Thornburg Limited Term Municipal Fund National Portfolio
All data as of 12.31.99
Fund facts Thornburg Limited Term Municipal Fund National Portfolio
Thornburg Thornburg
Limited Term Limited Term
Municipal Fund Nat'l Municipal Fund Nat'l
A Shares C Shares
SEC Yield 3.89% 3.52%
Taxable Equiv. Yields 6.44% 5.83%
NAV $13.05 $13.08
Max. Offering Price $13.25 $13.08
Total returns (Annual Average - After Subtracting Maximum Sales Charge)
One Year (1.19)% 0.00%
Three Year 3.00% 3.11%
Five Year 4.54% 4.41%
Ten Year 5.25% N/A
Since Inception 6.42% 3.85%
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,
We are pleased to present the Semi-Annual Report for the National Portfolio of
Thornburg Limited Term Municipal Fund for the six month period ending December
31, 1999. The net asset value of the A shares decreased by 21 cents to $13.05
during the period. If you were with us for the entire period, you received
dividends of 29.2 cents per share. If you reinvested your dividends, you
received 29.5 cents per share. Investors who owned C shares received dividends
of 26.5 cents and 26.7 cents per share, respectively.
As we write this letter to you, the bond market is attempting to predict the
probable net effect on interest rates of two powerful forces. The strong U.S.
economy continues to gather strength. Our economic strength is now augmented by
improving economies in most other large countries of the world. By itself, this
economic strength should continue to put upward pressure on interest rates, as
it did in 1999.
On the other hand, deficit spending by the governments around the world, a
hallmark of the last 30 years, is receding. The U.S. Government, which will pay
off $200 billion of treasury bonds this year, leads the way. But it is not
alone. Municipal bond issuance totaled only $8 billion in January of this year,
down over 50% from last year due to swelling tax receipts in most state and
local government entities. We wish to remind you that while day to day interest
rate movements do effect the daily market prices of the individual bonds in your
Thornburg Limited Term Municipal Fund portfolio (and our reinvestment
opportunities), these interest rate movements do not change the ultimate
maturity values of your bonds.
A simple example may help. An investor who buys a 5 year bond with a 5% interest
rate expects a total return of 25% from the bond...5 years of 5% interest. If
interest rates increase by 1.3% (to 6.3%) during the first year the investor
owns the bond, the market price of the bond will decline to 95% of the maturity
value. The decline in the market price almost exactly offsets the interest
income received on the bond during the year, yielding a total return on the bond
during the year of approximately 0%. This describes rather well how many bonds
in your Limited Term Municipal Fund performed last year. We are not discouraged
by increases in market interest rates, as we will explain in the next paragraph.
Either the original bondholder or the next buyer (if the original bondholder
sells out) will eventually get a total return of 25% over the remaining 4 year
life of the bond. In this example, the components of the 25% return will include
(i) 4 years of 5% interest (4 x 5% = 20%), and (ii) the recovery of the 5%
market price decline by the bond's maturity date. In this example, if the total
return for the first year of the bond's life is 0%, the average annual return
over the remaining 4 years is 6.38%. The final 5 year outcome doesn't
change...unless the original bondholder gets rattled by the 0% total return in
the first year and sells while the market price is depressed. In fact, we are
encouraged by increases in market interest rates, because your Thornburg Limited
Term Municipal Fund is a laddered bond portfolio. This portfolio consists of
over 500 municipal obligations from 49 states and 3 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 maturity dates of the bonds in your
portfolio so that some of the bonds are scheduled to mature at par during each
of the coming years. As these bonds mature, we would look forward to the chance
to reinvest the proceeds at higher yields, should they become available! The
following chart describes the percentages of your fund's portfolio maturing in
each of the coming years.
% of portfolio Cumulative %
maturing within maturing by end of
1 years = 14% year 1 = 12%
1 to 2 years = 14% year 2 = 28%
2 to 3 years = 14% year 3 = 42%
3 to 4 years = 10% year 4 = 52%
4 to 5 years = 8% year 5 = 60%
5 to 6 years = 9% year 6 = 69%
6 to 7 years = 8% year 7 = 77%
7 to 8 years = 9% year 8 = 86%
8 to 9 years = 9% year 9 = 95%
9 to 10 years = 4% year 10 = 99%
Today, your fund's weighted average maturity is 4.25 years, and we always keep
it below 5 years. Over the last six months, your average portfolio maturity has
remained largely unchanged. If bond yields increase in the coming months, we
will extent your maturities slightly in order to lock in the higher yields. 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 McMahon George Strickland
Managing Director Managing Director
ASSETS
Investments at value (cost $852,643,782) ................... $854,626,034
Cash ....................................................... 479,285
Receivable for fund shares sold ............................ 570,868
Receivable for investments sold ............................ 2,650,000
Interest receivable ........................................ 12,856,163
Prepaid expenses and other assets .......................... 57,273
Total Assets ............................. 871,239,623
LIABILITIES
Payable for investments purchased .......................... 21,417,006
Payable for fund shares redeemed ........................... 2,508,518
Accounts payable investment advisor (Note 3) ............... 423,572
Accounts payable and accrued expenses ...................... 542,018
Dividends payable .......................................... 1,124,718
Total Liabilities ........................ 26,015,832
NET ASSETS ................................................. $845,223,791
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share ($743,507,340
applicable to 56,952,424 shares of beneficial interest
outstanding - Note 4) ...................................... $ 13.05
Maximum sales charge, 1.50 % of offering
price (1.52% of net asset value per share) ................. 0.20
Maximum Offering Price Per Share ........................... $ 13.25
Class C Shares:
Net asset value and offering price per share ($25,484,783
applicable to 1,948,696 shares of beneficial interest
outstanding - Note 4) ...................................... $ 13.08
Class I Shares:
Net asset value, offering and redemption price per share
($76,231,668 applicable to 5,838,656 shares of beneficial
interest outstanding - Note 4) ............................. $ 13.06
See notes to financial statements ..........................
INVESTMENT INCOME:
Interest income (net of premium amortized
of $1,825,661) ............................................ $ 23,965,710
EXPENSES:
Investment advisory fees (Note 3) ......................... 2,037,200
Administration fees (Note 3)
Class A Shares ................................... 491,499
Class C Shares ................................... 16,549
Class I Shares ................................... 20,010
Distribution and service fees (Note 3)
Class A Shares ................................... 982,999
Class C Shares ................................... 131,699
Transfer agent fees ....................................... 248,482
Custodian fees ............................................ 187,050
Registration and filing fees .............................. 37,019
Professional fees ......................................... 31,280
Accounting fees ........................................... 41,450
Director fees ............................................. 14,720
Other expenses ............................................ 22,639
Total Expenses .......................... 4,262,596
Less:
Expenses reimbursed by investment advisor (Note 3) (16,978)
Distribution and service fees waived (Note 3) .... (48,955)
Net Expenses ............................ 4,196,663
Net Investment Income ................... 19,769,047
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 5)
Net realized gain (loss) on investments sold .............. (2,327,904)
(Decrease) in unrealized appreciation of investments ...... (11,171,514)
Net Realized and Unrealized Gain
(Loss) on Investments ................... (13,499,418)
Net Increase in Net Assets
Resulting from Operations $ ............. 6,269,629
See notes to financial statements.
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1999 June 30, 1999
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
<S> <C> <C>
Net investment income ....................................... $ 19,769,047 $ 40,708,071
Net realized gain (loss) on investments sold ................ (2,327,904) 650,165
Increase (decrease) in unrealized appreciation of investments (11,171,514) (17,908,654)
Net Increase in Assets Resulting from Operations ............ 6,269,629 23,449,582
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares ..................................... (17,331,927) (35,908,097)
Class C Shares ..................................... (528,314) (1,011,841)
Class I Shares ..................................... (1,908,806) (3,788,133)
FUND SHARE TRANSACTIONS (Note 4):
Class A Shares ..................................... (51,829,263) (14,611,591)
Class C Shares ..................................... (2,169,311) 5,891,555
Class I Shares ..................................... (3,883,749) 5,304,081
Net Increase (Decrease) in Net Assets .............. (71,381,741) (20,674,444)
NET ASSETS:
Beginning of period ................................ 916,605,532 937,279,976
End of period ...................................... $ 845,223,791 $ 916,605,532
<FN>
See notes to financial statements.
</FN>
</TABLE>
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 six months ended December 31, 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 - Investment Advisory Fee and Other Transactions With Affiliates
Pursuant to an investment advisory agreement, Thornburg Investment Management,
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 six months ended
December 31, 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 six months ended December 31, 1999, the Adviser voluntarily
reimbursed certain operating expenses amounting to $16,978.
The Fund has an underwriting agreement with Thornburg Securities Corporation
(the "Distributor"), which acts as the Distributor of Portfolio shares. For the
six months ended December 31, 1999, the Distributor earned commissions
aggregating $1,312 from the sale of Class A shares, and collected contingent
deferred sales charges aggregating $4,289 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 six months ended December 31, 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.
<TABLE>
Note 4 - Shares of Beneficial Interest
<CAPTION>
At December 31, 1999 there were an unlimited number of shares of beneficial
interest authorized, and capital paid in aggregated $849,340,188. Transactions
in shares of beneficial interest were as follows:
Six Months Ended December 31, 1999 Year Ended June 30, 1999
Class A Shares .................................. Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold ........................................... 2,868,455 $ 37,735,881 7,736,450 $ 104,778,952
Shares issued to shareholders in
reinvestment of distributions ................ 830,700 10,936,513 1,701,338 23,026,141
Shares repurchased .................................... (7,640,338) (100,501,657) (10,518,497) (142,416,684)
Net Increase (Decrease) ............................... (3,941,183) ($ 51,829,263) (1,080,709) ($ 14,611,591)
Class C Shares
Shares sold ........................................... 185,726 $ 2,453,134 830,439 $11,282,893
Shares issued to shareholders
in reinvestment of distributions ............. 28,855 380,465 59,009 799,953
Shares repurchased .................................... (378,073) (5,002,910) (457,401) (6,191,291)
Net Increase (Decrease) ............................... (163,492) ($ 2,169,311) 432,047 $ 5,891,555
Class I Shares
Shares sold ........................................... 528,027 $ 6,952,463 2,211,674 $ 30,012,617
Shares issued to shareholders in
reinvestment of distributions ................ 114,130 1,502,538 220,810 2,988,608
Shares repurchased .................................... (937,479) (12,338,750) (2,044,460) (27,697,144)
Net Increase (Decrease) ............................... (295,322) ($ 3,883,749) 388,024 $ 5,304,081
</TABLE>
Note 5 - Securities Transactions
For the six months ended December 31, 1999, the Portfolio had purchase and sale
transactions (excluding short-term securities) of $116,689,015 and $233,636,876
respectively. The cost of investments for Federal income tax purposes is
$852,643,782.
At December 31, 1999, net unrealized appreciation of investments was $1,982,252
resulting from $9,167,380 gross unrealized appreciation and $7,185,128 gross
unrealized depreciation. Accumulated net realized losses from security
transactions included in net assets at December 31, 1999 aggregated $6,098,649.
