UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended June 30, 1999.
If amended report check here: [___]; Amendment Number: [___].
This Amendment (Check only one.) [___] is a restatement,
[___] adds new holdings entities.
Institutional Investment Manager Filing this Report:
Name: Sit Investment Associates, Inc.
Address: 4600 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402-4130
13F file Number: 28-180
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the report
is authorized to submit it, that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists, and table, are considered integral
parts of this form.
Person Signing this Report on Behalf of Reporting manager:
Name: Paul E. Rasmussen
Title Vice President
Phone 612-332-3223
___________________________, Minneapolis, Minnesota, August 13, 1999
Signature
Report Type (Check only one.):
[_X_] 13F Holdings Report.
[___] 13F Notice.
[___] 13F Combination Report.
List of other manager Reporting for this Manager: None
I am signing this report as required by the Securities Exchange Act of 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Sit Investment Associates, Inc.
Report for the Quarter Ended June 30, 1999.
Report Summary:
Number of Other Included managers: 1
Form 13F Information Table Entry Total: 247
Form 13 F Information Table Value Total: $4,149,467
List of Other Included Manager:
13F
No. File No. Name
- ---- ------- -------------
1. Sit Investment Fixed Income Advisors, Inc.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE(K)SH/P AMTS/P P/C INV DSC MANAGERSSOLE SHARED NONE
AAR CORP COMMON 000361105 3188 140500 SH SOLE 140500 0 0
A D C TELECOMMUNICATIONS COMMON 000886101 53149 1166500 SH SOLE 1166500 0 0
AFLAC INC COMMON 001055102 19717 411847 SH SOLE 411847 0 0
ADELPHIA COMMUNICATIONS CL A 006848105 7412 116500 SH SOLE 116500 0 0
AEGON N V ORD AMER REG 007924103 8192 110791 SH SOLE 110791 0 0
ALLEGIANCE TELECOM INC COMMON 01747T102 1701 31000 SH SOLE 31000 0 0
AMERICA ONLINE INC DEL COMMON 02364J104 38126 346600 SH SOLE 346600 0 0
AMERICAN HOME PRODS CORP COMMON 026609107 26174 456200 SH SOLE 456200 0 0
AMERICAN INTL GROUP INC COMMON 026874107 33048 281862 SH SOLE 281862 0 0
AMGEN INC COMMON 031162100 35374 581100 SH SOLE 581100 0 0
ANALOG DEVICES INC COMMON 032654105 15106 301000 SH SOLE 301000 0 0
ANNTAYLOR STORES CORP COMMON 036115103 540 12000 SH SOLE 12000 0 0
AON CORP COMMON 037389103 1671 40500 SH SOLE 40500 0 0
APPLIED MICRO CIRCUITS C COMMON 03822W109 21862 265800 SH SOLE 265800 0 0
ASPEN TECHNOLOGIES INC COMMON 045327103 4036 343500 SH SOLE 343500 0 0
