Thornburg Limited Term Municipal Fund National Portfolio
Fund facts. . . as of 6/30/99
Thornburg Thornburg
Limited Term Limited Term
Municipal Fund Nat'l Municipal Fund Nat'l
A Shares C Shares
SEC Yield 3.66% 3.28%
Taxable Equiv. Yields 6.06% 5.43%
NAV $13.26 $13.28
Max. Offering Price $13.46 $13.28
Total returns. . . as of 6/30/99
(Annual Average - After Subtracting Maximum Sales Charge)
One Year 1.01% 2.08%
Three Year 3.84% 3.92%
Five Year 4.37% N/A
Ten Year 5.56% N/A
Since Inception 6.60% 4.16%
Inception Date (9/28/84) (9/1/94)
Taxable equivalent yields assume a 39.6% marginal federal tax rate. Net
investment income of the National Portfolio will be subject to applicable state
and local taxes. 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 1.50%. The data quoted represent past performance and may not
be construed as a guarantee of future results.
Dear Shareholder,
What a difference six months makes! Last autumn the world's leading economists
and investment strategist predicted that the Russian financial crisis, coming on
the heels of the Asian financial crisis, would send the world economy into a
tailspin. Yields on 30-year U.S. government bonds dropped below 4.75% for the
first time in 4 decades. Bond buyers at that time no doubt expected an economic
slowdown that would be severe and long lasting. The gloomy experts were wrong.
The U.S. economy delivered its strongest economic growth in a generation during
the October 1 to April 1 period. Asian economies are gathering momentum, as are
many other developing economies around the world. As we write this letter, the
experts are trying to decide if better economic growth worldwide will pave the
way for more inflation and higher interest rates. As they examine their crystal
balls, interest rates are rising. The municipal bond market is reacting to the
changing scene with higher yields and increasing participation by individual
investors. Whatever happens, we believe your laddered maturity municipal bond
portfolio is well structured to adapt to changing circumstances and benefit from
higher yields, if they should become available. On June 30, 1998 the net asset
value per share of Thornburg Limited Term Municipal Fund was $13.50. The price
increased to $13.59 on December 31, before settling at $13.26 on June 30, 1999,
the conclusion of your fund's 1999 fiscal year. If you were with us for the
entire year, you received dividends of 58.9 cents per share. If you reinvested
your dividends you received 60.1 cents per share. Investors who owned C shares
received dividends of 53.2 and 54.2, respectively. Your Thornburg Limited Term
Municipal Fund portfolio currently holds 560 municipal obligations from 49
states and 2 U.S. Territories. Approximately 90% 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 4.3 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 = 12% year 1 = 12%
1 to 2 years = 16% year 2 = 28%
2 to 3 years = 14% year 3 = 42%
3 to 4 years = 10% year 4 = 52%
4 to 5 years = 6% year 5 = 58%
5 to 6 years = 8% year 6 = 66%
6 to 7 years = 8% year 7 = 74%
7 to 8 years = 9% year 8 = 83%
8 to 9 years = 8% year 9 = 91%
9 to 10 years = 8% year 10 = 99%
Over the last three months your average portfolio maturity has increased
slightly. The passage of time always shortens the maturities of the bonds we
own. We directed portfolio cash flow and new money into the middle and rear of
your bond ladder, taking advantage of the good selection of new municipal bonds
coming to market recently. Today, we are managing the portfolio to keep the
average maturity approximately where it is. We will stick with this approach if
interest rates remain stable or decrease. If bond yields increase, we will
extend the average portfolio maturity. You can see from the chart on the
previous page that 42% of our $900 million bond portfolio will mature in the
next 3 years! We would like to increase our dividend yields if higher yields are
available. 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.
But tax receipts are beginning to slow down, and government spending is
accelerating. Taken as a whole, U.S. cities continue to increase their financial
reserves for the fifth consecutive year. Most states report similar favorable
news. If the current strength of the U.S. economy persists, we expect long
maturity interest rates to increase slightly in the coming months. The supply of
municipal bonds will continue to be plentiful. No politician gets elected as a
budget cutter these days. Two recent surveys of American voters indicate that
tax cuts are NOT favored by a majority of voters. The public prefers to see
additional spending on education, health and the environment. Over the years,
our practice 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 5 star overall
rating* for risk adjusted performance. We 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. Sincerely,
Brian J. McMahon George T. Strickland
Portfolio Manager Portfolio Manager
*Morningstar proprietary rating reflects historical risk adjusted performances
as of 6/30/99. 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. LTMFX is ranked 4 stars for the 3-year period, 4 stars for the 5-year
period, and 5 stars for the 10-year period ending 6/30/99. At 6/30/99, there
were 1,591 bond funds with 3-year ratings, 1,191 with 5-year ratings, and 366
with 10-year ratings in Morningstar's Municipal Bond category. Ratings are for
Class A shares only.
Past performance cannot guarantee future results.
ASSETS
Investments at value (cost $962,158,464) ....................... $975,312,230
Cash ........................................................... 96,793
Receivable for fund shares sold ................................ 2,376,072
Interest receivable ............................................ 14,617,967
Prepaid expenses and other assets .............................. 29,680
Total Assets ........................ 992,432,742
LIABILITIES
Payable for investments purchased .............................. 72,380,105
Payable for fund shares redeemed ............................... 1,246,860
Accounts payable investment advisor (Note 4) ................... 441,237
Accounts payable and accrued expenses .......................... 608,229
Dividends payable .............................................. 1,150,779
Total Liabilities ................... 75,827,210
NET ASSETS ..................................................... $916,605,532
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share ($807,232,264
applicable to 60,893,607 shares of beneficial interest
outstanding - Note 5) .......................................... $ 13.26
Maximum sales charge, 1.50 % of offering
price (1.52% of net asset value per share) ..................... 0.20
Maximum Offering Price Per Share ............................... $ 13.46
Class C Shares:
Net asset value and offering price per share ($28,047,690
applicable to 2,112,188 shares of beneficial interest
outstanding - Note 5) .......................................... $ 13.28
Class I Shares:
Net asset value, offering and redemption price per share
($81,325,578 applicable to 6,133,977 shares of beneficial
interest outstanding - Note 5) ................................. $ 13.26
See notes to financial statements ..............................
INVESTMENT INCOME:
Interest income (net of premium amortized of $3,950,923$ 49,445,732
EXPENSES:
Investment advisory fees (Note 4) ............................. 4,227,634
Administration fees (Note 4)
Class A Shares .............................. 1,032,057
Class C Shares .............................. 32,214
Class I Shares .............................. 40,246
Distribution and service fees (Note 4)
Class A Shares .............................. 2,064,113
Class C Shares .............................. 257,778
Transfer agent fees ........................................... 487,940
Custodian fees ................................................ 362,700
Registration and filing fees .................................. 83,853
Professional fees ............................................. 70,840
Accounting fees ............................................... 88,975
Director fees ................................................. 24,270
Other expenses ................................................ 73,393
Total Expenses ..................... 8,846,013
Less:
Expenses reimbursed by investment adv ....... (11,642)
Distribution and service fees waived (Note 4) .. (96,710)
Net Expenses ....................... 8,737,661
Net Investment Income .............. 40,708,071
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 6)
Net realized gain on investments sold ......................... 650,165
(Decrease) in unrealized appreciation of investments .......... (17,908,654)
Net Realized and Unrealized Gain
(Loss) on Investments .............. (17,258,489)
Net Increase in Net Assets
Resulting from Operations $ ........ 23,449,582
See notes to financial statements
Year Ended Year Ended
June 30, 1999 June 30, 1998
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income ....................... $ 40,708,071 $ 41,845,041
Net realized gain on investments sold ....... 650,165 342,383
Increase (decrease) in unrealized appreciation
of investments (17,908,654) 4,063,563
Net Increase in Net Assets
Resulting from Operation 23,449,582 46,250,987
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares ..................... (35,908,097) (38,380,219)
Class C Shares ..................... (1,011,841) (826,124)
Class I Shares ..................... (3,788,133) (2,638,698)
FUND SHARE TRANSACTIONS (Note 5):
Class A Shares ..................... (14,611,591) (4,905,669)
Class C Shares ..................... 5,891,555 3,140,092
Class I Shares ..................... 5,304,081 41,796,989
Net Increase (Decrease) in Net Assets (20,674,444) 44,437,358
NET ASSETS:
Beginning of year .................. 937,279,976 892,842,618
End of year ........................ $ 916,605,532 $ 937,279,976
See 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 (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 consistent with preservation of capital. 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, 1999 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 the investment objectives of the Portfolio 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
Limited Term National 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
$51,645,133) for the net assets of MacKenzie which aggregated $51,645,133,
including $1,028,723 of unrealized appreciation. The combined net assets of the
Portfolio immediately after merger were $936,759,616.
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, 1999,
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 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, 1999, the Adviser voluntarily reimbursed
certain operating expenses amounting to $11,642. 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, 1999, the
Distributor earned commissions aggregating $83,562 from the sale of Class A
shares, and collected contingent deferred sales charges aggregating $10,800 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 has
also adopted a Distribution Plan pursuant to Rule 12b-1, applicable only to the
Portfolio's Class C shares under which the Fund compensates 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 fees waived by the Distributor for
the year ended June 30, 1999, 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 is borne
by the Fund.
Note 5 - Shares of Beneficial Interest
At June 30, 1999 there were an unlimited number of shares of beneficial interest
authorized, and capital paid in aggregated $907,222,510. Transactions in shares
of beneficial interest were as follows:
<TABLE>
<CAPTION>
Year Ended June 30, 1999 Year Ended June 30, 1998
Class A Shares Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold ............................. 7,736,450 $ 104,778,952 11,281,653 $ 152,647,428
Shares issued to shareholders in
reinvestment of distributions .. 1,701,338 23,026,141 1,828,097 24,714,633
Shares issued in merger ................. 0 0 3,834,086 51,645,133
Shares repurchased ...................... (10,518,497) (142,416,684) (17,296,867) (233,912,863)
Net Increase (Decrease) ................. (1,080,709) ($ 14,611,591) (353,031) ($ 4,905,669)
Class C Shares
Shares sold ............................. 830,439 $ 11,282,893 633,883 $ 8,559,695
Shares issued to shareholders
in reinvestment of distributions 59,009 799,953 48,651 658,733
Shares repurchased ...................... (457,401) (6,191,291) (449,094) (6,078,336)
Net Increase ............................ 432,047 $ 5,891,555 233,440 $ 3,140,092
Class I Shares
Shares sold ............................. 2,211,674 $ 30,012,617 3,756,419 $ 50,860,935
Shares issued to shareholders in
reinvestment of distributions .. 220,810 2,988,608 142,116 1,920,839
Shares repurchased ...................... (2,044,460) (27,697,144) (812,038) (10,984,785)
Net Increase ............................ 388,024 $ 5,304,081 3,086,497 $ 41,796,989
</TABLE>
Note 6 - Securities Transactions
For the year ended June 30, 1999, the Portfolio had purchase and sale
transactions (excluding short-term securities) of $248,337,093 and $213,318,825
respectively.
The cost of investments for Federal income tax purposes is $962,375,238.
At June 30, 1999, net unrealized appreciation of investments was $12,936,992
resulting from $17,248,795 gross unrealized appreciation and $4,311,803 gross
unrealized depreciation.
Accumulated net realized losses from security transactions included in net
assets at June 30, 1999 aggregated $3,770,744. For Federal income tax purposes,
the Portfolio has realized capital loss carryforwards of approximately
$3,400,000 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 in varying amounts through
June 30, 2004.