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>
Six Months Ended Year Ended June 30:
December 31,
1999 1999 1998 1997 1996 1995
CLASS A SHARES:
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.26 $ 13.50 $ 13.44 $ 13.35 $ 13.37 $ 13.27
Income from investment operations:
Net investment income 0.29 0.59 0.61 0.62 0.63 0.64
Net realized and unrealized
gain (loss) on investments (0.21) (0.24) 0.06 0.09 (0.02) 0.10
Total from investment operations 0.08 0.35 0.67 0.71 0.61 0.74
Less dividends from:
Net investment income (0.29) (0.59) (0.61) (0.62) (0.63) (0.64)
Change in net asset value (0.21) (0.24) 0.06 0.09 (0.02) 0.10
Net asset value, end of period $ 13.05 $ 13.26 $ 13.50 $ 13.44 $ 13.35 $ 13.37
TOTAL RETURN (a) 0.62% 2.58% 5.05% 5.46% 4.60% 5.76%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 4.41%(b) 4.35% 4.50% 4.65% 4.66% 4.86%
Expenses 0.96%(b) 0.96% 0.97% 0.96% 0.97% 0.97%
Portfolio turnover rate 12.81% 22.16% 24.95% 23.39% 20.60% 23.02%
Net assets at end of period (000) $ 743,507 $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.
(b) Annualized.
</FN>
</TABLE>
<TABLE>
CLASS C SHARES:
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.28 $ 13.53 $ 13.46 $ 13.37 $ 13.40 $ 13.29
Income from investment operations:
Net investment income 0.26 0.53 0.55 0.57 0.57 0.46
Net realized and unrealized
gain (loss) on investments (0.20) (0.25) 0.07 0.09 (0.03) 0.11
Total from investment operations 0.06 0.28 0.62 0.66 0.54 0.57
Less dividends from:
Net investment income (0.26) (0.53) (0.55) (0.57) (0.57) (0.46)
Change in net asset value (0.20) (0.25) 0.07 0.09 (0.03) 0.11
Net asset value, end of period $ 13.08 $ 13.28 $ 13.53 $ 13.46 $ 13.37 $ 13.40
TOTAL RETURN (a) 0.49% 2.08% 4.70% 5.02% 4.05% 4.25%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 3.99(b) 3.93% 4.08% 4.24% 4.22% 4.21%(b)
Expenses, after expense red 1.38%(b) 1.38% 1.38% 1.38% 1.41% 1.60%(b)
Expenses, before expense red 1.80%(b) 1.78% 1.83% 1.86% 1.63% 1.84%(b)
Portfolio turnover rate 12.81% 22.16% 24.95% 23.39% 20.60% 23.02%
Net assets at end of period (000) $ 25,485 $ 28,048 $ 22,729 $ 19,475 $ 15,948 $ 6,469
<FN>
(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
(b) Annualized.
*Sales of Class C shares commenced on September 1, 1994.
</FN>
</TABLE>
<TABLE>
CLASS I SHARES:
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.26 $ 13.51 $ 13.44 $ 13.27
Income from investment operations:
Net investment income 0.32 0.64 0.66 0.66
Net realized and unrealized
gain (loss) on investments (0.20) (0.25) 0.07 0.17
Total from investment operations 0.12 0.39 0.73 0.83
Less dividends from:
Net investment income (0.32) (0.64) (0.66) (0.66)
Change in net asset value (0.20) (0.25) 0.07 0.17
Net asset value, end of period $ 13.06 $ 13.26 $ 13.51 $ 13.44
TOTAL RETURN (a) 0.88% 2.87% 5.52% 6.42%
RATIOS/SUPPLEMENTAL DATA Ratios to average net asset:
Net investment income 4.80%(b) 4.71% 4.85% 5.01%(b)
Expenses, after expense red 0.60%(b) 0.60% 0.60% 0.60%(b)
Expenses, before expense red 0.62%(b) 0.61% 0.66% 0.79%(b)
Portfolio turnover rate 12.81% 22.16% 24.95% 23.39%
Net assets at end of period (000) $ 76.232 $ 81,326 $ 77,605 $ 35,746
<FN>
(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
(b) Annualized.
*Sales of Class I shares commenced on July 5, 1996.
</FN>
</TABLE>
<TABLE>
Schedule of Investments
<CAPTION>
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
December 31, 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
<S> <C> <C> <C>
Alabama (2.10%)
1,295,000 Alabama A & M University Housing & General Fee Revenue Aaa/AAA $ 1,337,903
Series 1992, 5.90%due 11/1/2002 (Living & Learning Center
Project; Insured: MBIA)
1,000,000 Alabama Water Pollution Control Authority Series 1991, Aaa/AAA 1,027,430
6.45% due 8/15/2002(Insured: AMBAC)
2,100,000 Birmingham Carraway Special Care Facilities Financing NR/AAA 2,097,312
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/B 1,567,530
Series 1989, 7.20%due 1/1/2001
2,500,000 Birmingham Special Care Facility Finance Authority A1/NR 2,641,075
Revenue 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 1,499,216
1984, 7.625% due4/1/2007 pre-refunded 2/15/02 @ 100
(South East Alabama Medical CenterProject)
1,000,000 Huntsville Healthcare Authority Revenue Bonds, 5.50% due Aaa/AAA 1,016,240
6/1/2008 (Insured:MBIA)
2,615,000 Lauderdale County And Florence Health Care Authority Aaa/AAA 2,613,222
Revenue, 5.25% due7/1/2008 (Coffee Health Group Project;
Insured: MBIA)
1,310,000 Montgomery County Revenue Warrants Series 1992, 6.625% NR/NR 1,368,623
due 4/1/2002 pre-refunded 4/1/01 @ 102
1,000,000 Morgan County Decatur Health Care Authority Hospital NR/AAA 1,047,360
Revenue, 6.10% due3/1/2007
1,920,000 Scottsboro Industrial Development Board Refunding, 5.25% NR/NR 1,818,720
due 5/1/2009
Alaska (0.30%)
300,000 Alaska Industrial Development & Export Authority A2/A 303,759
Refunding Revolving FundSeries B, 5.60% due 4/1/2002
2,500,000 North Slope Borough General Obligation Refunding Series Aaa/AAA 2,565,350
1992-A, 5.80% due6/30/2002 (Insured: MBIA)
Arizona (1.60%)
1,250,000 Arizona Educational Loan Marketing Corporation Revenue Aa2/NR 1,254,587
Series 1992-A, 6.70%due 3/1/2000
2,320,000 Arizona Municipal Finance Program Certificate of Aaa/AAA 2,682,500
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 240,642
(ETM)
355,000 Maricopa County Certificate of Participation, 5.625% due A2/BBB+ 356,818
6/1/2000
2,000,000 Maricopa County Paradise Valley Unified School District Aaa/AAA 1,867,300
General ObligationRefunding Series 1992, 0% due 7/1/2001
(Insured: AMBAC)
500,000 Maricopa County School District 40 - Glendale General Baa1/A- 488,900
Obligation, 0% due7/1/2000
750,000 Maricopa County School District 40 - Glendale General Baa1/A- 715,538
Obligation, 0% due1/1/2001
1,000,000 Maricopa County Unified School District 48, 7.75% due Aa2/AA 1,096,980
7/1/2003
500,000 Maricopa County Unified School District 48 G.O., 5.60% Baa1/A- 511,780
due 7/1/2003
2,000,000 Pima County/Tucson Unified School District 1 School Aaa/AAA 2,042,520
Improvement Series1992-D, 5.50% due 7/1/2002 (Insured:
FGIC)
1,000,000 Show Low Industrial Development Authority Hospital NR/A 974,390
Revenue 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 177,844
8.25% due 6/1/2000(ETM)
500,000 Tucson Water Revenue Series D, 9.75% due 7/1/2008 A1/A+ 653,495
Arkansas (0.60%)
1,000,000 Arkansas State General Obligation College Savings, 0% due Aa3/AA 890,220
6/1/2002
2,645,000 Little Rock Hotel And Restaurant Gross Receipts Tax A/NR 2,948,435
Refunding, 7.125% due8/1/2009
1,335,000 Rogers Sales and Use Tax Revenue, 6.00% due 11/1/2007 A1/AA 1,406,489
California (11.60%)
2,145,000 Antelope Valley Hospital Revenue Bond, 5.50% due 1/1/2007 Aaa/AAA 2,206,411
(Insured: FSA)
7,440,000 California Health Facilities Financing Authority Series Aaa/AAA 7,808,280
1991-D, 6.50% due7/1/2016 pre-refunded 7/1/01 @ 102
(Catholic Health Care Project)
2,680,000 California Housing Financing Agency Revenue, 5.05% due Aaa/AAA 2,681,367
8/1/2006
350,000 California State General Obligation, 9.25% due 3/1/2005 Aa3/AA- 419,209
1,100,000 California Statewide Communities Development Authority Aaa/AAA 1,062,886
Certificate ofParticipation, 0% (inverse floater) due
1/1/2002 (Motion Picture &Television Fund Project;
Insured: AMBAC)
3,700,000 California Statewide Community Development, 4.35% due VMIG1/NR 3,700,000
6/1/2026 put1/1/2000, (daily demand notes) (LOC:
Dresdner Bank)
670,000 California Statewide Community Development Authority NR/AAA 679,956
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 1,003,670
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 951,105
A, 6.50% due5/1/2003 (Insured: MBIA)
5,770,000 Glendale Hospital Revenue Series 1994, 7.625% due NR/A+ 6,165,937
1/1/2005 (Verdugo HillsProject; Guarantee: Industrial
Indemnity)
1,995,000 Los Angeles Transportation Commission Certificate of A1/NR 2,012,975
Participation, 5.90%due 7/1/2000
2,500,000 Los Angeles Transportation Commission Certificate of A1/NR 2,554,550
Participation, 6.00%due 7/1/2001
1,500,000 Los Angeles Unified School District Certificates of A2/A 1,533,315
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+ 542,990
500,000 Los Angeles Water and Power, 9.00% due 9/1/2004 Aa3/A+ 576,905
5,710,000 Los Angeles Water and Power, 7.10% due 1/15/2031 Aa3/A+ 5,983,909
crossover refunded 1/15/01@ 102
1,500,000 MSR Public Power Agency Series F, 5.45% due 7/1/2001 (San Aaa/AAA 1,525,020
Juan Project;Insured: AMBAC)
500,000 Newport Beach California Revenue Bond, 4.40% due VMIG1/A1+ 500,000
10/1/2022 put 1/1/2000(Hoag Memorial Hospital
Presbyterian Project) (daily demand notes)
1,000,000 Orange County Local Transportation Authority Sales Tax Aa3/AA+ 1,014,270
Revenue, 5.50% due2/15/2001
13,000,000 Orange County Recovery Certificates of Participation Aaa/AAA 13,310,310
Series A, 5.50% due7/1/2002 (Insured: MBIA)
2,500,000 Orange County Refunding Recovery, 5.10% due 6/1/2002 Aaa/AAA 2,538,875
(Insured : MBIA)
7,600,000 Orange County Refunding Recovery, 6.50% due 6/1/2004 Aaa/AAA 8,140,436
(Insured: MBIA)
5,200,000 Orange County Refunding Recovery, 6.50% due 6/1/2005 Aaa/AAA 5,620,368
(Insured: MBIA)
5,000,000 Orange County Special Financing Authority Teeter Plan Aaa/A-1 5,111,150
Revenue Series E,6.35% due 11/1/2014 put 11/1/01 (LOC:
Industrial Bank of Japan)
665,000 Oxnard Harbor District Revenue Refunding, 6.60% due Aaa/AAA 673,805
8/1/2000 (Insured: FSA)
500,000 Palomar Pomerado Health Systems Revenue, 0% due 11/1/2003 Aaa/AAA 415,625
(Insured: MBIA)
500,000 Pomona Public Financing Authority Rev. Series P, 5.625% NR/BBB+ 512,240
due 10/1/2003
2,685,000 Redwood City Multi Family Housing Revenue Series 1985-B, NR/A+ 2,686,262
5.20% due10/1/2008 put 10/1/00 (Redwood Shores
Apartments Projects; Insured:Continental Casualty)
