Thornburg Limited Term Municipal Fund National Portfolio
All data as of 6.30.2000
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 4.09% 3.73%
Taxable Equiv. Yields 6.77% 6.18%
NAV $13.06 $13.08
Max. Offering Price $13.26 $13.08
Total returns (Annual Average - After Subtracting Maximum Sales Charge)
One Year 1.47% 2.57%
Three Year 3.03% 3.11%
Five Year 3.82% 3.68%
Ten Year 5.21% N/A
Fifteen Year 6.06% N/A
Since Inception 6.37% 3.88%
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.
Letter to shareholders
Dear Fellow Shareholder,
We are pleased to present the annual report for the National Portfolio of
Thornburg Limited Term Municipal Fund for the fiscal year ending June 30, 2000.
The net asset value of the A shares decreased by 20 cents to $13.06 during the
year, although it has risen in recent months. If you were with us for the entire
period, you received dividends of 58.7 cents per share. If you reinvested your
dividends, you received 59.9 cents per share. Investors who owned C shares
received dividends of 53.2 and 54.2 cents per share, respectively.
In the last year, we have witnessed a proliferation of "dot.com" stocks and a
tight supply of municipal bonds. You probably know people who have sold
perfectly good bonds (or bond funds) to get in on the action. On average, the
ever-more-scarce bonds have outperformed the "dot.coms" this year. This
outperformance by bonds will continue if the growth rate of our economy begins
to lose momentum. Deficit spending by governments around the world, a hallmark
of the prior 30 years, has turned into surplus accumulation since 1998. The U.S.
government, which will pay off more than $200 billion of treasury bonds this
year, leads the way. But it is not alone. Municipal bond issuance is down over
30% from last year due to swelling tax receipts at most state and local
government entities. We believe the surpluses have crested. Voters favor various
tax cuts and demand more governmental services. For example, trendsetting
California budgets a 17% increase in general fund expenditures and large tax
rebates for the fiscal year beginning July 1, 2000. Stay tuned as the political
drama unfolds.
Your Thornburg Limited Term Municipal Fund is a laddered bond portfolio,
consisting of over 500 municipal obligations from 49 states and 3 U.S.
territories. Approximately 89% 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 bond
portfolio maturing in each of the coming years:
Today, your fund's weighted average maturity is 4.6 years, and we always keep it
below 5 years. When bond yields were higher last winter and spring, we extended
your average portfolio maturity slightly and improved the structure of your bond
ladder. Unless bond yields increase dramatically in the coming months, we intend
to keep your average portfolio maturity about where it is.
Before the next fiscal year ends, Burch Ault will step down as a director of
Limited Term Municipal Fund. Mr. Ault has served capably as a director since
1984, and has acted as Chairman of the Audit Committee during a portion of that
time. We thank him.
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. We wish to remind you that 0% of your
bonds in this fund bear interest that is subject to the alternative minimum tax
on individuals (AMT). This is unusual in today's line-up of municipal bond
funds, but we hope to keep this profile. 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
Statement of assets and liabilities
ASSETS
Investments at value (cost $763,012,109) ................... $768,597,465
Cash ....................................................... 49,041
Receivable for investments sold ............................ 6,163,600
Receivable for fund shares sold ............................ 364,997
Interest receivable ........................................ 11,514,224
Prepaid expenses and other assets .......................... 24,124
Total Assets ............................. 786,713,451
LIABILITIES
Payable for investments purchased .......................... 13,700,684
Payable for fund shares redeemed ........................... 652,075
Accounts payable investment advisor (Note 3) ............... 353,774
Accounts payable and accrued expenses ...................... 385,286
Dividends payable .......................................... 1,054,716
Total Liabilities ........................ 16,146,535
NET ASSETS ................................................. $770,566,916
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share ($672,775,086
applicable to 51,519,126 shares of beneficial interest
outstanding - Note 4) $ 13.06
Maximum sales charge, 1.50% of offering
price (1.52% of net asset value per share) 0.20
Maximum Offering Price Per Share $ 13.26
Class C Shares:
Net asset value and offering price per share ($21,321,990
applicable to 1,629,877 shares of beneficial interest
outstanding - Note 4) $ 13.08
Class I Shares:
Net asset value, offering and redemption price per share
($76,469,840 applicable to 5,855,215 shares of beneficial
interest outstanding - Note 4) $ 13.06
See notes to financial statements.
Statement of operations INVESTMENT INCOME:
Interest income (net of premium amortized
of $3,459,605) ............................................ $ 45,963,456
EXPENSES:
Investment advisory fees (Note 3) ......................... 3,880,505
Administration fees (Note 3)
Class A Shares ................................... 928,822
Class C Shares ................................... 30,539
Class I Shares ................................... 38,819
Distribution and service fees (Note 3)
Class A Shares ................................... 1,857,645
Class C Shares ................................... 244,199
Transfer agent fees ....................................... 448,439
Custodian fees ............................................ 334,250
Registration and filing fees .............................. 73,298
Professional fees ......................................... 54,310
Accounting fees ........................................... 98,325
Director fees ............................................. 25,985
Other expenses ............................................ 58,543
Total Expenses .......................... 8,073,679
Less:
Expenses reimbursed by investment advisor (Note 3) (46,758)
Distribution and service fees waived (Note 3) .... (91,504)
Net Expenses ............................ 7,935,417
Net Investment Income ................... 38,028,039
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (Note 5)
Net realized gain (loss) on investments sold ................ (5,968,073)
Increase (decrease) in unrealized appreciation of investments (7,568,410)
Net Realized and Unrealized
Gain (Loss) on Investments ................ (13,536,483)
Net Increase in Net Assets
Resulting from Operations $ ............... 24,491,556
See notes to financial statements ...........................
Statement of changes in net assets
Year Ended Year Ended
June 30, 2000 June 30, 1999
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income $ 38,028,039 $ 40,708,071
Net realized gain (loss) on investments sold (5,968,073) 650,165
Increase (decrease) in unrealized
appreciation of investments (7,568,410) (17,908,654)
Net Increase in Net Assets Resulting
from Operations 24,491,556 23,449,582
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares ................... (33,278,643) (35,908,097)
Class C Shares ................... (990,794) (1,011,841)
Class I Shares ................... (3,758,602) (3,788,133)
FUND SHARE TRANSACTIONS (Note 4):
Class A Shares ................... (122,489,236) (14,611,591)
Class C Shares ................... (6,326,861) 5,891,555
Class I Shares ................... (3,686,036) 5,304,081
Net Increase (Decrease) in Net Assets ... (146,038,616) (20,674,444)
NET ASSETS:
Beginning of year ................. 916,605,532 937,279,976
End of year ....................... $ 770,566,916 $ 916,605,532
See notes to financial statements.
Notes to financial statements
Note 1 - Organization
Thornburg Limited Term Municipal Fund, Inc. (the "Fund") was incorporated in
Maryland on February 14, 1984. The Fund was reorganized in 1986 as a series
investment company with separate investment portfolios. The current portfolios
are as follows: National Portfolio (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, 2000 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 year ended June 30,
2000, 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, 2000, the Adviser voluntarily reimbursed
certain class specific transfer agent fees of $17,364 for Class A, $15,101 for
Class C and $14,293 for Class I, respectively. 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, 2000, the
Distributor earned commissions aggregating $1,309 from the sale of Class A
shares, and collected contingent deferred sales charges aggregating $5,844 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, 2000, 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.
Notes to financial statements...continued
Note 4 - Shares of Beneficial Interest
At June 30, 2000 there were an unlimited number of shares of beneficial interest
authorized, and capital paid in aggregated $774,720,377. Transactions in shares
of beneficial interest were as follows:
Year Ended June 30, 2000 Year Ended June 30, 1999
Class A Shares Shares Amount Shares Amount
Shares sold 4,925,341 $ 64,487,508 7,736,450 $ 104,778,952
Shares issued to shareholders in
reinvestment of dividends 1,583,630 20,720,635 1,701,338 23,026,141
Shares repurchased (15,883,452) (207,697,379) (10,518,497) (142,416,684)
Net Increase (Decrease) (9,374,481)($122,489,236) (1,080,709) ($ 14,611,591)
Class C Shares
Shares sold 375,289 $ 4,923,452 830,439 $11,282,893
Shares issued to shareholders
in reinvestment of dividends 55,766 730,817 59,009 799,953
Shares repurchased (913,366) (11,981,130) (457,401) (6,191,291)
Net Increase (Decrease) (482,311)($ 6,326,861) 432,047 $ 5,891,555
Class I Shares
Shares sold 1,405,467 $18,359,078 2,211,674 $ 30,012,617
Shares issued to shareholders in
reinvestment of dividends 228,647 2,991,070 220,810 2,988,608
Shares repurchased (1,912,876) (25,036,184) (2,044,460) (27,697,144)
Net Increase (Decrease) (278,762) ($3,686,036) 388,024 $ 5,304,081
Note 5 -
Securities Transactions For the year ended June 30, 2000, the Portfolio had
purchase and sale transactions (excluding short-term securities) of $288,784,588
and $490,385,085, respectively.
The cost of investments for Federal income tax purposes is $763,228,883.
At June 30, 2000, net unrealized appreciation of investments was $5,368,582
resulting from $9,253,150 gross unrealized appreciation and $3,884,568 gross
unrealized depreciation. Accumulated net realized losses from security
transactions included in net assets at June 30, 2000 aggregated $9,738,817.
At June 30, 2000, the Fund had tax basis capital losses which may be caried over
to offset future capital gains. Such losses expire as follows: Capital loss
carryovers expiring in:
2002 $286,000
2003 637,000
2004 2,771,000
2008 1,088,000
$4,782,000
At June 30, 2000, the Fund had deferred capital losses occurring subsequent to
October 31, 1999, of $4,900,000. For tax purposes, such losses will be reflected
in the year ended June 30, 2001.