AT HOME CORP COM SER A 045919107 13161 244000 SH SOLE 244000 0 0
ASSOCIATES FIRST CAP COR CL A 046008108 13251 300300 SH SOLE 300300 0 0
ASYST TECHNOLOGY CORP COMMON 04648X107 15029 502000 SH SOLE 502000 0 0
BISYS GROUP INC COMMON 055472104 3036 51900 SH SOLE 51900 0 0
BMC SOFTWARE INC COMMON 055921100 20817 85500 SH SOLE 385500 0 0
BANKBOSTON CORP COMMON 06605R106 256 5000 SH SOLE 5000 0 0
BED BATH & BEYOND INC COMMON 075896100 5448 141500 SH SOLE 141500 0 0
BEST BUY INC COMMON 086516101 12251 181500 SH SOLE 181500 0 0
BIOGEN INC COMMON 090597105 44260 688200 SH SOLE 688200 0 0
BIOSITE DIAGNOSTICS INC COMMON 090945106 1215 120000 SH SOLE 120000 0 0
BOSTON SCIENTIFIC CORP COMMON 101137107 16499 375500 SH SOLE 375500 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108 47348 672200 SH SOLE 672200 0 0
BURR BROWN CORP COMMON 122574106 1267 34600 SH SOLE 34600 0 0
CAIS INTERNET INC COMMON 12476Q102 625 34000 SH SOLE 34000 0 0
CBS CORP COMMON 12490K107 43345 995000 SH SOLE 995000 0 0
C H ROBINSON WORLDWIDE COMMON 12541W100 1022 27800 SH SOLE 27800 0 0
CNF TRANSN INC COMMON 12612W104 4678 121500 SH SOLE 121500 0 0
CANON INC DEPOSITORY RECE 138006309 568 19500 SH SOLE 19500 0 0
CARDINAL HEALTH INC COMMON 14149Y108 14601 227694 SH SOLE 227694 0 0
CELESTICA ADR COMMON 15101Q108 1988 45900 SH SOLE 45900 0 0
CERIDIAN CORP COMMON 15677T106 58194 1780300 SH SOLE 1780300 0 0
CHANCELLOR MEDIA CORP COMMON 158915108 19878 360590 SH SOLE 360590 0 0
CHASE MANHATTAN CORP NEW COMMON 16161A108 53483 618300 SH SOLE 618300 0 0
CISCO SYS INC COMMON 17275R102 163327 2534650 SH SOLE 2534650 0 0
CITIGROUP INC COMMON 172967101 1069 22500 SH SOLE 22500 0 0
CLEAR CHANNEL COMMUNICAT COMMON 184502102 35620 516700 SH SOLE 516700 0 0
CLOROX CO DEL COMMON 189054109 3546 33200 SH SOLE 33200 0 0
COCA COLA CO COMMON 191216100 31843 513600 SH SOLE 513600 0 0
COLGATE PALMOLIVE CO COMMON 194162103 30515 309800 SH SOLE 309800 0 0
CEMIG ADR COMMON 204409601 730 34400 SH SOLE 34400 0 0
COMPUTER SCIENCES CORP COMMON 205363104 54118 782200 SH SOLE 782200 0 0
COMPUWARE CORP COMMON 205638109 286 9000 SH SOLE 9000 0 0
COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 9811 129950 SH SOLE 129950 0 0
COST PLUS INC CALIF COMMON 221485105 1520 33400 SH SOLE 33400 0 0
DAYTON HUDSON CORP COMMON 239753106 69160 1064000 SH SOLE 1064000 0 0
DELL COMPUTER CORP COMMON 247025109 37844 1022800 SH SOLE 1022800 0 0
DELTA & PINE LD CO COMMON 247357106 6284 199500 SH SOLE 199500 0 0
DENDRITE INTL INC COMMON 248239105 30175 835300 SH SOLE 835300 0 0
DIAL CORP NEW COMMON 25247D101 9487 255100 SH SOLE 255100 0 0