1,000,000 San Francisco Port Community Rev., 9.00% due 7/1/2003 A1/A- 1,130,750
2,000,000 San Marcos PFA Tax Allocation Series 1992-A, 5.60% due Aaa/AAA 2,031,260
1/1/2001 (Insured:FSA) (ETM)
500,000 Santa Clara Certificates of Participation, 7.75% due Aaa/AAA 531,690
2/1/2002 (Insured:MBIA)
2,000,000 Santa Clara County Financing Authority Lease Revenue Aaa/AAA 2,023,140
Series B, 5.50% due5/15/2009 (Insured: AMBAC) (when
issued)
4,180,000 Santa Margarita & Dana Point Authority Revenue Aaa/AAA 4,838,810
Improvement District SeriesA, 9.50% due 8/1/2003
(Insured: MBIA)
1,000,000 Sonoma County Certificate of Participation Public Works NR/A+ 1,010,730
ImprovementProgram, 5.875% due 8/1/2004 (Integrated Waste
Project)
750,000 Southern California Public Power Authority Rev., 6.75% A2/A 772,545
due 7/1/2001 (PowerProject)
1,955,000 Southgate Recreation & Park District Certification of NR/A+ 1,971,422
Participation, 5.15%due 10/1/2021 pre-refunded 10/1/01
(Wildhawk Golf Club Project; LOC: U.S.Bank of California)
780,000 University California Revenue Series A, 6.30% due NR/A+ 790,397
9/1/2000
Colorado (3.90%)
500,000 Arvada Limited Sales & Use Tax Series 1991, 6.50% due NR/NR 513,000
6/1/2001 (ETM)
2,355,000 Boulder Urban Renewal Authority Tax Increment Refunding Aaa/AAA 2,384,296
Series 1992, 5.90%due 3/1/2001 (Insured: MBIA)
1,465,000 Boulder Urban Renewal Authority Tax Increment Refunding Aaa/AAA 1,483,738
Series 1992, 6.00%due 3/1/2002 (Insured: MBIA)
370,000 Colorado Health Facilities Authority Revenue Refunding Baa2/NR 340,222
National BenevolentAssociation B, 4.90% due 2/1/2008
2,000,000 Colorado Housing Finance Authority Capital Appreciation Aa1/AA- 1,782,480
Series A, 0% due11/1/2001
3,230,000 Colorado Student Obligation Bond Authority Revenue Series A/NR 3,268,437
1994-L, 5.90% due9/1/2000
2,395,000 Colorado Student Obligation Bond Authority Student Loan A/NR 2,465,700
Revenue Series B,5.90% due 9/1/2002
2,990,000 Denver City & County Excise Tax Revenue Refunding Series Aaa/AAA 3,024,445
A, 5.25% due9/1/2008 (Insured: FSA)
1,080,000 Denver City & County Industrial Development Revenue, NR/A- 1,130,209
7.40% due 3/1/2003(University of Denver Project)
1,155,000 Denver City & County Industrial Development Revenue, NR/A- 1,209,990
7.50% due 3/1/2004(University of Denver Project)
1,185,000 Denver City & County Industrial Development Revenue, NR/A- 1,244,819
7.60% due 3/1/2005(University of Denver Project)
3,500,000 Denver City & County Industrial Development Revenue, NR/A1+ 3,510,500
5.375% due 7/1/2011put 7/1/00 (Translogic Corporation
Project; LOC: Commerzbank)
500,000 El Paso County School District General Obligation 20 Baa1/NR 571,545
Series B, 8.25% due12/15/2004 (State Aid Withholding)
2,175,000 Highlands Ranch Metro District 2 General Obligation, Aaa/AAA 2,282,075
6.00% due 6/15/2004(Insured: FSA)
3,500,000 Metropolitan Football Stadium Capital Appreciation Series Aaa/AAA 2,012,710
A, 0% due1/1/2010
3,300,000 Metropolitan Football Stadium District Sales Tax Revenue, Aaa/AAA 2,552,946
0% due 1/1/2005(Insured: MBIA)
2,725,000 Westminister Multi Family Housing Revenue Series 1995, NR/AA- 2,780,236
5.95% due 9/1/2015 put 9/1/06 (Semper Village Apartments
Project; Insured: AXA)
Connecticut (0.90%)
1,685,000 Bridgeport General Obligation, 6.00% due 3/1/2005 Aaa/AAA 1,773,513
(Insured: AMBAC)
1,325,000 Bridgeport General Obligation, 6.00% due 3/1/2006 Aaa/AAA 1,399,280
(Insured: AMBAC)
1,045,000 Capitol Region Education Council, 6.375% due 10/15/2005 NR/BBB 1,074,333
3,000,000 Connecticut Resources Recovery Authority Resources, 5.50% Aaa/AAA 3,062,220
due 1/1/2008(Insured: MBIA)
500,000 New Haven General Obligation, 9.50% due 11/15/2003 A3/BBB+ 573,535
Delaware (0.20%)
1,500,000 Delaware Solid Waste System Revenue, 6.00% due 7/1/2003 Aaa/AAA 1,562,265
(Insured: MBIA)
District of (1.60%)
Columbia
500,000 District Columbia Hospital Revenue Refunding Medlantic Aaa/AAA 528,740
Healthcare Group A,6.00% due 8/15/2007 (ETM)
500,000 District Columbia Revenue, 6.00% due 1/1/2007 (American Aaa/AAA 524,115
AssociationAdvancement Science Project) (Insured: AMBAC)
275,000 District of Columbia Association of American Medical NR/AA- 281,484
Colleges, 7.20% due2/15/2001 pre-refunded 2/15/00 @ 102
2,200,000 District of Columbia Certificate of Participation Series NR/BBB- 2,237,862
1993, 6.875% due1/1/2003
1,505,000 District of Columbia General Obligation Capital Aaa/AAA 1,338,833
Appreciation Refunding, 0%due 6/1/2002 (Insured: MBIA)
2,000,000 District of Columbia General Obligation Refunding Series Aaa/AAA 2,024,960
A, 5.50% due6/1/2001 (Insured: FSA)
25,000 District of Columbia Pre-Refunded Series B, 7.10% due Aaa/AAA 25,310
6/1/2000 (Insured:FSA)
60,000 District of Columbia Refunding Series A-3, 4.90% due Baa3/BBB 60,188
6/1/2000
1,000,000 District of Columbia Revenue, 6.00% due 7/15/2003 Aaa/AAA 1,033,320
(Childrens HospitalProject; Insured: FGIC)
1,330,000 District of Columbia Revenue, 6.00% due 8/15/2005 Aaa/AAA 1,394,398
(Medlantic HealthcareProject; Insured: MBIA) (ETM)
1,120,000 District of Columbia Revenue Bonds, 5.00% due 1/1/2004 Aaa/AAA 1,124,424
(AmericanAssociation for Advancement of Science Project;
Insured: AMBAC)
1,235,000 District of Columbia Revenue Bonds, 5.50% due 1/1/2006 Aaa/AAA 1,260,256
(AmericanAssociation for Advancement of Science Project;
Insured: AMBAC)
735,000 District of Columbia Series A, 5.30% due 6/1/2000 (ETM) Aaa/NR 738,793
765,000 District of Columbia Unrefunded Balance, 5.30% due Baa3/BBB 767,716
6/1/2000
Florida (0.80%)
140,000 Alachua County Health Facilities Revenue, 7.00% due NR/AAA 144,812
12/1/2001 (ShandsHospital & Clinics Project) (ETM)
355,000 Brevard County Tourist Development Tax Revenue Series NR/NR 356,090
1993, 6.325% due3/1/2003 (Florida Marlins Training
Facilities)
3,000,000 Collier County School Board Certificates of Aaa/AAA 3,048,990
Participation, 5.50% due2/15/2003 (Insured: FSA)
540,000 Dade County Guaranteed Entitlement Revenue, 9.75% due Aaa/AAA 558,625
2/1/2003 pre-refunded 2/1/00 @ 103 (Insured: AMBAC)
200,000 East County Water Control District Lee County Drain, NR/AA 204,344
5.50% due 11/1/2003(LOC: Asset Guaranty)
1,500,000 Florida Housing Development Authority, 6.25% due NR/AAA 1,526,775
12/1/2006 (Hammock's PlaceProject)
150,000 Hillsborough County Utility Refunding Rev, 9.75% due Aaa/AAA 167,718
12/1/2003 (ETM)
125,000 Martin County Combined Special Assessment Series 1990-A, NR/NR 126,592
8.125% due3/1/2001
940,000 Palm Beach County Industrial Development Revenue Series NR/A+ 973,896
1996, 6.00% due12/1/2006 (Lourdes-Noreen McKeen Residence
for Geriatric Care Project; LOC:Allied Irish Bank)
Georgia (0.40%)
1,590,000 Burke County Development Authority Pollution Control Aaa/AAA 1,655,508
Revenue, 6.25% due1/1/2003 (Insured: MBIA)
400,000 Gwinnett County Development Authority Revenue, 6.95% due NR/NR 403,552
6/1/2001 (MeadCorp. Project) (ETM)
1,000,000 Monroe County Pollution Control Revenue, 6.55% due Aaa/AAA 1,078,420
1/1/2006 (OglethorpePower Corporation Project; Insured:
MBIA)
Guam (0.10%)
800,000 Guam Government General Obligation Series A, 5.90% due NR/BBB- 800,504
9/1/2005
Hawaii (0.70%)
4,000,000 Hawaii State Series California, 5.75% due 1/1/2008 A1/A+ 4,124,040
1,500,000 Hawaii State Department Budget & Finance Special Purpose A2/A 1,522,755
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- 507,395
Idaho (0.70%)
700,000 Boise Urban Renewal Agency Package Revenue Tax Increment NR/BBB+ 712,180
Series A, 6.00%due 9/1/2002
4,980,000 Idaho Falls Electric Revenue Refunding, 0% due 4/1/2000 Aaa/AAA 4,927,411
(Insured: FGIC)
Illinois (6.60%)
3,345,000 Champaign County Community Unit Series C, 0% due 1/1/2009 Aaa/AAA 2,043,728
1,340,000 Chicago Midway Airport Revenue Series A, 5.40% due Aaa/AAA 1,351,403
1/1/2009
1,000,000 Chicago O'Hare International Airport Revenue, 5.375% due Aaa/AAA 1,014,260
1/1/2007 (Insured:AMBAC)
2,545,000 Cook And Will Counties Township High School District 206 Aaa/AAA 1,874,036
Series C, 0% due12/1/2005 (Insured: FSA)
1,800,000 Cook County Community College District 508 COP, 8.50% due Aaa/AAA 1,927,890
1/1/2002(Insured: FGIC)
3,350,000 Cook County Community Unified School District 401 Series Aaa/AAA 2,756,615
1996, 0% due12/1/2003 (Insured: FSA)
2,005,000 Cook County Non Prerefunded Capital Improvement, 5.50% Aaa/AAA 2,047,606
due 11/15/2008
995,000 Cook County Prerefunded Capital Improvement, 5.50% due Aaa/AAA 1,033,656
11/15/2008
595,000 Cook County School District 100, 8.20% due 12/1/2005 Aaa/NR 686,380
(Insured: FSA)
640,000 Cook County School District 100 Berwyn, 8.20% due Aaa/NR 748,205
12/1/2006 (Insured: FSA)
715,000 Du Page County High School, 5.75% due 12/1/2006 Aa3/NR 741,012
760,000 Du Page County High School, 5.75% due 12/1/2007 Aa3/NR 787,907
870,000 Du Page County School District Capital Appreciation, 0% Aaa/NR 631,751
due 2/1/2006(Insured: FGIC)
400,000 Illinois Development Finance Authority Revenue Refunding, NR/BBB 399,496
5.60% due7/1/2004
1,000,000 Illinois Development Finance Authority Revenue Refunding NR/BBB 993,380
Community RehabProviders A, 5.60% due 7/1/2005
1,000,000 Illinois Development Finance Authority Revenue Refunding, NR/BBB 985,690
5.60% due7/1/2006
2,000,000 Illinois Development Finance Authority Revenue Provena Aaa/AAA 2,016,760
Health Series A,5.50% due 5/15/2009 (Insured: MBIA)
2,000,000 Illinois Health Facilities Authority Revenue Series 1992, Baa2/BBB+ 2,097,700
7.00% due7/1/2002 (Trinity Medical Center Project)
500,000 Illinois Health Facilities Authority Revenue, 5.20% due A3/A- 496,270
10/1/2003 (IllinoisMasonic Medical Center Project)
1,000,000 Illinois Health Facilities Authority Revenue Refunding, NR/A- 1,018,900
6.25% due 12/1/2004(Friendship Village Schaumburg)