Year Ended June 30:
2000 1999 1998 1997 1996
CLASS A SHARES:
Net asset value,
beginning of year $ 13.26 $ 13.50 $ 13.44 $ 13.35 $ 13.37
Income from investment operations:
Net investment income 0.59 0.59 0.61 0.62 0.63
Net realized and unrealized
gain (loss) on investments
(0.20) (0.24) 0.06 0.09 (0.02)
Total from investment operations
0.39 0.35 0.67 0.71 0.61
Less dividends from:
Net investment income (0.59) (0.59) (0.61) (0.62) (0.63)
Change in net asset value (0.20) (0.24) 0.06 0.09 (0.02)
Net asset value, end of year
$ 13.06 $ 13.26 $ 13.50 $ 13.44 $ 13.35
TOTAL RETURN (a) 3.00% 2.58% 5.05% 5.46% 4.60%
RATIOS/SUPPLEMENTAL DATA Ratios to average net assets:
Net investment income 4.48% 4.35% 4.50% 4.65% 4.66%
Expenses 0.96% 0.96% 0.97% 0.96% 0.97%
Portfolio turnover rate 33.65% 22.16% 24.95% 23.39% 20.60%
Net assets
end of year(000) $ 672,775 $807,232 $836,947 $ 837,621 $ 917,831
(a) Sales loads are not reflected in computing total return
(b) After expense reductions of less than 0.01%
CLASS C SHARES:
Net asset value
beginning of year $ 13.28 $ 13.53 $ 13.46 $ 13.37 $ 13.40
Income from investment operations:
Net investment income 0.53 0.53 0.55 0.57 0.57
Net realized and unrealized
gain (loss)on investments (0.20) (0.25) 0.07 0.09 (0.03)
Total from investment
operations 0.33 0.28 0.62 0.66 0.54
Less dividends from:
Net investment income (0.53) (0.53) (0.55) (0.57) (0.57)
Change in net asset value (0.20) (0.25) 0.07 0.09 (0.03)
Net asset value
end of year $ 13.08 $ 13.28 $ 13.53 $ 13.46 $13.37
TOTAL RETURN(a) 2.57% 2.08% 4.70% 5.02% 4.05%
RATIOS/SUPPLEMENTAL DATA Ratios to average net assets:
Net investment income 4.06% 3.93% 4.08% 4.24% 4.22%
Expenses, after expense
reductions 1.38% 1.38% 1.38% 1.38% 1.41%
Expenses, before expense
reductions 1.82% 1.78% 1.83% 1.86% 1.63%
Portfolio turnover rate 33.65% 22.16% 24.95% 23.39% 20.60%
Net assets at end of year
(000) $ 21.322 $ 28,048 $ 22,729 $ 19,475 $ 15,948
(a) Sales loads are not reflected in computing total return.
CLASS I SHARES:
Net asset value,
beginning of year $ 13.26 $ 13.51 $ 13.44 $ 13.27
Income from investment operations:
Net investment income 0.63 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 0.43 0.39 0.73 0.83
Less dividends from:
Net investment income (0.63) (0.64) (0.66) (0.66)
Change in net asset value (0.20) (0.25) 0.07 0.17
Net asset value,
end of year $ 13.06 $ 13.26 $ 13.51 $ 13.44
TOTAL RETURN (a) 3.37% 2.87% 5.52% 6.42%
RATIOS/SUPPLEMENTAL DATA Ratios to average net assets:
Net investment income 4.84% 4.71% 4.85% 5.01%
Expenses, after expense
reductions 0.60% 0.60% 0.60% 0.60%(b)
Expenses, before expense
reductions 0.62% 0.61% 0.66% 0.79%(b)
Portfolio turnover rate 33.65% 22.16% 24.95% 23.39%
Net assets at end of year
(000) $ 76,470 $ 81,326 $ 77,605 $ 35,746
(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.
Schedule of investments
<TABLE>
<CAPTION>
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
June 30, 2000
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 (1.80%)
<S> <C> <C> <C>
1,295,000 Alabama A & M University Housing & General Fee Revenue Series 1992, Aaa/AAA $1,330,638
5.90%due 11/1/2002 (Living & Learning Center Project; Insured: MBIA)
1,000,000 Alabama Water Pollution Control Authority Series 1991, 6.45% due Aaa/AAA 1,019,350
8/15/2002(Insured: AMBAC)
980,000 Birmingham, 7.25% due 7/1/2004 NR/NR 1,066,867
1,550,000 Birmingham Jefferson Civic Center Authority Special Tax Series 1989, A3/A+ 1,564,725
7.20%due 1/1/2001
2,500,000 Birmingham Special Care Facility Finance Authority Revenue Series A1/NR 2,602,625
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 1984, 7.625% Aaa/AAA 1,502,849
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 6/1/2008 Aaa/AAA 1,024,440
(Insured:MBIA)
900,000 Montgomery County Revenue Warrants Series 1992, 6.625% due 4/1/2002 NR/NR 932,418
pre-refunded 4/1/01 @ 102
1,000,000 Morgan County Decatur Health Care Authority Hospital Revenue, 6.10% NR/AAA 1,048,010
due3/1/2007 (Insured: Connie Lee)
1,920,000 Scottsboro Industrial Development Board Refunding, 5.25% due NR/NR 1,825,978
5/1/2009 (LOC:Bank of Nova Scotia)
Alaska (0.30%)
2,500,000 North Slope Borough General Obligation Refunding Series 1992-A, Aaa/AAA 2,552,400
5.80% due6/30/2002 (Insured: MBIA)
Arizona (1.00%)
235,000 Glendale Water and Sewer Revenue, 9.00% due 7/1/2003 (ETM) Aaa/AAA 245,138
2,000,000 Maricopa County Paradise Valley Unified School District General Aaa/AAA 1,910,080
ObligationRefunding Series 1992, 0% due 7/1/2001 (Insured: AMBAC)
500,000 Maricopa County School District 40 - Glendale General Obligation, 0% Baa1/A- 499,930
due7/1/2000
750,000 Maricopa County School District 40 - Glendale General Obligation, 0% Baa1/A- 731,752
due1/1/2001
500,000 Maricopa County Unified School District 40 G.O., 5.60% due 7/1/2003 Baa1/A- 510,360
350,000 Phoenix Water Systems Revenue, 8.80% due 6/1/2002 Aaa/AAA 352,520
2,000,000 Pima County/Tucson Unified School District 1 School Improvement Aaa/AAA 2,037,520
Series1992-D, 5.50% due 7/1/2002 (Insured: FGIC)
1,000,000 Show Low Industrial Development Authority Hospital Revenue Series A, NR/A 988,130
5.125%due 12/1/2007 (Navapache Regional Medical Center Project;
Insured: ACA)
500,000 Tucson Water Revenue Series D, 9.75% due 7/1/2008 Aa3/A+ 655,150
Arkansas (0.60%)
2,645,000 Little Rock Hotel And Restaurant Gross Receipts Tax Refunding, A/NR 2,956,581
7.125% due8/1/2009
1,735,000 Rogers Sales and Use Tax Revenue, 6.00% due 11/1/2007 A1/AA 1,824,127
California (8.80%)
7,440,000 California Health Facilities Financing Authority Series 1991- D, Aaa/AAA 7,751,290
6.50% due7/1/2016 pre-refunded 7/1/01 @ 102 (Catholic Health Care
Project)
1,100,000 California Statewide Communities Development Authority Certificate Aaa/AAA 1,060,576
ofParticipation, 1.61% (inverse floater) due 1/1/2002 (Motion
Picture &Television Fund Project; Insured: AMBAC)
460,000 California Statewide Community Development Authority Insured NR/AAA 467,714
HealthFacilities Revenue Series 1992 Certificate of Participation,
6.40% due5/1/2002 (Eskaton Properties Incorporated Phase II Project)
(ETM)
1,000,000 Escondido Multi Family Housing Revenue Refunding Bond Series 1997-A, NR/AAA 1,005,790
5.40%due 1/1/2027 put 7/1/07 (Terrace Gardens Project;
Collateralized: FNMA)
5,770,000 Glendale Hospital Revenue Series 1994, 7.625% due 1/1/2005 (Verdugo NR/A+ 6,148,397
HillsProject; Guarantee: Industrial Indemnity)
1,995,000 Los Angeles Transportation Commission Certificate of Participation, A1/NR 1,995,080
5.90%due 7/1/2000
2,500,000 Los Angeles Transportation Commission Certificate of Participation, A1/NR 2,537,825
6.00%due 7/1/2001
1,500,000 Los Angeles Unified School District Certificates of Participation, A2/A 1,522,425
6.20%due 6/1/2001 (Dr. Francisco Bravo Medical Project)
500,000 Los Angeles Water and Power, 9.00% due 9/1/2004 Aa3/A+ 573,600
5,710,000 Los Angeles Water and Power, 7.10% due 1/15/2031 crossover refunded Aa3/A+ 5,907,680
1/15/01@ 102
1,500,000 MSR Public Power Agency Series F, 5.45% due 7/1/2001 (San Juan Aaa/AAA 1,517,925
Project;Insured: AMBAC)
1,000,000 Orange County Local Transportation Authority Sales Tax Revenue, Aa3/AA+ 1,007,760
5.50% due2/15/2001
7,600,000 Orange County Refunding Recovery, 6.50% due 6/1/2004 (Insured: MBIA) Aaa/AAA 8,176,992
5,200,000 Orange County Refunding Recovery, 6.50% due 6/1/2005 (Insured: MBIA) Aaa/AAA 5,673,304
5,000,000 Orange County Special Financing Authority Teeter Plan Revenue Series Aaa/A-1 5,061,250
E,6.35% due 11/1/2014 put 11/1/01 (Insured: AMBAC)
500,000 Pomona Public Financing Authority Revenue Series P, 5.625% due NR/BBB+ 512,395
10/1/2003
2,655,000 Redwood City Multi Family Housing Revenue Series 1985-B, 5.20% NR/A 2,654,973
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- 1,120,900
2,000,000 San Marcos PFA Tax Allocation Series 1992-A, 5.60% due 1/1/2001 Aaa/AAA 2,014,480
(Insured:FSA) (ETM)
2,000,000 Santa Clara County Financing Authority Lease Revenue Series B, 5.50% Aaa/AAA 2,116,380
due5/15/2009 (Insured: AMBAC) (when issued)
4,180,000 Santa Margarita & Dana Point Authority Revenue Improvement District Aaa/AAA 4,787,354
SeriesA, 9.50% due 8/1/2003 (Insured: MBIA)
1,000,000 Sonoma County Certificate of Participation Public Works NR/A+ 1,011,010