DOLLAR GEN CORP COMMON 256669102 6235 215000 SH SOLE 215000 0 0
DOUBLECLICK INC COMMON 258609304 3890 42400 SH SOLE 42400 0 0
DU PONT E I DE NEMOURS & COMMON 263534109 273 4000 SH SOLE 4000 0 0
E M C CORP MASS COMMON 268648102 71819 1305800 SH SOLE 1305800 0 0
EAGLE USA AIRFREIGHT INC COMMON 270018104 340 8000 SH SOLE 8000 0 0
ELAN PLC DEPOSITORY RECE 284131208 37137 1338258 SH SOLE 1338258 0 0
EMERSON ELEC CO COMMON 291011104 554 8800 SH SOLE 8800 0 0
EMMIS COMMUNICATIONS CL A 291525103 4947 100200 SH SOLE 100200 0 0
ENDESA ADR DEPOSITORY RECE 29258N107 7014 330060 SH SOLE 330060 0 0
ENRON OIL & GAS CO COMMON 293562104 7412 366000 SH SOLE 366000 0 0
EQUANT N V DEPOSITORY RECE 294409107 4309 45600 SH SOLE 45600 0 0
EQUITABLE COS INC COMMON 29444G107 31081 463900 SH SOLE 463900 0 0
ERICSSON L M TEL CO DEPOSITORY RECE 294821400 9641 292698 SH SOLE 292698 0 0
EXPEDITORS INTL WASH INC COMMON 302130109 997 36600 SH SOLE 36600 0 0
EXTREME NETWORKS INC COMMON 30226D106 215 3700 SH SOLE 3700 0 0
FEDERAL HOME LN MTG CORP COMMON 313400301 25456 438900 SH SOLE 438900 0 0
FEDERATED INVS INC PA CL B 314211103 825 46000 SH SOLE 46000 0 0
FIRST DATA CORP COMMON 319963104 392 8000 SH SOLE 8000 0 0
FIRSTAR CORP NEW WIS COMMON 33763V109 7817 279180 SH SOLE 279180 0 0
FISERV INC COMMON 337738108 13002 415225 SH SOLE 415225 0 0
FRONTIER CORP COMMON 35906P105 12868 219500 SH SOLE 219500 0 0
GALLAGHER ARTHUR J & CO COMMON 363576109 1094 22100 SH SOLE 22100 0 0
GAP INC DEL COMMON 364760108 33403 663084 SH SOLE 663084 0 0
GENERAL DYNAMICS CORP COMMON 369550108 37447 543700 SH SOLE 543700 0 0
GENERAL ELEC CO COMMON 369604103 114386 1012266 SH SOLE 1012266 0 0
GILLETTE CO COMMON 375766102 820 20000 SH SOLE 20000 0 0
GOLDMAN SACHS GROUP INC COMMON 38141G104 2890 40000 SH SOLE 40000 0 0
GREAT PLAINS SOFTWARE COMMON 39119E105 1359 28800 SH SOLE 28800 0 0
GROUPE DANONE DEPOSITORY RECE 399449107 13816 264100 SH SOLE 264100 0 0
HA-LO INDUSTRIES INC COMMON 404429102 425 43000 SH SOLE 43000 0 0
HARLEY DAVIDSON INC COMMON 412822108 36029 662600 SH SOLE 662600 0 0
HOME DEPOT INC COMMON 437076102 60365 936804 SH SOLE 936804 0 0
IDEC PHARMACEUTICALS COMMON 449370105 1464 19000 SH SOLE 19000 0 0
IMS HEALTH INC COMMON 449934108 12281 393000 SH SOLE 393000 0 0
I-STAT CORP COMMON 450312103 1255 137500 SH SOLE 137500 0 0
ILLINOIS TOOL WKS INC COMMON 452308109 327 4000 SH SOLE 4000 0 0
IMMUNEX CORP NEW COMMON 452528102 12030 94400 SH SOLE 94400 0 0
INFOSPACE COM INC COMMON 45678T102 5546 118000 SH SOLE 118000 0 0
INKTOMI CORP COMMON 457277101 19160 145700 SH SOLE 145700 0 0
INTEL CORP COMMON 458140100 56382 947600 SH SOLE 947600 0 0