1,155,000 Illinois Health Facilities Authority Revenue Series A, Aaa/AAA 1,158,546
5.25% due 7/1/2007(The Carle Foundation Project)
(Insured: AMBAC)
2,500,000 Illinois Health Facilities Authority Revenue Refunding Aaa/AAA 2,783,425
Series C, 7.00% due4/1/2008 (Lutheran General Health)
(Insured: FSA)
2,000,000 Illinois Health Facilities Authority Revenue, 5.25% due Aaa/NR 1,984,680
6/1/2009 HospitalSisters Services Inc. Project; Insured:
MBIA)
695,000 Illinois Health Facilities Authority Revenue Series NR/NR 713,230
1993-A, 7.875% due8/15/2005 (Community Provider Pooled
Loan Program Project)
9,105,000 Lake County Forest Preserve District Capital Aa1/AA+ 6,311,040
Appreciation, 0% due 12/1/2006
3,485,000 Lake CountyTownship High School District, 8.80% due Aa1/AAA 4,427,030
12/1/2009
750,000 Macon County & Decatur Certificates of Participation, Aaa/AAA 799,575
6.50% due 1/1/2005(Insured: FGIC)
500,000 Metropolitan Pier and Exposition Authority Dedicated Aaa/AAA 455,935
State Tax Rev., 0% due12/15/2001 (Insured: MBIA)
2,445,000 Naperville City, Du Page & Will Counties Economic NR/AA- 2,514,951
Development Revenue,6.10% due 5/1/2008 (Hospital and
Health System Association Project; LOC:American National
Bank)
1,100,000 Peoria Public Building Commission School District Aaa/NR 720,874
Facilities Revenue, 0%due 12/1/2007 (Insured: FGIC)
2,800,000 Rosemont General Obligation Series B, 5.40% due 12/1/2005 A3/A 2,848,020
6,300,000 University Illinois University Revenues Capital Aaa/AAA 4,425,813
Appreciation AuxilaryFacilities Systems, 0% due 10/1/2006
900,000 Will & Kendall Counties Community School District 202 Aaa/AAA 908,982
General Obligation,5.45% due 1/1/2005 (Insured: AMBAC)
Indiana (4.60%)
965,000 Allen County Economic Development Revenue 1st Mortgage, NR/NR 948,537
5.20% due12/30/2005 (Indiana Institute Of Technology
Project)
690,000 Allen County Economic Development Revenue 1st Mortgage, NR/NR 676,510
5.30% due12/30/2006 (Indiana Institute Of Technology
Project)
1,110,000 Allen County Economic Development Revenue 1st Mortgage, NR/NR 1,076,001
5.60% due12/30/2009 (Indiana Institute Of Technology
Project)
1,250,000 Brownsburg School Building Corporation First Mortgage, NR/A 1,246,325
5.375% due 8/1/2007
1,175,000 Brownsburg School Building Corporation First Mortgage, NR/A 1,172,415
5.375% due 2/1/2007
910,000 Eagle Union Middle School Building Corporation First Aaa/AAA 924,487
Mortgage, 5.50% due7/15/2009 (Insured: AMBAC)
955,000 Eagle Union Middle School Building Corporation First Aaa/AAA 963,719
Mortgage, 5.50% due7/15/2010 (Insured: AMBAC)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana NR/A 1,343,496
First Mortgage, 0%due 1/15/2006
770,000 Elberfeld J H Castle School Building Corporation Indiana Aaa/AAA 497,782
First MortgageRefunding, 0% due 1/5/2008 (Insured: MBIA)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana Aaa/AAA 1,170,145
First MortgageRefunding, 0% due 7/5/2008 (Insured: MBIA)
2,305,000 Hammond Multi-School Building Corp First Mortgage NR/A 2,376,132
Refunding Bond Series1997, 6.00% due 7/15/2008 (Lake
County Project)
450,000 Indiana Bond Bank Series B, 7.25% due 2/1/2001 (Special A1/A+ 450,977
Loan Program)
2,640,000 Indiana Bond Bank State Revolving Fund Series 1993-A, NR/AAA 2,642,983
5.50% due 2/1/2000
1,500,000 Indiana Health Facilities Revenue, 5.55% due 7/1/2001 Aaa/AAA 1,520,640
(Marion GeneralHospital Project; Insured: MBIA)
670,000 Indiana State Educational Facilities Authority Revenue, NR/A- 674,007
5.75% due 10/1/2009(University Indianapolis Project)
1,400,000 Indianapolis Economic Development Revenue, 5.30% due Aaa/AAA 1,391,012
12/1/2007 (FNMAPass-Thru Certificate)
1,220,000 Indianapolis Local Public Improvement Bond Bank Trans Aa2/AA- 915,964
Rev, 0% due 7/1/2005
1,240,000 Indianapolis Local Public Improvement Bond Bank Trans Aa2/AA- 878,118
Rev, 0% due 7/1/2006
2,200,000 Indianapolis Resource Recovery Revenue, 6.75% due Aaa/AAA 2,359,940
12/1/2004 (Ogden MartinSystem, Inc. Project; (Insured:
AMBAC)
1,025,000 Lawrence Township School Building Corporation Refunding NR/A+ 1,030,043
First Mortgage,5.25% due 7/5/2006
1,645,000 Logansport Multi-Purpose School Building Corporation NR/A 1,665,990
First MortgageRefunding Series 1992, 5.50% due 7/1/2001
955,000 Mishawaka School First Mortgage, 6.25% due 7/15/2006 NR/A 1,000,745
1,015,000 Mishawaka School First Mortgage, 6.25% due 7/15/2007 NR/A 1,062,644
535,000 New Albany Floyd County School Building Corp., 6.20% due NR/A 558,342
7/1/2003 (ETM)
1,660,000 Noblesville High School Building Corp. First Mortgage Aaa/AAA 1,723,064
Bond Series 1997Refunding First Mortgage, 5.75% due
1/5/2006 (Insured: AMBAC)
1,820,000 Noblesville High School Building Corp. First Mortgage Aaa/AAA 1,893,000
Bond Series 1997Refunding First Mortgage, 5.75% due
7/5/2006 (Insured: AMBAC)
1,295,000 Seymour Community High School Building Corporation Aaa/AAA 1,324,112
Refunding FirstMortgage, 5.50% due 7/5/2008 (Insured:
FSA)
1,820,000 Westfield Elem. School Building Corp. First Mtg Series Aaa/AAA 2,007,405
1997, 6.80% due7/15/2007 (Insured: AMBAC)
1,385,000 Whitley County Middle School Building Corporation Aaa/AAA 1,401,745
Refunding First Mortgage,5.25% due 7/10/2006 (Insured:
FSA)
1,470,000 Whitley County Middle School Building Corporation Aaa/AAA 1,483,612
Refunding First Mortgage,5.25% due 7/10/2007 (Insured:
FSA)
Iowa (2.60%)
1,225,000 Des Moines Hospital Revenue Refunding Series 1996-A, Aa2/NR 1,277,504
6.25% 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 1,532,250
(Insured: AMBAC)
6,650,000 Iowa Finance Authority Commercial Development Revenue NR/AA- 6,603,649
Refunding, 5.75% due4/1/2014 (Governor Square Project)
875,000 Iowa Student Loan Liquidity Corporation Student Loan Aa1/NR 892,342
Revenue 1991 Series A,6.35% due 3/1/2001
2,000,000 Iowa Student Loan Liquidity Corporation Student Loan Aaa/AAA 2,070,320
Revenue 1991 Series C,6.80% due 12/1/2002
2,675,000 Marion Commercial Development Revenue Refunding Series NR/NR 2,716,810
1991-A, 7.25% due1/1/2014 put 7/1/02 (Collins Road
Project; Insured: Trygg-Hansa)
415,000 Muscatine Electric Revenue, 9.50% due 1/1/2004 (ETM) Aaa/AAA 453,176
4,445,000 Muscatine Electric Revenue Refunding Series 1992, 5.40% Aaa/AAA 4,445,000
due 1/1/2000(Insured: AMBAC)
1,000,000 Polk County Revenue Catholic Health Initiatives, 5.50% Aa3/AA- 1,014,560
due 12/1/2005
1,000,000 State University Iowa Revenues, 6.20% due 9/1/2003 Aa/AA 1,011,620
Kansas (0.70%)
1,000,000 Kansas City Industrial Revenue Series 12/1/84, 7.20% due NR/NR 1,011,130
12/1/2004 (AshGrove Cement Project)
1,000,000 Sedgwick County Unified School District 265, 8.20% due Aaa/AAA 1,117,810
10/1/2003 (Insured:FSA)
3,920,000 Topeka Multi Family Housing Revenue Refunding Series NR/A 4,003,692
1991-A, 7.25% due4/1/2021 put 4/1/02 (Fleming Court
Project; Insured: Trygg-Hansa)
Kentucky (0.90%)
420,000 Campbell And Kenton Counties Sanitation District 1 Aaa/AAA 429,169
Revenue, 6.50% due8/1/2005
3,000,000 Jefferson County Hospital Revenue Unrefunded, 6.806% due Aaa/AAA 3,187,500
10/1/2002(Insured: MBIA)
1,500,000 Jefferson County Hospital Revenue Prerefunded, 6.908% due Aaa/AAA 1,578,750
10/1/2002(Insured: MBIA)
1,000,000 Kentucky State Turnpike Authority Resources Recovery Aaa/AAA 714,470
Revenue, 0% due7/1/2006 (Insured: FGIC)
150,000 Kentucky State Turnpike Authority Resources Recovery Road Aaa/AAA 158,707
Revenue Series A,6.625% due 7/1/2008
150,000 Louisville Water Revenue Refunding, 6.00% due 11/15/2006 Aaa/AAA 152,408
1,500,000 Paintsville First Mortgage Revenue Series 1991, 8.50% due NR/NR 1,560,645
9/1/2003 (Paul B.Hall Medical Center Project; Guaranteed:
Health Management Associates)
Louisiana (4.70%)
1,000,000 Jefferson Parish Drainage Improvement Refunding, 6.15% NR/AAA 1,045,990
due 9/1/2005(Insured: FGIC)
4,000,000 Jefferson Parish Hospital District 2, 5.25% due 12/1/2015 Aaa/AAA 4,068,920
1,000,000 Lake Charles Harbor And Terminal District Revenue Baa1/BBB 997,670
District Revenue, 6.00%due 5/1/2006
1,000,000 Louisiana Offshore Authority Deepwater Port Rev. Series A3/A 1,041,120
B, 6.25% due9/1/2004
5,000,000 Louisiana PFA Health and Ed Cap Fac Revenue Series 1985, Aaa/AAA 5,021,250
5.00% due12/1/2015 put 6/1/02 (Insured: AMBAC)
1,100,000 Louisiana PFA Hospital, 0% due 7/1/2000 (St. Francis Aaa/AAA 1,095,479
Medical CenterProject; Insured: FSA) (Inverse Floater)
1,300,000 Louisiana PFA Hospital Revenue and Refunding, 0% due Aaa/AAA 1,268,189
7/1/2001 (St. FrancisMedical Center Project; Insured:
FSA) (Inverse Floater)
1,065,000 Louisiana PFA Multi Family Housing, 5.95% due 3/15/2019 NR/AA- 1,080,059
put 3/15/05(Oakleigh Apts. Project; Insured: AXA)
3,170,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Chateau De NR/NR 2,934,564
Notre Dame Project)
3,675,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Wynhoven NR/NR 3,402,058
Health Care CenterProject)
3,525,000 Louisiana PFA Student Loan Revenue Series A-1, 6.10% due Aaa/NR 3,534,094
3/1/2000
500,000 Louisiana State University Agricultural & Mechanical NR/NR 531,325
College Board, 7.70%due 4/15/2002 (ETM)
1,000,000 New Orleans Refunding, 0% due 9/1/2006 (Insured: AMBAC) Aaa/AAA 707,420
2,565,000 Orleans Levee District Public Improvement Trust Receipts Aaa/AAA 2,629,741
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 6,183,400
460,000 Ouachita Parish Hospital District 1 Series 1991, 7.25% NR/A 476,394
due 7/1/2001 (ETM)
3,000,000 Saint Charles Parish Pollution Control Revenue Variable Baa3/BBB- 2,966,280
Refunding Series A,4.85% due 6/1/2030 (Entergy Louisiana
Inc. Project)
600,000 St. Tammany Parish Louisiana Sales Tax, 5.75% due Aaa/AAA 623,358
4/1/2006 (Insured: FGIC)
Maryland (0.30%)
2,000,000 Howard County Multi-Family Housing Revenue, 7.00% due Baa2/NR 2,118,980
7/1/2024 put 7/1/04(Chase Glen Project; Guaranty: Avalon
Prop.)