ImprovementProgram, 5.875% due 8/1/2004 (Integrated Waste Project)
570,000 Southern California Public Power Authority Power Project Revenue A2/A 582,323
UnrefundedBalance, 6.75% due 7/1/2001
1,955,000 Southgate Recreation & Park District Certification of Participation, NR/A+ 1,979,222
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 9/1/2000 NR/A+ 782,200
Colorado (3.10%)
500,000 Arvada Limited Sales & Use Tax Series 1991, 6.50% due 6/1/2001 NR/NR 509,110
(ETM)
2,355,000 Boulder Urban Renewal Authority Tax Increment Refunding Series 1992, Aaa/AAA 2,377,891
5.90%due 3/1/2001 (Insured: MBIA)
1,465,000 Boulder Urban Renewal Authority Tax Increment Refunding Series 1992, Aaa/AAA 1,479,313
6.00%due 3/1/2002 (Insured: MBIA)
1,950,000 Colorado Department Transport Revenue Anticipation Notes, 6.00% Aaa/AAA 2,080,650
due6/15/2008 (Insured: AMBAC)
370,000 Colorado Health Facilities Authority Revenue Refunding, 4.90% due Baa2/NR 335,294
2/1/2008
2,000,000 Colorado Housing Finance Authority Capital Appreciation Series A, 0% Aa1/AA- 1,839,500
due11/1/2001
3,230,000 Colorado Student Obligation Bond Authority Revenue Series 1994-L, A/NR 3,238,010
5.90% due9/1/2000 (ETM)
2,395,000 Colorado Student Obligation Bond Authority Student Loan Revenue A/NR 2,452,935
Series B,5.90% due 9/1/2002
1,080,000 Denver City & County Industrial Development Revenue, 7.40% due NR/A- 1,118,448
3/1/2003(University of Denver Project)
1,155,000 Denver City & County Industrial Development Revenue, 7.50% due NR/A- 1,196,869
3/1/2004(University of Denver Project)
1,185,000 Denver City & County Industrial Development Revenue, 7.60% due NR/A- 1,229,923
3/1/2005(University of Denver Project)
500,000 El Paso County School District General Obligation 20 Series B, 8.25% Aa3/NR 568,630
due12/15/2004 (State Aid Withholding)
2,175,000 Highlands Ranch Metro District 2 General Obligation, 6.00% due Aaa/AAA 2,271,200
6/15/2004(Insured: FSA)
2,725,000 Westminister Multi Family Housing Revenue Series 1995, 5.95% due NR/AA 2,774,977
9/1/2015 put 9/1/06 (Semper Village Apartments Project; Insured:
AXA)
Connecticut (1.00%)
1,685,000 Bridgeport General Obligation, 6.00% due 3/1/2005 (Insured: AMBAC) Aaa/AAA 1,764,970
1,325,000 Bridgeport General Obligation, 6.00% due 3/1/2006 (Insured: AMBAC) Aaa/AAA 1,396,285
1,045,000 Capitol Region Education Council, 6.375% due 10/15/2005 NR/BBB 1,069,547
3,000,000 Connecticut Resources Recovery Authority Resources, 5.50% due Aaa/AAA 3,102,360
1/1/2008(Insured: MBIA)
500,000 New Haven General Obligation, 9.50% due 11/15/2003 A3/BBB+ 564,065
District of (1.50%)
Columbia
4,430,000 District Columbia Hospital Revenue, 5.70% due 8/15/2008 Aaa/AAA 4,559,400
(MedlanticHealthcare Project; Insured: MBIA)
500,000 District Columbia Revenue, 6.00% due 1/1/2007 (American Aaa/AAA 525,770
AssociationAdvancement Science Project) (Insured: AMBAC)
380,000 District Columbia Unrefunded Balance Refunding A, 5.625% due Baa3/BBB 384,624
6/1/2002
2,200,000 District of Columbia Certificate of Participation Series 1993, NR/BBB- 2,229,942
6.875% due1/1/2003
1,505,000 District of Columbia General Obligation Capital Appreciation Aaa/AAA 1,370,950
Refunding, 0%due 6/1/2002 (Insured: MBIA)
1,000,000 District of Columbia Revenue, 6.00% due 7/15/2003 (Childrens Aaa/AAA 1,028,720
HospitalProject; Insured: FGIC)
1,330,000 District of Columbia Revenue, 6.00% due 8/15/2005 (Medlantic Aaa/AAA 1,394,279
HealthcareProject; Insured: MBIA) (ETM)
Florida (1.80%)
140,000 Alachua County Health Facilities Revenue, 7.00% due 12/1/2001 NR/AAA 143,354
(ShandsHospital & Clinics Project) (ETM)
275,000 Brevard County Tourist Development Tax Revenue Series 1993, 6.325% NR/NR 275,017
due3/1/2003 (Florida Marlins Training Facilities)
3,000,000 Collier County School Board Certificates of Participation, 5.50% Aaa/AAA 3,034,830
due2/15/2003 (Insured: FSA)
3,000,000 Crossings At Fleming Island Community Development Refunding Series Aaa/AAA 3,084,870
B, 5.45%due 5/1/2010 (Insured: MBIA)
200,000 East County Water Control District Lee County Drain, 5.50% due NR/AA 203,452
11/1/2003(Insured: Asset Guaranty)
1,500,000 Florida Housing Development Authority, 6.25% due 12/1/2006 NR/AAA 1,521,540
(Hammock's PlaceProject)
150,000 Hillsborough County Utility Refunding Rev, 9.75% due 12/1/2003 Aaa/AAA 164,373
(ETM)
3,120,000 Orange County Health Facilities Authority Revenue, 6.25% due Aaa/AAA 3,334,219
11/15/2008 (Hospital Adventist Health Systems Project; Insured:
AMBAC)
940,000 Palm Beach County Industrial Development Revenue Series 1996, 6.00% NR/A+ 976,397
due12/1/2006 (Lourdes-Noreen McKeen Residence for Geriatric Care
Project; LOC:Allied Irish Bank)
1,390,000 Saint Petersburg Health Facilities Authority Revenue, 7.00% due Aaa/AAA 1,458,430
12/1/2015(Insured: MBIA)
Georgia (0.30%)
1,700,000 Burke County Development Authority Pollution, 6.35% due Aaa/AAA 1,780,461
1/1/2004(Oglethorpe Power Corporation Project)
200,000 Gwinnett County Development Authority Revenue, 6.95% due 6/1/2001 NR/NR 204,336
(MeadCorp. Project) (ETM)
Guam (0.10%)
800,000 Guam Government General Obligation Series A, 5.90% due 9/1/2005 NR/BBB- 799,984
Hawaii (1.00%)
4,000,000 Hawaii State, 5.75% due 1/1/2008 A1/A+ 4,147,800
1,500,000 Hawaii State Department Budget & Finance Special Purpose Mortgage A2/A 1,509,435
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- 500,035
1,000,000 Honolulu City And County Refunding Series A, 7.35% due 7/1/2006 Aa3/AA- 1,123,330
Idaho (0.10%)
700,000 Boise Urban Renewal Agency Package Revenue Tax Increment Series A, NR/BBB+ 708,029
6.00%due 9/1/2002
Illinois (9.00%)
3,345,000 Champaign County Community Unit Series C, 0% due 1/1/2009 (Insured: Aaa/AAA 2,126,350
FGIC)
2,000,000 Chicago Board Of Education, 6.00% due 12/1/2009 Aaa/AAA 2,127,060
2,000,000 Chicago Metropolitan Water Reclamation District Greater, 6.90% due Aa1/AA 2,209,220
1/1/2007
1,340,000 Chicago Midway Airport Revenue Series A, 5.40% due 1/1/2009 Aaa/AAA 1,362,834
1,000,000 Chicago O'Hare International Airport Revenue, 5.375% due 1/1/2007 Aaa/AAA 1,018,930
(Insured:AMBAC)
2,545,000 Cook And Will Counties Township High School District 206 Series C, Aaa/AAA 1,932,011
0% due12/1/2005 (Insured: FSA)
1,800,000 Cook County Community College District 508 COP, 8.50% due Aaa/AAA 1,897,722
1/1/2002(Insured: FGIC)
3,350,000 Cook County Community Unified School District 401 Series 1996, 0% Aaa/AAA 2,824,753
due12/1/2003 (Insured: FSA)
2,005,000 Cook County Non Prerefunded Capital Improvement, 5.50% due Aaa/AAA 2,067,255
11/15/2008
995,000 Cook County Prerefunded Capital Improvement, 5.50% due 11/15/2008 Aaa/AAA 1,034,044
5,000,000 Du Page County First Presv District, 0% due 11/1/2009 Aaa/AAA 3,048,650
2,000,000 Illinois Development Finance Authority Pollution Control Revenue Aaa/AAA 2,066,820
Refunding,5.70% due 1/15/2009 (Commonwealth Edison Company Project;
Insured: MBIA)
3,635,000 Illinois Development Finance Authority Revenue, 6.00% due Aaa/AAA 3,845,612
11/15/2009(Adventist Health Project)
3,860,000 Illinois Development Finance Authority Revenue, 6.00% due Aaa/AAA 4,082,722
11/15/2010(Adventist Health Project)
400,000 Illinois Development Finance Authority Revenue Refunding Community NR/BBB 394,100
RehabProviders A, 5.60% due 7/1/2004
1,000,000 Illinois Development Finance Authority Revenue Refunding Community NR/BBB 977,880
RehabProviders A, 5.60% due 7/1/2005
1,000,000 Illinois Development Finance Authority Revenue Refunding Community NR/BBB 969,330
RehabProviders A, 5.60% due 7/1/2006
500,000 Illinois Health Facilities Authority Revenue, 5.20% due 10/1/2003 A3/A- 490,770
(IllinoisMasonic Medical Center Project)
1,290,000 Illinois Health Facilities Authority Revenue, 6.50% due 2/15/2008 A1/NR 1,336,066
1,375,000 Illinois Health Facilities Authority Revenue, 6.50% due 2/15/2009 A1/NR 1,424,390
1,465,000 Illinois Health Facilities Authority Revenue, 6.50% due 2/15/2010 A1/NR 1,516,758
1,560,000 Illinois Health Facilities Authority Revenue, 6.00% due 2/15/2011 Aaa/AAA 1,645,145
1,000,000 Illinois Health Facilities Authority Revenue Refunding, 6.25% due NR/A- 1,004,990
12/1/2004(Friendship Village Schaumburg)
2,500,000 Illinois Health Facilities Authority Revenue Refunding Series C, Aaa/AAA 2,782,175
7.00% due4/1/2008 (Lutheran General Health) (Insured: FSA)