INTERNATIONAL BUSINESS M COMMON 459200101 65142 504000 SH SOLE 504000 0 0
JABIL CIRCUIT INC COMMON 466313103 8046 178300 SH SOLE 178300 0 0
JOHNSON & JOHNSON COMMON 478160104 26499 270400 SH SOLE 270400 0 0
JONES INTERCABLE INC CL A 480206200 529 10800 SH SOLE 10800 0 0
JUNIPER NETWORKS COMMON 48203R104 745 5000 SH SOLE 5000 0 0
KOHLS CORP COMMON 500255104 55727 724900 SH SOLE 724900 0 0
KOREA ELECTRIC PWR DEPOSITORY RECE 500631106 410 20000 SH SOLE 20000 0 0
KOREA TELECOM CORP ADR COMMON 50063P103 240 6000 SH SOLE 6000 0 0
LAUDER ESTEE COS INC CL A 518439104 7268 145000 SH SOLE 145000 0 0
LEGATO SYSTEMS INC COMMON 524651106 34494 597300 SH SOLE 597300 0 0
LEXMARK INTL GROUP INC CL A 529771107 11463 175000 SH SOLE 175000 0 0
LILLY ELI & CO COMMON 532457108 27941 390100 SH SOLE 390100 0 0
LINEAR TECHNOLOGY CORP COMMON 535678106 13450 200000 SH SOLE 200000 0 0
LOWES COS INC COMMON 548661107 29580 521800 SH SOLE 521800 0 0
LUCENT TECHNOLOGIES INC COMMON 549463107 93144 1381195 SH SOLE 1381195 0 0
MCI WORLDCOM INC COMMON 55268B106 75752 880200 SH SOLE 880200 0 0
MARSH & MCLENNAN COS INC COMMON 571748102 29223 386100 SH SOLE 386100 0 0
MAXIM INTEGRATED PRODS I COMMON 57772K101 9709 146000 SH SOLE 146000 0 0
MCGRAW HILL COS INC COMMON 580645109 5717 106000 SH SOLE 106000 0 0
MCKESSON HBOC INC COMMON 58155Q103 24991 776414 SH SOLE 776414 0 0
MEDIAONE GROUP INC COMMON 58440J104 1859 25000 SH SOLE 25000 0 0
MEDIMMUNE INC COMMON 584699102 9011 133000 SH SOLE 133000 0 0
MEDTRONIC INC COMMON 585055106 47582 611000 SH SOLE 611000 0 0
MENS WEARHOUSE INC COMMON 587118100 395 15500 SH SOLE 15500 0 0
MERCK & CO INC COMMON 589331107 73308 995700 SH SOLE 995700 0 0
MERCURY GENL CORP NEW COMMON 589400100 35051 1030900 SH SOLE 1030900 0 0
MERRILL LYNCH & CO INC COMMON 590188108 23945 301200 SH SOLE 301200 0 0
MICROSOFT CORP COMMON 594918104 130573 1447800 SH SOLE 1447800 0 0
MONSANTO CO COMMON 611662107 20177 510000 SH SOLE 510000 0 0
SONY CP PERQS COMMON 617446216 3623 1725 SH SOLE 1725 0 0
MOTOROLA INC COMMON 620076109 569 6000 SH SOLE 6000 0 0
MUTUAL RISK MGMT LTD COMMON 628351108 11127 333400 SH SOLE 333400 0 0
NEWFIELD EXPL CO COMMON 651290108 1138 40000 SH SOLE 40000 0 0
NEWPARK RES INC COM PAR $.01NEW 651718504 541 61000 SH SOLE 61000 0 0
NEXTEL COMMUNICATIONS IN CL A 65332V103 16286 324500 SH SOLE 324500 0 0
NEXTLINK COMMUNICATNS CL A 65333H707 1064 14300 SH SOLE 14300 0 0
NICE SYS LTD DEPOSITORY RECE 653656108 237 8600 SH SOLE 8600 0 0
NOKIA CORP ADR DEPOSITORY RECE 654902204 24326 265678 SH SOLE 265678 0 0
NORTEL NETWORKS CORP COMMON 656569100 1172 13500 SH SOLE 13500 0 0