<TABLE>
<CAPTION>
Year Ended June 30,
1999 1998 1997 1996 1995
CLASS A SHARES:
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ..................... $ 13.50 $ 13.44 $ 13.35 $ 13.37 $ 13.27
Income from investment operations:
Net investment income ......................... 0.59 0.61 0.62 0.63 0.64
Net realized and unrealized
gain (loss) on investments .................... (0.24) 0.06 0.09 (0.02) 0.10
Total from investment operations ....................... 0.35 0.67 0.71 0.61 0.74
Less dividends from:
Net investment income ......................... (0.59) (0.61) (0.62) (0.63) (0.64)
Change in net asset value .............................. (0.24) 0.06 0.09 (0.02) 0.10
Net asset value, end of year ........................... $ 13.26 $ 13.50 $ 13.44 $ 13.35 $ 13.37
TOTAL RETURN (a) ....................................... 2.58% 5.05% 5.46% 4.60% 5.76%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income ......................... 4.35% 4.50% 4.65% 4.66% 4.86%
Expenses ...................................... 0.96% 0.97% 0.96% 0.97% 0.97%
Portfolio turnover rate ................................ 22.16% 24.95% 23.39% 20.60% 23.02%
Net assets at end of year (000) ....................... $ 807,232 $ 836,947 $ 837,621 $ 917,831 $ 931,987
<FN>
(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Period from
Sept. 1, 1999 (a)-
Year Ended June 30, June 30,
1999 1998 1997 1996 1995
CLASS C SHARES:
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year .................. $ 13.53 $ 13.46 $ 13.37 $ 13.40 $ 13.29
Income from investment operations:
Net investment income ...................... 0.53 0.55 0.57 0.57 0.46
Net realized and unrealized
gain (loss) on investments ................. (0.25) 0.07 0.09 (0.03) 0.11
Total from investment operations .................... 0.28 0.62 0.66 0.54 0.57
Less dividends from:
Net investment income ...................... (0.53) (0.55) (0.57) (0.57) (0.46)
Change in net asset value ........................... (0.25) 0.07 0.09 (0.03) 0.11
Net asset value, end of year ........................ $ 13.28 $ 13.53 $ 13.46 $ 13.37 $ 13.40
TOTAL RETURN (b) .................................... 2.08% 4.70% 5.02% 4.05% 4.25%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income ...................... 3.93% 4.08% 4.24% 4.22% 4.21%(c)
Expenses, after expense reductions ......... 1.38% 1.38% 1.38% 1.41% 1.60%(c)
Expenses, before expense reductions ........ 1.78% 1.83% 1.86% 1.63% 1.84%(c)
Portfolio turnover rate ............................. 22.16% 24.95% 23.39% 20.60% 23.02%
Net assets at end of year (000) .................... $ 28,048 $ 22,729 $ 19,475 $ 15,948 $ 6,469
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Year Ended June 30,
1999 1998
Period from July 5, 1996 (a)
June 30, 1997
CLASS I SHARES:
<S> <C> <C> <C>
Net asset value, beginning of year $ 13.51 $ 13.44 $ 13.27
Income from investment operations:
Net investment income ...................... 0.64 0.66 0.66
Net realized and unrealized
gain (loss) on investments ................. (0.25) 0.07 0.17
Total from investment operations .................... 0.39 0.73 0.83
Less dividends from:
Net investment income ...................... (0.64) (0.66) (0.66)
Change in net asset value ........................... (0.25) 0.07 0.17
Net asset value, end of year ........................ $ 13.26 $ 13.51 $ 13.44
TOTAL RETURN (b) .................................... 2.87% 5.52% 6.42%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income ...................... 4.71% 4.85% 5.01%(c)
Expenses, after expense reductions ......... 0.60% 0.60% 0.60%(c)
Expenses, before expense reductions ........ 0.61% 0.66% 0.79%(c)
Portfolio turnover rate ............................. 22.16% 24.95% 23.39%
Net assets at end of year (000) ............... $ 81,326 $ 77,605 $ 35,746
<FN>
(a) Commencement of sale of Class I shares
(b) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year
(c) Annualized.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CUSIPS: Class A - 532-723-103, Class C - 532-723-509, Class I - 532-723-806
NASDAQ Symbols: Class A - LTMFX, Class C -LTMCX , Class I - LTMIX
Schedule of Investments
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
June 30, 1999
CUSIPS: Class A - 532-723-103, Class C - 532-723-509, Class I - 532-723-806
NASDAQ Symbols: Class A - LTMFX, Class C - LTMCX, Class I - LTMIX
Alabama (1.90%)
<S> <C> <C> <C>
1,675,000 Alabama A&M University Housing & General Fee Revenue Aaa/AAA $1,761,078
Series 1992, 5.90% due11/1/2002 (Living & Learning Center
Project; Insured: MBIA)
1,000,000 Alabama Water Pollution Control Authority Series 1991, Aaa/AAA 1,043,200
6.45% due 8/15/2002(Insured: AMBAC)
2,100,000 Birmingham Carraway Special Care Facilities Financing NR/AAA 2,131,080
Authority Revenue,5.20% due 8/15/2006 (Carraway Methodist
Health Systems A Project)
1,550,000 Birmingham Jefferson Civic Center Authority Special Tax A3/A+ 1,585,185
Series 1989, 7.20%due 1/1/2001
2,500,000 Birmingham Special Care Facility Finance Authority Revenue A1/NR 2,594,950
Series 1990,7.625% due 12/1/2010 put 12/1/00 (Methodist
Homes for the Aging Project;LOC: SouthTrust Bank)
1,495,000 Houston County Hospital Board Revenue Refunding Series Aaa/AAA 1,510,473
1984, 7.625% due4/1/2007 pre-refunded 2/15/02 @ 100 (South
East Alabama Medical CenterProject)
255,000 Houston County Hospital Revenue Bonds, 6.375% due Aaa/NR 262,864
1/1/2002 (ETM)
1,000,000 Huntsville Healthcare Authority Revenue Bonds, 5.50% due Aaa/AAA 1,029,780
6/1/2008 (Insured:MBIA)
1,310,000 Montgomery County Revenue Warrants Series 1992, 6.625% due NR/NR 1,389,229
4/1/2002 pre-refunded 4/1/01 @ 102
705,000 Montgomery Special Care Facilities Baptist Med Center Aaa/AAA 707,376
Series A, 4.75% due5/1/2004 (Insured: AMBAC) (when issued)
735,000 Montgomery Special Care Facilities Baptist Med Center Aaa/AAA 736,066
Series A, 4.80% due5/1/2005 (Insured: AMBAC) (when issued)
770,000 Montgomery Special Care Facilities Baptist Med Center Aaa/AAA 769,060
Series A, 4.85% due5/1/2006 (Insured: AMBAC) (when issued)
1,000,000 Morgan County Decatur Health Care Authority Hospital NR/AAA 1,061,360
Revenue, 6.10% due3/1/2007
1,920,000 Scottsboro Industrial Development Board Refunding, 5.25% NR/NR 1,873,095
due 5/1/2009
Alaska (0.30%)
300,000 Alaska Industrial Development & Export Authority A2/A 307,494
Refunding Revolving FundSeries B, 5.60% due 4/1/2002
2,500,000 North Slope Borough General Obligation Refunding Series Aaa/AAA 2,605,200
1992-A, 5.80% due6/30/2002 (Insured: MBIA)
Arizona (1.40%)
1,250,000 Arizona Educational Loan Marketing Corporation Revenue Aa2/NR 1,273,287
Series 1992-A, 6.70%due 3/1/2000
2,320,000 Arizona Municipal Finance Program Certificate of Aaa/AAA 2,749,850
Participation Series 15,8.65% due 8/1/2004 (Flagstaff
Project) (ETM)
235,000 Glendale Water and Sewer Revenue, 9.00% due 7/1/2003 Aaa/AAA 273,998
(ETM)
355,000 Maricopa County Certificate of Participation, 5.625% due A2/BBB+ 360,669
6/1/2000
2,000,000 Maricopa County Paradise Valley Unified School District Aaa/AAA 1,838,620
General ObligationRefunding Series 1992, 0% due 7/1/2001
(Insured: AMBAC)
500,000 Maricopa County School District 40 - Glendale General Baa1/A- 481,030
Obligation, 0% due7/1/2000
750,000 Maricopa County School District 40 - Glendale General Baa1/A- 702,518
Obligation, 0% due1/1/2001
1,000,000 Maricopa County Unified School District 48, 7.75% due Aa2/AA 1,121,920
7/1/2003
500,000 Maricopa County Unified School District 48 G.O., 5.60% due Baa1/A- 519,200
7/1/2003
2,000,000 Pima County/Tucson Unified School District 1 School Aaa/AAA 2,071,500
Improvement Series1992-D, 5.50% due 7/1/2002
(Insured:
FGIC)
1,000,000 Show Low Industrial Development Authority Hospital Revenue NR/A 1,000,290
Series A, 5.125%due 12/1/2007 (Navapache Regional Medical
Center Project; Insured: ACA)
175,000 South Tucson Municipal Property Corporation Series 1990, NR/BB 182,124
8.25% due 6/1/2000(ETM)
1,200,000 Tucson Water System Revenue Refunding Series 1992, 5.80% A1/A+ 1,200,072
due 7/1/1999
Arkansas (0.40%)
1,000,000 Arkansas State General Obligation College Savings, 0% due Aa3/AA 879,920
6/1/2002
2,645,000 Little Rock Hotel And Restaurant Gross Receipts Tax A/NR 3,025,642
Refunding, 7.125% due8/1/2009
California (11.20%)
2,145,000 Antelope Valley Hospital Revenue Bond, 5.50% due 1/1/2007 Aaa/AAA 2,262,138
(Insured: FSA)
7,440,000 California Health Facilities Financing Authority Series Aaa/AAA 7,940,935
1991-D, 6.50% due7/1/2016 pre-refunded 7/1/01 @ 102
(Catholic Health Care Project)
10,000 California Health Facilities Financing Revenue, 2.85% due VMIG1/A1+ 10,000
7/1/2013 put7/1/99 (daily demand notes)
2,825,000 California Housing Financing Agency Revenue, 5.05% due Aaa/AAA 2,835,565
8/1/2006
515,000 California Public Works Board Lease Revenue, 4.75% due A2/A 519,517
10/1/2007
350,000 California State General Obligation, 9.25% due 3/1/2005 Aa3/A+ 432,835
1,100,000 California Statewide Communities Development Authority Aaa/AAA 1,071,378
Certificate ofParticipation, 4.31% (inverse floater) due
1/1/2002 (Motion Picture &Television Fund Project;
Insured: AMBAC)
670,000 California Statewide Community Development Authority NR/A+ 684,157
Insured HealthFacilities Revenue Certificate of
Participation Series 1992, 6.40% due5/1/2002 (Eskaton
Properties Incorporated Phase II Project)
1,000,000 Escondido Multi Family Housing Revenue Refunding Bond NR/AAA 1,041,500
Series 1997-A, 5.40%due 1/1/2027 put 7/1/07 (Terrace
Gardens Project; Collateralized: FNMA)
910,000 Fairfield-Suisun Sewer District Revenue Refunding Series Aaa/AAA 965,082
A, 6.50% due5/1/2003 (Insured: MBIA)
6,475,000 Glendale Hospital Revenue Series 1994, 7.625% due NR/A+ 7,069,146
1/1/2005 (Verdugo HillsProject; Guarantee: Industrial
Indemnity)
1,000,000 Los Angeles Transit Finance Corporation Certificate of A1/NR 1,000,060
Participation Series1992-B, 5.70% due 7/1/1999
1,995,000 Los Angeles Transportation Commission Certificate of A1/NR 2,041,703
Participation, 5.90%due 7/1/2000
2,500,000 Los Angeles Transportation Commission Certificate of A1/NR 2,588,975
Participation, 6.00%due 7/1/2001
1,500,000 Los Angeles Unified School District Certificates of A2/A 1,554,120
Participation, 6.20%due 6/1/2001 (Dr. Francisco Bravo
Medical Project)
500,000 Los Angeles Water and Power, 9.00% due 2/1/2002 Aa3/A+ 558,205
500,000 Los Angeles Water and Power, 9.00% due 9/1/2004 Aa3/A+ 594,825
5,710,000 Los Angeles Water and Power, 7.10% due 1/15/2031 crossover Aa3/A+ 6,071,215
refunded 1/15/01@ 102
1,500,000 MSR Public Power Agency Series F, 5.45% due 7/1/2001 (San Aaa/AAA 1,544,790
Juan Project;Insured: AMBAC)
265,000 New Haven Unified School District Certificates of NR/A- 268,530
Participation, 7.00% due12/1/1999
1,375,000 Orange County Refunding Recovery A, 5.20% due 6/1/2003 Aaa/AAA 1,423,661
(ETM)
1,625,000 Orange County Unrefunded Balance Refunding Recovery A, Aaa/AAA 1,686,084
5.20% due 6/1/2003(Insured: MBIA)
1,000,000 Orange County Local Transportation Authority Sales Tax Aa3/AA+ 1,025,150
Revenue, 5.50% due2/15/2001
13,000,000 Orange County Recovery Certificates of Participation Aaa/AAA 13,524,160
Series A, 5.50% due7/1/2002 (Insured: MBIA)
2,500,000 Orange County Refunding Recovery, 5.10% due 6/1/2002 Aaa/AAA 2,568,750
(Insured : MBIA)
7,600,000 Orange County Refunding Recovery, 6.50% due 6/1/2004 Aaa/AAA 8,337,504
(Insured: MBIA)
5,200,000 Orange County Refunding Recovery, 6.50% due 6/1/2005 Aaa/AAA 5,766,280
(Insured: MBIA)
2,000,000 Orange County Special Financing Authority Teeter Plan Aaa/A-1 2,016,620
Revenue Series E,6.15% due 11/1/2014 put 11/1/99
(LOC:
Industrial Bank of Japan)
5,000,000 Orange County Special Financing Authority Teeter Plan Aaa/A-1 5,185,700
Revenue Series E,6.35% due 11/1/2014 put 11/1/01
(LOC:
Industrial Bank of Japan)
1,290,000 Oxnard Harbor District Revenue Refunding, 6.60% due Aaa/AAA 1,312,407
8/1/2000 (Insured: FSA)
500,000 Palomar Pomerado Health Systems Revenue, 0% due 11/1/2003 Aaa/AAA 415,240
(Insured: MBIA)
