Thornburg Limited Term Municipal Fund California Portfolio
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Fund facts. . . as of 6/30/98
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Thornburg Thornburg Thornburg
Limited Term Limited Term Limited Term
Municipal Fund CA Municipal Fund CA Municipal Fund C
A Shares C Shares I Shares
SEC Yield 3.51% 3.19% 3.95%
Taxable Equiv. Yields 6.41% 5.82% 7.21%
NAV $12.90 $12.91 $12.90
Max. Offering Price $13.23 $12.91 $12.90
Total returns. . . as of 6/30/98
(Annual Average - After Subtracting Maximum Sales Charge)
One Year 2.90% 5.14% 5.93%
Three Year 4.45% 4.88% N/A
Five Year 4.16% N/A N/A
Ten Year 5.79% N/A N/A
Since Inception 5.81% 4.87% 6.47%
Inception Date (2/19/87) (9/1/94) (4/1/97)
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Taxable equivalent yields assume a 39.6% marginal federal tax rate, and an 9.30%
state of California marginal tax rate. Portions of the income of the fund may be
subject to the alternative minimum tax. The investment return and principal
value of an investment in the fund will fluctuate so that, when redeemed, an
investor's shares may be worth more or less than their original cost. Maximum
sales charge of the Fund's Class A Shares is 2.50%. The date quoted represent
past performance and may not be construed as a guarantee of future results.
Dear Shareholder,
I am pleased to present the Annual Report for the California Portfolio of
Thornburg Limited Term Municipal Fund for the year ending June 30, 1998. The net
asset value of the A shares increased 15 cents per share to $12.90 during the
year. If you were with us for the entire period, you received dividends of 54.8
cents per share. If you reinvested your dividends, you received 55.9 cents per
share. Investors who owned C Shares received dividends of 49.6 and 50.5 cents
per share, respectively. Your Limited Term Municipal Fund portfolio currently
holds over 170 municipal obligations from around the state. Approximately 93% 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 coming years. Today,
your fund's weighted average maturity is approximately 4.8 years, and we always
keep it below 5 years. Percentages of the portfolio maturing in the coming years
are summarized below:
% of portfolio Cumulative %
maturing within maturing by end of
1 years = 13% year 1 = 13%
1 to 2 years = 11% year 2 = 24%
2 to 3 years = 14% year 3 = 38%
3 to 4 years = 14% year 4 = 52%
4 to 5 years = 11% year 5 = 63%
5 to 6 years = 8% year 6 = 71%
6 to 7 years = 6% year 7 = 77%
7 to 8 years = 6% year 8 = 83%
8 to 9 years = 7% year 9 = 90%
9 to 10 years = 5% year 10 = 95%
Over the last year your average portfolio maturity has extended slightly. We
directed portfolio cash flow and new money into the longer maturity range of
your bond ladder. Today we are managing the portfolio to keep the average
maturity approximately where it is. If interest rates remain stable or decrease,
we expect some longer maturity bonds in your portfolio will be pre-refunded.
This will shorten the average portfolio maturity slightly and cause almost all
bonds in your portfolio to mature within 10 years. For the past 4 years
Americans have been net sellers of municipal and government bonds. Investment
dollars have flowed instead to equities, money market investments, and (until
recently) overseas opportunities. A combination of sharp volatility in equity
markets worldwide and deflationary winds blowing from Asia may be rekindling the
appetite of U.S. investors for bond investing, although the money flows are not
yet significant from domestic investors. If the Federal Reserve cuts short term
interest rates in the coming months to shape up the U.S. economy and limit
dollar appreciation, some of the money now flowing into money market funds may
begin to move to intermediate and longer maturity bonds. Assets of these money
market funds* now total over $1.2 trillion! As the accompanying graph shows,
long term interest rates have fallen considerably in the last year in
anticipation of an economic slowdown and an expected drop in short term interest
rates.
I believe any observer must be impressed by the fundamental strength of the
broad U.S. economy. More people than ever before are working. Wages are firm.
Tax receipts are off the charts, as California's recent budget surplus
indicates. There will always be dislocations, but for the most part Americans
are very, very busy. The strong U.S. economy continues to be good for municipal
America, and California in particular. Two-thirds of U.S. cities say they are
better able to meet their financial needs this year than last. California
reports similar favorable news, and both operating and capital budget spending
levels are increasing. There is one possible cloud: as both Washington and
Sacramento hand increasing responsibility for implementing mandated programs to
state and local governments, a few entities may have significant problems
managing through the transition. If current strength of the U.S. economy
persists, we expect long maturity interest rates to increase in late 1998 or
early 1999. If our economy slows, short maturity bond rates and money market
interest rates will drop. Over the years, our practices of laddering a
diversified portfolio of short and intermediate maturity bonds has allowed your
fund to consistently perform well in varying interest rate environments. Your
fund has earned Morningstar's 4 star overall rating* for risk adjusted
performance. I would like to attribute this to capable execution of a sensible
investment strategy over time. Thank you for investing in Thornburg Limited Term
Municipal Fund, California Portfolio. Sincerely,
Brian J. McMahon
Portfolio Manager
*Morningstar proprietary rating reflects historical risk adjusted performances
as of 6/30/98. Ratings are subject to change every month. Funds with at least
three years of performance history are assigned ratings from one star (lowest)
to five stars (highest). Morningstar overall ratings are calculated from the
funds' three-, five-, and ten year average annual returns and a risk factor that
reflects fund performance relative to three month Treasury bill returns. 10% of
the funds in an investment category receive five stars and 22.5% receive four
stars. LTCAX is ranked 4 stars for the 3-year period, 4 stars for the 5-year
period, and 4 stars for the 10-year period ending 6/30/98. At 6/30/98, there
were 1549 bond funds with 3-year ratings, 860 with 5-year ratings, and 349 with
10-year ratings in Morningstar's Municipal Bond category. Ratings are for Class
A shares only. Past performance cannot guarantee future results.
