing Authority MFHR, 7.50% due 6/1/97
(Fox Creek Apartment Project;
FNMA Pass-through Certificates) NR/AAA 1,020,991
8,000,000 Intermountain Power Agency Power Supply Revenue, 0%
pre-refunded 7/1/00 @ 101 Aaa/AAA 6,630,800
2,220,000 Utah Student Loan Revenue Series 1992-G, 5.20% due 11/1/98
(Insured: AMBAC) Aaa/AAA 2,267,974
600,000 Utah Municipal Finance Co-op Local Government Revenue,
7.10% due 6/1/00 NR/AA 656,304
45,000 Utah HFA Single Family Mortgage Revenue Series 1984,
10.10% due 1/1/96 Aa/AA 45,007
2,000,000 Weber County Housing Authority MFHR Series 1991, 6.50%
due 11/1/18, put 11/1/01 (Cherry Creek Apartment
Project; LOC: First Security Bank of Utah,
Insured: FGIC Aaa/AAA 2,096,300
Virginia (1.14%)
3,000,000 Hampton Redevelopment Housing Authority Series 1994,
7.00% due 7/1/24, put 7/1/04
(Chase Hampton Apartments Project) NR/NR 3,243,180
1,755,000 Henrico County IDA Public Facility Lease Revenue, 6.50%
due 8/1/00 (Henrico County Jail Project) Aa/AA 1,914,916
3,000,000 Suffolk Redevelopment Housing Authority Series 1994, 7.00%
due 7/1/24, put 7/1/04
(Chase Heritage at Dulles Project) NR/NR 3,249,480
1,960,000 Virginia Housing Development Authority Series C-8, 5.70%
due 7/1/03 Aa1/AA+ 2,022,955
Washington (3.11%)
1,010,000 Chelan County Public Utility District #1 Consolidated System
Revenue Series 1992, 5.55% due 7/1/99 A1/A 1,049,016
1,125,000 Chelan County Public Utility District #1 Consolidated System
Revenue Series 1992, 5.75% due 7/1/00 A1/A 1,183,646
1,295,000 Chelan County Public Utility District #1 Consolidated System
Revenue Series 1992-E, 5.50% due 7/1/97 A1/A 1,321,962
1,370,000 Chelan County Public Utility District #1 Consolidated System
Revenue Series 1992-E, 0% due 7/1/98 A1/A 1,229,369
1,000,000 Spokane County Airport Revenue Refunding Series 1993,
4.80% due 6/1/99 (Insured: MBIA) Aaa/AAA 1,018,590
2,500,000 Spokane County Industrial Development Corporation Refunding,
4.75% due 12/1/97 (Jensen - Byrd Project; LOC: U.S. Bank
of Washington) A1/NR 2,504,000
725,000 Spokane County School District # 363 Unlimited Tax G.O. Ref.
Series 1992, 5.40% due 12/1/00 A/NR 759,684
1,000,000 Sumner Limited Tax General Obligation Anticipation Notes,
4.70% due 8/1/98 NR/NR 1,004,600
2,880,000 Washington Health Care Facilities Authority Pooled
Equipment Series 1992-B, 7.20% due 6/1/02
(Kadlec Medical Center Project) Baa1/NR 3,013,200
2,245,000 Washington Health Care Facilities Authority Pooled
Equipment Series 1992-A, 7.35% due 6/1/02
(Dominican Health Project) Baa/NR 2,368,834
1,040,000 Washington Public Power Supply System Series G Project #1 Rev.,
7.15% due 7/1/01 Aa/AA 1,147,307
2,000,000 Washington Public Power Supply System Project #1 Ref. Rev.,
6.50% due 7/1/02 Aa/AA 2,192,740
3,500,000 Washington Public Power Supply System Project #1 Ref. Rev.,
5.30% due 7/1/02 Aa/AA 3,604,685
500,000 Washington Public Power Supply System Series C Project #2 Rev.,
7.20% due 7/1/99 Aa/AA 544,785
250,000 Washington Public Power Supply System Project #2 Ref. Rev.,
7.50% due 7/1/02 Aa/AA 283,783
2,000,000 Washington Public Power Supply System Project #2 Ref. Rev.,
7.50% due 7/1/03 Aa/AA 2,260,700
1,700,000 Washington Public Power Supply System Series B Refunding,
7.15% due 7/1/01 Aa/AA 1,879,146
1,000,000 Washington Public Power Supply System Series B,
7.25% due 7/1/00 Aa/AA 1,109,950
West Virginia (1.07%)
888,437 Marion County SFMR Series 1992, 7.75%
due 7/10/11 Baa/NR 956,722
220,000 Randolph County Building Commission Hospital
Revenue, 6.80% due 11/1/97 Baa1/BBB 227,834
1,000,000 West Virginia General Obligation Highway
Refunding Series 1992-A, 5.30% due 2/1/00 A1/A+ 1,036,710
5,000,000 West Virginia Parkway Economic Development Tourism Authority
Series 1993, 8.67% (inverse floater) due 5/15/01
(Insured: FGIC) Aaa/AAA 5,028,850
2,500,000 West Virginia Parkway Economic Development Tourism Authority
Series 1993, 8.77% (inverse floater) due 5/15/02
(Insured: FGIC) Aaa/AAA 2,514,650
Wisconsin (0.87%)
1,075,000 Cady Small Business Pollution Control Revenue Refunding
Series 1992, 6.20% due 4/1/00 (Summit Cheese Project;
Guaranteed: SBA) Aaa/AAA 1,103,509
115,000 Greenfield School District General Obligation Promissory
Notes, 5.30% due 4/1/96 NR/NR 115,095
1,500,000 Wisconsin Health & Education Facilities Authority Series
1992, 5.50% due 8/15/01 (Wheaton Franciscan Services Inc.
Project; Insured: MBIA) Aaa/AAA 1,576,800
3,000,000 Wisconsin Health & Education Facilities Authority, 5.00%
due 8/15/98 (Sorrowful Mother Project) NR/AA- 3,054,480
1,000,000 Wisconsin Health & Education Facilities Authority Series
1993, 4.75% due 2/15/98 (Lacrosse Project;
Insured: FSA) Aaa/AAA 1,012,870
1,045,000 Wisconsin Health & Education Facilities Authority Series
1993, 5.00% due 2/15/99(Lacrosse Project;
Insured: FSA) Aaa/AAA 1,068,910
Wyoming (1.00%)
1,623,835 Evanston Industrial Development Revenue Series 1983,
9.90% due 4/1/04 (Wybanco Project;
LOC: Texas Commerce Bank) *A2/A+* 1,623,819
300,000 Natrona County Hospital Revenue Series 1990, 7.20%
due 9/15/96 (Wyoming Medical Center Project) Baa1/BBB+ 306,639
6,205,000 Uinta County Pollution Control Revenue Series 1993, 5.90%
due 8/15/20, put 1/2/96 daily demand notes
(LOC: Chevron) P1/Aa2 6,205,000
1,000,000 Wyoming Student Loan Corporation Revenue, 6.25%
due 12/1/99 NR/AA 1,058,560
TOTAL INVESTMENTS (100%) (Cost $881,729,358)** $916,081,518
*Indicates rating on other debt issued by the same issuer, rather
than on the security held by the Fund. These securities are deemed
by the Adviser to be comparable with those of issuers having debt
ratings in the 4 highest grades by Moody's or S & P. **The cost
for Federal income tax purposes is $882,220,808. +Credit ratings
are unaudited. See notes to financial statements.