500,000 Pomona Public Financing Authority Rev. Series P, 5.625% NR/BBB+ 521,025
due 10/1/2003
2,715,000 Redwood City Multi Family Housing Revenue Series 1985-B, NR/A+ 2,721,570
5.20% due10/1/2008 put 10/1/00 (Redwood Shores Apartments
Projects; Insured:Continental Casualty)
620,000 San Francisco Airport Improvement Corporation Lease Aaa/AAA 620,074
Revenue Bond, 7.875%due 7/1/1999 (United Airlines Project)
(ETM)
1,840,000 San Francisco City and County Educational Facilities 97 Aa3/AA- 1,899,009
Unified SchoolDistrict Series B, 5.25% due 6/15/2009
1,000,000 San Francisco Port Community Rev., 9.00% due 7/1/2003 A1/A- 1,162,760
2,100,000 San Joaquin County Certificates of Participation, 5.50% A2/A- 2,107,413
due 9/1/1999(General Hospital Project)
2,000,000 San Marcos PFA Tax Allocation Series 1992-A, 5.60% due Aaa/AAA 2,050,040
1/1/2001 (Insured:FSA) (ETM)
500,000 Santa Clara Certificates of Participation, 7.75% due Aaa/AAA 543,745
2/1/2002 (Insured:MBIA)
2,000,000 Santa Clara County Financing Authority Lease Revenue Aaa/AAA 2,053,800
Series B, 5.50% due5/15/2009 (Insured: AMBAC) (when
issued)
4,180,000 Santa Margarita & Dana Point Authority Revenue Improvement Aaa/AAA 4,992,341
District SeriesA, 9.50% due 8/1/2003 (Insured: MBIA)
1,000,000 Sonoma County Certificate of Participation Public Works NR/A+ 1,018,320
ImprovementProgram, 5.875% due 8/1/2004 (Integrated Waste
Project)
750,000 Southern California Public Power Authority Rev., 6.75% due A2/A 783,278
7/1/2001 (PowerProject)
2,000,000 Southgate Recreation & Park District Certification of NR/A+ 2,039,000
Participation, 5.15%due 10/1/2021 pre-refunded 10/1/01
(Wildhawk Golf Club Project; LOC: U.S.Bank of California)
1,000,000 University California Certificates of Participation, Aa3/NR 1,220,090
10.00% due 11/1/2003(UCLA Center Chiller/Cogen Project)
780,000 University California Revenue Series A, 6.30% due 9/1/2000 NR/A+ 802,503
Colorado (3.80%)
500,000 Arvada Limited Sales & Use Tax Series 1991, 6.50% due NR/NR 521,375
6/1/2001 (ETM)
390,000 Boulder County Single Family Revenue Series 1982-A, 10.00% NR/CC 377,458
due 11/1/1999
2,355,000 Boulder Urban Renewal Authority Tax Increment Refunding Aaa/AAA 2,405,680
Series 1992, 5.90%due 3/1/2001 (Insured: MBIA)
1,465,000 Boulder Urban Renewal Authority Tax Increment Refunding Aaa/AAA 1,502,606
Series 1992, 6.00%due 3/1/2002 (Insured: MBIA)
490,000 Castle Pines Metropolitan District General Obligation Aaa/AAA 498,482
Refunding &Improvement, 7.50% due 12/1/1999 (Insured: FSA)
(ETM)
370,000 Colorado Health Facilities Authority Revenue Refunding Baa1/NR 360,550
National BenevolentAssociation B, 4.90% due 2/1/2008
2,000,000 Colorado Housing Finance Authority Capital Appreciation Aa1/AA- 1,758,860
Series A, 0% due11/1/2001
835,000 Colorado Student Loan Revenue Series 1992-B, 6.40% due A/NR 838,933
9/1/1999
2,020,000 Colorado Student Loan Revenue Series 1992-B, 6.55% due A/NR 2,082,074
12/1/2002
3,230,000 Colorado Student Obligation Bond Authority Revenue Series A/NR 3,303,224
1994-L, 5.90% due9/1/2000
2,395,000 Colorado Student Obligation Bond Authority Student Loan A/NR 2,471,065
Revenue Series B,5.90% due 9/1/2002
2,990,000 Denver City & County Excise Tax Revenue Refunding Series Aaa/AAA 3,064,122
A, 5.25% due9/1/2008 (Insured: FSA)
1,080,000 Denver City & County Industrial Development Revenue, 7.40% NR/A- 1,147,857
due 3/1/2003(University of Denver Project)
1,155,000 Denver City & County Industrial Development Revenue, 7.50% NR/A- 1,229,405
due 3/1/2004(University of Denver Project)
1,185,000 Denver City & County Industrial Development Revenue, 7.60% NR/A- 1,266,196
due 3/1/2005(University of Denver Project)
3,500,000 Denver City & County Industrial Development Revenue, NR/A1+ 3,533,810
5.375% due 7/1/2011put 7/1/00 (Translogic Corporation
Project; LOC: Commerzbank)
2,460,000 Denver School District 1 Certificate of Participation Aaa/AAA 2,553,062
Series 1996, 5.50%due 12/15/2002 (Insured: AMBAC)
500,000 El Paso County School District General Obligation 20 A3/NR 584,175
Series B, 8.25% due12/15/2004 (State Aid Withholding)
560,000 Highlands Ranch Metro District 1 Refunding, 5.25% due Aaa/AAA 578,133
9/1/2003 (Insured:AMBAC)
2,175,000 Highlands Ranch Metro District 2 General Obligation, 6.00% Aaa/AAA 2,317,506
due 6/15/2004(Insured: FSA)
2,725,000 Westminister Multi Family Housing Revenue Series 1995, NR/AA- 2,855,337
5.95% due 9/1/2015 put 9/1/06 (Semper Village Apartments
Project; Insured: AXA)
1,350,000 Westminster Sales & Use Tax Revenue Refunding Series 1996, NR/AA- 1,389,919
5.50% due12/1/2001
Connecticut (1.60%)
1,685,000 Bridgeport General Obligation, 6.00% due 3/1/2005 Aaa/AAA 1,801,434
(Insured: AMBAC)
1,325,000 Bridgeport General Obligation, 6.00% due 3/1/2006 Aaa/AAA 1,423,328
(Insured: AMBAC)
1,045,000 Capitol Region Education Council, 6.375% due 10/15/2005 NR/BBB 1,095,515
5,540,000 Connecticut State Special Tax Obligation Series 1989-B, 0% Aaa/AAA 5,539,501
due 7/1/1999(Transportation Infrastructure Project;
Insured: AMBAC)
5,000,000 Connecticut Unemployment Compensation Advance Fund Aaa/AAA 5,133,500
Refunding Revenue Series1996-A, 5.50% due 5/15/2001
(Insured: AMBAC)
500,000 New Haven General Obligation, 9.50% due 11/15/2003 A3/BBB+ 589,535
Delaware (0.20%)
1,500,000 Delaware Solid Waste System Revenue, 6.00% due 7/1/2003 Aaa/AAA 1,586,640
(Insured: MBIA)
District of (1.40%)
Columbia
500,000 District Columbia Hospital Revenue Refunding Medlantic Aaa/AAA 538,900
Healthcare Group A,6.00% due 8/15/2007 (ETM)
275,000 District of Columbia Association of American Medical NR/AA- 286,707
Colleges, 7.20% due2/15/2001 pre-refunded 2/15/00 @ 102
60,000 District of Columbia Refunding Series A - 3, 4.90% due Baa3/BBB 60,696
6/1/2000
25,000 District of Columbia Pre-refunded Series B, 7.10% due Aaa/AAA 25,812
6/1/2000 (Insured:FSA)
2,845,000 District of Columbia Certificate of Participation Series NR/BBB- 2,932,313
1993, 6.875% due1/1/2003
1,505,000 District of Columbia General Obligation Capital Aaa/AAA 1,320,893
Appreciation Refunding, 0%due 6/1/2002 (Insured: MBIA)
2,000,000 District of Columbia General Obligation Refunding Series Aaa/AAA 2,045,280
A, 5.50% due6/1/2001 (Insured: FSA)
1,000,000 District of Columbia Revenue, 6.00% due 7/15/2003 Aaa/AAA 1,049,200
(Childrens HospitalProject; Insured: FGIC)
1,330,000 District of Columbia Revenue, 6.00% due 8/15/2005 Aaa/AAA 1,423,938
(Medlantic HealthcareProject; Insured: MBIA) (ETM)
300,000 District of Columbia Revenue, 5.00% due 1/1/2008 (Insured: Aaa/AAA 298,155
AMBAC)
1,120,000 District of Columbia Revenue Bonds, 5.00% due 1/1/2004 Aaa/AAA 1,134,851
(AmericanAssociation for Advancement of Science Project;
Insured: AMBAC)
1,235,000 District of Columbia Revenue Bonds, 5.50% due 1/1/2006 Aaa/AAA 1,276,533
(AmericanAssociation for Advancement of Science Project;
Insured: AMBAC)
110,000 District of Columbia Series A, 5.30% due 6/1/2000 (ETM) NR/NR 111,666
1,390,000 District of Columbia Unrefunded Balance, 5.30% due Baa3/BBB 1,409,571
6/1/2000
Florida (3.00%)
200,000 Alachua County Health Facilities Revenue, 7.00% due NR/AAA 213,174
12/1/2001 (ShandsHospital & Clinics Project) (ETM)
355,000 Brevard County Tourist Development Tax Revenue Series NR/NR 363,538
1993, 6.325% due3/1/2003 (Florida Marlins Training
Facilities)
3,000,000 Collier County School Board Certificates of Participation, Aaa/AAA 3,084,180
5.50% due2/15/2003 (Insured: FSA)
5,000,000 Dade County Solid Waste System Special Obligation Revenue, Aaa/AAA 5,153,100
5.25% due10/1/2003 (Insured: AMBAC)
200,000 East County Water Control District Lee County Drain, 5.50% NR/AA 207,228
due 11/1/2003(LOC: Asset Guaranty)
1,500,000 Florida Housing Development Authority, 6.25% due 12/1/2006 NR/AAA 1,546,080
(Hammock's PlaceProject)
1,940,000 Florida Housing Finance Authority Series 1987, 4.85% due NR/AA 1,942,774
2/1/2008 put2/1/01 (Guaranteed: Connecticut General)
3,100,000 Florida Housing Finance Authority Multi Family Housing NR/AA- 3,124,831
Revenue, 5.10% due4/1/2013 put 4/1/02 (Park Colony
Project; LOC: Mellon Bank)
150,000 Hillsborough County Utility Refunding Rev, 9.75% due Aaa/AAA 172,917
12/1/2003 (ETM)
550,000 Jacksonville Port Authority Rev., 7.625% due 11/1/2002 Aaa/AAA 607,018
(Insured: MBIA)
1,000,000 Jacksonville Port Authority Rev., 7.625% due 11/1/2003 Aaa/AAA 1,126,130
(Insured: MBIA)
1,000,000 Lee County School Board Certificate of Participation, Aaa/AAA 1,028,520
6.20% due 8/1/2000(Insured: FSA)
1,195,000 Lee County School Board Certificate of Participation, Aaa/AAA 1,247,437
6.30% due 8/1/2001(Insured: FSA)
125,000 Martin County Combined Special Assessment Series 1990-A, NR/NR 128,256
8.125% due3/1/2001
4,295,000 Miami Dade County School Board Refunding Series Aaa/AAA 4,389,318
Certifications ofParticipation, 5.25% due 8/1/2009
1,750,000 Orange County Health Facilities Authority Revenue Mortgage Aaa/AAA 1,740,480
South CentralNursing Series A, 5.00% due 7/1/2009
(Insured: FSA)
940,000 Palm Beach County Industrial Development Revenue Series NR/A+ 996,438
1996, 6.00% due12/1/2006 (Lourdes-Noreen McKeen Residence
for Geriatric Care Project; LOC:Allied Irish Bank)
250,000 Pasco County School Board Certificate of Participation Aaa/AAA 260,093
Series A, 6.10% due8/1/2001 (Insured: FSA) (ETM)
1,310,000 Port Orange Water and Sewer Revenue Refunding, 5.50% due Aaa/AAA 1,368,347
10/1/2009(Insured: AMBAC)
300,000 Volusia County Health Facilities Authority, 5.50% due NR/AA 309,450
6/1/2005
Georgia (0.30%)
1,590,000 Burke County Development Authority Pollution Control Aaa/AAA 1,677,132
Revenue, 6.25% due1/1/2003 (Insured: MBIA)
400,000 Gwinnett County Dev Auth Rev, 6.95% due 6/1/2001 (Mead NR/NR 409,896
Corp. Project) (ETM)
1,000,000 Monroe County Pollution Control Revenue, 6.55% due Aaa/AAA 1,094,430
1/1/2006 (OglethorpePower Corporation Project; Insured:
MBIA)
Guam (0.10%)
800,000 Guam Government General Obligation Series A, 5.90% due NR/BBB- 801,144
9/1/2005
Hawaii (1.10%)
2,000,000 Hawaii General Obligation Refunding, 5.00% due 4/1/2008 Aaa/AAA 1,999,840
(Insured: MBIA)
4,000,000 Hawaii State Series California, 5.75% due 1/1/2008 A1/A+ 4,180,360
2,250,000 Hawaii State Refunding Series Cc, 5.125% due 2/1/2009 A1/A+ 2,245,680
1,500,000 Hawaii State Department Budget & Finance Special Purpose A2/A 1,551,390
Mortgage Revenue,5.70% due 7/1/2003 (Kapiolani Health Care
System Project)
500,000 Honolulu City & County Series A, 7.25% due 7/1/2000 Aa3/AA- 517,805
Idaho (0.70%)
700,000 Boise Urban Renewal Agency Package Revenue Tax Increment NR/BBB+ 721,812
Series A, 6.00%due 9/1/2002
4,980,000 Idaho Falls Electric Revenue Refunding, 0% due 4/1/2000 Aaa/AAA 4,849,923
(Insured: FGIC)
700,000 Idaho Housing Agency Single Family Mortgage Subordinated Aa2/NR 725,963
Series D-1, 5.90%due 7/1/2006
325,000 Idaho Student Loan Marketing Association Refunding Revenue NR/NR 326,576
Series 1992,6.40% due 10/1/1999
Illinois (8.50%)
3,345,000 Champaign County Community Unit Series C, 0% due 1/1/2009 NR/AAA 2,040,417
1,800,000 Chicago General Obligation, 5.50% due 1/1/2004 (Insured: Aaa/AAA 1,865,214
AMBAC)
2,695,000 Chicago O'Hare International Airport Revenue Series C 1, Aaa/AAA 2,693,329
4.90% due 1/1/2007(Insured: MBIA)
5,000,000 Chicago O'Hare International Airport Special Facility Aaa/AAA 5,090,100
Revenue RefundingInternational Terminal, 5.50% due
1/1/2008 (Insured: AMBAC) (when issued)
5,000,000 Chicago O'Hare International Airport Special Facility Aaa/AAA 5,043,350
Revenue RefundingInternational Terminal, 5.50% due
1/1/2010 (Insured: AMBAC) (when issued)
3,000,000 Cook County Capital Improvement, 5.50% due 11/15/2008 Aaa/AAA 3,115,530
(Insured: FGIC)
2,000,000 Cook County Community College District 508, 8.40% due Aaa/AAA 2,119,360
1/1/2001 (Insured:FGIC)
1,800,000 Cook County Community College District 508 COP, 8.50% due Aaa/AAA 1,970,424
1/1/2002(Insured: FGIC)
3,350,000 Cook County Community Unified School District 401 Series Aaa/AAA 2,735,308
1996, 0% due12/1/2003 (Insured: FSA)
595,000 Cook County School District 100, 8.20% due 12/1/2005 Aaa/NR 704,010
