UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended Sepember 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, November 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 September 30, 1999.
Report Summary:
Number of Other Included managers: 1
Form 13F Information Table Entry Total: 250
Form 13 F Information Table Value Total: $4,107,258
List of Other Included Manager:
13F
No. File No. Name
- ---- ------- -------------
1. 028-04373 Sit Investment Fixed Income Advisors, Inc.
<PAGE>
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE(K) SH/P AMT S/P P/C INV DSC MANAGERS SOLE SHARED NONE
AAR CORP COMMON 000361105 504 28000 SH SOLE 1 28000 0 0
A D C TELECOMMUNICATIONS COMMON 000886101 47771 1139100 SH SOLE 1 1139100 0 0
AFLAC INC COMMON 001055102 12347 294847 SH SOLE 1 294847 0 0
AMFM INC COMMON 001693100 21663 356590 SH SOLE 1 356590 0 0
AXA FINL INC COMMON 002451102 24608 440900 SH SOLE 1 440900 0 0
ADELPHIA COMMUNICATIONS CL A 006848105 18702 318000 SH SOLE 1 318000 0 0
AEGON N V ORD AMER REG 007924103 9470 109474 SH SOLE 1 109474 0 0
AFFYMETRIX INC COMMON 00826T108 896 9100 SH SOLE 1 9100 0 0
ALLEGIANCE TELECOM INC COMMON 01747T102 1631 31000 SH SOLE 1 31000 0 0
ALLIANCE CAP MGMT L P UNIT LTD PARTN 018548107 620 22600 SH SOLE 1 22600 0 0
ALLSCRIPTS INC COMMON 019886100 651 41000 SH SOLE 1 41000 0 0
AMERICA ONLINE INC DEL COMMON 02364J104 44976 432200 SH SOLE 1 432200 0 0
AMERICAN HOME PRODS CORP COMMON 026609107 249 6000 SH SOLE 1 6000 0 0
AMERICAN INTL GROUP INC COMMON 026874107 40997 471571 SH SOLE 1 471571 0 0
AMGEN INC COMMON 031162100 60424 741400 SH SOLE 1 741400 0 0
ANALOG DEVICES INC COMMON 032654105 15554 303500 SH SOLE 1 303500 0 0
ANNTAYLOR STORES CORP COMMON 036115103 491 12000 SH SOLE 1 12000 0 0
AON CORP COMMON 037389103 1197 40500 SH SOLE 1 40500 0 0
APPLIED MATLS INC COMMON 038222105 14318 184300 SH SOLE 1 184300 0 0
APPLIED MICRO CIRCUITS C COMMON 03822W109 27850 488600 SH SOLE 1 488600 0 0
ASPEN TECHNOLOGIES INC COMMON 045327103 853 87500 SH SOLE 1 87500 0 0
AT HOME CORP COM SER A 045919107 6257 151000 SH SOLE 1 151000 0 0
ASSOCIATES FIRST CAP COR CL A 046008108 6682 185600 SH SOLE 1 185600 0 0
ASYST TECHNOLOGY CORP COMMON 04648X107 7244 219500 SH SOLE 1 219500 0 0
BISYS GROUP INC COMMON 055472104 2434 51900 SH SOLE 1 51900 0 0
BP AMOCO P L C DEPOSITORY RECEI 055622104 7990 72100 SH SOLE 1 72100 0 0
BMC SOFTWARE INC COMMON 055921100 26442 369500 SH SOLE 1 369500 0 0
BANKBOSTON CORP COMMON 06605R106 217 5000 SH SOLE 1 5000 0 0
BED BATH & BEYOND INC COMMON 075896100 4944 141500 SH SOLE 1 141500 0 0
BEST BUY INC COMMON 086516101 13299 214500 SH SOLE 1 214500 0 0
BIOGEN INC COMMON 090597105 61679 782600 SH SOLE 1 782600 0 0
BIOSITE DIAGNOSTICS INC COMMON 090945106 1091 120000 SH SOLE 1 120000 0 0
BOSTON SCIENTIFIC CORP COMMON 101137107 9554 386000 SH SOLE 1 386000 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108 56606 838600 SH SOLE 1 838600 0 0
BURR BROWN CORP COMMON 122574106 1367 34600 SH SOLE 1 34600 0 0
CAIS INTERNET INC COMMON 12476Q102 410 34000 SH SOLE 1 34000 0 0