Massachusetts (4.50%)
1,000,000 Boston FHA Insured City Hospital Revenue Series A, 7.15% Aaa/NR 1,038,120
due 2/15/2001pre-refunded 8/15/00 (Boston City Hospital
Project)
3,125,000 Boston Revenue City Hospital, 7.65% due 2/15/2010 Aaa/NR 3,253,562
pre-refunded 8/15/00
60,000 Haverhill General Obligation Municipal Purpose Loan Baa3/BBB 64,077
Series 1991, 7.50% due10/15/2011
260,000 Holyoke General Obligation Electric Revenue Series Baa1/BBB+ 267,951
1991-A, 8.00% due6/1/2001
925,000 Holyoke General Obligation School Project Loan Act of Baa1/NR 955,331
1948, 7.35% due8/1/2002 pre-refunded 8/1/01
200,000 Holyoke General Obligation Sewer Revenue Series B, 8.00% Baa1/BBB+ 206,116
due 6/1/2001
1,060,000 Lynn General Obligation, 7.00% due 1/15/2004 Baa1/NR 1,129,388
500,000 Massachusetts General Obligation Consolidated Loan Series Aa3/AA- 521,955
D, 6.50% due7/1/2002
3,000,000 Massachusetts Hynes Convention Center Authority Refunding Aa3/AA- 2,914,380
Series 1992, 0%due 9/1/2000
2,500,000 Massachusetts Hynes Convention Center Authority Refunding Aa3/AA- 2,196,650
Series 1992, 0%due 9/1/2002
5,000,000 Massachusetts IFA First Mortgage Revenue Series 1996-B, NR/A-1 4,995,300
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 2,531,175
1993-A, 5.45% due7/1/2001 (Insured: FSA)
1,950,000 Massachusetts Industrial Finance Agency Resources NR/BBB 1,879,449
Recovery Revenue, 4.95%due 12/1/2006
1,575,000 Massachusetts Prerefunded Capital Appreciation Aa3/AA- 1,476,090
Consolidated B, 0% due6/1/2001
2,365,000 Massachusetts State Health & Educational Facilities NR/NR 2,367,933
Authority Series B,5.50% due 5/15/2011 put 5/15/01
(Community Health Capital Fund Project: LOC: First
Boston)
1,000,000 Massachusetts State Industrial Finance Agency Revenue, NR/NR 1,176,920
8.375% due 2/15/2018(Glenmeadow Retirement Community
Project)
425,000 Massachusetts Unrefunded Balance Capital Appreciation B, Aa3/AA- 398,365
0% due 6/1/2001
1,150,000 New Bedford Industrial Revenue, 7.42% due 7/1/2002 NR/NR 1,157,026
(Aerovox CorporationProject)
1,000,000 New England Education Loan Marketing Corporation Student Aa/NR 1,039,130
Loan RevenueSeries 1992-F, 6.50% due 9/1/2002
3,000,000 New England Education Loan Marketing Corporation Student A3/A- 3,013,560
Loan RevenueSeries 1993-B, 5.40% due 6/1/2000
250,000 Springfield General Obligation, 7.75% due 5/1/2000 Baa3/NR 252,692
300,000 Springfield General Obligation, 7.75% due 5/1/2001 Baa3/NR 310,872
300,000 Springfield General Obligation, 7.80% due 5/1/2002 Baa3/NR 316,095
1,500,000 Taunton General Obligation, 8.00% due 2/1/2006 (Insured: Aaa/AAA 1,730,730
MBIA)
1,000,000 University of Massachusetts Bldg. Authority Ref Revenue Aa3/A+ 1,072,840
Series 1991-A,7.15% due 5/1/2003
1,250,000 Worcester Municipal Purpose Loan of 1991 General Aaa/AAA 1,288,275
Obligation, 6.80% due5/15/2001 (Insured: MBIA)
Michigan (2.60%)
3,000,000 Detroit Economic Development Corp. Refunding, 7.00% due NR/NR 3,050,640
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- 1,312,935
890,000 Kalamazoo Hospital Finance Authority Hospital Facility Aaa/NR 906,848
Revenue, 5.50% due5/15/2008 (Bronson Methodist Hospital
Project; Insured: MBIA)
1,625,000 Kent Hospital Finance Authority Michigan Revenue Aa3/AA 1,620,726
Refunding Spectrum HealthSeries A, 5.25% due 1/15/2006
1,265,000 Michigan State Hospital Finance Authority Revenue Aaa/NR 1,269,238
Refunding, 5.25% due2/15/2007 (Insured: MBIA)
10,000,000 Michigan State Hospital Finance Authority Revenue Series Aa2/AA 9,928,500
A, 5.375% due11/15/2033
740,000 Michigan State Hospital Finance Authority Revenue 1991-A Ba3/NR 771,220
Garden CityHospital, 8.30% due 9/1/2002
2,000,000 Wayne County Building Authority Limited Tax General A3/A- 2,162,060
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 A3/NR 631,113
General ObligationRefunding, 7.875% due 5/1/2002 (ETM)
Minnesota (0.40%)
450,000 Coon Rapids Industrial Development Ref. Rev., 6.75% due NR/NR 450,630
12/1/2001 (LOC:Norwest Bank)
1,500,000 Metropolitan Council Minneapolis - St. Paul Area Sports A/A 1,513,650
Facilities Revenue,5.30% due 10/1/2000 (Hubert H.
Humphery Metrodome Project) (ETM)
475,000 Minneapolis - St. Paul Single Family Housing Revenue NR/AAA 477,883
Series A, 8.25% due11/1/2007
500,000 Minneapolis Community Development Agency Supported Dev. NR/A- 523,590
Rev. Ltd Tax -Common Bond Series G-3, 7.00% due 12/1/2003
265,000 Minneapolis MFHR Refunding Series 1991, 6.75% due NR/AAA 270,870
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 1,022,720
12/1/2000(University of Mississippi Medical Center
Project)
2,000,000 Mississippi High Education Assistance Corporation Student NR/A 2,000,000
Loan RevenueSeries 1992-B, 6.00% due 1/1/2000
300,000 Mississippi Hospital Equipment & Facilities Authority Baa3/NR 306,225
Revenue, 8.60% due1/1/2001 (Rush Medical Foundation
Project) (ETM)
Missouri (1.50%)
1,555,000 Jackson County Public Building Corporation Leasehold Aaa/AAA 1,633,014
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 1,333,818
Authority PCR,5.25% due 12/1/2007
1,055,000 Missouri Health & Education Facilities Authority Revenue, NR/NR 955,408
0% due 1/1/2002 (ETM)
4,000,000 Missouri Higher Education Loan Authority Student Loan Aa/NR 4,005,840
Revenue Refunding,5.50% due 2/15/2000
255,000 Missouri State Enviromental Improvement & Energy Aa1/NR 268,000
Resources AuthorityRevenue Series 1991-A, 6.50% due
12/1/2002 (State Revolving RevenueProject)
325,000 Missouri State Enviromental Improvement & Energy Aa1/NR 342,183
Resources AuthorityRevenue Series 1991-A, 6.60% due
12/1/2003 (State Revolving RevenueProject)
3,860,000 St. Louis IDA Refunding Revenue Series 1993-B, 5.10% due NR/A- 3,866,330
12/1/2008 put12/1/00 (Westport Residence Project;
Guaranteed: Lincoln NationalCorporation)
Montana (0.10%)
415,000 Montana Higher Education Student Loan Revenue Series A/NR 426,620
1992-A, 6.70% due12/1/2001
Nebraska (1.00%)
1,400,000 Nebraska IFA Dwelling Refunding, 5.00% due 7/1/2003 Aaa/AAA 1,400,196
(Father Flanagans BoysHome Project)
1,500,000 Nebraska IFA Hospital Equipment Revenue, 6.85% due Aaa/AAA 1,571,310
3/1/2002 pre-refunded3/1/01 @ 102 (Insured: MBIA)
2,855,000 Nebraska IFA Tax Exempt Multi Family Housing Revenue NR/AAA 2,864,850
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 2,500,000
1/1/2000
Nevada (1.00%)
1,550,000 Las Vegas Downtown Redevelopment, 7.80% due 6/1/2001 Baa/A- 1,598,623
1,085,000 Washoe County Airport Authority Revenue Refunding, 5.30% Aaa/AAA 1,091,163
due 7/1/2000(Insured: MBIA)
1,325,000 Washoe County Airport Authority Revenue Refunding, 5.45% Aaa/AAA 1,341,523
due 7/1/2001(Insured: MBIA)
750,000 Washoe County Airport Authority Revenue Refunding, 5.60% Aaa/AAA 765,217
due 7/1/2002(Insured: MBIA)
3,500,000 Washoe County School District, 5.50% due 6/1/2008 Aaa/AAA 3,580,745
(Insured: FSA)
New Hampshire (0.90%)
500,000 New Hampshire Capital Appreciation General Obligation, 0% Aa2/AA+ 399,135
due 7/1/2004
5,000,000 New Hampshire Health and Educational Authority Revenue A2/NR 4,991,000
Bond Series B, 5.05%due 3/1/2023 put 3/1/03 (Riverwoods
at Exeter Project; LOC: Banque Paribas)
2,485,000 New Hampshire Industrial Development Authority Revenue, NR/AA- 2,500,805
5.50% due 12/1/2009(Central Vermont Public Services; LOC:
Toronto Dominion Bank)
New Jersey (0.90%)
595,000 Hudson County Certificates of Participation, 6.20% due Aaa/AAA 621,983
6/1/2003(Corrections Facility Project; Insured: MBIA)
2,050,000 New Jersey Educational Facilities Authority Revenue Aaa/AAA 2,072,407
Refunding, 5.25% due7/1/2008 (Seton Hall University
Project; Insured AMBAC)
1,000,000 New Jersey Health Care Facilities Financing Authority NR/AAA 1,068,450
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 1,037,630
due 7/1/2004(Kennedy Health Systems) (Insured: MBIA)
1,000,000 New Jersey Health Care Financing Authority Revenue, 5.75% Aaa/AAA 1,040,550
due 7/1/2005(Kennedy Health Systems) (Insured: MBIA)
1,000,000 New Jersey State Transportation Trust Fund Authority, Aa2/AA- 1,023,280
5.50% due 6/15/2009
1,000,000 New Jersey Turnpike Authority Revenue Series A, 5.70% due Baa1/BBB+ 1,012,190
1/1/2001
New Mexico (0.30%)
298,000 Santa Fe County Office and Training Facilities Revenue Aaa/NR 298,000
Series 1990, 9.00%due 1/1/2000 (ETM)
326,000 Santa Fe County Office and Training Facilities Revenue Aaa/NR 341,234
Series 1990, 9.00%due 1/1/2001 (ETM)
745,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 761,033
5.75% due 6/1/2004
510,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 524,244
5.90% due 6/1/2005
775,000 Santa Fe Solid Waste Management Agency Facility Revenue, NR/NR 799,978
6.00% due 6/1/2006
New York (6.30%)
310,000 Amherst Industrial Development Authority Lease Revenue NR/A 316,916
Bonds Series A,5.25% due 10/1/2008 (Pink Complex Project;
LOC: Key Bank)
1,785,000 Islip Resources Recovery Agency Series 85-D, 5.95% due Aaa/AAA 1,855,900