Statement of assets and liabilities
ASSETS
Investments at value (cost $132,124,965) $ 136,983,208
Cash 180,379
Receivable for fund shares sold 1,041,678
Interest receivable 2,192,711
Prepaid expenses and other assets 3,534
Total Assets 140,401,510
LIABILITIES
Payable for investments purchased 1,485,781
Dividends payable 151,839
Payable for fund shares redeemed 194,542
Accounts payable investment advisor (Note 4) 65,060
Accounts payable and accrued expenses 146,314
Total Liabilities 2,043,536
NET ASSETS $ 138,357,974
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share ($122,231,081
applicable to 9,477,582 shares of beneficial interest
outstanding - Note 5) $ 12.90
Maximum sales charge, 2.50 % of offering
price (2.57% of net asset value per share) 0.33
Maximum Offering Price Per Share $ 13.23
Class C Shares:
Net asset value and offering price per share * ($7,842,823
applicable to 607,567 shares of beneficial interest
outstanding - Note 5) $ 12.91
Class I Shares:
Net asset value, offering and redemption price per share
($8,284,070 applicable to 642,255 shares of beneficial
interest outstanding - Note 5) $ 12.90
* Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge. See notes to financial statements.
Statement of operations
INVESTMENT INCOME:
Interest income (net of premium amortized of $585,324) $ 6,823,649
EXPENSES:
Investment advisory fees (Note 4) 649,445
Administration fees (Note 4)
Class A Shares 144,672
Class C Shares 9,139
Class I Shares 3,420
Distribution and service fees (Note 4)
Class A Shares 289,344
Class C Shares 73,171
Transfer agent fees 89,425
Custodian fees 90,915
Registration and filing fees 10,950
Professional fees 17,443
Accounting fees 13,836
Director fees 4,312
Other Expenses 14,972
Total Expenses 1,411,044
Less:
Expenses reimbursed by investment advisor (Note 4) (82,955)
Distribution fees waived (Note 4) (27,479)
Net Expenses 1,300,610
Net Investment Income 5,523,039
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS (Note 6)
Net realized gain on investments sold 29,681
Increase in unrealized appreciation of investments 1,431,181
Net Realized and Unrealized Gain on Investments 1,460,862
Net Increase in Net Assets Resulting From Operations $ 6,983,901
See notes to financial statements.
Statement of changes in net assets
Year Ended Year Ended
June 30, 1998 June 30, 1997
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income $ 5,523,039 $ 4,430,640
Net realized gain on investments sold 29,681 63,898
Increase in unrealized appreciation of investment 1,431,181 784,532
Net Increase In Assets Resulting from Operations 6,983,901 5,279,070
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares (4,926,639) (4,243,665)
Class C Shares (281,691) (161,619)
Class I Shares (314,709) (25,356)
FUND SHARE TRANSACTIONS (Note 5):
Class A Shares 26,770,636 (908,565)
Class C Shares 1,821,049 3,397,813
Class I Shares 4,220,631 3,924,117
Net Increase (Decrease) in Net Assets 34,273,178 7,261,795
NET ASSETS:
Beginning of year 104,084,796 96,823,001
End of year $ 138,357,974 $ 104,084,796
See notes to financial statements.
Notes to financial statements
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 and California Portfolio (the "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 consistent with preservation of capital. In addition,
the California Portfolio will invest primarily in Municipal Obligations
originating in California with the object of obtaining exemption of interest
dividends from any income taxes imposed by California on individuals. The
Portfolio currently offers three classes of shares of beneficial interest, Class
A, Class C and Institutional Class (Class I) shares. Each class of shares of the
Portfolio represents an interest in the same portfolio of investments, 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 C shares
are sold at net asset value without a sales charge at the time of purchase, but
are subject to a contingent deferred sales charge upon redemption within one
year, and bear both a service fee and a distribution fee, (iii) Class I shares
are sold at net asset value without a sales charge at the time of purchase, and
(iv) the respective classes have different reinvestment privileges.
Additionally, the Portfolio 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, administrative fees, and certain
transfer agent expenses.
Note 2 - Significant Accounting Policies Significant accounting policies of the
Fund are as follows:
Valuation of Investments: In determining the net asset value of the Portfolio,
the Fund 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 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 year ended June 30, 1998 represent exempt interest dividends which are
excludable by shareholders from gross income for Federal income tax purposes.
When-Issued and Delayed Delivery Transactions: The Fund may engage in
when-issued or delayed delivery transactions. To the extent the Fund 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
Fund makes a commitment to purchase a security for the Portfolio, on a
when-issued basis, the Portfolio 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 Fund 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.
Note 3 - Merger of MacKenzie National Municipal Fund
On September 4, 1997, the Fund acquired all of the net assets of the Mackenzie
California Municipal Fund ("MacKenzie") pursuant to a plan of reorganization
approved by Mackenzie's shareholders. The merger was accomplished by a tax free
exchange of Class A shares of the Portfolio (valued at $24,725,383) for the net
assets of MacKenzie which aggregrated $24,725,383, including $1,214,035 of
unrealized appreciation. The combined net assets of the Portfolio immediately
after merger were $134,431,534.