(Insured: FSA)
640,000 Cook County School District 100 Berwyn, 8.20% due Aaa/NR 768,077
12/1/2006 (Insured: FSA)
2,600,000 Du Page And Will Counties Community School District Number Aaa/AAA 2,583,230
204, 5.00% due12/30/2009 (Insured: FGIC)
715,000 Du Page County High School, 5.75% due 12/1/2006 Aa3/NR 755,576
760,000 Du Page County High School, 5.75% due 12/1/2007 Aa3/NR 802,484
870,000 Du Page County School District Capital Appreciation, 0% Aaa/NR 626,017
due 2/1/2006(Insured: FGIC)
400,000 Illinois Development Finance Authority Revenue Refunding, NR/BBB 409,512
5.60% due7/1/2004
1,000,000 Illinois Development Finance Authority Revenue Refunding NR/BBB 1,023,400
Community RehabProviders A, 5.60% due 7/1/2005
1,000,000 Illinois Development Finance Authority Revenue Refunding, NR/BBB 1,020,760
5.60% due7/1/2006
2,000,000 Illinois Development Finance Authority Revenue Provena Aaa/AAA 2,050,420
Health Series A,5.50% due 5/15/2009 (Insured: MBIA)
4,020,000 Illinois Educational Facilities Authority Revenues A1/AA 3,985,549
Advocate Health CareNetwork B, 5.25% due 8/15/2009
2,000,000 Illinois Health Facilities Authority Revenue Series 1992, Baa2/BBB 2,091,560
7.00% due7/1/2002 (Trinity Medical Center Project)
500,000 Illinois Health Facilities Authority Revenue, 5.20% due A3/A- 509,015
10/1/2003 (IllinoisMasonic Medical Center Project)
1,000,000 Illinois Health Facilities Authority Revenue Refunding, NR/A- 1,042,890
6.25% due 12/1/2004(Friendship Village Schaumburg)
1,155,000 Illinois Health Facilities Authority Revenue Series A, Aaa/AAA 1,176,136
5.25% due 7/1/2007(The Carle Foundation Project) (Insured:
AMBAC)
2,500,000 Illinois Health Facilities Authority Revenue Refunding Aaa/AAA 2,826,075
Series C, 7.00% due4/1/2008 (Lutheran General Health)
(Insured: FSA)
45,000 Illinois Health Facilities Authority Revenue Series A, VMIG1/NR 44,743
4.70% due 7/1/2031 put 7/1/04 (Edgewater Med Center
Project; LOC: Credit Local De France)
780,000 Illinois Health Facilities Authority Revenue Series NR/NR 829,140
1993-A, 7.875% due8/15/2005 (Community Provider Pooled
Loan Program Project)
1,000,000 Illinois St Partns, 5.10% due 7/1/2010 (Insured: AMBAC) Aaa/AAA 996,000
7,350,000 Illinois State, 5.25% due 6/1/2009 Aa2/AA 7,486,269
1,250,000 Illinois State Partns, 5.00% due 7/1/2007 (Insured: AMBAC) Aaa/AAA 1,256,550
9,105,000 Lake County Forest Preserve District Capital Appreciation, Aa1/AA+ 6,334,622
0% due 12/1/2006
3,485,000 Lake CountyTownship High School District, 8.80% due Aa1/AAA 4,538,515
12/1/2009
750,000 Macon County & Decatur Certificates of Participation, Aaa/AAA 811,770
6.50% due 1/1/2005(Insured: FGIC)
500,000 Metropolitan Pier and Exposition Authority Dedicated State Aaa/AAA 450,025
Tax Rev., 0% due12/15/2001 (Insured: MBIA)
2,445,000 Naperville City, Du Page & Will Counties Economic NR/AA- 2,593,020
Development Revenue,6.10% due 5/1/2008 (Hospital and
Health System Association Project; LOC:American National
Bank)
2,800,000 Rosemont General Obligation Series B, 5.40% due 12/1/2005 A3/A 2,896,124
6,300,000 University Illinois University Revenues Capital Aaa/AAA 4,422,096
Appreciation AuxilaryFacilities Systems, 0% due 10/1/2006
900,000 Will & Kendall Counties Community School District 202 Aaa/AAA 916,056
General Obligation,5.45% due 1/1/2005 (Insured: AMBAC)
Indiana (5.40%)
1,250,000 Brownsburg School Building Corporation First Mortgage, NR/A 1,274,975
5.375% due 8/1/2007
1,175,000 Brownsburg School Building Corporation First Mortgage, NR/A 1,197,278
5.375% due 2/1/2007
1,255,000 Columbus School Building Corporation, 5.50% due 1/15/2002 Aaa/AAA 1,290,203
(Insured: MBIA)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana NR/A 1,343,069
First Mortgage, 0%due 1/15/2006
770,000 Elberfeld J H Castle School Building Corporation Indiana Aaa/AAA 492,030
First MortgageRefunding, 0% due 1/5/2008 (Insured: MBIA)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana Aaa/AAA 1,157,682
First MortgageRefunding, 0% due 7/5/2008 (Insured: MBIA)
570,000 Gary Judgement Funding General Obligation, 6.60% due NR/NR 576,960
12/15/1999
2,305,000 Hammond Multi-School Building Corp First Mortgage NR/A 2,438,321
Refunding Bond Series1997, 6.00% due 7/15/2008 (Lake
County Project)
470,000 Indiana Bond Bank Series B, 7.25% due 2/1/2001 (Special NR/A+ 476,044
Loan Program)
1,120,000 Indiana Bond Bank Special Program Series 1992-B, 5.60% due NR/A+ 1,121,994
8/1/1999
2,640,000 Indiana Bond Bank State Revolving Fund Series 1993-A, NR/AAA 2,672,234
5.50% due 2/1/2000
1,500,000 Indiana Health Facilities Revenue, 5.55% due 7/1/2001 Aaa/AAA 1,536,765
(Marion GeneralHospital Project; Insured: MBIA)
670,000 Indiana State Educational Facilities Authority Revenue NR/A- 693,550
EducationalFacilities, 5.75% due 10/1/2009 (University
Indianapolis Project)
3,520,000 Indiana State Office Building Commission, 5.25% due Aaa/AAA 3,558,227
7/1/2009
1,400,000 Indianapolis Economic Development Revenue, 5.30% due Aaa/AAA 1,426,306
12/1/2007 (FNMAPass-Thru Certificate)
1,220,000 Indianapolis Local Public Improvement Bond Bank Trans Rev, Aa/AA- 914,487
0% due 7/1/2005
1,240,000 Indianapolis Local Public Improvement Bond Bank Trans Rev, Aa/AA- 879,867
0% due 7/1/2006
6,200,000 Indianapolis Local Public Improvement Bond Bank Trans Rev NR/UR 6,207,626
Series 1996,6.00% due 1/10/2001
2,200,000 Indianapolis Resource Recovery Revenue, 6.75% due Aaa/AAA 2,404,666
12/1/2004 (Ogden MartinSystem, Inc. Project; (Insured:
AMBAC)
670,000 Lake County Park District, 5.00% due 12/31/2007 (Insured: Aaa/AAA 667,709
AMBAC)
700,000 Lake County Park District, 5.00% due 12/31/2008 (Insured: Aaa/AAA 692,706
AMBAC)
700,000 Lake County Park District, 5.00% due 12/31/2009 (Insured: Aaa/AAA 688,226
AMBAC)
1,025,000 Lawrence Township Indiana School Building Corporation NR/A+ 1,046,679
Refunding FirstMortgage, 5.25% due 7/5/2006
1,075,000 Lawrence Township Indiana School Building Corporation NR/A+ 1,086,191
Refunding FirstMortgage, 5.25% due 7/5/2007
1,135,000 Lawrence Township Indiana School Building Corporation NR/A+ 1,140,652
Refunding FirstMortgage, 5.25% due 7/5/2008
1,645,000 Logansport Multi-Purpose School Building Corporation First NR/A 1,683,444
MortgageRefunding Series 1992, 5.50% due 7/1/2001
955,000 Mishawaka School First Mortgage, 6.25% due 7/15/2006 NR/A 1,022,757
1,015,000 Mishawaka School First Mortgage, 6.25% due 7/15/2007 NR/A 1,088,425
535,000 New Albany Floyd County School Building Corp., 6.20% due NR/A 568,379
7/1/2003 (ETM)
1,660,000 Noblesville High School Building Corp. First Mortgage Bond Aaa/AAA 1,749,208
Series 1997Refunding First Mortgage, 5.75% due 1/5/2006
(Insured: AMBAC)
1,820,000 Noblesville High School Building Corp. First Mortgage Bond Aaa/AAA 1,924,141
Series 1997Refunding First Mortgage, 5.75% due 7/5/2006
(Insured: AMBAC)
1,295,000 Seymour Community High School Building Corporation Aaa/AAA 1,337,722
Refunding FirstMortgage, 5.50% due 7/5/2008 (Insured: FSA)
1,820,000 Westfield Elem. School Building Corp. First Mtg Series Aaa/AAA 2,037,763
1997, 6.80% due7/15/2007 (Insured: AMBAC)
1,385,000 Whitley County Middle School Building Corporation Aaa/AAA 1,419,293
Refunding First Mortgage,5.25% due 7/10/2006 (Insured:
FSA)
1,470,000 Whitley County Middle School Building Corporation Aaa/AAA 1,500,855
Refunding First Mortgage,5.25% due 7/10/2007 (Insured:
FSA)
1,575,000 Whitley County Middle School Building Corporation Aaa/AAA 1,599,869
Refunding First Mortgage,5.25% due 7/10/2008 (Insured:
FSA)
Iowa (1.50%)
1,225,000 Des Moines Hospital Revenue Refunding Series 1996-A, 6.25% Aa2/NR 1,312,979
due 11/15/2004(Des Moines General Hospital Project; LOC:
Norwest)
1,500,000 Iowa Certificate of Participation, 6.10% due 7/1/2001 Aaa/AAA 1,552,035
(Insured: AMBAC)
875,000 Iowa Student Loan Liquidity Corporation Student Loan Aa1/NR 901,154
Revenue 1991 Series A,6.35% due 3/1/2001
2,000,000 Iowa Student Loan Liquidity Corporation Student Loan Aaa/AAA 2,096,900
Revenue 1991 Series C,6.80% due 12/1/2002
2,675,000 Marion Commercial Development Revenue Refunding Series NR/A 2,756,427
1991-A, 7.25% due1/1/2014 put 7/1/02 (Collins Road
Project; Insured: Trygg-Hansa)
500,000 Muscatine Electric Revenue, 9.50% due 1/1/2004 (ETM) Aaa/AAA 561,290
4,445,000 Muscatine Electric Revenue Refunding Series 1992, 5.40% Aaa/AAA 4,491,139
due 1/1/2000(Insured: AMBAC)
1,000,000 Polk County Revenue Catholic Health Initiatives, 5.50% due Aa2/AA 1,040,480
12/1/2005
Kansas (0.60%)
1,000,000 Kansas City Industrial Revenue Series 12/1/84, 7.20% due NR/NR 1,032,330
12/1/2004 (AshGrove Cement Project)
1,000,000 Sedgwick County Unified School District 265, 8.20% due Aaa/AAA 1,143,650
10/1/2003 (Insured:FSA)
3,920,000 Topeka Multi Family Housing Revenue Refunding Series NR/A 4,005,064
1991-A, 7.25% due4/1/2021 put 4/1/02 (Fleming Court
Project; Insured: Trygg-Hansa)
Kentucky (0.80%)
1,500,000 Jefferson County Hospital Revenue Pre-refunded, 8.124% due Aaa/AAA 1,629,375
10/1/2002(Insured: MBIA)
3,000,000 Jefferson County Hospital Revenue Unrefunded, 8.124% due Aaa/AAA 3,292,500
10/1/2002(Insured: MBIA)
1,000,000 Kentucky State Turnpike Authority Res Rec Rev, 0% due Aaa/AAA 714,430
7/1/2006 (Insured:FGIC)
1,810,000 Paintsville First Mortgage Revenue Series 1991, 8.50% due NR/NR 1,944,537
9/1/2003 (Paul B.Hall Medical Center Project; Guaranteed:
Health Management Associates)
Louisiana (4.50%)
2,475,000 East Baton Rouge Sales Tax Series, 8.00% due 2/1/2006 Aaa/AAA 2,906,863
(Insured: FGIC)
1,000,000 Jefferson Parish Drainage Improvement Refunding, 6.15% due NR/AAA 1,068,620
9/1/2005(Insured: FGIC)
1,040,000 Jefferson Parish School Board Refunding, 0% due 3/1/2008 Aaa/AAA 671,507
(Insured: FSA)
1,000,000 Louisiana Offshore Authority Deepwater Port Rev. Series B, A3/A 1,067,490
6.25% due9/1/2004
1,065,000 Louisiana PFA Multi Family Housing, 5.95% due 3/15/2019 NR/AA- 1,102,414
put 3/15/05(Oakleigh Apts. Project; Insured: AXA)
5,000,000 Louisiana PFA Health and Ed Cap Fac Revenue Series 1985, Aaa/AAA 5,079,800
5.00% due12/1/2015 put 6/1/02 (Insured: AMBAC)
1,200,000 Louisiana PFA Hospital, 3.65% due 7/1/1999 (St. Francis Aaa/AAA 1,199,988
Medical CenterProject; Insured: FSA) (Inverse Floater)
1,100,000 Louisiana PFA Hospital, 3.90% due 7/1/2000 (St. Francis Aaa/AAA 1,104,092
Medical CenterProject; Insured: FSA) (Inverse Floater)
1,300,000 Louisiana PFA Hospital Revenue and Refunding, 4.10% due Aaa/AAA 1,278,225
7/1/2001 (St.Francis Medical Center Project; Insured: FSA)
(Inverse Floater)
3,450,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Chateau De NR/NR 3,352,572
Notre Dame Project)
4,000,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Wynhoven NR/NR 3,887,040
Health Care CenterProject)
3,525,000 Louisiana PFA Student Loan Revenue Series A-1, 6.10% due Aaa/NR 3,575,725
3/1/2000
500,000 Louisiana State University Agricultural & Mechanical NR/NR 542,715
College Board, 7.70%due 4/15/2002 (ETM)
2,125,000 Louisiana Unlimited Tax General Obligation Series A, 6.00% Aaa/AAA 2,201,840
due 8/1/2001(Insured: FGIC)
750,000 New Orleans Audubon Park Commission Revenue Series A, NR/NR 832,095
8.00% due 4/1/2012 pre-refunded 4/1/02 @ 102 (Aquarium
Project)
3,720,000 Orleans Levee District Public Improvement Trust Receipts Aaa/AAA 3,866,047
Series 1995-A,5.95% due 11/1/2001 (Insured: FSA)
10,000,000 Orleans Parish School Board, 0% due 2/1/2008 Aaa/AAA 6,170,100
460,000 Ouachita Parish Hospital District 1 Series 1991, 7.25% due NR/A 486,137
7/1/2001 (ETM)
3,000,000 Saint Charles Parish Pollution Control Revenue Variable Baa3/BBB- 2,991,810
Refunding Series A,4.85% due 6/1/2030 (Entergy Louisiana
Inc. Project)
600,000 St. Tammany Parish Louisiana Sales Tax, 5.75% due 4/1/2006 Aaa/AAA 633,204
(Insured: FGIC)
Maine (0.00%)
300,000 Regional Waste Systems Maine Solid Waste Series P, 5.375% NR/AA 308,118
due 7/1/2005
Maryland (0.30%)
2,000,000 Howard County Multifamily Housing Revenue, 7.00% due Baa2/NR 2,182,500
7/1/2024 put 7/1/04(Chase Glen Project; Guaranty: Avalon
Prop.)