NORTHERN TR CORP COMMON 665859104 243 2500 SH SOLE 2500 0 0
NOVOSTE CORP COMMON 67010C100 300 14300 SH SOLE 14300 0 0
ORACLE CORP COMMON 68389X105 26253 707150 SH SOLE 707150 0 0
PIMCO ADVISORS HLDGS LP UT LTD PART INT 69338P102 1190 40000 SH SOLE 40000 0 0
PMC-SIERRA INC COMMON 69344F106 5169 87700 SH SOLE 87700 0 0
PAYCHEX INC COMMON 704326107 3507 110024 SH SOLE 110024 0 0
PERVASIVE SOFTWARE INC COMMON 715710109 1841 74000 SH SOLE 74000 0 0
PFIZER INC COMMON 717081103 69771 640100 SH SOLE 640100 0 0
PHILIPPINE LONG DISTANCE DEPOSITORY RECE 718252604 278 9200 SH SOLE 9200 0 0
PORTAL SOFTWARE INC COMMON 736126103 232 5000 SH SOLE 5000 0 0
PORTUGAL TELECOM S A DEPOSITORY RECE 737273102 4724 114700 SH SOLE 114700 0 0
PRICE T ROWE & ASSOCIATE COMMON 741477103 9152 238500 SH SOLE 238500 0 0
PRICELINE COM INC COMMON 741503106 335 2900 SH SOLE 2900 0 0
PROCTER & GAMBLE CO COMMON 742718109 27998 313700 SH SOLE 313700 0 0
QUEENS CNTY BANCORP INC COMMON 748242104 2835 87572 SH SOLE 87572 0 0
QUINTILES TRANSNATIONAL COMMON 748767100 4263 101500 SH SOLE 101500 0 0
RF MICRODEVICES INC COMMON 749941100 3276 43900 SH SOLE 43900 0 0
RAYTHEON CO CL B 755111408 26304 373100 SH SOLE 373100 0 0
RAZORFISH INC CL A 755236106 293 7900 SH SOLE 7900 0 0
RELIASTAR FINL CORP COMMON 75952U103 6134 140200 SH SOLE 140200 0 0
RENT WAY INC COMMON 76009U104 2152 87400 SH SOLE 87400 0 0
REUTERS GROUP PLC DEPOSITORY RECE 76132M102 492 6066 SH SOLE 6066 0 0
RHYTHMS NETCONNECTIONS I COMMON 762430205 350 6000 SH SOLE 6000 0 0
SDL INC COMMON 784076101 3120 61100 SH SOLE 61100 0 0
SK TELECOM CO LTD DEPOSITORY RECE 78440P108 1794 105530 SH SOLE 105530 0 0
SAMSUNG ELECTRONICS GDR COMMON 796050888 5021 93320 SH SOLE 93320 0 0
SANMINA CORP COMMON 800907107 2580 34000 SH SOLE 34000 0 0
SAP AKTIENGESELLSCHAFT DEPOSITORY RECE 803054204 1132 32700 SH SOLE 32700 0 0
SAPIENT CORP COMMON 803062108 3024 53400 SH SOLE 53400 0 0
SCHERING PLOUGH CORP COMMON 806605101 32267 614600 SH SOLE 614600 0 0
SECURITY DYNAMICS TECH COMMON 814208104 633 29800 SH SOLE 29800 0 0
SEPRACOR INC COMMON 817315104 2356 29000 SH SOLE 29000 0 0
SIEBEL SYSTEMS INC COMMON 826170102 3664 55249 SH SOLE 55249 0 0
SMITHKLINE BEECHAM ADR DEPOSITORY RECE 832378301 4503 68167 SH SOLE 68167 0 0
SOUTHWEST AIRLS CO COMMON 844741108 22074 709200 SH SOLE 709200 0 0
SPRINT CORP COM FON GROUP 852061100 27136 512000 SH SOLE 512000 0 0
STAPLES INC COMMON 855030102 23547 761125 SH SOLE 761125 0 0
STERICYCLE INC COMMON 858912108 1313 96800 SH SOLE 96800 0 0
STERLING COMMERCE INC COMMON 859205106 8214 223500 SH SOLE 223500 0 0