Note 4 - 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. For the year ended June 30, 1998,
these fees were payable at annual rates ranging from 1/2 of 1% to 9/40 of 1% of
the average daily net assets of the Portfolio. The Fund also has entered into an
Administrative Services agreement with the Adviser, whereby the Adviser will
perform certain administrative services for the shareholders of each class of
the Portfolio's shares, and for which fees will be payable at an annual rate of
up to 1/8 of 1% of the average daily net assets attributable to each class of
shares. For the year ended June 30, 1998, the Adviser voluntarily reimbursed
certain operating expenses amounting to $82,955. The Fund has an underwriting
agreement with Thornburg Securities Corporation (the "Distributor"), which acts
as the Distributor of Portfolio shares. For the year ended June 30, 1998, the
Distributor earned commissions aggregating $11,884 from the sale of Class A
shares, and collected contingent deferred sales charges aggregating $1,807 from
redemptions of Class C shares of the Portfolio. Pursuant to a Service Plan under
Rule 12b-1 of the Investment Company Act of 1940, the Fund may reimburse to the
Adviser amounts not to exceed .25 of 1% per annum of the average net assets
attributable to each class of shares of the Portfolio 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 Fund also
has adopted a Distribution Plan pursuant to Rule 12b-1, applicable only to the
Portfolio's Class C shares, under which the Fund can compensate the Distributor
for services in promoting the sale of Class C shares of the Portfolio 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 and Class C distribution fees
waived by the Distributor for the year ended June 30, 1998 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 the Distributor. The compensation
of unaffiliated directors is borne by the Fund.
Note 5 - Shares of Beneficial Interest
At June 30, 1998, there were an unlimited number of shares of beneficial
interest authorized and capital paid-in aggregated $134,323,162.
Transactions in shares of beneficial interest were as follows:
Year Ended June 30, 1998 Year Ended June 30, 1997
Class A Shares Shares Amount Shares Amount
Shares sold 1,321,780 $17,129,362 1,127,372 $ 14,318,232
Shares issued to shareholders in
reinvestment of distributions
249,838 3,217,407 217,589 2,764,826
Shares issued in merger 1,933,181 24,725,383 -0- -0-
Shares repurchased (1,421,995) (18,301,516) (1,417,346) (17,991,623)
Net Increase (Decrease) 2,082,804 $ 26,770,636 (72,385)$ (908,565)
Class C Shares
Shares sold 255,731 $ 3,228,901 360,237 $ 4,574,006
Shares issued to shareholders
in reinvestme 16,952 218,500 9,592 121,990
Shares repurchased (126,178) (1,626,352) (101,931) (1,298,183)
Net Increase 146,505 $ 1,821,049 267,898 $ 3,397,813
Class I Shares
Shares sold 358,013 $ 4,536,004 309,314 $ 3,929,541
Shares issued to shareholders in
reinvestment of distributions
22,572 302,376 1,831 23,299
Shares repurchased (48,092) (617,749) (1,383) (28,723)
Net Increase 332,493 $ 4,220,631 309,762 $ 3,924,117
Note 6 - Securities Transactions
For the year ended June 30, 1998, the Portfolio had purchase and sale
transactions (excluding short-term securities) of $55,867,262 and $26,914,042,
respectively. The cost of investments is the same for financial reporting and
Federal income tax purposes. At June 30, 1998, the net unrealized appreciation
was $4,858,243, resulting from gross unrealized appreciation of $4,910,332 and
$52,089 gross unrealized depreciation. Accumulated net realized losses from
security transactions included in net assets at June 30, 1998 aggregated
$823,431. For Federal income tax purposes, the Portfolio has realized capital
loss carryforwards of $811,688 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, 1999 - $14,395, June 30, 2000 - $410, June 30, 2002 -
$315,597, and June 30, 2003 - $481,286.
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Financial highlights
Year Ended June 30,
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1998 1997 1996 1995 1994
CLASS A SHARES:
Net asset value, beginning of year $ 12.75 $ 12.64 $ 12.61 $ 12.57 $ 12.85
Income from investment operations:
Net investment income 0.55 0.57 0.58 0.58 0.58
Net realized and unrealized
gain (loss) on investments 0.15 0.11 0.03 0.04 (0.28)
Total from investment operations 0.70 0.68 0.61 0.62 0.30
Less dividends from:
Net investment income (0.55) (0.57) (0.58) (0.58) (0.58)
Change in net asset value 0.15 0.11 0.03 0.04 (0.28)
Net asset value, end of year $ 12.90 $ 12.75 $ 12.64 $ 12.61 $ 12.57
TOTAL RETURN (a) 5.57% 5.47% 4.94% 5.12% 2.37%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 4.25% 4.47% 4.59% 4.69% 4.51%
Expenses, after expense reductions 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before expense reductions 1.04% 1.03% 1.05% 1.04% 1.03%
Portfolio turnover rate 21.21% 20.44% 22.68% 18.54% 15.26%
Net assets at year end (000) $ 122,231 $ 94,253 $ 94,379 $ 98,841 $ 111,723
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(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
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Period from Sept.1, 1994 (a) -
Year Ended June 30, June 30,
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1998 1997 1996 1995
CLASS C SHARES:
Net asset value, beginning of year $ 12.76 $ 12.65 $ 12.62 $ 12.55
Income from investment operations:
Net investment income 0.50 0.52 0.53 0.42
Net realized and unrealized
gain (loss) on investments 0.15 0.11 0.03 0.07
Total from investment operations 0.65 0.63 0.56 0.49
Less dividends from:
Net investment income (0.50) (0.52) (0.53) (0.42)
Change in net asset value 0.15 0.11 0.03 0.07
Net asset value, end of year $ 12.91 $ 12.76 $ 12.65 $ 12.62
TOTAL RETURN (b) 5.14% 5.06% 4.46% 3.98%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 3.85% 4.06% 4.16% 4.07%(c)
Expenses, after expense reductions 1.40% 1.40% 1.43% 1.63%(c)
Expenses, before expense reductions 1.97% 2.15% 2.92% 3.21%(c)
Portfolio turnover rate 21.21% 20.44% 22.68% 18.54%
Net assets at end of year (000) $ 7,843 $ 5,882 $ 2,444 $ 790
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(a) Commencement of sales of 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.