7/1/2003 (Insured:AMBAC)
1,500,000 Long Island Power Authority Electric Systems Revenue Aaa/AAA 1,586,160
General Series A,6.00% due 12/1/2007 (Insured: AMBAC)
2,300,000 Long Island Power Authority New York Electric Systems VMIG1/A1+ 2,300,000
Revenue SubordinatedSeries 5, 4.70% due 5/1/2033 put
1/1/2000 (daily demand notes)
500,000 Metropolitian Transit Authority Services Contract Baa1/A- 523,945
Commuter Fac Rev, 7.00%due 7/1/2002
1,050,000 Monroe County Note Industrial Development Agency, 5.375% NR/AA 1,055,492
due 6/1/2007(Saint John Fisher College Project)
4,600,000 New York City General Obligation, 8.25% due 6/1/2007 Aaa/AAA 5,467,698
(Insured: FSA)
500,000 New York City General Obligation Series A, 7.00% due A3/A- 532,695
8/1/2003
800,000 New York City General Obligation Series D, 6.30% due Aaa/A- 817,408
2/1/2001 (ETM)
1,960,000 New York City General Obligation Series D, 6.30% due A3/A- 1,997,005
2/1/2001
750,000 New York City General Obligation Series D, 5.70% due A3/A- 765,997
8/1/2002
1,225,000 New York City General Obligation Series E, 7.20% due Aaa/A- 1,228,124
2/1/2000 (ETM)
15,000 New York City General Obligation Series E, 7.20% due A3/A- 15,036
2/1/2000
785,000 New York City General Obligation Series E, 6.30% due Aaa/A- 806,564
8/1/2001 (ETM)
1,910,000 New York City General Obligation Series E, 6.30% due A3/A- 1,956,546
8/1/2001
1,000,000 New York City General Obligation Series E, 7.00% due Aaa/AAA 1,086,500
8/1/2004 (Insured:AMBAC)
250,000 New York City Health and Hospital Corp. Rev Series A, Baa3/BBB- 256,560
6.00% due 2/15/2005
800,000 New York City Municipal Water Finance Authority, 4.70% VMIG1/A1+ 800,000
due 6/15/2024 put1/1/2000 (daily demand notes)
1,525,000 New York Dormitory Authority, 6.00% due 2/1/2004 (Millard Aaa/AAA 1,586,153
Fillmore HospitalProject; Insured: AMBAC)
755,000 New York Dormitory Authority, 5.25% due 7/1/2007 (St. NR/AA 753,150
Thomas Aquinas;Insured: Asset Guarantee)
1,040,000 New York Dormitory Authority, 6.00% due 7/1/2007 NR/AAA 1,093,102
(Champlain ValleyPhysicians; Insured: Connie Lee)
700,000 New York Dormitory Authority, 5.25% due 7/1/2008 (St. NR/AA 694,799
Thomas Aquinas;Insured: Asset Guarantee)
1,900,000 New York Dormitory Authority Revenue, 5.50% due 7/1/2008 Baa2/AA 1,917,974
(Good SamaritanHospital Project; Insured: Asset
Guaranty)
1,000,000 New York Dormitory Authority Revenue State University A3/A 1,069,130
EducationalFacilities Series A, 7.00% due 5/15/2004
1,500,000 New York Local Government Assistance Corporation Revenue A3/AA- 1,557,195
Series D, 6.50%due 4/1/2002
1,500,000 New York Medical Care Facilities Finance, 7.25% due A3/A 1,542,330
2/15/2001
960,000 New York Medical Care Facilities Finance, 6.00% due Aa1/AA 988,685
11/15/2002
85,000 New York Medical Care Facilities Finance, 5.40% due Aa/AA 85,937
8/15/2005 (Insured:FHA)
3,920,000 New York Refunding Series A, 5.25% due 8/1/2007 A3/A- 3,914,473
1,500,000 New York State Dormitory Authority Revenues Insured, Aaa/AAA 1,521,615
5.50% due 7/1/2009(Staten Island University Hospital
Project)
1,320,000 New York State Thruway Authority General Revenue Special NR/BBB 959,363
Obligation, 0% due1/1/2006
2,500,000 New York State Urban Development Corporation, 7.60% due Aaa/A- 2,643,050
4/1/2003pre-refunded 4/1/01
255,000 New York State Urban Development Corporation Revenue Baa1/A- 264,073
University FacilitiesGrants, 6.00% due 1/1/2006
3,425,000 New York State Urban Development Corporation Series 7, Baa1/A- 3,546,862
6.00% due 1/1/2006
710,000 Oneida County Industrial Development Agency Series C, NR/AA 730,874
6.00% due 1/1/2009(Civic Facility Faxton Hospital
Project)
1,000,000 Suffolk County Judicial Facilities Agency Service Aaa/AAA 1,021,570
Agreement Revenue, 5.50%due 4/15/2009 (John P. Cohalan
Complex Project; Insured: AMBAC)
2,155,000 Syracuse Industrial Development Authority Pilot Revenue NR/AA 2,163,340
Refunding Series,5.125% due 10/15/2002 (LOC: ABN AMRO)
1,000,000 Triborough Bridge and Tunnel Authority, 6.50% due Aaa/AAA 1,040,280
1/1/2004 (Insured: MBIA)
455,000 Westchester County IDA Civic Facility Revenue, 6.25% due NR/NR 457,548
4/1/2005 (JuliaDykman Project)
North Carolina (1.20%)
715,000 Carteret County Certificate of Parcipation Series 1992, A2/BBB+ 716,215
6.50% due 2/1/2000(Elementary School Project)
565,000 Gastonia Housing Corp First Lien Rev Series A, 5.75% due NR/A- 563,011
7/1/2004 (GolfviewVillage Square Apartment Project)
440,000 North Carolina Housing Finance Authority Single Family Aa1/AA+ 440,986
Housing Revenue,6.80% due 7/1/2008
3,400,000 North Carolina Municipal Power Agency Series A, 6.00% due Aaa/AAA 3,576,222
1/1/2007
2,800,000 North Carolina Municipal Power Agency Series A, 6.00% due Aaa/AAA 2,948,820
1/1/2008
1,865,000 North Carolina Municipal Power Agency 1 Catawba Aaa/AAA 1,951,648
Electrical Revenue, 6.00%due 1/1/2005 (Insured: MBIA)
North Dakota (0.90%)
2,000,000 Burleigh County Health Care Revenue Refunding Medcenter Aaa/AAA 1,974,880
One Incorporated,5.00% due 5/1/2007 (Insured: MBIA)
2,000,000 Burleigh County Health Care Revenue Refunding Medcenter Aaa/AAA 1,961,560
One Incorporated,5.00% due 5/1/2008 (Insured: MBIA)
910,000 Grand Forks Health Care Systems Revenue Bond Series 1997, Aaa/AAA 963,262
6.25% due8/15/2005 (Altru Health System Project; Insured:
MBIA)
1,000,000 North Dakota Building Authority Refunding Revenue Series Aaa/AAA 1,004,390
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 1,267,463
(Insured: AMBAC)
Ohio (4.30%)
1,000,000 Barberton Hospital Facilities Series 1992, 6.65% due A/NR 1,037,590
1/1/2002
2,370,000 Belmont County IDRB Series 1991, 6.50% due 1/1/2000 (May NR/A+ 2,370,000
Department StoresCo. Project)
3,700,000 Butler County Hospital Revenue Bonds, 5.15% due 11/1/2017 VMIG1/A-1 3,696,855
put 11/1/02(Middletown Regional Hospital Project; LOC:
Star Bank)
1,250,000 Cincinnati School District Revenue Anticipation Notes, NR/A- 1,261,062
6.05% due 6/15/2000 (ETM)
1,000,000 Cincinnati School District Revenue Anticipation Notes, NR/A- 1,032,160
6.15% due 6/15/2002 (ETM)
500,000 Cleveland Waterworks Revenue Series A, 6.125% due Aa3/AA- 507,500
1/1/2008
895,000 Cleveland Certificate of Participation, 7.10% due A3/A- 909,812
7/1/2002 (Motor Vehicle &Community Equipment Project)
1,000,000 Cleveland General Obligation Limited, 5.30% due 9/1/2008 Aaa/AAA 1,013,590
(Insured: AMBAC)
2,255,000 Cuyahoga County Hospital Revenue Refunding Series B, Aa3/AA- 2,353,228
6.00% due 1/15/2006(University Hosps Health Systems
Project)
40,000 Cuyahoga County Housing Revenue Series, 7.00% due NR/NR 40,056
4/1/2000 (North CoastCommunity Homes Project)
1,000,000 Erie County Hospital Improvement Refunding Revenue A2/A 1,016,240
Series, 6.25% due1/1/2001 (Firelands Community Hospital
Project)
2,000,000 Franklin County General Obligation, 6.375% due 12/1/2017 NR/NR 2,102,880
pre-refunded12/1/01 @ 102
1,100,000 Hamilton County Hospital Facilities Refunding Revenue Aa2/NR 1,118,942
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 1,946,201
due 6/1/2006 (KnoxCommunity Hospital Project; Insured:
Asset Guaranty)
315,000 Lucas County Convention Center Site Acq Bonds, 6.50% due A1/NR 346,938
12/1/2009
1,300,000 Mahoning Valley District Water Refunding, 5.85% due Aaa/AAA 1,364,350
11/15/2008
770,000 Mahoning Valley District Water Refunding, 5.90% due Aaa/AAA 810,002
11/15/2009
1,500,000 Ohio Air Quality Development Authority, 8.00% due Aaa/AAA 1,638,420
12/1/2013 (ClevelandProject; Insured: FGIC)
5,000,000 Ohio State Capital Facilities Series A, 5.75% due Aa1/AA+ 5,208,900
6/15/2010
3,095,000 Ohio Water Development Authority Safe Water Refunding, 0% Aaa/AAA 2,976,802
due 12/1/2000(Insured: MBIA)
545,000 Switzerland Local School District of Monroe County NR/NR 547,638
Revenue AnticipationNotes, 6.25% due 6/15/2000
1,905,000 Warren County Hospital Facilities Improvement and Aa2/NR 1,945,005
Refunding Revenue, 6.80%due 7/1/2001 (Otterbein Home
Project; LOC: Fifth/Third Bank)
705,000 Washington County Hospital Facilities Revenue, 6.875% due Baa1/NR 726,319
9/1/2002(Marietta Area Health Project)
Oklahoma (1.00%)
1,190,000 Broken Arrow Utility Systems and Sales Tax Revenue Series Aaa/AAA 1,214,264
1992-A, 6.00% due5/1/2001 (Insured: FGIC)
720,000 Grand River Dam Authority Revenue, 6.00% due 6/1/2007 Aaa/AAA 763,214
(Insured: MBIA) (ETM)
1,210,000 Oklahoma City Municipal Improvement Authority Water & Aaa/AAA 1,184,529
Sewer Revenue SeriesA Refunding, 0% due 7/1/2000
(Insured: AMBAC)
2,380,000 Oklahoma State Authority Revenue Refunding Health Systems Aaa/AAA 2,464,085
Obligation GroupSeries A, 5.75% due 8/15/2007
790,000 Pushmataha County Town of Antlers Hospital Authority NR/NR 828,102
Revenue RefundingSeries 1991, 8.75% due 6/1/2003
1,155,000 Tulsa Industrial Development Hospital Revenue, 5.60% due Aa3/AA 1,181,600
2/15/2003 (St.John's Medical Center Project)