CBS CORP COMMON 12490K107 42883 927200 SH SOLE 1 927200 0 0
C H ROBINSON WORLDWIDE I COMMON 12541W100 937 27800 SH SOLE 1 27800 0 0
CIGNA CORP COMMON 125509109 10667 137200 SH SOLE 1 137200 0 0
CNF TRANSN INC COMMON 12612W104 3688 99000 SH SOLE 1 99000 0 0
CVS CORP COMMON 126650100 11244 275500 SH SOLE 1 275500 0 0
CANON INC DEPOSITORY RECEI 138006309 578 19500 SH SOLE 1 19500 0 0
CARDINAL HEALTH INC COMMON 14149Y108 12137 222694 SH SOLE 1 222694 0 0
CELESTICA ADR COMMON 15101Q108 1713 34700 SH SOLE 1 34700 0 0
CERIDIAN CORP COMMON 15677T106 49036 1971300 SH SOLE 1 1971300 0 0
CHASE MANHATTAN CORP NEW COMMON 16161A108 35931 476700 SH SOLE 1 476700 0 0
CISCO SYS INC COMMON 17275R102 173268 2527150 SH SOLE 1 2527150 0 0
CITIGROUP INC COMMON 172967101 990 22500 SH SOLE 1 22500 0 0
CLEAR CHANNEL COMMUNICAT COMMON 184502102 41136 515000 SH SOLE 1 515000 0 0
COCA COLA CO COMMON 191216100 24709 512100 SH SOLE 1 512100 0 0
COLGATE PALMOLIVE CO COMMON 194162103 28447 621800 SH SOLE 1 621800 0 0
COMPUTER SCIENCES CORP COMMON 205363104 52453 746000 SH SOLE 1 746000 0 0
COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 17434 184850 SH SOLE 1 184850 0 0
COST PLUS INC CALIF COMMON 221485105 1620 33400 SH SOLE 1 33400 0 0
DAYTON HUDSON CORP COMMON 239753106 54170 901900 SH SOLE 1 901900 0 0
DELL COMPUTER CORP COMMON 247025109 33166 793200 SH SOLE 1 793200 0 0
DELTA & PINE LD CO COMMON 247357106 994 38400 SH SOLE 1 38400 0 0
DENDRITE INTL INC COMMON 248239105 41429 876800 SH SOLE 1 876800 0 0
DEVON ENERGY CORP NEW COMMON 25179M103 8196 197800 SH SOLE 1 197800 0 0
DIAL CORP NEW COMMON 25247D101 6199 243100 SH SOLE 1 243100 0 0
DIGITAL INSIGHT CORP COMMON 25385P106 321 10000 SH SOLE 1 10000 0 0
DOLLAR GEN CORP COMMON 256669102 7935 257000 SH SOLE 1 257000 0 0
DOUBLECLICK INC COMMON 258609304 5051 42400 SH SOLE 1 42400 0 0
DU PONT E I DE NEMOURS & COMMON 263534109 242 4000 SH SOLE 1 4000 0 0
E M C CORP MASS COMMON 268648102 71532 1002200 SH SOLE 1 1002200 0 0
EOG RES INC COMMON 26875P101 28974 1363500 SH SOLE 1 1363500 0 0
EAGLE USA AIRFREIGHT INC COMMON 270018104 359 12000 SH SOLE 1 12000 0 0
ELAN PLC DEPOSITORY RECEI 284131208 36954 1101058 SH SOLE 1 1101058 0 0
EMERSON ELEC CO COMMON 291011104 316 5000 SH SOLE 1 5000 0 0
EMMIS COMMUNICATIONS COR CL A 291525103 5496 83200 SH SOLE 1 83200 0 0
ENDESA ADR DEPOSITORY RECEI 29258N107 6228 325660 SH SOLE 1 325660 0 0
EQUANT N V DEPOSITORY RECEI 294409107 7291 89600 SH SOLE 1 89600 0 0
ERICSSON L M TEL CO DEPOSITORY RECEI 294821400 4766 152498 SH SOLE 1 152498 0 0
EXPEDITORS INTL WASH INC COMMON 302130109 1175 36600 SH SOLE 1 36600 0 0
EXTREME NETWORKS INC COMMON 30226D106 234 3700 SH SOLE 1 3700 0 0
FEDERAL HOME LN MTG CORP COMMON 313400301 22771 437900 SH SOLE 1 437900 0 0
FEDERATED INVS INC PA CL B 314211103 794 46000 SH SOLE 1 46000 0 0
FIRST DATA CORP COMMON 319963104 40834 930700 SH SOLE 1 930700 0 0
FIRSTAR CORP NEW WIS COMMON 33763V109 351 13680 SH SOLE 1 13680 0 0
FISERV INC COMMON 337738108 19865 611225 SH SOLE 1 611225 0 0