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Period from Apr. 1 1997 (a) -
Year Ended June 30,
June 30, 1998 1997
CLASS I SHARES:
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Net asset value, beginning of year $ 12.75 $ 12.64
Income from investment operations:
Net investment income 0.59 0.15
Net realized and unrealized
gain (loss) on investments 0.15 0.11
Total from investment operations 0.74 0.26
Less dividends from:
Net investment income (0.59) (0.15)
Change in net asset value 0.15 0.11
Net asset value, end of year $ 12.90 $ 12.75
TOTAL RETURN (b) 5.93% 2.07%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 4.60% 4.77%(c)
Expenses, after expense reductions 0.65% 0.63%(c)
Expenses, before expense reductions 0.92% 1.32%(c)
Portfolio turnover rate 21.21% 20.44%
Net assets at end of year (000) $ 8,284 $ 3,949
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(a) Commencement of sales of Class I shares.
(b) Total return is not annualized for periods less than one year.
(c) Annualized.
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Independent auditor's report
To the Board of Trustees and Shareholders
Thornburg Limited Term Municipal Fund, Inc. - California Portfolio
Santa Fe, New Mexico
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Thornburg Limited Term Municipal Fund, Inc. -
California Portfolio as of June 30, 1998, the related statement of operations
for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended and financial highlights for each of the five
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted out audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1998, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion. In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material aspects, the financial
position of Thornburg Limited Term Municipal Fund, Inc. - California Portfolio
as of June 30, 1998, the results of its operations, the changes in its net
assets and the financial highlights for the periods indicated, in conformity
with generally accepted accounting principles.
New York, New York
July 24, 1998
Investment Manager
Thornburg Management Company, Inc.
119 East Marcy Street
Santa Fe, New Mexico 87501
(800) 847-0200
Principal Underwriter
Thornburg Securities Corporation
119 East Marcy Street
Santa Fe, New Mexico 87501
(800) 847-0200
This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective prospectus, which includes
information regarding the Fund's objectives and policies, experience of its
management, marketability of shares, and other information. Performance data
quoted represent past performance and do not guarantee future results.
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Schedule of Investments Thornburg Limited Term Municipal - California Portfolio
June 30, 1998 CUSIPS: Class A - 532-723-202, Class C - 532-723-707, Class I -
532-723-889 NASDAQ Symbols: Class A - LTCAX, Class C - LTCCX (Proposed), Class I
- - LTCIX (Proposed)
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1,000,000 Alameda County Certificates Participation, 6.25% due 6/1/06 A2/A $ 1,096,050
615,000 Alameda-Contra Costa Transit District Refunding Ceritificate of Participation Series 198 Baa/BBB- 646,654
7.20% due 8/1/00
370,000 Albany Public Facilities Financing Authority Lease Revenue, 6.60% due 9/1/00 (Library Baa1/NR 390,509
Community Center Project)
295,000 Alum Rock Union Elementary School District General Obligation Refunding Bonds, 8.00% due Aaa/AAA 366,962
9/1/06
380,000 Alum Rock Union Elementary School District General Obligation Refunding Bonds, 8.00% due Aaa/AAA 480,301
9/1/07
1,020,000 Antelope Valley Hospital Revenue, 5.25% due 1/1/06 (Insured: FSA) Aaa/AAA 1,075,559
1,000,000 Berkeley Health Facility Revenue, 6.55% due 12/1/22, prerefunded 12/1/02 @ 102 (Alta Bat A2/A+ 1,116,950
Medical Center Project)
1,300,000 Berkeley Health Facility Revenue Refinancing Series A, 5.70% due 12/1/98 (ETM) (Alta Bat A2/A+ 1,311,440
Medical Center Project)
380,000 Big Bear Regional Wastewater Agency Refunding Revenue Bonds, 4.70% due 4/1/06 Aaa/AAA 388,649
835,000 California Educational Facilities Authority Revenue, 5.60% due 10/1/00 (U.S.C. Project) Aa3/AA 866,003
1,805,000 California Educational Facilities Authority Revenue, 5.60% due 10/1/02 (U.S.C. Project) Aa3/AA 1,913,174
500,000 California Educational Facilities Authority Revenue Series 1993, 5.15% due 9/1/03 (Santa A1/NR 523,020
Clara University Project)
500,000 California Health Facilities Financing Authority, 7.80% due 7/1/06 (Insured: California NR/A+ 502,555
Mortgage)