1,000,000 Maryland Health and High Educational Facility Authority, NR/A 1,005,520
4.75% due 7/1/2021put 3/1/01 (Stella Maris Project; LOC:
First Natl Bank)
Massachusetts (4.20%)
1,000,000 Boston FHA Insured City Hospital Revenue Series A, 7.15% Aaa/NR 1,057,970
due 2/15/2001pre-refunded 8/15/00 (Boston City Hospital
Project)
1,000,000 Boston General Obligation Series A, 7.25% due 7/1/1999 Aa3/A+ 1,000,100
3,130,000 Boston Revenue City Hospital, 7.65% due 2/15/2010 Aaa/NR 3,328,254
pre-refunded 8/15/00
65,000 Haverhill General Obligation Municipal Purpose Loan Series Baa3/BBB 70,921
1991, 7.50% due10/15/2011
260,000 Holyoke General Obligation Electric Revenue Series 1991-A, Baa2/BBB+ 271,731
8.00% due6/1/2001
1,195,000 Holyoke General Obligation School Project Loan Act of Baa2/NR 1,261,956
1948, 7.35% due8/1/2002 pre-refunded 8/1/01
200,000 Holyoke General Obligation Sewer Revenue Series B, 8.00% Baa2/BBB+ 209,024
due 6/1/2001
1,060,000 Lynn General Obligation, 7.00% due 1/15/2004 Baa1/NR 1,151,393
595,000 Massachusetts Education Loan Authority Education Loan NR/AAA 611,660
Revenue Issue CSeries A, 7.875% due 6/1/2003
450,000 Massachusetts Education Loan Revenue Series 1985-C, 7.875% NR/AAA 460,382
due 6/1/2003(LOC: Rabobank Nederland)
2,000,000 Massachusetts General Obligation Consolidated Loan of 1991 Aa3/AA- 1,846,560
Series B, 0% due6/1/2001
500,000 Massachusetts General Obligation Consolidated Loan Series Aa3/AA- 530,275
D, 6.50% due7/1/2002
1,245,000 Massachusetts Health & Education Facilities Authority NR/A 1,245,112
Series B, 6.875% due7/1/1999 (Charlton Hospital Project)
(ETM)
3,000,000 Massachusetts Hynes Convention Center Authority Refunding Aa3/AA- 2,871,000
Series 1992, 0%due 9/1/2000
2,500,000 Massachusetts Hynes Convention Center Authority Refunding Aa3/AA- 2,172,475
Series 1992, 0%due 9/1/2002
5,000,000 Massachusetts IFA First Mortgage Revenue Series 1996-B, NR/A-1 5,047,000
5.00% due 5/1/2026 put 5/1/02 (Orchard Cove Project; LOC:
Fleet National Bank)
2,500,000 Massachusetts IFA Recovery Refunding Revenue Series Aaa/AAA 2,558,175
1993-A, 5.45% due7/1/2001 (Insured: FSA)
1,950,000 Massachusetts Industrial Finance Agency Resources Recovery NR/BBB 1,896,160
Revenue, 4.95%due 12/1/2006
2,395,000 Massachusetts State Health & Educational Facilities NR/NR 2,415,597
Authority Series B,5.50% due 5/15/2011 put 5/15/01
(Community Health Capital Fund Project;LOC: First National
Bank of Boston)
1,480,000 New Bedford Industrial Revenue, 7.42% due 7/1/2002 NR/NR 1,493,720
(Aerovox CorporationProject)
1,000,000 New England Education Loan Marketing Corporation Student Aa/NR 1,052,740
Loan RevenueSeries 1992-F, 6.50% due 9/1/2002
3,000,000 New England Education Loan Marketing Corporation Student A3/A- 3,046,020
Loan RevenueSeries 1993-B, 5.40% due 6/1/2000
295,000 South Essex Sewer District General Obligation, 9.00% due Baa1/NR 301,697
12/1/1999
250,000 Springfield General Obligation, 7.75% due 5/1/2000 Baa3/NR 258,212
300,000 Springfield General Obligation, 7.75% due 5/1/2001 Baa3/NR 317,145
300,000 Springfield General Obligation, 7.80% due 5/1/2002 Baa3/NR 321,900
1,500,000 Taunton General Obligation, 8.00% due 2/1/2006 (Insured: Aaa/AAA 1,768,215
MBIA)
1,000,000 University of Massachusetts Bldg. Authority Ref Revenue Aa3/A+ 1,091,480
Series 1991-A,7.15% due 5/1/2003
1,250,000 Worcester Municipal Purpose Loan of 1991 General Aaa/AAA 1,309,287
Obligation, 6.80% due5/15/2001 (Insured: MBIA)
Michigan (1.60%)
1,215,000 Dearborn Sewage Disposal Systems, 6.90% due 4/1/2001 Aaa/AAA 1,270,987
(Insured: MBIA)
3,000,000 Detroit Economic Development Corp. Refunding, 7.00% due NR/NR 3,090,210
6/1/2012 put 6/1/02(E.H. Associates Project; LOC: First
Fed of Michigan)
1,300,000 Detroit General Obligation Series, 8.50% due 4/1/2000 Baa1/A- 1,346,228
890,000 Kalamazoo Hospital Finance Authority Hospital Facility Aaa/NR 913,825
Revenue, 5.50% due5/15/2008 (Bronson Methodist Hospital
Project; Insured: MBIA)
1,625,000 Kent Hospital Finance Authority Michigan Revenue Refunding Aa3/AA 1,656,460
Spectrum HealthSeries A, 5.25% due 1/15/2006
1,265,000 Michigan State Hospital Finance Authority Revenue Aaa/NR 1,283,165
Refunding, 5.25% due2/15/2007 (Insured: MBIA)
955,000 Michigan State Hospital Finance Authority Revenue 1991-A Ba3/NR 1,021,564
Garden CityHospital, 8.30% due 9/1/2002
2,000,000 Wayne County Building Authority Limited Tax General Baa2/BBB+ 2,207,660
Obligation Sinking FundSeries 1992-A, 7.80% due 3/1/2005
pre-refunded 3/1/02 @ 102
615,000 Wayne County Wastewater Control System Limited Tax General Baa2/NR 664,237
ObligationRefunding, 7.875% due 5/1/2002 (ETM)
1,940,000 West Ottawa Public Schools General Obligation Unlimited Aaa/AAA 2,059,950
Tax, 6.30% due5/1/2003 (Insured: FGIC)
Minnesota (0.80%)
2,365,000 Anoka County Resources Recovery Revenue, 5.00% due A1/A+ 2,346,955
12/1/2006 (NorthernStates Power Company Project) (when
issued)
1,000,000 Anoka County Resources Recovery Revenue, 4.60% due A1/A+ 957,820
12/1/2008 (NorthernStates Power Company Project) (when
issued)
650,000 Coon Rapids Industrial Development Ref. Rev., 6.75% due NR/NR 652,619
12/1/2001 (LOC:Norwest Bank)
1,500,000 Metropolitan Council Minneapolis - St. Paul Area Sports A/A 1,529,280
Facilities Revenue,5.30% due 10/1/2000 (Hubert H. Humphery
Metrodome Project) (ETM)
720,000 Minneapolis - St. Paul Housing & Redevelopment Authority VMIG1/NR 720,958
Single FamilyMortgage Revenue Series 96-B, 5.125% due
6/1/2032 put 6/1/00 (Insured:FNMA/GNMA)
680,000 Minneapolis - St. Paul Single Family Housing Revenue NR/AAA 691,043
Series A, 8.25% due11/1/2007
500,000 Minneapolis Community Development Agency Supported Dev. NR/A- 533,300
Rev. Ltd Tax -Common Bond Series G-3, 7.00% due 12/1/2003
325,000 Minneapolis MFHR Refunding Series 1991, 6.75% due NR/AAA 337,786
10/1/2001 (ChurchillApartments Project; FHA Mortgage
Insurance)
Mississippi (0.40%)
1,000,000 Medical Center Education Building Corp. Rev., 7.00% due NR/A 1,043,460
12/1/2000(University of Mississippi Medical Center
Project)
2,000,000 Mississippi High Education Assistance Corporation Student NR/A 2,022,200
Loan RevenueSeries 1992-B, 6.00% due 1/1/2000
500,000 Mississippi Hospital Equipment & Facilities Authority Baa3/NR 521,620
Revenue, 8.60% due1/1/2001 (Rush Medical Foundation
Project) (ETM)
Missouri (1.40%)
1,555,000 Jackson County Public Building Corporation Leasehold Aaa/AAA 1,664,457
Revenue Series 1996,6.00% due 12/1/2004 (Capital
Improvement Project; Insured: MBIA)
1,315,000 Missouri Environmental Improvement And Energy Resources A1/AA 1,354,621
Authority PCR,5.25% due 12/1/2007
1,055,000 Missouri Health & Education Facilities Authority Revenue, NR/NR 942,653
0% due 1/1/2002 (ETM)
4,000,000 Missouri Higher Education Loan Authority Student Loan Aa/NR 4,046,240
Revenue Refunding,5.50% due 2/15/2000
735,000 Missouri Regional Convention & Sport, 5.25% due 8/15/2008 Aaa/AAA 748,039
(Insured: AMBAC)
255,000 Missouri State Enviromental Improvement & Energy Resources Aa1/NR 272,350
AuthorityRevenue Series 1991-A, 6.50% due 12/1/2002 (State
Revolving RevenueProject)
325,000 Missouri State Enviromental Improvement & Energy Resources Aa1/NR 348,319
AuthorityRevenue Series 1991-A, 6.60% due 12/1/2003 (State
Revolving RevenueProject)
680,000 Missouri State Housing Development Authority Revenue, Aa/AA+ 680,360
6.30% due 7/15/1999
3,860,000 St. Louis IDA Refunding Revenue Series 1993-B, 5.10% due NR/A- 3,888,178
12/1/2008 put12/1/00 (Westport Residence Project;
Guaranteed: Lincoln NationalCorporation)
Montana (0.00%)
415,000 Montana Higher Education Student Loan Revenue Series A/NR 432,065
1992-A, 6.70% due12/1/2001
Nebraska (0.80%)
1,500,000 Nebraska IFA Hospital Equipment Revenue, 6.85% due Aaa/AAA 1,596,420
3/1/2002 pre-refunded3/1/01 @ 102 (Insured: MBIA)
1,150,000 Nebraska IFA Multi Family Housing Revenue 1985-B, 4.875% NR/AAA 1,148,022
due 1/1/2008(FNMA: Collateralized)
2,875,000 Nebraska IFA Tax Exempt Multi Family Housing Revenue NR/AAA 2,975,309
Refunding 1995-A,5.50% due 12/1/2025 put 12/1/05 (Willow
Park Apartments Project; FNMACollateralized)
2,500,000 Nebraska Public Power District Series 1993, 5.10% due Aaa/AAA 2,522,500
1/1/2000
Nevada (0.50%)
1,550,000 Las Vegas Downtown Redevelopment, 7.80% due 6/1/2001 Baa/A- 1,627,733
1,085,000 Washoe County Airport Authority Revenue Refunding, 5.30% Aaa/AAA 1,103,326
due 7/1/2000(Insured: MBIA)
1,325,000 Washoe County Airport Authority Revenue Refunding, 5.45% Aaa/AAA 1,355,316
due 7/1/2001(Insured: MBIA)
750,000 Washoe County Airport Authority Revenue Refunding, 5.60% Aaa/AAA 774,202
due 7/1/2002(Insured: MBIA)
New Hampshire (0.80%)
500,000 New Hampshire Capital Appreciation General Obligation, 0% Aa2/AA+ 397,280
due 7/1/2004
5,000,000 New Hampshire Health and Educational Authority Revenue A2/NR 5,054,650
Bond Series B, 5.05%due 3/1/2023 put 3/1/03 (Riverwoods
at Exeter Project; LOC: BanqueParibas)
2,030,000 New Hampshire Industrial Development Authority Revenue, NR/AA- 2,055,883
6.40% due 12/1/2009put 12/1/99 (Central Vermont Public
Services; LOC: Toronto Dominion Bank)
New Jersey (0.50%)
595,000 Hudson County Certificates of Participation, 6.20% due Aaa/AAA 629,558
6/1/2003(Corrections Facility Project; Insured: MBIA)
1,000,000 New Jersey Health Care Facilities Financing Authority NR/AAA 1,085,310
Revenue, 7.00% due7/1/2003 (Christ Hospital Project;
Insured: Connie Lee)
1,000,000 New Jersey Health Care Financing Authority Revenue, 5.75% Aaa/AAA 1,052,240
due 7/1/2004(Kennedy Health Systems) (Insured: MBIA)
1,000,000 New Jersey Health Care Financing Authority Revenue, 5.75% Aaa/AAA 1,055,430
due 7/1/2005(Kennedy Health Systems) (Insured: MBIA)
1,000,000 New Jersey Turnpike Authority Revenue Series A, 5.70% due Baa1/BBB+ 1,020,310
1/1/2001
New Mexico (0.50%)
215,000 Las Cruces Gross Receipts Tax Revenue, 5.65% due 12/1/2000 A/A 220,147
285,000 Santa Fe County Office and Training Facilities Revenue Aaa/NR 285,043
Series 1990, 9.00%due 7/1/1999 (ETM)
298,000 Santa Fe County Office and Training Facilities Revenue Aaa/NR 306,326
Series 1990, 9.00%due 1/1/2000 (ETM)
326,000 Santa Fe County Office and Training Facilities Revenue Aaa/NR 349,299
Series 1990, 9.00%due 1/1/2001 (ETM)
650,000 Santa Fe Refuse Disposal Systems, 5.00% due 6/1/2003 A3/NR 655,954
775,000 Santa Fe Refuse Disposal Systems Improvement Revenue, A3/NR 777,333
5.00% due 6/1/2005
745,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 774,658
5.75% due 6/1/2004
510,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 535,000
5.90% due 6/1/2005
775,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 817,974
6.00% due 6/1/2006
New York (7.10%)
310,000 Amherst Industrial Development Authority Lease Revenue NR/A 301,131
Bonds Series A,5.25% due 10/1/2008 (Pink Complex Project;
LOC: Key Bank)
5,230,000 Dutchess County Resource Recovery Agency Revenue, 5.00% Aaa/AAA 5,203,379
due 1/1/2008(Insured: MBIA) (when issued)
1,000,000 Hempstead Town Industrial Development Agency Resources Aaa/AAA 995,950
Recovery Revenue,5.00% due 12/1/2009 (American Fuel
Company Project) (Insured: MBIA)
1,785,000 Islip Resources Recovery Agency Series 85-D, 5.95% due Aaa/AAA 1,886,477
7/1/2003 (Insured:AMBAC)
500,000 Metropolitian Transit Authority Services Contract Commuter Baa1/BBB+ 532,635
Fac Rev, 7.00%due 7/1/2002
1,050,000 Monroe County Note Industrial Development Agency, 5.375% NR/AA 1,071,987
due 6/1/2007(Saint John Fisher College Project)
3,830,000 Nassau County General Improvement Series Y, 5.00% due Aaa/AAA 3,888,293
3/1/2006 (Insured:FGIC)
4,600,000 New York City General Obligation, 8.25% due 6/1/2007 Aaa/AAA 5,582,606
(Insured: FSA)
500,000 New York City General Obligation Series A, 7.00% due A3/A- 544,210
8/1/2003
800,000 New York City General Obligation Series D, 6.30% due Aaa/A- 828,184
2/1/2001 (ETM)