SUN MICROSYSTEMS INC COMMON 866810104 70466 1023100 SH SOLE 1023100 0 0
SUNRISE ASSISTED LIVNG COMMON 86768K106 2086 59800 SH SOLE 59800 0 0
SYLVAN LEARNING SYS COMMON 871399101 5601 206000 SH SOLE 206000 0 0
SYMBOL TECHNOLOGIES INC COMMON 871508107 12705 344550 SH SOLE 344550 0 0
SYNOPSYS INC COMMON 871607107 4167 75500 SH SOLE 75500 0 0
TCF FINL CORP COMMON 872275102 22448 805300 SH SOLE 805300 0 0
TAIWAN SEMICONDCTR MFG DEPOSITORY RECE 874039100 2118 62300 SH SOLE 62300 0 0
TECHNE CORP COMMON 878377100 508 20000 SH SOLE 20000 0 0
TECNOMATIX TECHNOLOGIES NOTE 5.250 8/1 878732AA4 808 1190000 PRN SOLE 1190000 0 0
TELEFONICA S A DEPOSITORY RECE 879382208 267 1814 SH SOLE 1814 0 0
TELEFONOS DE MEXICO SA DEPOSITORY RECE 879403780 3370 41700 SH SOLE 41700 0 0
TELLABS INC COMMON 879664100 60104 889600 SH SOLE 889600 0 0
TERADYNE INC COMMON 880770102 16790 234000 SH SOLE 234000 0 0
TEXAS INSTRS INC COMMON 882508104 39038 271100 SH SOLE 271100 0 0
TIME WARNER INC COMMON 887315109 41592 572700 SH SOLE 572700 0 0
TRANSACTION NETWORK SV COMMON 893414102 3977 135950 SH SOLE 135950 0 0
TYCO INTL LTD COMMON 902124106 72241 762440 SH SOLE 762440 0 0
UNIPHASE CORP COMMON 909149106 30262 182300 SH SOLE 182300 0 0
UNISYS CORP COMMON 909214108 389 10000 SH SOLE 10000 0 0
UNITED TECHNOLOGIES CORP COMMON 913017109 23665 328682 SH SOLE 328682 0 0
UNOCAL CORP COMMON 915289102 25217 636400 SH SOLE 636400 0 0
VENTANA MED SYS INC COMMON 92276H106 1440 75300 SH SOLE 75300 0 0
VERTICALNET INC COMMON 92532L107 378 3600 SH SOLE 3600 0 0
VIACOM INC CL B 925524308 30303 688700 SH SOLE 688700 0 0
VISX INC DEL COMMON 92844S105 4078 51500 SH SOLE 51500 0 0
VITESSE SEMICONDUCTOR CO COMMON 928497106 25653 380400 SH SOLE 380400 0 0
VODAFONE AIRTOUCH ADR DEPOSITORY RECE 92857T107 85222 432600 SH SOLE 432600 0 0
WALGREEN CO COMMON 931422109 36704 1249500 SH SOLE 1249500 0 0
WARNER LAMBERT CO COMMON 934488107 29240 423000 SH SOLE 423000 0 0
WASTE MGMT INC DEL COMMON 94106L109 22623 420900 SH SOLE 420900 0 0
WELLS FARGO & CO NEW COMMON 949746101 28322 662500 SH SOLE 662500 0 0
WHITTMAN-HART INC COMMON 966834103 3618 113946 SH SOLE 113946 0 0
WILLIAMS SONOMA INC COMMON 969904101 3011 86500 SH SOLE 86500 0 0
XILINX INC COMMON 983919101 29020 506900 SH SOLE 506900 0 0
XEROX CORP COMMON 984121103 35544 601800 SH SOLE 601800 0 0
YAGEO CORP GDR 984326108 4034 896527 SH SOLE 896527 0 0
ZDNET GROUP COM 989511209 221 8500 SH SOLE 8500 0 0
ACE LIMITED ORD G0070K103 16232 574600 SH SOLE 574600 0 0
SCOTTISH ANNUITY & LIFE ORD G7885T104 1160 107900 SH SOLE 107900 0 0
TRANSOCEAN OFFSHORE INC ORD G90076103 6140 233900 SH SOLE 233900 0 0