2,000,000 Illinois Health Facilities Authority Revenue Series 1992, 7.00% Baa2/NR 2,079,580
due7/1/2002 (Trinity Medical Center Project)
695,000 Illinois Health Facilities Authority Revenue Series 1993-A, 7.875% NR/NR 713,529
due8/15/2005 (Community Provider Pooled Loan Program Project)
1,945,000 Illinois Health Facilities Authority Revenue Series A, 9.25% due Aaa/NR 2,246,494
7/1/2024(Edgewater Medical Center Project)
910,000 Illinois Industrial Pollution Control Financing Authority Revenue, Baa2/BBB 913,049
5.875%due 5/15/2007 (Commonwealth Education Company Project)
9,105,000 Lake County Forest Preserve District Capital Appreciation, 0% due Aa1/AA+ 6,511,987
12/1/2006
3,900,000 Metropolitan Pier And Exposition Authority, 0% due 6/15/2004 Aaa/AAA 3,195,153
(Insured:AMBAC)
500,000 Metropolitan Pier and Exposition Authority Dedicated State Tax Rev., Aaa/AAA 466,365
0% due12/15/2001 (Insured: MBIA)
2,445,000 Naperville City, Du Page & Will Counties Economic Development NR/A+ 2,517,616
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 Facilities Aaa/NR 748,330
Revenue, 0%due 12/1/2007 (Insured: FGIC)
6,300,000 University Illinois University Revenues, 0% due 10/1/2006 (Insured: Aaa/AAA 4,570,209
MBIA)
900,000 Will & Kendall Counties Community School District 202 General Aaa/AAA 907,866
Obligation,5.45% due 1/1/2005 (Insured: AMBAC)
Indiana (3.40%)
965,000 Allen County Economic Development Revenue First Mortgage, 5.20% NR/NR 942,496
due12/30/2005 (Indiana Institute Of Technology Project)
690,000 Allen County Economic Development Revenue First Mortgage, 5.30% NR/NR 673,937
due12/30/2006 (Indiana Institute Of Technology Project)
1,110,000 Allen County Economic Development Revenue First Mortgage, 5.60% NR/NR 1,083,837
due12/30/2009 (Indiana Institute Of Technology Project)
910,000 Eagle Union Middle School Building Corporation First Mortgage, 5.50% Aaa/AAA 932,104
due7/15/2009 (Insured: AMBAC)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana First NR/A 1,385,942
Mortgage, 0%due 1/15/2006
770,000 Elberfeld J H Castle School Building Corporation Indiana First Aaa/AAA 518,226
MortgageRefunding, 0% due 1/5/2008 (Insured: MBIA)
1,860,000 Elberfeld J H Castle School Building Corporation Indiana First Aaa/AAA 1,219,267
MortgageRefunding, 0% due 7/5/2008 (Insured: MBIA)
2,305,000 Hammond Multi-School Building Corp First Mortgage Refunding Bond NR/A 2,391,138
Series1997, 6.00% due 7/15/2008 (Lake County Project)
390,000 Huntington Economic Development Revenue, 6.00% due 11/1/2006 NR/NR 391,876
700,000 Huntington Economic Development Revenue, 6.15% due 11/1/2008 NR/NR 703,458
790,000 Huntington Economic Development Revenue, 6.20% due 11/1/2010 NR/NR 785,047
765,000 Indiana Health Facilities Revenue, 5.55% due 7/1/2001 (Marion Aaa/AAA 772,267
GeneralHospital Project; Insured: MBIA)
670,000 Indiana State Educational Facilities Authority Revenue, 5.75% due NR/A- 678,563
10/1/2009(University Indianapolis Project)
2,500,000 Indiana University Revenues Refunding Student Fee H, 0% due Aaa/AAA 1,730,450
8/1/2007(Insured: AMBAC)
1,400,000 Indianapolis Economic Development Revenue, 5.30% due 12/1/2007 Aaa/AAA 1,391,474
(FNMAPass-Thru Certificate)
1,220,000 Indianapolis Local Public Improvement Bond Bank Trans Rev, 0% due Aa2/AA- 941,376
7/1/2005
1,240,000 Indianapolis Local Public Improvement Bond Bank Trans Rev, 0% due Aa2/AA- 905,845
7/1/2006
2,200,000 Indianapolis Resource Recovery Revenue, 6.75% due 12/1/2004 (Ogden Aaa/AAA 2,350,854
MartinSystem, Inc. Project; (Insured: AMBAC)
855,000 Knox Middle School Building Corporation First Mortgage, 6.00% due Aaa/AAA 906,958
7/15/2008
455,000 Knox Middle School Building Corporation First Mortgage, 6.00% due Aaa/AAA 483,679
7/15/2009
1,645,000 Logansport Multi-Purpose School Building Corporation First NR/A 1,660,315
MortgageRefunding Series 1992, 5.50% due 7/1/2001
955,000 Mishawaka School First Mortgage, 6.25% due 7/15/2006 NR/A 999,350
535,000 New Albany Floyd County School Building Corp., 6.20% due 7/1/2003 NR/A 555,260
(ETM)
1,820,000 Westfield Elem. School Building Corp. First Mtg Series 1997, 6.80% Aaa/AAA 2,008,752
due7/15/2007 (Insured: AMBAC)
Iowa (2.60%)
1,500,000 Iowa Certificate of Participation, 6.10% due 7/1/2001 (Insured: Aaa/AAA 1,522,935
AMBAC)
6,650,000 Iowa Finance Authority Commercial Development Revenue Refunding, NR/AA 6,644,414
5.75% due4/1/2014 (Governor Square Project)
435,000 Iowa Finance Authority Hospital Facility Revenue, 6.50% due A1/NR 451,756
2/15/2007
1,765,000 Iowa Finance Authority Hospital Facility Revenue, 6.50% due A1/NR 1,836,835
2/15/2009
1,955,000 Iowa Finance Authority Hospital Facility Revenue, 6.50% due A1/NR 2,034,217
2/15/2010
3,145,000 Iowa Finance Authority Hospital Facility Revenue, 6.00% due Aaa/AAA 3,324,485
2/15/2011
875,000 Iowa Student Loan Liquidity Corporation Student Loan Revenue 1991 Aa1/NR 884,677
Series A,6.35% due 3/1/2001
2,000,000 Iowa Student Loan Liquidity Corporation Student Loan Revenue 1991 Aaa/AAA 2,054,240
Series C,6.80% due 12/1/2002
415,000 Muscatine Electric Revenue, 9.50% due 1/1/2004 (ETM) Aaa/AAA 452,060
1,000,000 State University Iowa Revenues, 6.20% due 9/1/2003 Aa/AA 1,011,320
Kansas (0.70%)
500,000 Dodge Unified School District Number 443 Ford County, 8.25% due Aaa/AAA 588,725
9/1/2006(Insured: FSA)
1,000,000 Kansas City Industrial Revenue Series 12/1/84, 7.20% due 12/1/2004 NR/NR 1,007,050
(AshGrove Cement Project)
3,880,000 Topeka Multi Family Housing Revenue Refunding Series 1991-A, 7.25% NR/AA 3,901,767
due4/1/2021 put 4/1/02 (Fleming Court Project; Insured:
Trygg-Hansa)
Kentucky (1.00%)
420,000 Campbell And Kenton Counties Sanitation District 1 Revenue, 6.50% Aaa/AAA 429,761
due8/1/2005
1,500,000 Jefferson County Hospital Revenue Prerefunded, 7.263% due Aaa/AAA 1,563,750
10/1/2002(Insured: MBIA)
3,000,000 Jefferson County Hospital Revenue Unrefunded, 7.263% due Aaa/AAA 3,135,000
10/1/2002(Insured: MBIA)
1,000,000 Kentucky State Turnpike Authority Resources Recovery Revenue, 0% Aaa/AAA 736,950
due7/1/2006 (Insured: FGIC)
140,000 Kentucky State Turnpike Authority Resources Recovery Road Revenue Aaa/AAA 147,511
Series A,6.625% due 7/1/2008
150,000 Louisville Water Revenue Refunding, 6.00% due 11/15/2006 Aaa/AAA 151,470
1,500,000 Paintsville First Mortgage Revenue Series 1991, 8.50% due 9/1/2003 NR/NR 1,547,100
(Paul B.Hall Medical Center Project; Guaranteed: Health Management
Associates)
Louisiana (4.00%)
4,000,000 Jefferson Parish Hospital District 2, 5.25% due 12/1/2015 Aaa/AAA 4,073,360
1,000,000 Lake Charles Harbor And Terminal District Revenue, 6.00% due A3/A+ 994,080
5/1/2006
1,000,000 Louisiana Offshore Authority Deepwater Port Rev. Series B, 6.25% A3/A 1,042,620
due9/1/2004
1,100,000 Louisiana PFA Hospital, 1.20% due 7/1/2000 (St. Francis Medical Aaa/AAA 1,099,901
CenterProject; Insured: FSA) (Inverse Floater)
1,300,000 Louisiana PFA Hospital Revenue and Refunding, 1.40% due 7/1/2001 Aaa/AAA 1,271,569
(St.Francis Medical Center Project; Insured: FSA) (Inverse Floater)
1,065,000 Louisiana PFA Multi Family Housing, 5.95% due 3/15/2019 put NR/AA 1,077,876
3/15/05(Oakleigh Apts. Project; Insured: AXA)
3,170,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Chateau De Notre Dame NR/NR 2,886,855
Project)
3,675,000 Louisiana PFA Revenue, 5.375% due 12/1/2008 (Wynhoven Health Care NR/NR 3,346,749
CenterProject)
1,000,000 Louisiana Public Facilities Authority Revenue, 5.75% due 10/1/2008 A1/A+ 1,039,840
500,000 Louisiana State University Agricultural & Mechanical College Board, NR/NR 524,820
7.70%due 4/15/2002 (ETM)
1,000,000 New Orleans Refunding, 0% due 9/1/2006 (Insured: AMBAC) Aaa/AAA 729,860
2,565,000 Orleans Levee District Public Improvement Trust Receipts Series Aaa/AAA 2,613,068
1995-A,5.95% due 11/1/2001 (Insured: FSA)
10,000,000 Orleans Parish School Board, 0% due 2/1/2008 (ETM) Aaa/AAA 6,405,700
460,000 Ouachita Parish Hospital District 1 Series 1991, 7.25% due 7/1/2001 NR/A 471,767
(ETM)
3,000,000 Saint Charles Parish Pollution Control Revenue Variable Refunding Baa3/BBB- 2,945,610
Series A,4.85% due 6/1/2030 put 6/1/02 (Entergy Louisiana Inc.
Project)
Maryland (0.30%)
2,000,000 Howard County Multi-Family Housing Revenue, 7.00% due 7/1/2024 put Baa2/NR 2,107,200
7/1/04(Chase Glen Project; Guaranty: Avalon Prop.)