1,960,000 New York City General Obligation Series D, 6.30% due A3/A- 2,022,210
2/1/2001
750,000 New York City General Obligation Series D, 5.70% due A3/A- 777,600
8/1/2002
1,225,000 New York City General Obligation Series E, 7.20% due Aaa/A- 1,252,366
2/1/2000 (ETM)
15,000 New York City General Obligation Series E, 7.20% due A3/A- 15,322
2/1/2000
785,000 New York City General Obligation Series E, 6.30% due Aaa/A- 820,757
8/1/2001 (ETM)
1,910,000 New York City General Obligation Series E, 6.30% due A3/A- 1,987,298
8/1/2001
1,000,000 New York City General Obligation Series E, 7.00% due Aaa/AAA 1,105,780
8/1/2004 (Insured:AMBAC)
250,000 New York City Health and Hospital Corp. Rev Series A, Baa3/BBB- 261,237
6.00% due 2/15/2005
1,525,000 New York Dormitory Authority, 6.00% due 2/1/2004 (Millard Aaa/AAA 1,610,369
Fillmore HospitalProject; Insured: AMBAC)
755,000 New York Dormitory Authority, 5.25% due 7/1/2007 (St. NR/AA 763,849
Thomas Aquinas;Insured: Asset Guarantee)
1,040,000 New York Dormitory Authority, 6.00% due 7/1/2007 NR/AAA 1,117,834
(Champlain ValleyPhysicians; Insured: Connie Lee)
2,400,000 New York Dormitory Authority Refunding Secured Hospital Aaa/AAA 2,418,984
Series G, 5.125%due 2/15/2008 (Insured: AMBAC)
700,000 New York Dormitory Authority, 5.25% due 7/1/2008 (St. NR/AA 704,487
Thomas Aquinas;Insured: Asset Guarantee)
1,900,000 New York Dormitory Authority Revenue, 5.50% due 7/1/2008 Baa2/AA 1,950,179
(Good SamaritanHospital; (Insured: Asset Guaranty)
1,000,000 New York Dormitory Authority Revenue State University A3/A- 1,091,060
EducationalFacilities Series A, 7.00% due 5/15/2004
7,155,000 New York Dormitory Authority Series 1994-B, 6.00% due VMIG1/A 7,246,155
7/1/2024 put 12/5/99(Miriam Osborn Memorial Home Project;
LOC: Banque Paribas)
280,000 New York Health Facilities Revenue Refunding 1990-A, 7.90% Baa/BBB+ 281,484
due 11/1/1999
1,500,000 New York Local Government Assistance Corporation Revenue A3/A+ 1,581,900
Series D, 6.50%due 4/1/2002
1,500,000 New York Medical Care Facilities Finance Mental Health A3/NR 1,567,665
Services FacilitiesSeries A, 7.25% due 2/15/2001
960,000 New York Medical Care Facilities Finance, 6.00% due Aa1/AA 1,007,021
11/15/2002
450,000 New York Medical Care Facilities Finance, 5.40% due Aa/AA 467,541
8/15/2005 (Insured: FHAMortgage Project)
3,920,000 New York Refunding Series A, 5.25% due 8/1/2007 A3/A- 3,986,954
1,320,000 New York State Thruway Authority General Revenue Special NR/BBB 958,030
Obligation, 0% due1/1/2006
2,500,000 New York State Urban Development Corporation, 7.60% due Aaa/BBB+ 2,697,750
4/1/2003pre-refunded 4/1/01
255,000 New York State Urban Development Corporation Revenue Baa1/BBB+ 269,588
University FacilitiesGrants, 6.00% due 1/1/2006
3,425,000 New York State Urban Development Corporation Series 7, Baa1/BBB+ 3,620,944
6.00% due 1/1/2006
2,000,000 Syracuse Series B, 5.20% due 10/1/2006 Aaa/AAA 2,052,060
2,675,000 Syracuse Industrial Development Authority Pilot Revenue NR/AA 2,716,436
Refunding Series,5.125% due 10/15/2002 (LOC: ABN AMRO)
1,000,000 Triborough Bridge and Tunnel Authority, 6.50% due 1/1/2004 Aaa/AAA 1,052,850
(Insured: MBIA)
455,000 Westchester County IDA Civic Facility Revenue, 6.25% due NR/NR 471,676
4/1/2005 (JuliaDykman Project)
North Carolina (0.40%)
715,000 Carteret County Certificate of Parcipation Series 1992, A2/BBB+ 726,805
6.50% due 2/1/2000(Elementary School Project)
675,000 Gastonia Housing Corp First Lien Rev Series A, 5.75% due NR/A- 687,602
7/1/2004 (GolfviewVillage Square Apartment Project)
485,000 North Carolina Housing Finance Authority Single Family Aa1/AA+ 486,353
Housing Revenue,6.80% due 7/1/2008
1,865,000 North Carolina Municipal Power Agency 1 Catawba Electrical Aaa/AAA 1,984,136
Revenue, 6.00%due 1/1/2005 (Insured: MBIA)
North Dakota (1.10%)
2,500,000 Burleigh County Health Care Revenue Refunding Medcenter Aaa/AAA 2,506,250
One Incorporated,5.00% due 5/1/2007 (Insured: MBIA)
3,040,000 Burleigh County Health Care Revenue Refunding Medcenter Aaa/AAA 3,026,928
One Incorporated,5.00% due 5/1/2008 (Insured: MBIA)
1,695,000 Burleigh County Health Care Revenue Refunding Medcenter Aaa/AAA 1,710,441
One Incorporated,5.25% due 5/1/2009 (Insured: MBIA)
910,000 Grand Forks Health Care Systems Revenue Bond Series 1997, Aaa/AAA 980,243
6.25% due8/15/2005 (Altru Health System Project; Insured:
MBIA)
1,000,000 North Dakota Building Authority Refunding Revenue Series Aaa/AAA 1,015,040
1993-A, 5.15% due6/1/2000 (Insured: AMBAC)
1,250,000 North Dakota Student Loan Revenue, 5.45% due 7/1/2002 Aaa/AAA 1,282,800
(Insured: AMBAC)
Ohio (3.40%)
1,000,000 Barberton Hospital Facilities Series 1992, 6.65% due A/NR 1,054,960
1/1/2002
2,370,000 Belmont County IDRB Series 1991, 6.50% due 1/1/2000 (May NR/A 2,389,031
Department StoresCo. Project)
3,900,000 Butler County Hospital Revenue Bonds, 5.15% due 11/1/2017
VMIG1/A-1 3,904,251 put 11/1/02(Middletown Regional Hospital
Project; LOC:
Star Bank)
1,000,000 Butler County Transportation Improvement Revenue Bonds, Aaa/AAA 1,016,540
5.00% due 4/1/2006(Insured: FSA)
1,250,000 Cincinnati School District Revenue Anticipation Notes, NR/A- 1,279,612
6.05% due 6/15/2000 (ETM)
1,000,000 Cincinnati School District Revenue Anticipation Notes, NR/A- 1,048,870
6.15% due 6/15/2002 (ETM)
1,480,000 Cleveland Certificate of Participation, 7.10% due 7/1/2002 Baa2/BBB+ 1,519,235
(Motor Vehicle &Community Equipment Project)
1,000,000 Cleveland General Obligation Limited, 5.30% due 9/1/2008 Aaa/AAA 1,027,700
(Insured: AMBAC)
2,255,000 Cuyahoga County Hospital Revenue Refunding Series B, 6.00% Aa3/AA- 2,401,417
due 1/15/2006(University Hosps Health Systems Project)
1,380,000 Cuyahoga County Hospital Revenue University Hosps Health Aaa/AAA 1,407,987
SystemsIncorporated, 5.25% due 1/15/2009
500,000 Cuyahoga County Housing Revenue Series, 7.00% due 4/1/2000 NR/NR 504,175
(North CoastCommunity Homes Project)
1,000,000 Erie County Hospital Improvement Refunding Revenue Series, A2/A 1,026,620
6.25% due1/1/2001 (Firelands Community Hospital Project)
2,000,000 Franklin County General Obligation, 6.375% due 12/1/2017 NR/NR 2,139,000
pre-refunded12/1/01 @ 102
1,100,000 Hamilton County Hospital Facilities Refunding Revenue Aa2/NR 1,133,319
Series 1992, 6.25%due 1/1/2001 (Episcopal Retirement Homes
Project; LOC: Fifth/Third Bank)
2,065,000 Knox County Hospital Facilities Revenue Refunding, 4.50% NR/AA 2,007,510
due 6/1/2006 (KnoxCommunity Hospital Project; Insured:
Asset Guaranty)
315,000 Lucas County Convention Center Site Acq Bonds, 6.50% due A1/NR 353,266
12/1/2009
1,500,000 Ohio Air Quality Development Authority, 8.00% due Aaa/AAA 1,671,030
12/1/2013 (ClevelandProject; Insured: FGIC)
3,095,000 Ohio Water Development Authority Safe Water Refunding, 0% Aaa/AAA 2,935,979
due 12/1/2000(Insured: MBIA)
545,000 Switzerland Local School District of Monroe County Revenue NR/NR 554,407
AnticipationNotes, 6.25% due 6/15/2000
2,765,000 Warren County Hospital Facilities Improvement and Aa2/NR 2,850,300
Refunding Revenue, 6.80%due 7/1/2001 (Otterbein Home
Project; LOC: Fifth/Third Bank)
910,000 Washington County Hospital Facilities Revenue, 6.875% due Baa1/NR 947,820
9/1/2002(Marietta Area Health Project)
Oklahoma (0.60%)
1,190,000 Broken Arrow Utility Systems and Sales Tax Revenue Series Aaa/AAA 1,230,091
1992-A, 6.00% due5/1/2001 (Insured: FGIC)
720,000 Grand River Dam Authority Oklahoma Revenue, 6.00% due Aaa/AAA 779,782
6/1/2007 (Insured:MBIA) (ETM)
1,210,000 Oklahoma City Municipal Improvement Authority Water & Aaa/AAA 1,166,960
Sewer Revenue SeriesA Refunding, 0% due 7/1/2000 (Insured:
AMBAC)
790,000 Pushmataha County Town of Antlers Hospital Authority NR/NR 852,987
Revenue RefundingSeries 1991, 8.75% due 6/1/2003
1,155,000 Tulsa Industrial Development Hospital Revenue, 5.60% due Aa3/AA 1,194,258
2/15/2003 (St.John's Medical Center Project)
750,000 Tulsa Public Facilities Authority Solid Waste Steam & Aaa/AAA 773,513
Electric RevenueRefunding Series 1994, 5.45% due 11/1/2004
(Ogden Martin Systems of TulsaProject; Insured: AMBAC)
Oregon (0.60%)
2,500,000 Clackamas County Hospital Facility Authority Revenue A1/AA- 2,600,625
Bonds, 6.10% due10/1/2001
1,540,000 Clackamas County Oregon Hospital Facility Authority NR/NR 1,506,289
Revenue RefundingSeries A, 5.50% due 9/15/2008
1,325,000 Emerald Peoples Utility District Revenue, 7.20% due Aaa/AAA 1,468,140
11/1/2003 (Insured:FGIC)
300,000 Oregon State General Obligation, 9.00% due 10/1/2000 Aa2/AA 319,410
Pennsylvania (5.20%)
2,540,000 Blair County Hospital Authority Revenue, 5.375% due Aaa/AAA 2,615,336
7/1/2006 (AltoonaHospital Project; Insured: AMBAC)
3,100,000 Blair County Hospital Authority Revenue, 5.375% due Aaa/AAA 3,182,057
7/1/2007 (AltoonaHospital Project; Insured: AMBAC)
1,000,000 Chester County Utility, 7.00% due 12/15/2011 pre-refunded Aa2/AA 1,057,780
8/01/01
550,000 Clariton School District General Obligation, 0% due NR/A 543,477
11/1/1999
500,000 Clariton School District General Obligation, 0% due NR/A 430,595
11/1/2002
1,310,000 Delaware County Industrial Development Authority Revenue Baa2/A- 1,349,903
Series A, 6.10%due 1/1/2004 (Amer Ref - Fuel Co Project)
2,140,000 Delaware County Industrial Development Authority Revenue Baa2/A- 2,211,754
Series A, 6.10%due 1/1/2006 (Amer Ref - Fuel Co Project)
1,950,000 Erie County Hospital Authority Revenue Hamot Health Aaa/AAA 1,964,547
Foundation Series A,5.00% due 5/15/2006 (Insured: AMBAC)
2,030,000 Erie School District General Obligation, 0% due 6/1/2000 NR/NR 1,963,132
(ETM)
1,000,000 Erie School District General Obligation, 0% due 12/1/2000 NR/NR 947,300
(ETM)
1,000,000 Geisinger Authority Pennsylvania Health Systems Revenue, Aa2/AA 1,020,950
5.50% due8/15/2009
3,365,000 Harrisburg Authority Commonwealth Lease Revenue Series Aaa/AAA 3,447,678
1991, 6.25% due6/1/2000 (Insured: FSA)
1,300,000 Harrisburg Authority Lease Revenue, 6.50% due 6/1/2004 Aaa/AAA 1,370,798
crossover refunded6/1/01 @ 101 (Insured: FSA)
1,455,000 Mc Keesport Area School District General Obligation NR/A 1,386,557
Refunding RevenueSeries 1991, 0% due 10/1/2000
1,680,000 Mc Keesport Area School District General Obligation NR/A 1,452,209
Refunding RevenueSeries 1991, 0% due 10/1/2002
1,000,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,034,190
Corporation,5.50% due 1/1/2006 (Insured: FSA)
1,055,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,088,992
Corporation,5.50% due 1/1/2007 (Insured: FSA)
1,110,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,141,868
Corporation,5.50% due 1/1/2008 (Insured: FSA)
450,000 New Castle Area Hospital Authority Revenue Series A, 6.20% Baa1/NR 470,399
due 11/15/2002(St. Francis Hospital Project)
750,000 Northeastern Pennsylvania Hospital & Education Authority Aaa/AAA 798,368
Health CareRevenue, 6.20% due 1/1/2004 (Wyoming Valley
Health Care Series A Refunding;Insured: AMBAC)
175,000 Pennsylvania Higher Educational Facilities Authority, Aaa/AAA 174,937
5.00% due 11/15/2006(Insured: MBIA)
3,350,000 Pennsylvania Higher Educational Facilities Authority Aaa/AAA 3,382,260
Health ServicesRevenue, 5.50% due 11/15/2008 (Insured:
MBIA)
1,000,000 Pennsylvania Infrastructure Authority Revenue Pennvest, NR/AA+ 1,053,800
6.25% due 9/1/2002
2,000,000 Pennsylvania State Certificates of Participation, 5.10% Aaa/AAA 2,031,740
due 7/1/2004(Insured: AMBAC)
3,000,000 Pennsylvania State Certificates of Participation Series A, Aaa/AAA 3,030,600
5.40% due7/1/2009 (Insured: AMBAC)
620,000 Pennsylvania State High Education Facilities Authority Baa3/NR 631,774
Revenue, 6.15% due4/1/2004 (ETM)
2,000,000 Pennsylvania State Refunding & Projects General Obligation Aa3/AA 2,031,140
Series A, 6.50%due 1/1/2000
500,000 Philadelphia Gas Wks Revenue, 5.375% due 8/1/2007 Aaa/AAA 528,350
(Insured: FSA)