500,000 California Health Facilities Financing Authority Revenue, 5.30% due 5/15/04 (Downey Comm NR/A- 517,550
Hospital Project)
250,000 California Health Facilities Financing Authority Revenue, 7.00% due 6/1/08, prerefunded NR/NR 262,190
8/1/99 @ 102
500,000 California Health Facilities Financing Revenue, 5.75% due 5/15/15 (Downey Community Hosp NR/A- 516,275
Project)
505,000 California HFA, 5.25% due 8/1/00 (Marin General Hospital Project; Insured: FSA) Aaa/AAA 518,923
1,000,000 California HFA Secured Revenue Series 1991, 6.65% due 9/1/01 (Good Samaritan Hospital Project) Baa2 1,064,900
20,000 California HFA Single Family Mortgage Revene Series 1982-A, 10.00% due 2/1/02 Aa/AA- 20,014
500,000 California Housing Finance Agency Revenue, 5.40% due 8/1/00 Aa/AA- 512,430
145,000 California Housing Finance Agency Revenue, 0% due 8/1/01 Aa/AA- 117,121
95,000 California Housing Finance Agency Revenue, 6.90% due 8/1/16 Aa/AA- 96,259
670,000 California Housing Finance Authority Revenue, Series 1985-B, 9.875% due 2/1/17 Aa/AA- 701,463
500,000 California Pollution Control Financing Authority Revenue, 6.85% due 12/1/08 A2/A+ 524,770
5,000 California Pollution Control Financing Authority Revenue, 7.20% due 9/1/15 A2/A+ 5,025
1,000,000 California State General Obligation, 6.50% due 10/1/99 A1/A+ 1,034,020
300,000 California State General Obligation, 6.75% due 5/1/02 A1/A+ 328,155
500,000 California State General Obligation, 9.50% due 5/1/03 A1/A+ 614,470
1,000,000 California State General Obligation, 9.50% due 2/1/10 A1/A+ 1,439,600
5,000 California State Public Works High Technology, 7.375% due 4/1/06 Aa3/A+ 5,545
500,000 California State Public Works Lease Revenue, 8.35% due 12/1/99 A/A 531,195
500,000 California State Public Works Lease Revenue, 5.50% due 9/1/06 (Insured: AMBAC) Aaa/AAA 539,860
850,000 California State University Revenue, 6.40% due 11/1/02 crossover refunded 11/1/00 @102 A1/A 908,786
147,732 California State Veterans General Obligation Amortizing Coupon M-COATES, 7.30% due 10/1/ NR/NR 157,875
200,000 California Statewide Community Development, 3.25% due 6/1/26 put 7/01/98, (daily demand VMIG1/NR 200,000
notes) (LOC: Dresdner Bank)
1,190,000 California Statewide Community Development Authority Certificate of Participation, 5.25% Aaa/AAA 1,250,154
4/1/08 (Insured: MBIA)
1,000,000 California Statewide Community Development Authority Certificate of Participation, 5.90% NR/A+ 1,064,330
4/1/09
1,000,000 California Statewide Community Development Authority Certificates of Participation, 3.78 Aaa/AAA 987,450
1/1/00 (Motion Picture and Televison Fund Project; (Insured: AMBAC)
1,000,000 California Statewide Community Development Authority Certificates of Participation, 4.07 Aaa/AAA 982,450
1/1/01 (Motion Picture and Televison Fund Project; Insured: AMBAC)
515,000 California Statewide Community Development Authority Insured Health Facilities Revenue, NR/A 532,402
Certificate of Participation Series 1992, 6.40% due 5/1/02 (Eskaton Properties Incorporated
Phase II Project)
1,000,000 California Statewide Community Development Authority Insured Health Facility Revenue Ser NR/A+ 1,079,390
1996-A, 6.00% due 9/1/04 (San Gabriel Medical Center Project;
250,000 California Veteran Affairs Home Purchases Revenue Series A, 7.50% due 8/1/98 Aa2/A+ 250,808
1,390,000 California Veteran Affairs Home Purchases Revenue Series A, 6.55% due 8/1/01 Aa2/A+ 1,428,169
1,000,000 Clovis Unified School District, 0% due 8/1/02 A1/AA- 845,490
700,000 Coachella Valley Water District 71 Certificate of Participation, 5.75% due 10/1/00 (Stor A/NR 727,776
Water District Project)
660,000 Cupertino Public Facilities Corp. Certificates of Participation Series 1992-B, 5.60% due A1/A+ 680,130
7/1/00
1,000,000 Duarte California Certificates of Participation, 6.25% due 4/1/23 Baa1/NR 1,060,160
2,025,000 Escondido Multi Family Housing Revenue Refunding Bond Series 1997-A, 5.40% due 1/1/27put NR/AAA 2,126,554
7/1/07 (Terrace Gardens Project; Collateralized: FNMA)
20,000 Fontana Redevelopment Agency Tax Allocation, 8.00% due 9/1/18 Aaa/NR 20,544
350,000 Foothill De Anza Community College District Certificates of Participation, 7.35% due 3/1 NR/A- 387,734
600,000 Fresno Multi Family Housing Revenue Refunding, 5.10% due 10/1/05 put 4/1/99 (Maple Leaf NR/A- 605,388
Project; Insured: Continental Insurance)
1,000,000 Fresno Multi Family Housing Revenue Refunding, 4.875% due 1/1/28 put 1/1/08 (Jackson Par NR/AAA 1,015,590
Place Project; Insured: FNMA)
560,000 Fruitvale School District Certificate of Participation, 7.60% due 6/1/99 Baa/NR 579,124