Massachusetts (4.10%)
2,000,000 Boston Economic Development And Industrial Corporation, 5.15% due A1/NR 2,000,860
7/1/2025
1,000,000 Boston FHA Insured City Hospital Revenue Series A, 7.15% due Aaa/NR 1,023,240
2/15/2001pre-refunded 8/15/00 (Boston City Hospital Project)
3,120,000 Boston Revenue City Hospital, 7.65% due 2/15/2010 pre-refunded Aaa/NR 3,194,381
8/15/00
60,000 Haverhill General Obligation Municipal Purpose Loan Series 1991, Baa3/BBB 63,365
7.50% due10/15/2011
135,000 Holyoke General Obligation Electric Revenue Series 1991-A, 8.00% Baa1/BBB+ 137,087
due6/1/2001
635,000 Holyoke General Obligation School Project Loan Act of 1948, 7.35% Baa1/NR 657,581
due8/1/2002 pre-refunded 8/1/01
100,000 Holyoke General Obligation Sewer Revenue Series B, 8.00% due Baa1/BBB+ 101,546
6/1/2001
1,060,000 Lynn General Obligation, 7.00% due 1/15/2004 Baa1/NR 1,121,310
2,335,000 Massachusetts Health & Educational Facilities Authority Series B, NR/NR 2,321,294
5.50% due5/15/2011 put 5/15/01 (Community Health Capital Fund
Project: LOC: FirstBoston)
3,000,000 Massachusetts Hynes Convention Center Authority Refunding Series Aa2/AA- 2,976,240
1992, 0%due 9/1/2000
2,500,000 Massachusetts Hynes Convention Center Authority Refunding Series Aa2/AA- 2,244,100
1992, 0%due 9/1/2002
2,500,000 Massachusetts IFA Recovery Refunding Revenue Series 1993-A, 5.45% Aaa/AAA 2,522,550
due7/1/2001 (Insured: FSA)
1,000,000 Massachusetts Industrial Finance Agency Pollution Control A2/A+ 990,130
RevenueRefunding, 5.875% due 8/1/2008
1,950,000 Massachusetts Industrial Finance Agency Resources Recovery Revenue, NR/BBB 1,865,838
4.95%due 12/1/2006
1,000,000 Massachusetts Industrial Finance Agency Revenue, 8.375% due NR/NR 1,174,240
2/15/2018pre-refunded 2/15/06 @ 102 (Glenmeadow Retirement Community
Project)
1,575,000 Massachusetts Prerefunded Capital Appreciation Consolidated B, 0% Aa2/AA- 1,509,464
due6/1/2001
425,000 Massachusetts Unrefunded Balance Capital Appreciation B, 0% due Aa2/AA- 406,857
6/1/2001
1,150,000 New Bedford Industrial Revenue, 7.42% due 7/1/2002 (Aerovox NR/NR 1,156,474
CorporationProject; Guarantee: Cooper Industries)
1,000,000 New England Education Loan Marketing Corporation Student Loan Aa/NR 1,034,550
RevenueSeries 1992-F, 6.50% due 9/1/2002
300,000 Springfield General Obligation, 7.75% due 5/1/2001 Baa3/NR 307,221
300,000 Springfield General Obligation, 7.80% due 5/1/2002 Baa3/NR 312,300
1,500,000 Taunton General Obligation, 8.00% due 2/1/2006 (Insured: MBIA) Aaa/AAA 1,728,705
1,000,000 University of Massachusetts Bldg. Authority Ref Revenue Series Aa2/A+ 1,063,410
1991-A,7.15% due 5/1/2003
1,250,000 Worcester Municipal Purpose Loan of 1991 General Obligation, 6.80% Aaa/AAA 1,275,075
due5/15/2001 (Insured: MBIA)
Michigan (3.00%)
3,000,000 Detroit Economic Development Corp. Refunding, 7.00% due 6/1/2012 put NR/NR 2,993,880
6/1/02(E.H. Associates Project; LOC: First Fed of Michigan)
1,405,000 Detroit Series A, 6.00% due 4/1/2007 Aaa/AAA 1,487,853
500,000 Dickinson County Economic Development Corporation Solid Waste Baa1/BBB+ 510,155
DisposalRevenue, 6.55% due 3/1/2007
510,000 Livingston County Building Authority, 6.00% due 7/1/2009 (Insured: Aaa/AAA 513,886
MBIA)
2,000,000 Michigan Hospital Finance Authority Revenue, 5.375% due 7/1/2012 Aaa/AAA 1,990,380
(Insured;FSA)
740,000 Michigan Hospital Finance Authority Revenue 1991-A Garden City Ba3/NR 756,458
Hospital,8.30% due 9/1/2002
13,000,000 Michigan Hospital Finance Authority Revenue Series A, 5.375% due Aa2/AA 12,832,040
11/15/2033
2,000,000 Wayne County Building Authority Limited Tax General Obligation A3/A- 2,134,660
Sinking FundSeries 1992-A, 7.80% due 3/1/2005 pre-refunded 3/1/02 @
102
180,000 Wayne County Wastewater Control System Limited Tax General A3/NR 186,955
ObligationRefunding, 7.875% due 5/1/2002 (ETM)
Minnesota (0.50%)
450,000 Coon Rapids Industrial Development Ref. Rev., 6.75% due 12/1/2001 NR/NR 450,441
(LOC:Norwest Bank)
1,500,000 Metropolitan Council Minneapolis - St. Paul Area Sports Facilities A/A 1,503,390
Revenue,5.30% due 10/1/2000 (Hubert H. Humphery Metrodome Project)
(ETM)
320,000 Minneapolis - St. Paul Single Family Housing Revenue Series A, 8.25% NR/AAA 320,720
due11/1/2007 (GNMA Collateralized)
1,100,000 Minneapolis And St. Paul Housing And Redevelopment Authority, 6.75% Aaa/AAA 1,126,961
due8/15/2014 (Insured: MBIA)
500,000 Minneapolis Community Development Agency Supported Dev. Rev. Ltd Tax NR/A- 517,965
-Common Bond Series G-3, 7.00% due 12/1/2003
200,000 Minneapolis MFHR Refunding Series 1991, 6.75% due 10/1/2001 NR/AAA 203,206
(ChurchillApartments Project; FHA Mortgage Insurance)
Mississippi (0.30%)
1,000,000 Medical Center Education Building Corp. Rev., 7.00% due NR/A 1,009,230
12/1/2000(University of Mississippi Medical Center Project)
300,000 Mississippi Hospital Equipment & Facilities Authority Revenue, 8.60% Baa3/NR 304,854
due1/1/2001 (Rush Medical Foundation Project) (ETM)
640,000 Mississippi State, 6.20% due 2/1/2008 Aaa/AAA 683,872
Missouri (0.90%)
1,555,000 Jackson County Public Building Corporation Leasehold Revenue Series Aaa/AAA 1,625,923
1996,6.00% due 12/1/2004 (Capital Improvement Project; Insured:
MBIA)
255,000 Missouri Enviromental Improvement & Energy Resources Authority Aaa/NR 265,904
RevenueSeries 1991-A, 6.50% due 12/1/2002 (State Revolving Revenue
Project)
325,000 Missouri Enviromental Improvement & Energy Resources Authority Aaa/NR 339,521
RevenueSeries 1991-A, 6.60% due 12/1/2003 (State Revolving Revenue
Project)
1,055,000 Missouri Health & Education Facilities Authority Revenue, 0% due NR/NR 979,103
1/1/2002 (ETM)
3,860,000 St. Louis IDA Refunding Revenue Series 1993-B, 5.10% due 12/1/2008 NR/A- 3,861,274
put12/1/00 (Westport Residence Project; Guaranteed: Lincoln
NationalCorporation)
Montana (0.10%)
415,000 Montana Higher Education Student Loan Revenue Series 1992-A, 6.70% A/NR 424,956
due12/1/2001
Nebraska (1.30%)
1,500,000 Nebraska IFA Hospital Equipment Revenue, 6.85% due 3/1/2002 Aaa/AAA 1,554,210
pre-refunded3/1/01 @ 102 (Insured: MBIA)
2,835,000 Nebraska IFA Tax Exempt Multi Family Housing Revenue Refunding NR/AAA 2,854,647
1995-A,5.50% due 12/1/2025 put 12/1/05 (Willow Park Apartments
Project; FNMACollateralized)
5,000,000 Omaha Public Power District Nebraska Electric Revenue Series A, NR/AA 5,285,100
7.50% due2/1/2006
Nevada (1.10%)
1,550,000 Las Vegas Downtown Redevelopment, 7.80% due 6/1/2001 Baa/A- 1,582,271
1,085,000 Washoe County Airport Authority Revenue Refunding, 5.30% due Aaa/AAA 1,085,022
7/1/2000(Insured: MBIA)
1,325,000 Washoe County Airport Authority Revenue Refunding, 5.45% due Aaa/AAA 1,336,951
7/1/2001(Insured: MBIA)
750,000 Washoe County Airport Authority Revenue Refunding, 5.60% due Aaa/AAA 762,188
7/1/2002(Insured: MBIA)
3,500,000 Washoe County School District, 5.50% due 6/1/2008 (Insured: FSA) Aaa/AAA 3,610,810
New Hampshire (1.00%)
500,000 New Hampshire Capital Appreciation General Obligation, 0% due Aa2/AA+ 408,880
7/1/2004
5,000,000 New Hampshire Health and Educational Authority Revenue Bond Series A2/NR 4,908,450
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, 5.50% due NR/AA- 2,470,463
12/1/2009(Central Vermont Public Services; LOC: Toronto Dominion
Bank)
New Jersey (0.50%)
595,000 Hudson County Certificates of Participation, 6.20% due Aaa/AAA 617,574
6/1/2003(Corrections Facility Project; Insured: MBIA)
1,000,000 New Jersey Health Care Facilities Financing Authority Revenue, 7.00% NR/AAA 1,058,840
due7/1/2003 (Christ Hospital Project; Insured: Connie Lee)
1,000,000 New Jersey State Transportation Trust Fund Authority, 5.50% due Aa2/AA 1,033,540
6/15/2009
1,000,000 New Jersey Turnpike Authority Revenue Series A, 5.70% due 1/1/2001 A3/A- 1,006,690
New Mexico (1.10%)
1,000,000 Albuquerque Hospital Revenue Series A, 6.375% due 8/1/2007 (Insured: Aaa/AAA 1,048,160
MBIA)
1,800,000 Farmington Pollution Control Revenue, 4.45% due 5/1/2024 put 8/1/00 P1/A1+ 1,800,000
(dailydemand notes)
1,400,000 Farmington Pollution Control Revenue, 4.45% due 9/1/2024 put 8/1/00 P1/A1+ 1,400,000
(LOC:Barclays Bank) (daily demand notes)
326,000 Santa Fe County Office and Training Facilities Revenue Series 1990, Aaa/NR 333,524
9.00%due 1/1/2001 (ETM)
2,000,000 Santa Fe Industrial Revenue Housing Refunding, 7.25% due 12/1/2005 NR/NR 2,108,360
(Poncede Leon Project; Guaranteed: Health Care REIT)
745,000 Santa Fe Solid Waste Management Agency Facility Revenue, 5.75% due NR/NR 758,798
6/1/2004
510,000 Santa Fe Solid Waste Management Agency Facility Revenue, 5.90% due NR/NR 522,852
6/1/2005
775,000 Santa Fe Solid Waste Management Agency Facility Revenue, 6.00% due NR/NR 798,250
6/1/2006
New York (4.70%)
1,785,000 Islip Resources Recovery Agency Series 85-D, 5.95% due 7/1/2003 Aaa/AAA 1,847,314
(Insured:AMBAC)
1,500,000 Long Island Power Authority Electric Systems Revenue General Series Aaa/AAA 1,595,775
A,6.00% due 12/1/2007 (Insured: AMBAC)
1,200,000 Long Island Power Authority Electric Systems Revenue Subordinated VMIG1/A1+ 1,200,000
Series 5,4.40% due 5/1/2033 put7/1/00 (daily demand notes)
500,000 Metropolitian Transit Authority Services Contract Commuter Fac Rev, Baa1/A 519,830
7.00%due 7/1/2002
1,050,000 Monroe County Note Industrial Development Agency, 5.375% due NR/AA 1,062,337
6/1/2007(Saint John Fisher College Project)
500,000 New York City General Obligation Series A, 7.00% due 8/1/2003 A3/A- 530,440