750,000 Tulsa Public Facilities Authority Solid Waste Steam & Aaa/AAA 761,708
Electric RevenueRefunding Series 1994, 5.45% due
11/1/2004 (Ogden Martin Systems of TulsaProject; Insured:
AMBAC)
Oregon (0.70%)
2,500,000 Clackamas County Hospital Facility Authority Revenue A1/AA- 2,555,400
Bonds, 6.10% due10/1/2001
1,490,000 Clackamas County Oregon Hospital Facility Authority NR/NR 1,381,305
Revenue RefundingSeries A, 5.50% due 9/15/2008
1,325,000 Emerald Peoples Utility District Revenue, 7.20% due Aaa/AAA 1,439,705
11/1/2003 (Insured:FGIC)
300,000 Oregon State General Obligation, 9.00% due 10/1/2000 Aa2/AA 310,827
Pennsylvania (5.60%)
2,540,000 Blair County Hospital Authority Revenue, 5.375% due Aaa/AAA 2,569,845
7/1/2006 (AltoonaHospital Project; Insured: AMBAC)
3,100,000 Blair County Hospital Authority Revenue, 5.375% due Aaa/AAA 3,127,590
7/1/2007 (AltoonaHospital Project; Insured: AMBAC)
1,000,000 Chester County Utility, 7.00% due 12/15/2011 pre-refunded Aa2/AA 1,037,120
8/01/01
500,000 Clariton School District General Obligation, 0% due NR/A 435,070
11/1/2002
500,000 Delaware County Authority Health Care Revenue, 6.00% due Aaa/BBB+ 520,885
11/15/2007 (MercyHealth Corporation Project)
1,250,000 Delaware County Pollution Control Refunding Series A, Baa2/BBB+ 1,235,937
5.20% due 4/1/2021(Peco Energy Company Project)
2,030,000 Erie School District General Obligation, 0% due 6/1/2000 NR/NR 1,993,927
(ETM)
1,000,000 Erie School District General Obligation, 0% due NR/NR 961,040
12/1/2000 (ETM)
1,000,000 Geisinger Authority Pennsylvania Health Systems Revenue, Aa2/AA 987,750
5.50% due8/15/2009
3,365,000 Harrisburg Authority Commonwealth Lease Revenue Series Aaa/AAA 3,394,915
1991, 6.25% due6/1/2000 (Insured: FSA)
1,300,000 Harrisburg Authority Lease Revenue, 6.50% due 6/1/2004 Aaa/AAA 1,347,983
crossover refunded6/1/01 @ 101 (Insured: FSA)
1,455,000 Mc Keesport Area School District General Obligation NR/A 1,407,596
Refunding RevenueSeries 1991, 0% due 10/1/2000
1,680,000 Mc Keesport Area School District General Obligation NR/A 1,467,833
Refunding RevenueSeries 1991, 0% due 10/1/2002
1,000,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,018,900
Corporation,5.50% due 1/1/2006 (Insured: FSA)
1,055,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,073,378
Corporation,5.50% due 1/1/2007 (Insured: FSA)
1,110,000 Montgomery County Education & Health Pottstown Healthcare Aaa/AAA 1,126,495
Corporation,5.50% due 1/1/2008 (Insured: FSA)
1,500,000 Montgomery County Industrial Development Authority Baa2/BBB+ 1,484,355
Pollution ControlRevenue Series A, 5.20% due 10/1/2030
4,295,000 Montgomery County Industrial Development Authority NR/A+ 4,419,168
Revenue, 7.50% due1/1/2012
450,000 New Castle Area Hospital Authority Revenue Series A, Baa1/NR 460,458
6.20% due 11/15/2002(St. Francis Hospital Project)
750,000 Northeastern Pennsylvania Hospital & Education Authority Aaa/AAA 787,523
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 171,211
5.00% due 11/15/2006(Insured: MBIA)
3,000,000 Pennsylvania State Certificates of Participation Series Aaa/AAA 2,988,780
A, 5.40% due7/1/2009 (Insured: AMBAC)
620,000 Pennsylvania State High Education Facilities Authority Baa3/NR 635,252
Revenue, 6.15% due4/1/2004 (ETM)
750,000 Pennsylvania State Higher Educational Facility Series A, A3/A 756,428
6.00% due1/1/2005 (University Pennsylvania Health
Services Project)
2,000,000 Pennsylvania State Refunding & Projects General Aa3/AA 2,000,000
Obligation Series A, 6.50%due 1/1/2000
500,000 Philadelphia Gas Wks Revenue, 5.375% due 8/1/2007 Aaa/AAA 520,250
(Insured: FSA)
500,000 Philadelphia Gas Wks Revenue, 5.375% due 8/1/2007 Aaa/AAA 507,810
(Insured: FSA)
2,920,000 Philadelphia Parking Authority Airport Parking Revenue Aaa/AAA 3,000,650
Series 1997, 5.50%due 9/1/2004 (Insured: AMBAC)
1,000,000 Philadelphia Pennsylvania Hosps And Higher Education A1/AA- 995,690
Facilities AuthorityRevenue, 5.50% due 5/15/2006
500,000 Southeastern Pennsylvania Transportation Authority, 6.00% Aa3/AA- 510,320
due 6/1/2001(LOC: Canadian Imperial Bank of Commerce)
1,715,000 Southern Chester County Health & Higher Education Series NR/NR 1,675,263
1997-A, 6.10% due6/1/2003
2,825,000 State Public School District Building Authority Reading Aaa/AAA 2,760,788
School DistrictCapital Appreciation Series B, 0% due
7/15/2000 (Insured: MBIA)
Puerto Rico (0.30%)
1,000,000 Puerto Rico Electric Power Revenue Refunding Series Baa1/BBB+ 1,007,990
1992-Q, 5.70% due7/1/2000
1,000,000 Puerto Rico Municipal Finance Agency Series A, 5.70% due Baa1/A- 1,045,490
7/1/2003
250,000 Puerto Rico Public Improvement General Obligation, 6.60% NR/AAA 265,882
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 2,267,329
1992-A, 6.10% due8/1/2002 (Insured: FSA)
180,000 Rhode Island Health & Educational Building Corporation NR/NR 183,368
Health FacilitiesRevenue, 8.00% due 7/1/2000 (Steere
House Issue Project) (ETM)
554,000 Rhode Island Industrial Facilities Corporation Series A1/NR 553,917
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. A/NR 1,524,135
Ref. Series A, 6.55%due 12/1/2000 (ETM)
South Carolina (0.50%)
1,000,000 Beaufort County Hospital Facilities Revenue Refunding, Aaa/AAA 1,007,560
5.25% due 12/1/2006(Beaufort County Memorial Hospital
Project; Insured: AMBAC)
300,000 Edgefield County School District General Obligation, Aaa/AAA 322,929
8.50% due 2/1/2002(Insured: FSA)
500,000 Florence County Public Facilities Corporation, 7.30% due Aaa/AAA 507,610
3/1/2003pre-refunded 3/1/00 (Law Enforcement Project;
Insured: AMBAC)
860,000 Piedmont Municipal Power Agency Electric Revenue, 6.25% Aaa/AAA 897,143
due 1/1/2004(Insured: FGIC)
500,000 South Carolina State Housing Authority Multi Family NR/NR 500,480
Revenue, 7.375% due12/1/2007
915,000 York County School District 4, 7.00% due 3/1/2003 Aaa/AAA 977,559
(Insured: FGIC)
South Dakota (0.50%)
1,135,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,138,201
Revenue, 5.00% due9/1/2004 (Rapid City Regional Hospital
Project; Insured: MBIA)
1,400,000 South Dakota Health and Educational Facilities Authority Aaa/AAA 1,419,334
Revenue Series1992, 5.40% due 9/1/2001 (Rapid City
Regional Hospital Project; Insured:MBIA)
1,250,000 South Dakota Lease Revenue Series 93-B, 8.00% due Aaa/AAA 1,379,812
9/1/2003 (Insured: FSA)
Tennessee (1.80%)
5,000,000 Chattanooga-Hamilton County Hospital Revenue, 8.81% due Aaa/AAA 5,450,000
5/25/2021 refunded 5/1/01 @ 102 (Erlanger Medical Center
Project; Insured: FSA)
1,565,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% NR/BBB- 1,602,670
due 5/1/2002(Guaranty: Louis Dreyfus Natural Gas)
1,130,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% NR/BBB- 1,157,199
due 11/1/2002(Guaranty: Louis Dreyfus Natural Gas)
860,000 Copperhill Industrial Development Board, 7.80% due Baa2/BBB 871,438
12/1/2000 (City ServicesCompany Project)
1,230,000 Franklin Industrial Development Multi-Family Refunding Aaa/AAA 1,234,071
Housing Series A,5.75% due 4/1/2010
2,270,000 Humphreys County Tennessee Industrial Revenue Board Solid A3/NR 2,340,665
Waste DisposalRevenue, 6.00% due 12/1/2007
630,000 Metro Government Nashville Tennessee Industrial Refunding NR/AAA 632,085
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 /AAA 1,138,309
4/1/2017 put 4/1/03(Inv. Agreement: Bayeriche
Landesbank)
985,000 Tennessee Housing Development Agency Mortgage Finance A1/A+ 989,974
Series A, 5.70% due7/1/2008
Texas (8.40%)
460,000 Bexar County Health Facilities Development Corporate NR/NR 464,697
Hospital Revenue,7.40% due 5/1/2000 (ETM)
3,300,000 Coppell Independent School District Capital Appreciation NR/AAA 2,180,640
Refunding, 0% due8/15/2007
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 2,040,520
due 7/15/2005(Insured: FSA) (when issued)
4,070,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 4,147,656
due 7/15/2006(Insured: FSA) (when issued)
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 2,026,360
due 7/15/2008(Insured: FSA) (when issued)
4,780,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% Aaa/AAA 4,839,415
due 7/15/2009(Insured: FSA) (when issued)
1,065,000 Cypress-Fairbanks Independent School District General Aaa/AAA 962,813
Obligation, 0% due2/1/2002 (Insured: FGIC)
1,300,000 Denison Hospital Authority Hospital Revenue, 5.90% due NR/BBB- 1,269,866
8/15/2007 (TexomaMed Center Incorporated Project)
1,000,000 Denton County General Obligation, 7.75% due 7/15/2002 Aaa/AAA 1,072,340
(Insured: MBIA)
2,015,000 Ector County Hospital Revenue, 7.125% due 4/15/2002 A2/A 2,071,480
4,000,000 Harris County Flood Control District L.T.G.O. Series Aaa/AAA 3,686,720
1991-A, 0% due10/1/2001 (Insured: MBIA)
1,000,000 Harris County Health Facilities Dev. Corp. Hospital A3/NR 1,048,140
Revenue, 6.90% due6/1/2002 (Memorial Hospital Systems
Project)
4,410,000 Harris County Health Facilities Development Corporation Aaa/AAA 4,397,343