1,840,000 Glendale Hospital Revenue Series 1994, 7.625% due 1/1/05(Verdugo Hills Project; Guarante NR/A 2,052,410
Industrial Indemnity)
1,000,000 Hawaiian Gardens Redevelopment Agency Project Tax Allocation, 0% due 12/1/16 NR/BBB 316,000
200,000 Hayward Unified School District Certificate of Participation, 7.60% due 10/1/00 Baa/NR 204,536
60,000 Hermosa Beach Lynwood and Vernon Certificate of Participation, 7.10% due 9/1/99 NR/BBB 60,904
605,000 Inglewood Certificates Participation, 6.70% due 8/1/00 Baa3/BBB- 636,363
635,000 Inglewood Certificates Participation, 6.80% due 8/1/01 Baa3/BBB- 682,612
690,000 Inglewood Certificates Participation, 6.90% due 8/1/02 Baa3/BBB- 753,653
1,000,000 Irwindale Community Redevelopment Agency, 6.60% due 8/1/18 Baa3/NR 1,138,780
340,000 Kern County Board Education Certificates Participation, Refunding Series A, 5.50% due 5/ Aaa/AAA 364,541
(Insured: MBIA)
260,000 Kern County Board Education Certificates Participation, Refunding Series A, 5.50% due 5/ Aaa/AAA 279,160
(Insured: MBIA)
165,000 Kern High School District, 7.00% due 8/1/10 A/NR 201,737
680,000 Kern High School District Series B, 9.00% due 8/1/06 Aaa/AAA 896,464
480,000 Lake Elsinore Public Financing Authority Tax Allocation Revenue Series 1992-C, 6.15% due Aaa/AAA 504,778
2/1/01 (Insured: FGIC)
3,000,000 Lancaster Redevelopment Agency Lease Revenue, 4.90% due 12/1/00 (Public Improvement Proj NR/BBB+ 3,043,500
LOC: Sumitomo - Dai ichi Kangyo)
500,000 Los Angeles Certificates of Participation, 6.90% due 3/1/01 Baa1/BBB 533,625
250,000 Los Angeles Certificates of Participation, 0% due 9/1/03 Baa1/BBB 194,160
5,000 Los Angeles Convention & Exhibition Center, 9.00% due 12/1/20 Aaa/AAA 6,501
500,000 Los Angeles County Certificates of Participation, 0% due 10/1/01 Baa1/BBB 421,635
245,000 Los Angeles County Certificates of Participation, 0% due 10/1/02 Baa1/BBB 196,458
700,000 Los Angeles County Certificates of Participation, 0% due 4/1/03 Baa1/BBB 543,144
350,000 Los Angeles County Housing Authority Multi Family Housing Revenue, 7.625% due 12/1/29 pu NR/A- 355,509
12/1/99 (Monrovia Project A; Insured: Continental Casualty)
1,500,000 Los Angeles Equipment Acquisition Program L Certificates of Participation, 5.80% due 12/ A/A+ 1,513,215
1,000,000 Los Angeles Municipal Improvement Corporation Lease Revenue, 5.00% due 2/1/00 A/A+ 1,000,860
1,000,000 Los Angeles Transit Finance Corporation Certificate of Participation Series 1992-B, 5.70 A1/NR 1,019,810
7/1/99
1,500,000 Los Angeles Unified School District Certificate of Participation, 6.30% due 6/1/02 A2/A 1,613,700
500,000 Los Angeles Water and Power, 9.00% due 9/1/04 Aa3/A+ 615,865
500,000 Los Angeles Waterwaste Systems Revenue, 8.80% due 6/1/00 Aaa/AAA 544,830
375,000 Marysville Hospital Revenue, 6.00% due 1/1/04 (Freemont - Rideout Health Group Project; Aaa/AAA 410,760
Insured: AMBAC)
430,000 Marysville Hospital Revenue, 5.00% due 1/1/09 (Freemont - Rideout Health Group Project; Aaa/AAA 443,476
Insured: AMBAC)
485,000 Mayers California Memorial Hospital District Health Facilities Revenue Insured Series A, NR/A+ 501,883
5.375% due 6/1/09
360,000 Midpeninsula Regional Open Space District Certificate of Participation, 4.75% due 9/1/99 NR/A 364,201
460,000 Midpeninsula Regional Open Space District Certificate of Participation, 4.80% due 9/1/00 NR/A 467,839
200,000 Midpeninsula Regional Open Space District Certificate of Participation, 7.20% due 9/1/00 NR/NR 211,908
refunded 9/1/99
780,000 Morgan Hill Unified School District Certificate of Parcipitation, 5.80% due 8/1/99 A1/NR 781,201
1,230,000 Morgan Hill Unified School District Certificate of Participation Series 1993, 4.70% due 8/1/98 A1/N 1,231,033
835,000 Morgan Hill Unified School District Certificate of Participation Series 1993, 5.00% due 8/1/00 A1/N 851,859
660,000 Mountain View Shoreline Reg. Park Community Tax Allocation Series 1993-A, 4.70% due 8/1/ A3/A 666,917
810,000 National City Community Development Commission Tax Allocation Series 1992-A, 5.70% due 8 Aaa/AAA 827,860
(Downtown Redevelopment Project; Insured: AMBAC)
500,000 National City Community Development Commission Tax Allocation Series 1992-A, 5.90% due 8 Aaa/AAA 520,715
(Downtown Redevelopment Project; Insured: AMBAC)
330,000 New Haven USD Certificates of Participation, 7.30% due 12/1/01 NR/BBB+ 340,903
355,000 New Haven USD Certificates of Participation, 7.30% due 12/1/02 NR/BBB+ 366,729
380,000 New Haven USD Certificates of Participation, 7.40% due 12/1/03 NR/BBB+ 392,711
410,000 New Haven USD Certificates of Participation, 7.40% due 12/1/04 NR/BBB+ 423,715