800,000 New York City General Obligation Series D, 6.30% due 2/1/2001 (ETM) Aaa/A- 809,216
1,960,000 New York City General Obligation Series D, 6.30% due 2/1/2001 A3/A- 1,979,894
750,000 New York City General Obligation Series D, 5.70% due 8/1/2002 A3/A- 764,407
785,000 New York City General Obligation Series E, 6.30% due 8/1/2001 (ETM) Aaa/A- 800,943
1,910,000 New York City General Obligation Series E, 6.30% due 8/1/2001 A3/A- 1,944,495
1,000,000 New York City General Obligation Series E, 7.00% due 8/1/2004 Aaa/AAA 1,081,080
(Insured:AMBAC)
250,000 New York City Health and Hospital Corp. Rev Series A, 6.00% due Baa3/BBB- 258,318
2/15/2005
1,525,000 New York Dormitory Authority, 6.00% due 2/1/2004 (Millard Fillmore Aaa/AAA 1,583,545
HospitalProject; Insured: AMBAC)
1,040,000 New York Dormitory Authority, 6.00% due 7/1/2007 (Champlain NR/AAA 1,100,185
ValleyPhysicians; Insured: Connie Lee)
1,000,000 New York Dormitory Authority Revenue State University A3/A 1,060,560
EducationalFacilities Series A, 7.00% due 5/15/2004
2,500,000 New York Dormitory Authority Revenues, 6.00% due 9/1/2008 (Long NR/AA 2,589,800
IslandUniversity Project; ASSET GUARANTEE)
1,500,000 New York Dormitory Authority Revenues Insured, 5.50% due 7/1/2009 Aaa/AAA 1,538,535
(StatenIsland University Hospital Project)
1,500,000 New York Local Government Assistance Corporation Revenue Series D, A3/AA- 1,545,795
6.50%due 4/1/2002
1,500,000 New York Medical Care Facilities Finance, 7.25% due 2/15/2001 A3/A 1,523,055
1,320,000 New York Thruway Authority General Revenue Special Obligation, 0% NR/BBB 991,954
due1/1/2006
2,500,000 New York Urban Development Corporation, 7.60% due 4/1/2003 Aaa/A 2,608,950
pre-refunded4/1/01
255,000 New York Urban Development Corporation Revenue University Baa1/A 266,016
FacilitiesGrants, 6.00% due 1/1/2006
3,425,000 New York Urban Development Corporation Series 7, 6.00% due 1/1/2006 Baa1/A 3,577,960
710,000 Oneida County Industrial Development Agency Series C, 6.00% due NR/AA 742,184
1/1/2009(Civic Facility Faxton Hospital Project)
1,000,000 Suffolk County Judicial Facilities Agency Service Agreement Revenue, Aaa/AAA 1,030,830
5.50%due 4/15/2009 (John P. Cohalan Complex Project; Insured:
AMBAC)
1,000,000 Triborough Bridge and Tunnel Authority, 6.50% due 1/1/2004 (Insured: Aaa/AAA 1,029,790
MBIA)
390,000 Westchester County IDA Civic Facility Revenue, 6.25% due 4/1/2005 NR/NR 390,332
(JuliaDykman Project)
North Carolina (1.60%)
510,000 Gastonia Housing Corp First Lien Rev Series A, 5.75% due 7/1/2004 NR/A- 508,383
(GolfviewVillage Square Apartment Project)
390,000 North Carolina Housing Finance Authority Single Family Housing Aa1/AA+ 390,874
Revenue,6.80% due 7/1/2008
1,865,000 North Carolina Municipal Power Agency 1 Catawba Electrical Revenue, Aaa/AAA 1,945,363
6.00%due 1/1/2005 (Insured: MBIA)
2,400,000 North Carolina Municipal Power Agency Number 1 Catawba Electric Aaa/AAA 2,544,384
Revenue,6.00% due 1/1/2010 (Insured: MBIA)
3,400,000 North Carolina Municipal Power Agency Series A, 6.00% due 1/1/2007 Aaa/AAA 3,580,982
2,800,000 North Carolina Municipal Power Agency Series A, 6.00% due 1/1/2008 Aaa/AAA 2,957,248
North Dakota (0.30%)
910,000 Grand Forks Health Care Systems Revenue Bond Series 1997, 6.25% Aaa/AAA 963,754
due8/15/2005 (Altru Health System Project; Insured: MBIA)
1,250,000 North Dakota Student Loan Revenue, 5.45% due 7/1/2002 (Insured: Aaa/AAA 1,264,150
AMBAC)
Ohio (5.30%)
1,000,000 Barberton Hospital Facilities Series 1992, 6.65% due 1/1/2002 A/NR 1,027,830
3,200,000 Butler County Hospital Revenue Bonds, 5.15% due 11/1/2017 put VMIG1/A-1 3,162,432
11/1/02(Middletown Regional Hospital Project; LOC: Star Bank)
1,000,000 Cincinnati School District Revenue Anticipation Notes, 6.15% due NR/A- 1,025,860
6/15/2002 (ETM)
525,000 Cleveland Waterworks Revenue Series A, 6.125% due 1/1/2008 Aa3/AA- 532,613
595,000 Cleveland Certificate of Participation, 7.10% due 7/1/2002 (Motor A3/A- 600,623
Vehicle &Community Equipment Project)
2,255,000 Cuyahoga County Hospital Revenue Refunding Series B, 6.00% due Aa3/AA- 2,349,642
1/15/2006(University Hosps Health Systems Project)
1,000,000 Erie County Hospital Improvement Refunding Revenue Series, 6.25% A2/A 1,007,610
due1/1/2001 (Firelands Community Hospital Project)
2,000,000 Franklin County General Obligation , 6.375% due 12/1/2017 NR/NR 2,087,140
pre-refunded12/1/01 @ 102
1,100,000 Hamilton County Hospital Facilities Refunding Revenue Series 1992, Aa2/NR 1,108,371
6.25%due 1/1/2001 (Episcopal Retirement Homes Project; LOC:
Fifth/Third Bank)
1,400,000 Hudson City Library Improvement, 6.35% due 12/1/2011 Aa2/NR 1,533,966
2,065,000 Knox County Hospital Facilities Revenue Refunding, 4.50% due NR/AA 1,950,805
6/1/2006 (KnoxCommunity Hospital Project; Insured: Asset Guaranty)
1,300,000 Mahoning Valley District Water Refunding, 5.85% due 11/15/2008 Aaa/AAA 1,376,596
770,000 Mahoning Valley District Water Refunding, 5.90% due 11/15/2009 Aaa/AAA 818,941
510,000 Mayfield Heights Municipal Building Improvement, 7.60% due Aaa/AAA 516,538
12/1/2008(Insured: MBIA)
2,250,000 Montgomery County Revenue, 6.00% due 12/1/2008 (Catholic Aa3/AA- 2,329,493
HealthInitiatives)
2,385,000 Montgomery County Revenue, 6.00% due 12/1/2009 (Catholic Aa3/AA- 2,468,093
HealthInitiatives)
1,530,000 Montgomery County Revenue, 6.00% due 12/1/2010 (Catholic Aa3/AA- 1,580,169
HealthInitiatives)
1,500,000 Ohio Air Quality Development Authority, 8.00% due 12/1/2013 Aaa/AAA 1,621,500
(ClevelandProject; Insured: FGIC)
5,000,000 Ohio Capital Facilities Series A, 5.75% due 6/15/2010 Aa1/AA+ 5,264,300
1,760,000 Ohio Water Development Authority Revenue Refunding, 5.00% due Aaa/AAA 1,715,454
12/1/2012(Insured: MBIA)
3,095,000 Ohio Water Development Authority Safe Water Refunding, 0% due Aaa/AAA 3,036,040
12/1/2000(Insured: MBIA)
680,000 Plain Local School District Capital Appreciation, 0% due 12/1/2006 Aaa/NR 489,702
845,000 Plain Local School District Capital Appreciation, 0% due 12/1/2007 Aaa/NR 575,690
975,000 Reading Revenue Development, 6.00% due 2/1/2009 St. Marys NR/AA 1,013,357
EducationalInstitute Project; Asset Guarantee)
985,000 Warren County Hospital Facilities Improvement and Refunding Revenue, Aa2/NR 995,126
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 720,919
9/1/2002(Marietta Area Health Project)
Oklahoma (1.70%)
1,190,000 Broken Arrow Utility Systems and Sales Tax Revenue Series 1992-A, Aaa/AAA 1,205,351
6.00% due5/1/2001 (Insured: FGIC)
1,235,000 Claremore Public Works Authority Revenue Refunding, 6.00% due Aaa/NR 1,305,321
6/1/2006
1,340,000 Claremore Public Works Authority Revenue Refunding, 6.00% due Aaa/NR 1,421,525
6/1/2007
740,000 Jenks Aquarium Authority Revenue First Mortgage, 5.50% due Aaa/NR 740,562
7/1/2010(Insured: MBIA)
2,380,000 Oklahoma Authority Revenue Refunding Health Systems Obligation Group Aaa/AAA 2,468,417
SeriesA, 5.75% due 8/15/2007
2,340,000 Oklahoma Authority Revenue Refunding Health Systems Obligation Group Aaa/AAA 2,468,794
SeriesA, 6.00% due 8/15/2010 (Insured: MBIA)
1,210,000 Oklahoma City Municipal Improvement Authority Water & Sewer Revenue Aaa/AAA 1,209,843
SeriesA Refunding, 0% due 7/1/2000 (Insured: AMBAC)
620,000 Pushmataha County Town of Antlers Hospital Authority Revenue NR/NR 643,424
RefundingSeries 1991, 8.75% due 6/1/2003
1,155,000 Tulsa Industrial Development Hospital Revenue, 5.60% due 2/15/2003 Aa3/AA 1,176,044
(St.John's Medical Center Project)
750,000 Tulsa Public Facilities Authority Solid Waste Steam & Electric Aaa/AAA 762,082
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 Bonds, 6.10% A1/AA- 2,542,350
due10/1/2001
1,490,000 Clackamas County Hospital Facility Authority Revenue Refunding NR/NR 1,386,698
Series A,5.50% due 9/15/2008
1,325,000 Emerald Peoples Utility District Revenue, 7.20% due 11/1/2003 Aaa/AAA 1,426,071
(Insured:FGIC)
300,000 Oregon State General Obligation, 9.00% due 10/1/2000 Aa2/AA 303,357
Pennsylvania (4.90%)
1,505,000 Allegheny County Hospital Development Health Series B , 6.30% due A2/NR 1,527,229
5/1/2009
955,000 Beaver County Industrial Development Authority Pollution Control Baa2/A- 962,640
Revenue,7.00% due 6/1/2008 (J & L Specialty Steel Project)
2,540,000 Blair County Hospital Authority Revenue, 5.375% due 7/1/2006 Aaa/AAA 2,580,970
(AltoonaHospital Project; Insured: AMBAC)
1,000,000 Chester County Utility, 7.00% due 12/15/2011 pre-refunded 8/01/01 Aa2/AA 1,027,010
500,000 Clariton School District General Obligation, 0% due 11/1/2002 NR/A 444,505
500,000 Delaware County Authority Health Care Revenue, 6.00% due 11/15/2007 Aaa/NR 521,365
(MercyHealth Corporation Project)
4,250,000 Delaware County Pollution Control Refunding Series A, 5.20% due Baa2/BBB+ 4,156,287
4/1/2021(Peco Energy Company Project)
1,000,000 Erie School District General Obligation, 0% due 12/1/2000 (ETM) NR/NR 980,750
1,000,000 Geisinger Authority Pennsylvania Health Systems Revenue, 5.50% Aa2/AA 1,007,060
due8/15/2009
1,300,000 Harrisburg Authority Lease Revenue, 6.50% due 6/1/2004 crossover Aaa/AAA 1,337,479
refunded6/1/01 @ 101 (Insured: FSA)
1,570,000 Manheim Township School Authority School Revenue Series 1978, 6.625% NR/AAA 1,612,202
due12/1/2007
1,455,000 Mc Keesport Area School District General Obligation Refunding NR/A 1,437,555
RevenueSeries 1991, 0% due 10/1/2000
1,680,000 Mc Keesport Area School District General Obligation Refunding NR/A 1,499,820
RevenueSeries 1991, 0% due 10/1/2002