XL CAP LTD CL A G98255105 17865 316200 SH SOLE 316200 0 0
CHECK POINT SOFTW TECH ORD M22465104 15337 286000 SH SOLE 286000 0 0
GALILEO TECHNOLOGY LTD ORD M47298100 1808 39900 SH SOLE 39900 0 0
GILAT SATELLITE NETWKS ORD M51474100 1643 31300 SH SOLE 31300 0 0
ASM LITHOGRAPHY HLDG N V DEPOSITORY RECE N07059111 9073 152800 SH SOLE 152800 0 0
FLEXTRONICS INTL LTD ORD Y2573F102 1526 27500 SH SOLE 27500 0 0
ALL AMERICAN TERM TRUST COMMON 016440109 573 47000 SH DEFINED10 47000 0
AMERICAN STRATEGIC INCOM COMMON 030098107 9267 788704 SH DEFINED10 788704 0
AMERICAN MUNI TERM TRUST COMMON 027652106 11170 1051300 SH DEFINED10 1051300 0
BLACKROCK ADVANTAGE TERM COMMON 09247A101 375 38700 SH DEFINED10 38700 0
BLACKROCK STRATEGIC TERM COMMON 09247P108 3960 437000 SH DEFINED10 437000 0
BLACKROCK INVT QUALITY M COMMON 09247D105 744 51100 SH DEFINED10 51100 0
BLACKROCK INCOME TRUST COMMON 09247F100 33 5000 SH DEFINED10 5000 0
BLACKROCK 2001 TERM TRUS COMMON 092477108 16905 1878300 SH DEFINED10 1878300 0
BLACKROCK MUNI TARGET TR COMMON 09247M105 29446 2804400 SH DEFINED10 2804400 0
BLACKROCK INSD MUNI TERM COMMON 092474105 9831 904000 SH DEFINED10 904000 0
BLACKROCK 1999 TERM TRUS COMMON 09247T100 593 59700 SH DEFINED10 59700 0
BLACKROCK INVT QUALITY T COMMON 09247J102 5265 633400 SH DEFINED10 633400 0
BLACKROCK INSD MUNI 2008 COMMON 09247K109 17721 1152600 SH DEFINED10 1152600 0
AMERICAN STRATEGIC INCOM COMMON 030099105 40279 3409867 SH DEFINED10 3409867 0
BLACKROCK TARGET TERM TR COMMON 092476100 1054 109500 SH DEFINED10 109500 0
AMERICAN MUNI TERM TRUST COMMON 027653104 8363 787100 SH DEFINED10 787100 0
AMERICAN STRATEGIC INC I COMMON 03009T101 30994 2680580 SH DEFINED10 2680580 0
AMERICAN MUNI TERM TRUST COMMON 027654102 4788 453300 SH DEFINED10 453300 0
MUNICIPAL ADVANTAGE FUND COMMON 626189104 1111 87100 SH DEFINED10 87100 0
MINNESOTA MUNI TERM TRUS COMMON 604065102 6490 610800 SH DEFINED10 610800 0
MINNESOTA MUNI TERM TRUS COMMON 604066100 4849 467400 SH DEFINED10 467400 0
MONTGOMERY STREET INCOME COMMON 614115103 251 14200 SH DEFINED10 14200 0
NUVEEN MUNICIPAL VALUE F COMMON 670928100 1649 179500 SH DEFINED10 179500 0
AMERICAN SELECT PORTFOLI COMMON 029570108 17630 1500432 SH DEFINED10 1500432 0
VAN KAMP STRAT SECTOR MU COMMON 920943107 5174 398000 SH DEFINED10 398000 0
VAN KAMPEN VALUE MUNI IN COMMON 921132106 55 4000 SH DEFINED10 4000 0
VOYAGEUR MINNESOTA MUNI COMMON 928923101 2233 154000 SH DEFINED10 154000 0
VAN KAMPEN MUNI OPPOR TR COMMON 920935103 5413 357900 SH DEFINED10 357900 0
VOYAGEUR MINN MUNI INC I COMMON 92907E100 159 11700 SH DEFINED10 11700 0
</TABLE>