500,000 Newport Beach California Revenue Bond, 3.60% due 10/1/22 put 7/1/98 (daily demand note) VMIG1/A1+ 500,000
Memorial Hospital Presbyterian Project)
700,000 Northern California Power Agency Public Power Revenue, 5.65% due 7/1/07 Baa3/A- 742,553
100,000 Oakland Redevelopment Agency, 7.40% due 5/1/07 Aaa/AAA 102,289
2,000,000 Orange County Airport Revenue Bond, 5.50% due 7/1/02 (Insured: MBIA) Aaa/AAA 2,101,640
1,000,000 Orange County Airport Revenue Bond, 6.00% due 7/1/07 (Insured: MBIA) Aaa/AAA 1,107,690
1,550,000 Orange County Local Transportation Authority Sales Tax Rev, 5.70% due 2/15/03 Aa/AA+ 1,650,750
1,050,000 Orange County Local Transportation Authority Sales Tax Rev, 5.75% due 2/15/04 Aa/AA+ 1,121,106
510,000 Orange County Local Transportation Authority Sales Tax Rev, 6.00% due 2/15/06 Aa/AA+ 564,080
1,000,000 Orange County Local Transportation Authority Sales Tax Revenue, 3.82% (inverse floater) Aaa/AAA 997,120
2/15/99 (Insured: FGIC)
900,000 Orange County Local Transportation Authority Sales Tax Revenue, 5.50% due 2/15/01 Aa/AA+ 933,732
2,000,000 Orange County Recovery Certificates of Participation Series A, 5.50% due 7/1/02 (Insured Aaa/AAA 2,105,420
MBIA)
1,100,000 Orange County Refunding Recovery, 5.10% due 6/1/02 (Insured : MBIA) Aaa/AAA 1,143,461
2,000,000 Orange County Refunding Recovery, 5.20% due 6/1/03 (Insured: MBIA) Aaa/AAA 2,092,520
2,000,000 Orange County Refunding Recovery, 6.50% due 6/1/04 (Insured: MBIA) Aaa/AAA 2,233,240
2,000,000 Orange County Refunding Recovery, 6.50% due 6/1/05 (Insured: MBIA) Aaa/AAA 2,258,300
1,680,000 Orange County Transportation Authority Certificate of Participation, 5.125% due 7/1/02 A1/NR 1,737,960
1,000,000 Orange Multi Family Housing Revenue, 5.60% due 10/1/27 (Villa Santiago Rehab Project; / 1,043,240
Insured: FNMA)
410,000 Oroville Hospital Revenue, 4.50% due 12/1/03 (Insured: California Mortgage) NR/A+ 414,703
500,000 Oroville Hospital Revenue, 5.50% due 12/1/07 (Insured: California Mortgage) NR/A+ 534,855
950,000 Oxnard Harbor District Revenue Refunding, 6.60% due 8/1/00 (Insured: FSA) Aaa/AAA 979,896
2,000,000 Palm Springs Housing Authority Revenue, Tahquitz Crt Apts A, 4.90% due 9/1/23put 9/01/03 NR/AAA 2,046,020
(LOC: FHLB)
500,000 Palomar Pomerado Health Systems Revenue, 0% due 11/1/03 (Insured: MBIA) Aaa/AAA 399,495
510,000 Paramount Unified School District Certificates of Participation, 0% due 9/1/14 (Insured: Aaa/AAA 471,470
100,000 Perris School Dist. Certificates of Participation, 5.10% due 3/1/00 (Insured: FSA) Aaa/AAA 102,030
1,000,000 Piedmont Unified School District Series B, 0% due 8/1/13 Aa/NR 440,400
1,000,000 Pleasanton Unified School District Series B, 0% due 8/1/16 Aaa/AAA 375,580
580,000 Pomona Unified School District General Obligation, 5.35% due 2/1/05 (Insured: MBIA) Aaa/AAA 614,927
340,000 Pomona Unified School District General Obligation, 5.40% due 8/1/05 (Insured: MBIA) Aaa/AAA 362,838
955,000 Redwood City Multi Family Housing Revenue Series 1985-B, 5.20% due 10/1/08 put 10/1/00 NR/A+ 964,264
(Redwood Shores Apartments Projects; Insured: Continental Casualty)
500,000 Richmond Joint Powers Financing Authority Revenue Series A, 5.20% due 5/15/05 NR/A 521,375
125,000 Riverside County Housing Authority Revenue Series A, 7.75% due 10/1/00 Baa/NR 128,755
295,000 Sacramento Financing Authority Series 1991, 6.30% due 11/1/02 A2/A+ 319,771
910,000 Sacramento Multi Family Housing Revenue, 5.875% due 2/1/08 put 12/1/03 (Fairways 1 Apart NR/AAA 916,133
Project; Insured: FNMA)
1,000,000 Sacramento Reg. Trans. Auth. Certificate of Participation, 6.00% due 3/1/99 A1/NR 1,015,340
1,000,000 Sacramento Reg. Trans. Auth. Certificate of Participation, 6.25% due 3/1/01 A1/NR 1,055,330
2,000,000 Salinas Redevelopment Agency Tax Allocation Series A, 0% due 11/1/22 Aaa/AAA 507,180
1,305,000 San Diego County Certificates Participation, 5.25% due 8/15/06 (Insured: MBIA) Aaa/AAA 1,383,678
1,800,000 San Diego County Water Authority Certificate of Participation, 6.125% due 5/1/03 Aa3/AA- 1,929,132
255,000 San Francisco City & County Redevelopment Lease Revenue, 0% due 7/1/00 A1/A- 235,232
1,500,000 San Francisco City & County Redevelopment Lease Revenue, 0% due 7/1/07 A1/A- 989,925
170,000 San Francisco City & County Refunding Series Sec. 8, 6.125% due 7/1/02 (Insured: MBIA/FH Aaa/AAA 170,335
2,000,000 San Joaquin County Certificates of Participation, 5.25% due 9/1/98 (General Hospital Pro A3/A- 2,004,080
1,440,000 San Joaquin County Certificates of Participation, 5.60% due 9/1/00 (General Hospital Pro A3/A- 1,477,685
895,000 San Joaquin County Certificates of Participation, 5.90% due 9/1/03 (General Hospital Pro A3/A- 946,659