730,000 Montgomery County Higher Education And Health Authority, 6.25% due Baa2/NR 722,043
7/1/2006
550,000 Montgomery County Higher Education And Health Authority, 6.375% Baa2/NR 542,636
due7/1/2007
1,500,000 Montgomery County Industrial Development Authority Pollution Baa2/BBB+ 1,475,220
ControlRevenue Series A, 5.20% due 10/1/2030
4,295,000 Montgomery County Industrial Development Authority Revenue, 7.50% NR/A+ 4,401,172
due1/1/2012
450,000 New Castle Area Hospital Authority Revenue Series A, 6.20% due Ba2/NR 444,888
11/15/2002(St. Francis Hospital Project)
750,000 Northeastern Pennsylvania Hospital & Education Authority Health Aaa/AAA 783,975
CareRevenue, 6.20% due 1/1/2004 (Wyoming Valley Health Care Series A
Refunding;Insured: AMBAC)
2,750,000 Pennsylvania Certificates of Participation Series A, 5.40% due Aaa/AAA 2,763,145
7/1/2009(Insured: AMBAC)
525,000 Pennsylvania Higher Education Facilities Authority Revenue, 6.15% Baa3/NR 537,437
due4/1/2004 (ETM)
750,000 Pennsylvania Higher Educational Facility Series A, 6.00% due A3/A 741,585
1/1/2005(University Pennsylvania Health Services Project)
1,805,000 Philadelphia Authority For Industrial Development Revenues, 8.00% Aaa/NR 1,991,330
due1/1/2014
1,000,000 Philadelphia Hospital And Higher Education Facilities Authority A1/AA- 986,630
Revenue,5.50% due 5/15/2006
500,000 Southeastern Pennsylvania Transportation Authority, 6.00% due Aa3/AA- 506,990
6/1/2001(LOC: Canadian Imperial Bank of Commerce)
2,825,000 State Public School District Building Authority Reading School Aaa/AAA 2,819,576
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 1992-Q, 5.70% Baa1/BBB+ 1,000,030
due7/1/2000
1,000,000 Puerto Rico Municipal Finance Agency Series A, 5.70% due 7/1/2003 Baa1/A- 1,042,990
250,000 Puerto Rico Public Improvement General Obligation, 6.60% due NR/AAA 264,415
7/1/2004 pre-refunded 7/1/02 @ 101.5
Rhode Island (1.20%)
775,000 Providence Public Building Authority Refunding Series B, 5.50% Aaa/AAA 782,719
due12/15/2001
810,000 Providence Public Building Authority Refunding Series B, 5.50% Aaa/AAA 821,235
due12/15/2002
860,000 Providence Public Building Authority Refunding Series B, 5.50% Aaa/AAA 874,198
due12/15/2003
1,075,000 Providence Public Building Authority Refunding Series B, 5.75% Aaa/AAA 1,114,947
due12/15/2007
2,190,000 Rhode Island Depositors Economic Protection Corp. Series 1992-A, Aaa/AAA 2,253,204
6.10% due8/1/2002 (Insured: FSA)
1,325,000 Rhode Island Economic Development Corporation Revenue, 5.75% due NR/AA 1,336,024
7/1/2010(Providence Place Mall Project; AssetT Guarantee)
180,000 Rhode Island Health & Educational Building Corporation Health NR/NR 180,016
FacilitiesRevenue, 8.00% due 7/1/2000 (Steere House Issue Project)
(ETM)
344,000 Rhode Island Industrial Facilities Corporation Series 1991, 5.875% A1/NR 344,017
due6/1/2002 (Paramount Cards, Inc. Project; LOC: Bank of Scotland)
1,500,000 Rhode Island Student Loan Authority Student Loan Rev. Ref. Series A, A/NR 1,510,020
6.55%due 12/1/2000 (ETM)
South Carolina (0.50%)
2,050,000 Charleston County Certificates of Participation, 6.00% due 12/1/2007 Aaa/AAA 2,182,204
300,000 Edgefield County School District General Obligation, 8.50% due Aaa/AAA 317,445
2/1/2002(Insured: FSA)
860,000 Piedmont Municipal Power Agency Electric Revenue, 6.25% due Aaa/AAA 893,377
1/1/2004(Insured: FGIC)
500,000 South Carolina State Housing Authority Multi Family Revenue, 7.375% NR/NR 500,115
due12/1/2007
South Dakota (0.40%)
1,400,000 South Dakota Health and Educational Facilities Authority Revenue Aaa/AAA 1,415,162
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 9/1/2003 (Insured: Aaa/AAA 1,362,738
FSA)
Tennessee (1.60%)
5,000,000 Chattanooga-Hamilton County Hospital Revenue, 8.871% due 5/25/2021 Aaa/AAA 5,368,750
refunded5/1/01 @ 102 (Erlanger Medical Center Project; Insured: FSA)
1,565,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% due NR/BBB- 1,602,294
5/1/2002(Guaranty: Louis Dreyfus Natural Gas)
1,130,000 Clarksville Natural Gas Corporation Series 1994-A, 7.00% due NR/BBB- 1,156,928
11/1/2002(Guaranty: Louis Dreyfus Natural Gas)
1,150,000 Franklin Industrial Development Multi-Family Refunding Housing Aaa/AAA 1,153,623
Series A,5.75% due 4/1/2010
1,000,000 Hamilton County Industrial Development Board, 5.75% due 9/1/2005 Aaa/AAA 1,041,100
1,070,000 Southeast Tax Exempt Mortgage Bond Trust, 7.25% due 4/1/2017 put / 1,114,330
4/1/03(Inv. Agreement: Bayeriche Landesbank)
985,000 Tennessee Housing Development Agency Mortgage Finance Series A, A1/AA 1,000,996
5.70% due7/1/2008
Texas (9.00%)
3,300,000 Coppell Independent School District Capital Appreciation Refunding, NR/AAA 2,263,800
0% due8/15/2007
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% due Aaa/AAA 2,058,380
7/15/2005(Insured: FSA)
4,070,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% due Aaa/AAA 4,198,409
7/15/2006(Insured: FSA)
2,000,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% due Aaa/AAA 2,062,820
7/15/2008(Insured: FSA)
4,780,000 Corpus Christi Utility Systems Revenue Refunding, 5.50% due Aaa/AAA 4,927,463
7/15/2009(Insured: FSA)
1,065,000 Cypress-Fairbanks Independent School District General Obligation, 0% Aaa/AAA 985,519
due2/1/2002 (Insured: FGIC)
1,300,000 Denison Hospital Authority Hospital Revenue, 5.90% due 8/15/2007 NR/BBB- 1,248,104
(TexomaMed Center Incorporated Project)
1,000,000 Denton County General Obligation, 7.75% due 7/15/2002 (Insured: Aaa/AAA 1,059,130
MBIA)
4,500,000 Ector County Hospital District Hospital Revenue Refunding, 5.50% Aaa/AAA 4,579,560
due4/15/2004 (Insured: MBIA)
1,390,000 Ector County Hospital Revenue, 7.125% due 4/15/2002 A2/A 1,426,710
4,000,000 Harris County Flood Control District L.T.G.O. Series 1991-A, 0% Aaa/AAA 3,769,240
due10/1/2001 (Insured: MBIA)
1,000,000 Harris County Health Facilities Dev. Corp. Hospital Revenue, 6.90% A3/NR 1,038,840
due6/1/2002 (Memorial Hospital Systems Project)
4,410,000 Harris County Health Facilities Development Corporation Thermal Aaa/AAA 4,474,827
UtilityRevenue, 5.45% due 2/15/2011 (Insured: AMBAC)
1,800,000 Harris County Hospital District Mortgage Revenue Refunding, 7.40% Aaa/AAA 2,023,650
due2/15/2010 (Insured: AMBAC)
680,000 Houston Housing Finance Corp. SFMRB Series A, 5.35% due 6/1/2002 Aaa/AAA 681,244
(Insured:FSA)
500,000 Houston Water Conveyance Systems Contract Certificates of Aaa/AAA 527,595
PartcipationSeries F, 7.20% due 12/15/2002 (Insured: AMBAC)
1,295,000 Irving Flood Control District Section 3 Refunding Capital Baa1/NR 1,220,007
Appreciation, 0%due 9/1/2001
2,000,000 Irving Independent School District Capital Appreciation, 0% due Aaa/AAA 1,847,240
2/15/2002(Guarantee: PSF)
500,000 Irving Independent School District Capital Appreciation, 0% due Aaa/AAA 416,570
2/15/2004(Guarantee: PSF)
2,230,000 Lower Colorado River Authority Jr. Lien Refunding Revenue Series Aaa/AAA 2,178,955
1992, 0%due 1/1/2001 (Insured: AMBAC)
1,415,000 Midlothian Independent School District Capital Appreciation Aaa/NR 948,871
Refunding, 0%due 2/15/2008
1,200,000 Midlothian Independent School District Capital Appreciation Aaa/NR 759,780
Refunding, 0%due 2/15/2009
1,600,000 Mission Consolidated Independent School, 6.50% due 2/15/2008 Aaa/AAA 1,749,440
(Guarantee:PSF)
2,275,000 New Caney Independent School District Capital Appreciation Aaa/AAA 1,798,228
Refunding, 0%due 2/15/2005
4,600,000 Plano Capital Appreciation Refunding General Obligation, 0% due Aaa/AAA 4,456,986
3/1/2001
900,000 San Antonio Refunding General Improvement, 6.00% due 8/1/2008 Aa2/AA+ 959,832
965,000 Southlake Texas Tax Increment Certificates Obligation Series B, 0% Aaa/AAA 673,049
due2/15/2007 (Insured: AMBAC)
1,120,000 Southlake Texas Tax Increment Certificates Obligation Series B, 0% Aaa/AAA 731,886
due2/15/2008 (Insured: AMBAC)
1,275,000 Southlake Texas Tax Increment Certificates Obligation Series B, 0% Aaa/AAA 779,510
due2/15/2009 (Insured: AMBAC)
1,440,000 Southlake Texas Tax Increment Certificates Obligation Series B, 0% Aaa/AAA 827,683
due2/15/2010 (Insured: AMBAC)
500,000 Spring Branch Independent School District, 7.50% due 2/1/2011 Aaa/AAA 597,875
1,400,000 Tarrant County Health Facilities Development Corporation, 5.75% Aaa/AAA 1,414,322
due2/15/2011 (Insured: MBIA)
1,000,000 Texarkana Health Facilities Development Corporation Hospital Aaa/AAA 1,034,400
Revenue, 5.75%due 10/1/2008 (Insured: MBIA)
2,300,000 Travis County Health Development Corporation Series A, 5.75% due Aaa/AAA 2,392,759
11/15/2008
2,000,000 Travis County Health Facilities Development Corporation Revenue Aaa/AAA 2,074,660
Series A,5.75% due 11/15/2009 (Insured: MBIA)
2,000,000 Travis County Health Facilities Development Series A, 5.75% due Aaa/AAA 2,077,460
11/15/2010(Ascension Health Credit Project)
1,000,000 University of Texas Permanent University Fund, 8.00% due 7/1/2003 Aaa/AAA 1,090,250
2,020,000 Washington County Health Facilities Development Corporation Revenue, NR/A 1,928,332
5.35%due 6/1/2009
Utah (2.60%)
1,000,000 Davis County Solid Waste Management and Recovery Rev., 5.90% due Aaa/A 1,030,810
6/15/2003 (ETM)
8,000,000 Intermountain Power Agency Revenue, 0% due 7/1/2000 (ETM) Aaa/AAA 7,998,960
1,000,000 Intermountain Power Agency Revenue Series B, 0% due 7/1/2004 A1/A+ 811,720
1,105,000 Intermountain Power Agency Utah Power Refunding Series A, 5.20% A1/A+ 1,111,763
due7/1/2006
2,405,000 Ogden Neighborhood Development Agency Tax Increment Revenue Series A2/NR 1,735,568