Thermal UtilityRevenue, 5.45% due 2/15/2011 (Insured:
AMBAC)
955,000 Harris County Health Facilities Hospital, 6.70% due A3/NR 965,085
6/1/2000 (MemorialHospital Systems Project)
500,000 Harris County Health Facilities School Health Care System Aa3/NR 525,395
Rev., 6.80% due7/1/2004 (Sisters of Charity Project)
740,000 Houston Housing Finance Corp. SFMRB Series A, 5.35% due Aaa/AAA 742,020
6/1/2002 (Insured:FSA)
1,000,000 Houston Water Conveyance Systems Contract Certificates of Aaa/AAA 1,065,510
PartcipationSeries F, 7.20% due 12/15/2002 (Insured:
AMBAC)
2,850,000 Humble Independent School District of Harris County Aaa/AAA 2,835,123
Series 1992, 0% due2/15/2000 (Guaranty: PSF)
1,295,000 Irving Flood Control District Section 3 Refunding Capital Baa1/NR 1,193,006
Appreciation, 0%due 9/1/2001
3,765,000 Irving Independent School District Capital Appreciation, Aaa/AAA 2,893,026
0% due 2/15/2005(Guarantee: PSF)
2,000,000 Irving Independent School District Capital Appreciation, Aaa/AAA 1,804,700
0% due 2/15/2002(Guarantee: PSF)
500,000 Irving Independent School District Capital Appreciation, Aaa/AAA 406,265
0% due 2/15/2004(Guarantee: PSF)
2,230,000 Lower Colorado River Authority Jr. Lien Refunding Revenue Aaa/AAA 2,131,479
Series 1992, 0%due 1/1/2001 (Insured: AMBAC)
1,415,000 Midlothian Texas Independent School District Capital Aaa/NR 912,123
AppreciationRefunding, 0% due 2/15/2008
1,200,000 Midlothian Texas Independent School District Capital Aaa/NR 728,280
AppreciationRefunding, 0% due 2/15/2009
1,600,000 Mission Consolidated Independent School, 6.50% due Aaa/AAA 1,744,880
2/15/2008 (Guarantee:PSF)
1,020,000 Montgomery County Certificates Obligation, 6.00% due Aaa/AAA 1,075,508
3/1/2007 (Insured:MBIA)
1,075,000 Montgomery County Certificates Obligation, 6.00% due Aaa/AAA 1,134,985
3/1/2008 (Insured:MBIA)
500,000 North Central Texas Health Facility Development Aa3/AA- 535,020
Corporation Revenue, 6.25%due 5/15/2010
4,600,000 Plano Capital Appreciation Refunding General Obligation, Aa1/AA+ 4,363,008
0% due 3/1/2001
8,630,000 Richardson Independent School District Capital Aaa/AAA 6,631,292
Appreciation RefundingSeries A, 0% due 2/15/2005
(Guarantee: PSF)
900,000 San Antonio Refunding General Improvement, 6.00% due Aa2/AA+ 955,566
8/1/2008
1,000,000 Texarkana Health Facilities Development Corporation Aaa/AAA 1,032,150
Hospital Revenue, 5.75%due 10/1/2008 (Insured: MBIA)
2,300,000 Travis County Health Development Corporation Series A, Aaa/AAA 2,376,130
5.75% due 11/15/2008
2,000,000 Travis County Health Facilities Development Corporation Aaa/AAA 2,060,760
Revenue Series A,5.75% due 11/15/2009 (Insured: MBIA)
2,020,000 Washington County Health Facilities Development NR/A 1,934,312
Corporation Revenue, 5.35%due 6/1/2009
Utah (3.20%)
1,000,000 Davis County Solid Waste Management and Recovery Rev., Aaa/A 1,035,780
5.90% due 6/15/2003 (ETM)
5,055,000 Intermountain Power Agency Power Supply Rev. Series B, Aaa/AAA 5,128,247
5.50% due 7/1/2001(Insured: MBIA)
8,000,000 Intermountain Power Agency Revenue, 0% due 7/1/2000 Aaa/AAA 7,917,680
(ETM)
1,105,000 Intermountain Power Agency Utah Power Refunding Series A, A1/A+ 1,108,138
5.20% due7/1/2006
1,525,000 Intermountain Power Agency Utah Power Supply Revenue Aaa/AAA 1,149,255
Series B, 0% due7/1/2005 (Insured: BIG)
2,405,000 Ogden Neighborhood Development Agency Tax Increment A2/NR 1,678,979
Revenue Series A, 0%due 12/30/2005 (LOC: Sumitomo Bank)
100,000 Ogden Neighborhood Development Agency Utah Tax Increment A2/NR 94,913
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+ 613,674
Series A, 5.75%due 10/15/2008
3,250,000 Salt Lake County Municipal Building, 5.25% due 10/1/2008 Aa3/AA 3,271,255
1,500,000 Salt Lake County Municipal Building, 5.50% due 10/1/2009 Aa3/AA 1,530,840
900,000 Utah Housing Finance Agency Refunding Single Family Aa/AA 908,964
Mortgage, 5.35% due7/1/2003
2,000,000 Weber County Housing Authority MFHR Series 1991, 6.50% Aaa/AAA 2,057,060
due 11/1/2018 put11/1/01 (Cherry Creek Apartment
Project; LOC: First Security Bank of Utah,Insured: FGIC)
Virginia (1.30%)
495,000 Hampton General Obligation Refunding Bond, 5.85% due Aa3/AA 496,114
3/1/2007
3,000,000 Hampton Redevelopment Housing Authority Multi Family Baa2/NR 3,148,050
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 1,779,342
due 8/1/2000(Henrico County Regional Jail Project)
3,000,000 Suffolk Redevelopment Housing Authority MFHR, 7.00% due Baa2/NR 3,148,050
7/1/2024 put7/1/04 (Chase Heritage @ Dulles Project)
1,960,000 Virginia Housing Development Authority Series C-8, 5.70% Aa1/AA+ 1,992,242
due 7/1/2003
255,000 Virginia Housing Development Authority Series D-4, 5.00% Aa1/AA+ 255,836
due 7/1/2000
Washington (2.90%)
1,125,000 Chelan County PUD 1 Consolidated System Revenue 1992, Aa2/AA 1,133,257
5.75% due 7/1/2000
795,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 810,216
1/1/2003(Insured: AMBAC)
950,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 997,225
1/1/2006(Insured: AMBAC)
500,000 Jefferson County Public Hospital District 2, 7.50% due Aaa/AAA 548,120
12/1/2003 (Insured:FGIC)
1,730,000 King County School District Number 411 Refunding Series Aa3/AA- 1,850,270
B, 6.25% due6/1/2008
725,000 Spokane County School District 363 Unlimited Tax G.O. A2/NR 732,409
Refunding Series1992, 5.40% due 12/1/2000
550,000 Tacoma Conservation Systems Project Revenue, 6.20% due Aa1/AA- 577,940
1/1/2006 (TacomaPublic Utilities)
150,000 Washington Certificates of Participation State Equipment Aa3/A+ 151,820
Series A, 6.50%due 10/1/2001
500,000 Washington Health Care Facilities Authority Rev., 6.20% NR/AA- 509,910
due 2/15/2001(Sacred Heart Medical Center, Spokane
Project)
3,500,000 Washington Public Power Supply System Project 1 Ref. Aa1/AA- 3,544,870
Rev., 5.30% due7/1/2002
2,000,000 Washington Public Power Supply System Project 1 Ref. Aa1/AA- 2,080,640
Rev., 6.50% due7/1/2002
250,000 Washington Public Power Supply System Project 2 Ref. Aa1/AA- 261,270
Rev., 7.50% due7/1/2002
2,000,000 Washington Public Power Supply System Project 2 Ref. Aa1/AA- 2,101,340
Rev., 7.50% due7/1/2003 pre-refunded 1/1/01 @ 102
1,140,000 Washington Public Power Supply System Project 3 Ref. Aa1/AA- 715,840
Rev., 0% due 7/1/2008
1,655,000 Washington Public Power Supply System Series 96-A, 6.00% Aaa/AAA 1,739,339
due 7/1/2006(Insured: MBIA)
1,000,000 Washington Public Power Supply System Series B, 7.25% due Aa1/AA- 1,014,590
7/1/2000
1,700,000 Washington Public Power Supply System Series B Refunding, Aa1/AA- 1,737,264
7.15% due7/1/2001
1,040,000 Washington Public Power Supply System Series G Project 1 Aa1/AA- 1,062,797
Rev., 7.15% due7/1/2001
830,000 Washington Public Power Supply Systems Nuclear Revenue Aa1/AA- 521,182
Refunding Series B,0% due 7/1/2008 (Project Number 3)
1,500,000 Washington State Health Care Facilities Providence Aaa/AAA 1,518,330
Services, 5.50% due12/1/2009
750,000 Washington State Public Power Supply Refunding Series B, Aa1/AA- 758,137
5.70% due 7/1/2010
West Virginia (1.30%)
745,000 Harrison County Nursing Facility Revenue Refunding, NR/NR 671,834
5.625% due 9/1/2010(Salem Health Care Corporation
Project; LOC: Fleet Bank)
474,743 Marion County SFMR Series 1992, 7.75% due 7/10/2011 NR/NR 484,845
5,000,000 West Virginia Parkway Economic Development Tourism Aaa/AAA 5,000,800
Authority Series 1993,2.15% due 5/15/2001 (Insured: FGIC)
(Inverse Floater)
2,500,000 West Virginia Parkway Economic Development Tourism Aaa/AAA 2,503,150
Authority Series 1993,2.25% due 5/15/2002 (Insured: FGIC)
(Inverse Floater)
2,000,000 West Virginia Statewide Commission Lottery Revenue Series Aaa/AAA 2,055,300
1997-A, 5.50% due7/1/2005 (Insured: MBIA)
Wisconsin (0.70%)
255,000 Cady Small Business Pollution Control Revenue Refunding NR/NR 255,122
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 1,387,279
4/1/2006 (Insured:FSA)
800,000 Wisconsin Health & Educational Facilities Authority, Aaa/AAA 832,080
5.90% due 8/15/2005(Wheaton Francisan Services Inc.
Project; Insured: MBIA)
1,500,000 Wisconsin Health & Educational Facilities Authority Aaa/AAA 1,520,745
Series 1992, 5.50% due8/15/2001 (Wheaton Francisan
Services Inc. Project; Insured: MBIA)
715,000 Wisconsin Health And Educational Facilities Authority Aaa/AAA 717,917
Revenue, 5.25% due12/15/2006 (United Health Group
Incorporated; Insured: AMBAC)
755,000 Wisconsin Health And Educational Facilities Authority Aaa/AAA 755,031
Revenue, 5.25% due12/15/2007 (United Health Group
Incorporated; Insured: AMBAC)
Municipal Trust (1.00%)
Certificates
3,000,000 Clipper Caraval Tax Exempt Certificate Series 1998, 4.50% Aaa/AAA 2,984,760
due 10/6/2005(Insured: AMBAC)
5,600,000 Municipal Tax Exempt Trust Certificate Class A1 To A5, NR/AAA 5,404,000
4.60% due 8/6/2008
TOTAL INVESTMENTS (100%) (Cost $852,643,782) $ 854,626,034
<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>