410,000 San Marcos Public Facilities Authority Capital Impr., 0% due 1/1/00 (ETM) Aaa/NR 385,798
425,000 Santa Ana Community Dev. Agency Series D, 6.50% due 12/15/14, pre-refunded 12/15/00 @ 10 NR/AAA 452,557
1,640,000 Santa Ana Community Dev. Agency Tax Allocation Series B, 6.50% due 12/15/14 NR/AAA 1,754,915
500,000 Santa Ana Community Red. Agency Tax Allocation, 7.10% due 9/1/98 NR/BB 502,160
2,000,000 Santa Ana Multi Family Housing Revenue Bonds Series B, 5.65% due 11/1/21 NR/AAA 2,115,140
500,000 Santa Clara Certificates of Participation, 7.75% due 2/1/02 (Insured: MBIA) Aaa/AAA 560,175
35,000 Santa Clara Electric Revenue Series B, 7.80% due 7/1/10 NR/A 35,455
315,000 Santa Monica Community College District Certificates of Participation, 7.65% due 5/1/01 NR/A 327,288
(Rancho Corrales Project)
250,000 Santa Rosa Insured Revenue, 7.125% due 6/1/14 NR/A+ 252,708
1,455,000 Sierra View Local Health Care Refunding, 5.00% due 7/1/07 NR/BBB 1,475,006
750,000 Snowline Joint Unified School District Certificates of Participation, 7.25% due 4/1/18 NR/BBB 843,660
pre-refunded 4/01/02 @ 102
810,000 Sonoma County Certificates of Participation Public Works Improvement Program, 5.40% due NR/A+ 834,089
8/1/00 (Integrated Waste Project)
950,000 Sonoma County Certificates of Participation Public Works Improvement Program, 5.80% due NR/A+ 982,091
8/1/03 (Integrated Waste Project)
150,000 South Coast Air Quality Management District Building Corporation Installment Sale Revenu Aaa/AAA 150,776
9.75% due 8/1/98 (ETM)
1,435,000 South Orange County Public Finance Authority Special Tax Revenue, 7.00% due 9/1/05 (Insu Aaa/AAA 1,666,953
MBIA)
250,000 Southern California Public Power Authority Rev., 6.75% due 7/1/01 (Power Project) A/A 267,525
1,000,000 Stanton Multi Family Housing Revenue Bond, Series 1997, 5.625% due 8/1/29 (Continental NR/AAA 1,052,650
Gardens Project; Insured: FNMA)
340,000 Suisun City Redevelopment Agency 1990 Tax Allocation, 7.20% due 10/1/01, pre-refunded 4/ NR/AAA 365,762
500,000 Sulphur Springs Union School District General Obligation, 5.70% due 3/1/01 NR/A 521,675
450,000 Sunline Transit Agency Certificate of Participation Californa Transit Finance Corporatio A/NR 472,023
Series A, 5.50% due 7/1/02
900,000 Sweetwater Union High School District COP, 6.40% due 11/1/01 Baa1/BBB+ 935,631
190,000 Temecula Community Services District Certificates of Participation Series 1992, 6.00% du NR/A 191,111
10/1/98 (Community Recreation Center Project)
200,000 Temecula Community Services District Certificates of Participation Series 1992, 6.00% du NR/A 205,444
10/1/99 (Community Recreation Center Project)
210,000 Temecula Community Services District Certificates of Participation Series 1992, 6.00% du NR/A 218,902
10/1/00 (Community Recreation Center Project)
255,000 Torrence USD Certificates of Participation, 6.10% due 10/1/00 Baa1/NR 259,967
1,000,000 Tracy Certificates of Participation, 7.00% due 10/1/27 NR/BBB 1,107,180
290,000 Trinity County PUD Certificates of Participation, 5.50% due 4/1/99 NR/BBB- 293,239
1,600,000 University of California Regents Certificates of Participation Series 1996, 5.45% due 6/ Aaa/AAA 1,684,960
(Various Capital Projects; Insured: MBIA)
635,000 University of California Research Facilities Revenue, 11.00% due 9/1/98 NR/A+ 642,715
500,000 University of California Research Facilities Revenue, 8.00% due 11/1/00 Aaa/AAA 545,195
870,000 University of California Research Facilities Revenue, 5.25% due 9/1/02 NR/A+ 905,227
500,000 Upland California Certificates Participation Water, 5.75% due 1/1/07 NR/A 537,175
625,000 Vallejo Public Financing Auth. Local Agency Revenue, 5.00% due 9/2/98 NR/A- 626,275
800,000 Walnut Valley Unified School District, 9.00% due 8/1/06 Aaa/AAA 1,054,664
1,000,000 Walnut Valley Unified School District, 8.75% due 8/1/10 Aaa/AAA 1,381,990
245,000 Walnut Valley Unified School District Series A, 6.70% due 8/1/05 Aaa/AAA 280,611
250,000 Walnut Valley Unified School District Series A, 6.80% due 2/1/07 Aaa/AAA 292,975
250,000 Walnut Valley Unified School District Series A, 6.90% due 2/1/08 Aaa/AAA 297,017
100,000 Walnut Valley Unified School District Series A, 7.00% due 8/1/08 Aaa/AAA 120,356
495,000 Yorba Linda Public Financing Authority Certificates of Participation, 7.00% due 11/1/00 A/NR 520,874
(Recycling Equipment Project)
650,000 Yuba City Unified School District Certificates of Participation, 6.70% due 2/1/13 Baa1/NR 704,750
TOTAL INVESTMENTS (Cost $132,124,965) $ 136,983,208
<FN>
See notes to financial statements.
</FN>
</TABLE>