500,000 Philadelphia Gas Wks Revenue, 5.375% due 8/1/2007 Aaa/AAA 513,450
(Insured: FSA)
2,920,000 Philadelphia Parking Authority Airport Parking Revenue Aaa/AAA 3,035,398
Series 1997, 5.50%due 9/1/2004 (Insured: AMBAC)
500,000 Southeastern Pennsylvania Transportation Authority, 6.00% Aa3/AA- 516,810
due 6/1/2001(LOC: Canadian Imperial Bank of Commerce)
1,715,000 Southern Chester County Health & Higher Education Series NR/NR 1,716,955
1997-A, 6.10% due6/1/2003
2,825,000 State Public School District Building Authority Reading Aaa/AAA 2,720,051
School DistrictCapital Appreciation Series B, 0% due
7/15/2000 (Insured: MBIA)
Puerto Rico (0.20%)
1,000,000 Puerto Rico Electric Power Revenue Refunding Series Baa1/BBB+ 1,021,180
1992-Q, 5.70% due7/1/2000
1,000,000 Puerto Rico Municipal Finance Agency Series A, 5.70% due Baa1/A- 1,043,510
7/1/2003
250,000 Puerto Rico Public Improvement General Obligation, 6.60% NR/AAA 270,515
due 7/1/2004 pre-refunded 7/1/02 @ 101.5
Rhode Island (0.50%)
2,190,000 Rhode Island Depositors Economic Protection Corp. Series Aaa/AAA 2,302,435
1992-A, 6.10% due8/1/2002 (Insured: FSA)
355,000 Rhode Island Health & Educational Building Corporation NR/NR 370,247
Health FacilitiesRevenue, 8.00% due 7/1/2000 (Steere House
Issue Project) (ETM)
554,000 Rhode Island Industrial Facilities Corporation Series A1/NR 567,457
1991, 5.875% due6/1/2002 (Paramount Cards, Inc. Project;
LOC: Bank of Scotland)
1,500,000 Rhode Island Student Loan Authority Student Loan Rev. Ref. A/NR 1,544,670
Series A, 6.55%due 12/1/2000 (ETM)
South Carolina (0.30%)
300,000 Edgefield County School District General Obligation, 8.50% Aaa/AAA 330,873
due 2/1/2002(Insured: FSA)
500,000 Florence County Public Facilities Corporation, 7.30% due Aaa/AAA 517,815
3/1/2003pre-refunded 3/1/00 (Law Enforcement Project;
Insured: AMBAC)
860,000 Piedmont Municipal Power Agency Electric Revenue, 6.25% Aaa/AAA 908,117
due 1/1/2004(Insured: FGIC)
500,000 South Carolina State Housing Authority Multi Family NR/NR 500,625
Revenue, 7.375% due12/1/2007
915,000 York County School District 4, 7.00% due 3/1/2003 Aaa/AAA 992,565
(Insured: FGIC)
South Dakota (0.90%)
1,020,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,037,860
Revenue, 5.00% due9/1/2002 (Rapid City Regional Hospital
Project; Insured: MBIA) (whenissued)
1,070,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,088,843
Revenue, 5.00% due9/1/2003 (Rapid City Regional Hospital
Project; Insured: MBIA) (whenissued)
1,135,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,153,001
Revenue, 5.00% due9/1/2004 (Rapid City Regional Hospital
Project; Insured: MBIA) (whenissued)
1,400,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,437,912
Revenue Series1992, 5.40% due 9/1/2001 (Rapid City
Regional Hospital Project; Insured:MBIA)
1,255,000 South Dakota Health and Educational Revenue Refunding, Aaa/AAA 1,265,442
5.00% due 9/1/2006(Rapid City Regional Hospital Project;
Insured: MBIA) (when issued)
750,000 South Dakota Health and Educational Revenue Refunding, Aaa/AAA 751,942
5.00% due 9/1/2007(Rapid City Regional Hospital Project;
Insured: MBIA) (when issued)
500,000 South Dakota Health and Educational Revenue Refunding, Aaa/AAA 504,670
5.25% due 9/1/2009(Rapid City Regional Hospital Project;
Insured: MBIA) (when issued)
1,250,000 South Dakota Lease Revenue Series 93-B, 8.00% due 9/1/2003 Aaa/AAA 1,408,950
(Insured: FSA)
500,000 South Dakota Lease Revenue Trust Series A, 8.30% due Aaa/AAA 540,895
9/1/2001 (Insured:FSA)
Tennessee (1.50%)
5,000,000 Chattanooga-Hamilton County Hospital Revenue, 10.027% due Aaa/AAA 5,631,250
5/25/2021refunded 5/1/01 @ 102 (Erlanger Medical Center
Project; Insured: FSA)
1,565,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% NR/BBB- 1,610,307
due 5/1/2002(Guaranty: Louis Dreyfus Natural Gas)
1,130,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% NR/BBB- 1,162,713
due 11/1/2002(Guaranty: Louis Dreyfus Natural Gas)
940,000 Copperhill Industrial Development Board, 7.80% due Baa2/BBB 951,430
12/1/2000 (City ServicesCompany Project)
2,270,000 Humphreys County Tennessee Industrial Revenue Board Solid Baa2/A- 2,383,841
Waste DisposalRevenue, 6.00% due 12/1/2007
630,000 Metro Government Nashville Tennessee Industrial Refunding NR/AAA 654,236
Multi FamilyHousing, 5.45% due 11/1/2026 put 11/1/06
(Insured: FNMA)
1,070,000 Southeast Tax Exempt Mortgage Bond Trust, 7.25% due NR/AAA 1,162,769
4/1/2017 put 4/1/03(Inv. Agreement: Bayeriche Landesbank)
1,000,000 Tennessee Housing Development Agency Mortgage Finance A1/A+ 1,031,630
Series A, 5.70% due7/1/2008
Texas (7.50%)
2,500,000 Austin Utility Systems Revenue Bonds, 5.50% due 11/15/2002 Aaa/AAA 2,595,575
(Insured: FSA)
460,000 Bexar County Health Facilities Development Corporate NR/NR 474,071
Hospital Revenue,7.40% due 5/1/2000 (ETM)
1,660,000 Coppell Independent School District Capital Appreciation NR/AAA 1,224,516
Refunding, 0% due8/15/2005
1,485,000 Coppell Independent School District Capital Appreciation NR/AAA 1,035,119
Refunding, 0% due8/15/2006
3,300,000 Coppell Independent School District Capital Appreciation NR/AAA 2,169,387
Refunding, 0% due8/15/2007
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 2,039,940
due 7/15/2005(Insured: FSA)
4,070,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 4,146,069
due 7/15/2006(Insured: FSA)
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 2,027,980
due 7/15/2008(Insured: FSA)
4,780,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 4,839,463
due 7/15/2009(Insured: FSA)
1,065,000 Cypress-Fairbanks Independent School District General Aaa/AAA 949,469
Obligation, 0% due2/1/2002 (Insured: FGIC)
1,300,000 Denison Hospital Authority Hospital Revenue, 5.90% due NR/BBB- 1,330,108
8/15/2007 (TexomaMed Center Incorporated Project)
1,000,000 Denton County General Obligation, 7.75% due 7/15/2002 Aaa/AAA 1,095,420
(Insured: MBIA)
2,015,000 Ector County Hospital Revenue, 7.125% due 4/15/2002 A2/A 2,129,271
4,000,000 Harris County Flood Control District L.T.G.O. Series Aaa/AAA 3,635,240
1991-A, 0% due10/1/2001 (Insured: MBIA)
1,000,000 Harris County Health Facilities Dev. Corp. Hospital A3/NR 1,069,730
Revenue, 6.90% due6/1/2002 (Memorial Hospital Systems
Project)
4,410,000 Harris County Health Facilities Development Corporation Aaa/AAA 4,403,473
Thermal UtilityRevenue, 5.45% due 2/15/2011 (Insured:
AMBAC)
955,000 Harris County Health Facilities Hospital, 6.70% due A3/NR 982,313
6/1/2000 (MemorialHospital Systems Project)
500,000 Harris County Health Facilities School Health Care System Aa3/NR 534,625
Rev., 6.80% due7/1/2004 (Sisters of Charity Project)
820,000 Houston Housing Finance Corp. SFMRB Series A, 5.35% due Aaa/AAA 833,989
6/1/2002 (Insured:FSA)
1,000,000 Houston Water Conveyance Systems Contract Certificates of
Aaa/AAA 1,085,820 PartcipationSeries F, 7.20% due 12/15/2002
(Insured:
AMBAC)
2,850,000 Humble Independent School District of Harris County Series Aaa/AAA 2,788,298
1992, 0% due2/15/2000 (Guaranty: PSF)
1,295,000 Irving Flood Control District Section 3 Refunding Capital Baa1/NR 1,175,329
Appreciation, 0%due 9/1/2001
3,765,000 Irving Independent School District Capital Appreciation, Aaa/AAA 2,881,731
0% due 2/15/2005(Guarantee: PSF)
2,000,000 Irving Independent School District Capital Appreciation, Aaa/AAA 1,779,960
0% due 2/15/2002(Guarantee: PSF)
500,000 Irving Independent School District Capital Appreciation, Aaa/AAA 403,145
0% due 2/15/2004(Guarantee: PSF)
430,000 Jefferson County Health Facilities Development Corporation Ba1/BB 431,548
Hospital RevenueSeries 1989, 8.125% due 10/1/1999 (Baptist
Health Care System Project)
2,230,000 Lower Colorado River Authority Jr. Lien Refunding Revenue Aaa/AAA 2,092,186
Series 1992, 0%due 1/1/2001 (Insured: AMBAC)
1,600,000 Mission Consolidated Independent School, 6.50% due Aaa/AAA 1,772,272
2/15/2008 (Guarantee:PSF)
1,020,000 Montgomery County Certificates Obligation, 6.00% due Aaa/AAA 1,090,931
3/1/2007 (Insured:MBIA)
1,075,000 Montgomery County Certificates Obligation, 6.00% due Aaa/AAA 1,150,572
3/1/2008 (Insured:MBIA)
4,600,000 Plano Capital Appreciation Refunding General Obligation, Aa1/AA+ 4,292,122
0% due 3/1/2001
8,630,000 Richardson Independent School District Capital Aaa/AAA 6,605,402
Appreciation RefundingSeries A, 0% due 2/15/2005
(Guarantee: PSF)
1,415,000 San Antonio General Obligation Improvement Forward Aa2/AA+ 1,453,884
Refunding Series 1998,5.50% due 8/1/2001
900,000 San Antonio Refunding General Improvement, 6.00% due Aa2/AA+ 969,120
8/1/2008
885,000 Tarrant County HFC Multi Family Housing Revenue, 4.90% due NR/AA- 885,407
9/1/2006 put9/1/01 (Bedford Springs Project; Guaranteed:
Provident Mutual LifeInsurance Company)
740,000 Texas Water Resources Authority Revenue, 7.50% due A3/A 742,228
8/15/2001
1,200,000 Texas Water Resources Finance Authority Revenue, 7.00% due Aaa/AAA 1,205,160
8/15/1999(Insured: AMBAC)
825,000 Texas Water Resources Finance Authority Revenue, 7.40% due A3/A 828,968
8/15/2000
2,020,000 Washington County Health Facilities Development NR/A 2,013,758
Corporation Revenue, 5.35%due 6/1/2009
Utah (2.80%)
1,000,000 Davis County Solid Waste Management and Recovery Rev., Aaa/A 1,053,560
5.90% due 6/15/2003 (ETM)
5,055,000 Intermountain Power Agency Power Supply Rev. Series B, Aaa/AAA 5,183,852
5.50% due 7/1/2001(Insured: MBIA)
8,000,000 Intermountain Power Agency Revenue, 0% due 7/1/2000 (ETM) Aaa/AAA 7,804,640
1,525,000 Intermountain Power Agency Utah Power Supply Revenue Aaa/AAA 1,146,464
Series B, 0% due7/1/2005 (Insured: BIG)
2,405,000 Ogden Neighborhood Development Agency Tax Increment A2/NR 1,673,231
Revenue Series A, 0%due 12/30/2005 (LOC: Sumitomo Bank)
100,000 Ogden Neighborhood Development Agency Utah Tax Increment A2/NR 93,161
Revenue Series A,0% due 12/30/2000 (25th Street Project:
LOC: Sumitomo Bank)
600,000 Salt Lake City Municipal Building Authority Lease Revenue Aa3/A+ 621,366
Series A, 5.75%due 10/15/2008
3,250,000 Salt Lake County Municipal Building, 5.25% due 10/1/2008 Aa3/AA- 3,321,435
1,500,000 Salt Lake County Municipal Building, 5.50% due 10/1/2009 Aa3/AA- 1,555,815
1,715,000 Utah Building Ownership Authority Lease Revenue Series A, Aaa/AAA 1,740,176
5.00% due5/15/2005 (Insured: FSA)
1,345,000 Utah Housing Finance Agency Refunding Single Family Aa/AA 1,385,162
Mortgage, 5.35% due7/1/2003
2,000,000 Weber County Housing Authority MFHR Series 1991, 6.50% due Aaa/AAA 2,090,320
11/1/2018 put11/1/01 (Cherry Creek Apartment Project;
LOC: First Security Bank of Utah,Insured: FGIC)
Virginia (1.10%)
495,000 Hampton General Obligation Refunding Bond, 5.85% due Aa3/AA 496,693
3/1/2007
3,000,000 Hampton Redevelopment Housing Authority Multi Family Baa2/NR 3,239,310
Housing RefundingSeries 1994, 7.00% due 7/1/2024 put
7/1/04 (Chase Hampton ApartmentsProject)
1,755,000 Henrico County IDA Public Facility Lease Revenue, 6.50% Aa2/AA 1,809,071
due 8/1/2000(Henrico County Regional Jail Project)
3,000,000 Suffolk Redevelopment Housing Authority MFHR, 7.00% due Baa2/NR 3,239,310
7/1/2024 put7/1/04 (Chase Heritage @ Dulles Project)
1,960,000 Virginia Housing Development Authority Series C-8, 5.70% Aa1/AA+ 2,032,932
due 7/1/2003
255,000 Virginia Housing Development Authority Series D-4, 5.00% Aa1/AA+ 257,007
due 7/1/2000
Washington (3.10%)
1,010,000 Chelan County PUD 1 Consolidated System Revenue 1992, Aa3/AA 1,010,050
5.55% due 7/1/1999
1,125,000 Chelan County PUD 1 Consolidated System Revenue 1992, Aa3/AA 1,148,614
5.75% due 7/1/2000
705,000 Grant County PUD 2, 5.00% due 1/1/2005 (Priest Rapids Aaa/AAA 709,569
Hydro Project;Insured: AMBAC) (when issued)
740,000 Grant County PUD 2, 5.00% due 1/1/2006 (Priest Rapids Aaa/AAA 741,687
Hydro Project;Insured: AMBAC) (when issued)
780,000 Grant County PUD 2, 5.00% due 1/1/2007 (Priest Rapids Aaa/AAA 778,198
Hydro Project;Insured: AMBAC) (when issued)