A, 0%due 12/30/2005 (LOC: Sumitomo Bank)
100,000 Ogden Neighborhood Development Agency Utah Tax Increment Revenue A2/NR 97,281
Series A,0% due 12/30/2000 (25th Street Project: LOC: Sumitomo Bank)
600,000 Salt Lake City Municipal Building Authority Lease Revenue Series A, Aa3/A+ 615,882
5.75%due 10/15/2008
2,000,000 Salt Lake County Municipal Building, 5.25% due 10/1/2008 Aa3/AA 2,033,320
1,500,000 Salt Lake County Municipal Building, 5.50% due 10/1/2009 Aa3/AA 1,549,275
805,000 Utah Housing Finance Agency Refunding Single Family Mortgage, 5.35% Aa/AA 811,512
due7/1/2003
2,000,000 Weber County Housing Authority MFHR Series 1991, 6.50% due Aaa/AAA 2,033,740
11/1/2018 put11/1/01 (Cherry Creek Apartment Project; LOC: First
Security Bank of Utah,Insured: FGIC)
Vermont (0.20%)
1,250,000 Vermont Educational And Health Buildings Financing Agency Revenue, NR/BBB 1,223,525
6.00%due 9/1/2006
Virginia (2.00%)
1,010,000 Alexandria Industrial Development Authority Revenue, 5.75% due Aaa/AAA 1,051,784
10/1/2007(Insured: AMBAC)
1,070,000 Alexandria Virginia Industrial Development Authority Revenue, 5.75% Aaa/AAA 1,114,812
due10/1/2008 (Insured: AMBAC)
1,130,000 Alexandria Virginia Industrial Development Authority Revenue, 5.75% Aaa/AAA 1,177,618
due10/1/2009 (Insured: AMBAC)
1,195,000 Alexandria Virginia Industrial Development Authority Revenue, 5.75% Aaa/AAA 1,244,688
due10/1/2010 (Insured: AMBAC)
495,000 Hampton General Obligation Refunding Bond, 5.85% due 3/1/2007 Aa2/AA 495,916
3,000,000 Hampton Redevelopment Housing Authority Multi Family Housing Baa2/NR 3,133,470
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% due Aa2/AA 1,758,071
8/1/2000(Henrico County Regional Jail Project)
3,000,000 Suffolk Redevelopment Housing Authority MFHR, 7.00% due 7/1/2024 Baa2/NR 3,133,470
put7/1/04 (Chase Heritage @ Dulles Project)
1,960,000 Virginia Housing Development Authority Series C-8, 5.70% due Aa1/AA+ 1,989,086
7/1/2003
255,000 Virginia Housing Development Authority Series D-4, 5.00% due Aa1/AA+ 255,003
7/1/2000
Washington (3.20%)
1,125,000 Chelan County PUD 1 Consolidated System Revenue 1992, 5.75% due Aa2/AA 1,125,034
7/1/2000
795,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 807,338
1/1/2003(Insured: AMBAC)
950,000 Grant County PUD 2 Priest Rapids Hydroelectric, 6.00% due Aaa/AAA 1,000,341
1/1/2006(Insured: AMBAC)
1,730,000 King County School District Number 41 Refunding Series B, 6.25% Aa3/AA 1,858,210
due6/1/2008
725,000 Spokane County School District 363 Unlimited Tax G.O. Refunding A2/NR 727,806
Series1992, 5.40% due 12/1/2000
550,000 Tacoma Conservation Systems Project Revenue, 6.20% due 1/1/2006 Aa1/AA- 578,803
(TacomaPublic Utilities)
105,000 Washington Certificates of Participation State Equipment Series A, Aa3/A+ 105,628
6.50%due 10/1/2001
500,000 Washington Health Care Facilities Authority Rev., 6.20% due NR/AA- 505,610
2/15/2001(Sacred Heart Medical Center, Spokane Project)
1,500,000 Washington Health Care Facilities Providence Services, 5.50% due Aaa/AAA 1,533,105
12/1/2009
3,500,000 Washington Public Power Supply System Project 1 Ref. Rev., 5.30% Aa1/AA- 3,536,365
due7/1/2002
2,000,000 Washington Public Power Supply System Project 1 Ref. Rev., 6.50% Aa1/AA- 2,065,340
due7/1/2002
250,000 Washington Public Power Supply System Project 2 Ref. Rev., 7.50% Aa1/AA- 258,215
due7/1/2002
2,000,000 Washington Public Power Supply System Project 2 Ref. Rev., 7.50% Aa1/AA- 2,070,140
due7/1/2003 pre-refunded 1/1/01 @ 102
1,140,000 Washington Public Power Supply System Project 3 Ref. Rev., 0% due Aa1/AA- 739,621
7/1/2008
1,655,000 Washington Public Power Supply System Series 96-A, 6.00% due Aaa/AAA 1,743,410
7/1/2006(Insured: MBIA)
1,000,000 Washington Public Power Supply System Series B, 7.25% due 7/1/2000 Aa1/AA- 1,000,070
1,700,000 Washington Public Power Supply System Series B Refunding, 7.15% Aa1/AA- 1,737,349
due7/1/2001
1,040,000 Washington Public Power Supply System Series G Project 1 Rev., 7.15% Aa1/AA- 1,062,849
due7/1/2001
830,000 Washington Public Power Supply Systems Nuclear Revenue Refunding Aa1/AA- 538,496
Series B,0% due 7/1/2008 (Project Number 3)
1,000,000 Washington Public Power Supply Systems Nuclear Project Number 1, Aaa/AAA 1,058,530
6.00% due7/1/2008 (Insured: AMBAC)
750,000 Washington State Public Power Supply Refunding Series B, 5.70% due Aa1/AA- 764,347
7/1/2010
West Virginia (1.40%)
745,000 Harrison County Nursing Facility Revenue Refunding, 5.625% due NR/NR 674,493
9/1/2010(Salem Health Care Corporation Project; LOC: Fleet Bank)
392,432 Marion County SFMR Series 1992, 7.75% due 7/10/2011 NR/NR 400,552
5,000,000 West Virginia Parkway Economic Development Tourism Authority Series Aaa/AAA 4,973,750
1993,3.05% due 5/15/2001 (Insured: FGIC) (Inverse Floater)
2,500,000 West Virginia Parkway Economic Development Tourism Authority Series Aaa/AAA 2,489,200
1993,3.15% due 5/15/2002 (Insured: FGIC) (Inverse Floater)
2,000,000 West Virginia Statewide Commission Lottery Revenue Series 1997-A, Aaa/AAA 2,058,920
5.50% due7/1/2005 (Insured: MBIA)
Wisconsin (0.80%)
1,500,000 Bradley Pollution Control Revenue, 6.75% due 7/1/2009 (Owens B1/BBB- 1,680,345
Illinois WasteProject)
800,000 Wisconsin Health & Educational Facilities Authority, 5.90% due Aaa/AAA 832,144
8/15/2005(Wheaton Francisan Services Inc. Project; Insured: MBIA)
1,500,000 Wisconsin Health & Educational Facilities Authority Series 1992, Aaa/AAA 1,515,090
5.50% due8/15/2001 (Wheaton Francisan Services Inc. Project;
Insured: MBIA)
2,000,000 Wisconsin State Health And Educational Facilities Authority Revenue, Aaa/AAA 2,098,040
6.00%due 8/15/2008 (Aurora Health Care Inc. Project) (Insured: MBIA)
Wyoming (0.20%)
2,500,000 Wyoming Farm Loan Board Revenue, 0% due 4/1/2009 NR/AA- 1,549,575
Municipal Trust (1.10%)
Certificates
3,000,000 Clipper Caraval Tax Exempt Certificate Series 1998, 4.50% due / 2,921,640
10/6/2005(Insured: AMBAC)
5,600,000 Municipal Tax Exempt Trust Certificate Class A1 To A5, 4.60% due / 5,288,640
8/6/2008
TOTAL INVESTMENTS (100%) (Cost $763,012,109) $ 768,597,465
<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>
REPORT OF Independent ACCOUNTANTS
To the Board of Directors and Shareholders of
Thornburg Limited Term Municipal Fund, Inc. - National Portfolio
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Thornburg Limited Term Municipal
Fund, Inc. - National Portfolio ("the Fund") at June 30, 2000, the results of
its operations, the changes in its net assets, and the financial highlights for
the year then ended, in conformity with accounting principles generally accepted
in the United States. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit of these
financial statements in accordance with auditing standards generally accepted in
the United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at June 30, 2000 by
correspondence with the custodian and brokers, provides a reasonable basis for
the opinion expressed above. The financial statements for the year ended June
30, 1999, including the financial highlights for each of the periods ended prior
to July 1, 1999, were audited by other independent accountants whose report
dated July 27, 1999 expressed an unqualified opinion on those financial
statements.
PricewaterhouseCoopers LLP
New York, New York
July 28, 2000
CHANGE IN Independent accountants
On August 13, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of the Fund pursuant to an agreement by PricewaterhouseCoopers LLP
(PwC) to acquire McGladrey's investment company practice. The McGladrey partners
and professionals serving the Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles. In connection with its audits for the two most recent fiscal years
and through August 13, 1999, there were no disagreements with McGladrey on any
matter of accounting principle or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of McGladrey would have caused it to make reference to the subject
matter of disagreement in connection with its report. On December 6, 1999, the
Fund, with the approval of its Board of Directors and its Audit Committee,
engaged PwC as its independent auditor.
Index Comparisons
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, 2000. On June 30, 2000, the weighted average securities ratings of both the
Index and the Fund were AA and the weighted average portfolio maturities of the
Index and the Fund were 5.0 years and 4.6 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 6.30.00)
One year: 1.47%
Five years: 3.82%
Ten years: 5.21%
Fifteen years: 6.06%
From inception (9.28.84): 6.37%
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.
Return from a $100,000 investment 6.30.90 through 6.30.00 (after sales charges
and fund expenses)
Donoghue's Tax-free Money Market Fund Average $35,179
Donoghue's Taxable Money Market Fund Average
(after taxes) $38,012
Thornburg Limited Term
Municipal Fund -
Nat'l Portfolio
(after capital gains taxes) $64,827
The chart above is for the Fund's Class A Shares only. Class C and Class I
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 $12.93 per
share and the ending NAV at $13.06 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.
Investment Manager
Thornburg Investment Management, Inc.
119 East Marcy Street
Santa Fe, New Mexico 87501
800.847.0200
Principal Underwriter
Thornburg Securities Corporation
119 East Marcy Street
Santa Fe, New Mexico 87501
800.847.0200