1,030,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 1,064,361
1/1/2003(Insured: AMBAC)
950,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 1,013,032
1/1/2006(Insured: AMBAC)
500,000 Jefferson County Public Hospital District 2, 7.50% due Aaa/AAA 559,060
12/1/2003 (Insured:FGIC)
1,730,000 King County School District Number 411 Refunding Series B, Aa3/AA- 1,880,112
6.25% due6/1/2008
1,345,000 Seattle Municipality Metropolitan Seattle Sewer Revenue, Aaa/AAA 1,369,519
5.10% due 1/1/2006(Insured: FGIC)
725,000 Spokane County School District 363 Unlimited Tax G.O. A2/NR 740,493
Refunding Series1992, 5.40% due 12/1/2000
550,000 Tacoma Conservation Systems Project Revenue, 6.20% due Aa1/AA- 588,000
1/1/2006 (TacomaPublic Utilities)
190,000 Washington Certificates of Participation State Equipment Aa3/A+ 193,992
Series A, 6.50%due 10/1/2001
1,045,000 Washington Health Care Facilities Authority Pooled A3/NR 1,057,017
Equipment Series 1992-A,7.35% due 6/1/2002 (Dominican
Health Project)
500,000 Washington Health Care Facilities Authority Rev., 6.20% NR/AA- 513,975
due 2/15/2001(Sacred Heart Medical Center, Spokane
Project)
3,500,000 Washington Public Power Supply System Project 1 Ref. Rev., Aa1/AA- 3,585,715
5.30% due7/1/2002
2,000,000 Washington Public Power Supply System Project 1 Ref. Rev., Aa1/AA- 2,112,900
6.50% due7/1/2002
250,000 Washington Public Power Supply System Project 2 Ref. Rev., Aa1/AA- 265,475
7.50% due7/1/2002
2,000,000 Washington Public Power Supply System Project 2 Ref. Rev., Aa1/AA- 2,136,360
7.50% due7/1/2003 pre-refunded 1/1/01 @ 102
1,140,000 Washington Public Power Supply System Project 3 Ref. Rev., Aa1/AA- 718,736
0% due 7/1/2008
1,655,000 Washington Public Power Supply System Series 96-A, 6.00% Aaa/AAA 1,769,907
due 7/1/2006(Insured: MBIA)
1,000,000 Washington Public Power Supply System Series B, 7.25% due Aa1/AA- 1,034,910
7/1/2000
1,700,000 Washington Public Power Supply System Series B Refunding, Aa1/AA- 1,757,018
7.15% due7/1/2001
500,000 Washington Public Power Supply System Series C, 7.20% due Aa1/AA- 500,050
7/1/1999
1,040,000 Washington Public Power Supply System Series G Project 1 Aa1/AA- 1,074,882
Rev., 7.15% due7/1/2001
1,500,000 Washington State Health Care Facilities Providence NR/AAA 1,546,740
Services, 5.50% due12/1/2009
West Virginia (1.10%)
790,000 Harrison County Nursing Facility Revenue Refunding, 5.625% NR/NR 762,516
due 9/1/2010(Salem Health Care Corporation Project; LOC:
Fleet Bank)
527,332 Marion County SFMR Series 1992, 7.75% due 7/10/2011 NR/NR 562,368
5,000,000 West Virginia Parkway Economic Development Tourism Aaa/AAA 5,070,200
Authority Series 1993,5.75% due 5/15/2001 (Insured: FGIC)
(Inverse Floater)
2,500,000 West Virginia Parkway Economic Development Tourism Aaa/AAA 2,544,600
Authority Series 1993,5.85% due 5/15/2002 (Insured: FGIC)
(Inverse Floater)
2,000,000 West Virginia Statewide Commission Lottery Revenue Series Aaa/AAA 2,083,900
1997-A, 5.50% due7/1/2005 (Insured: MBIA)
Wisconsin (0.90%)
255,000 Cady Small Business Pollution Control Revenue Refunding NR/NR 256,665
Series 1992, 6.20%due 4/1/2000 (Summit Cheese Project;
Guaranteed: SBA)
1,290,000 Merrill Area Common Public School Refunding, 6.50% due Aaa/AAA 1,408,874
4/1/2006 (Insured:FSA)
3,045,000 Wisconsin Health & Educational Facilities Authority, 5.75% Aaa/AAA 3,145,607
due 11/15/2001(Insured: FSA)
800,000 Wisconsin Health & Educational Facilities Authority, 5.90% Aaa/AAA 846,088
due 8/15/2005(Wheaton Francisan Services Inc. Project;
Insured: MBIA)
1,500,000 Wisconsin Health & Educational Facilities Authority Series Aaa/AAA 1,537,020
1992, 5.50% due8/15/2001 (Wheaton Francisan Services Inc.
Project; Insured: MBIA)
715,000 Wisconsin Health And Educational Facilities Authority Aaa/AAA 730,909
Revenue, 5.25% due12/15/2006 (United Health Group
Incorporated; Insured: AMBAC)
755,000 Wisconsin Health And Educational Facilities Authority Aaa/AAA 768,393
Revenue, 5.25% due12/15/2007 (United Health Group
Incorporated; Insured: AMBAC)
Wyoming (0.30%)
1,106,910 Evanston Industrial Development Revenue Series 1983, 9.90% A2*/ 1,131,251
due 4/1/2004(Wybanco Project; LOC: Texas Commerce Bank)
1,390,000 Uinta County School District Number 1 Refunding Series B NR/AA 1,397,520
Convertible, 5.00%due 12/1/2005 (Insured: Asset Guarantee)
Municipal (0.90%)
Trust
Certificates
3,000,000 Clipper Caraval Tax Exempt Certificate Series 1998, 4.50% Aaa/AAA 3,000,000
due 10/6/2005(Insured: AMBAC)
5,600,000 Municipal Tax Exempt Trust Certificate Class A1 To A5, NR/AAA 5,460,000
4.60% due 8/6/2008
TOTAL INVESTMENTS (100%) (Cost $963,230,451) $ 975,312,230
<FN>
* Indicates rating on other debt issued by the same issuer,
rather than on the security held by the Fund. Thesesecurities
are deemed by the Advisor to be comparable with those of
issuers having debt ratings in the 4 highestgrades by Moody's
or S&P.
+ Credit ratings are unaudited.
See notes to financial statements.
</FN>
</TABLE>
To the Board of Trustees and Shareholders
Thornburg Limited Term Municipal Fund, Inc. - National 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. -
National Portfolio as of June 30, 1999, 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 our 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, 1999, 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. - National
Portfolio as of June 30, 1999, 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 27, 1999
LIMITED TERM NATIONAL FUND
Index Comparison
Compares performance of Limited Term National Fund, the Lehman 5-Year General
Obligation Bond Index and the Consumer Price Index for the periods ending June
30, 1999. On June 30, 1999, the weighted average securities ratings of the Index
and the Fund were AA and AA, respectively, and the weighted average portfolio
maturities of the Index and the Fund were 5.0 years and 4.5 years, respectively.
Past performance of the Index and the Fund may not be indicative of future
performance.
Class A Shares Average Annual Total Returns (at max. offering price)
(periods ended 6-30-99)
One Year: 1.01%
Five Years: 4.37%
Ten Years: 5.56%
From Inception (9-28-84): 6.60%
$25,000
20,000
15,000
10,000
5,000
0
Lehman 5 yr. GO Index
Fund A Shares
CPI
Class C Shares Average Annual Total Returns (at max. offering price)
(periods ended 6-30-99)
One Year: 2.08%
Three Years: 3.92%
From Inception (9-1-94): 4.16%
$15,000
10,000
5,000
0
We Are Ready for the Year 2000
I wish to inform you about our success with respect to being Year 2000 compliant
in the computer systems used to manage your Thornburg Funds investment. Your
shareholder records are kept on a large computer system belonging to our
transfer agent, DST Systems. Accounting data pertaining to your investment
portfolio reside on large systems belonging to State Street Bank and its
affiliates. We have smaller computer networks at Thornburg Investment Management
to help us organize and manage our investment activities. I will describe
briefly the Year 2000 status of each area.
Shareholder records for Thornburg Funds are kept on computers that use a DST
software system called "TA 2000." DST is one of the largest mutual fund record
processors in the world, keeping shareholder records for many large mutual fund
families. The TA 2000 system, as is name implies, was built with 4-digit year
description fields in order to be Year 2000 compliant. To quote from DST's
February 1999 newsletter, "Internal 2000 readiness testing of TA 2000 and TRA
2000 is complete. Several retests of critical TA 2000 (and TRAC 2000) functions
were also completed successfully in 1998. With the completion of these internal
tests, the TA 2000 (and TRAC 2000) systems are considered to be Y2K ready."
There are no hedge words in the preceeding 3 sentences! I am not surprised. I
first heard DST talk about taking concrete measures to deal with Y2K issues
about 8 years ago. If you worry about electric power continuity, I can inform
you that DST maintains its own diesel powered backup generating station adjacent
to its computer facility.
Both are located in geologically stable limestone caves east of Kansas City.
Asset custody and fund accounting records of the Thornburg Funds are stored on
Sate Street Bank computers. We use a variety of software systems to carry out
all activities relating to running the funds. We are informed that this software
infrastructure has been 100% tested and corrected to be Year 2000 compliant. You
can monitor State Street Bank's disclosure yourself on the internet website,
statestreet.com.
Thornburg Investment Management has a computer network to help us carry out our
daily business of managing the assets in our mutual funds. Our information
technology director, Stewart Kane, has made a great effort to be certain that
our software platforms are Year 2000 compliant.
We look forward to the new year.
Thornburg limited term municipal fund
national portfolio - a shares
Outperformed Taxable and Tax-Free Money Market Funds
Investors sometimes ask us to compare Limited Term Municipal Fund to money
market fund returns. These investments have certain differences, and investors
in Limited Term Municipal Fund took more risk than money market fund investors
to earn their higher returns.
$90,000
$75,000
$60,000
$45,000
$30,000
$15,000
$0
Return from a $100,000 investment 6/30/89 through 6/30/99 (after sales charges
and fund expenses)
$38,403 Donoghue's Tax-free Money Market Fund Average $38,929 Donoghue's Taxable
Money Market Fund Average (after taxes) $73,754 Thornburg Limited Term Municipal
Fund - Nat'l Portfolio (after capital gains taxes)
The chart above is for the Fund's Class A Shares only. Class C Shares have
different sales charges and expenses. See the inside front cover page for the
30-day SEC yield and the total returns at the maximum offering prices for one
year, five years, ten years, and since inception for each class of shares of the
Fund. Note 1: Future increases, if any, of any of these investments may bear no
relationship to prior increases. Quotations for the money fund averages are
based upon 30-day yield quotations for taxable and tax-exempt money funds as
quoted in "Donoghue's Money Fund Report" for the months covered by this
analysis. The increase for the Class A Shares of Limited Term Municipal Fund -
National Portfolio is based upon the dividends paid for the months covered by
this analysis, the beginning offering price at $13.05 per share and the ending
NAV at $13.26 per share. These investments returned the $100,000 initial
investment in addition to the amounts shown above. Note 2: This analysis does
not take into account the effect, if any, caused by state and local income
taxes. This analysis also assumes the income from the taxable money fund is
taxed at a 39.6% rate from 1993 to 1999. The portion of the increase, if any, of
Limited Term Municipal Fund representing appreciation of the share price is
assumed to be taxed at a 20% federal tax rate. The average money market fund
increases shown above may differ from the return of a particular money market
fund. It is not possible to invest in these money fund averages. Note 3: The net
asset value of the money funds did not fluctuate. The net asset value of the
Class A Shares of LTMFX did vary from time to time, and will continue to vary in
the future. The analysis assumes that the investor received the net asset value
of the shares owned, plus accrued income, at time of sale. Redemptions are made
at the then current net asset value, which may give you a gain or loss when you
sell your shares. Note 4: This analysis assumes that the dividends from each of
these investment vehicles were reinvested and compounded monthly. Most money
funds declare dividends daily and pay them monthly. Limited Term Municipal Fund
also declares dividends daily and pays them monthly.