G & K SVCS INC CL A 361268105 506 12500 SH SOLE 1 12500 0 0
GALLAGHER ARTHUR J & CO COMMON 363576109 1177 22100 SH SOLE 1 22100 0 0
GAP INC DEL COMMON 364760108 816 25500 SH SOLE 1 25500 0 0
GENERAL DYNAMICS CORP COMMON 369550108 33735 540300 SH SOLE 1 540300 0 0
GENERAL ELEC CO COMMON 369604103 119483 1007766 SH SOLE 1 1007766 0 0
GILLETTE CO COMMON 375766102 424 12500 SH SOLE 1 12500 0 0
GOLDMAN SACHS GROUP INC COMMON 38141G104 1251 20500 SH SOLE 1 20500 0 0
GREAT PLAINS SOFTWARE COMMON 39119E105 1483 28800 SH SOLE 1 28800 0 0
GUILFORD PHARMACEUTICALS COMMON 401829106 869 57000 SH SOLE 1 57000 0 0
HARLEY DAVIDSON INC COMMON 412822108 31469 628600 SH SOLE 1 628600 0 0
HOME DEPOT INC COMMON 437076102 53768 783504 SH SOLE 1 783504 0 0
IDEC PHARMACEUTICALS COMMON 449370105 3197 34000 SH SOLE 1 34000 0 0
IMS HEALTH INC COMMON 449934108 11121 487500 SH SOLE 1 487500 0 0
I-STAT CORP COMMON 450312103 1487 137500 SH SOLE 1 137500 0 0
ILLINOIS TOOL WKS INC COMMON 452308109 410 5500 SH SOLE 1 5500 0 0
IMMUNEX CORP NEW COMMON 452528102 9885 227900 SH SOLE 1 227900 0 0
INFOSPACE COM INC COMMON 45678T102 4853 118000 SH SOLE 1 118000 0 0
INKTOMI CORP COMMON 457277101 29696 247400 SH SOLE 1 247400 0 0
INSWEB CORP COMMON 45809K103 687 35000 SH SOLE 1 35000 0 0
INTEL CORP COMMON 458140100 70604 950100 SH SOLE 1 950100 0 0
INTERNAP NETWORK SVCS CO COMMON 45885A102 446 10000 SH SOLE 1 10000 0 0
INTERNET INITIATIVE JAPA COMMON 46059T109 3379 52800 SH SOLE 1 52800 0 0
JDS UNIPHASE CORP COMMON 46612J101 52029 457150 SH SOLE 1 457150 0 0
JABIL CIRCUIT INC COMMON 466313103 21587 436100 SH SOLE 1 436100 0 0
JOHNSON & JOHNSON COMMON 478160104 24420 265800 SH SOLE 1 265800 0 0
JONES INTERCABLE INC CL A 480206200 1146 21200 SH SOLE 1 21200 0 0
JUNIPER NETWORKS INC COMMON 48203R104 2367 13000 SH SOLE 1 13000 0 0
KOHLS CORP COMMON 500255104 47881 724100 SH SOLE 1 724100 0 0
KOREA ELECTRIC PWR DEPOSITORY RECEI 500631106 321 20000 SH SOLE 1 20000 0 0
KOREA TELECOM CORP ADR COMMON 50063P103 222 6000 SH SOLE 1 6000 0 0
KROGER CO COMMON 501044101 22393 1015000 SH SOLE 1 1015000 0 0
LAUDER ESTEE COS INC CL A 518439104 5586 143000 SH SOLE 1 143000 0 0
LEGATO SYS INC COMMON 524651106 51619 1184100 SH SOLE 1 1184100 0 0
LEXMARK INTL GROUP INC CL A 529771107 27169 337500 SH SOLE 1 337500 0 0
LILLY ELI & CO COMMON 532457108 24738 385400 SH SOLE 1 385400 0 0
LINEAR TECHNOLOGY CORP COMMON 535678106 24935 424200 SH SOLE 1 424200 0 0
LOWES COS INC COMMON 548661107 25111 515100 SH SOLE 1 515100 0 0
LUCENT TECHNOLOGIES INC COMMON 549463107 44600 687470 SH SOLE 1 687470 0 0
MCI WORLDCOM INC COMMON 55268B106 51808 720800 SH SOLE 1 720800 0 0
MANULIFE FINL CORP COMMON 56501R106 713 60000 SH SOLE 1 60000 0 0
MARSH & MCLENNAN COS INC COMMON 571748102 26325 384300 SH SOLE 1 384300 0 0
MAXIM INTEGRATED PRODS I COMMON 57772K101 9243 146500 SH SOLE 1 146500 0 0
MCGRAW HILL COS INC COMMON 580645109 5128 106000 SH SOLE 1 106000 0 0
MCKESSON HBOC INC COMMON 58155Q103 21332 735569 SH SOLE 1 735569 0 0
MEDIAONE GROUP INC COMMON 58440J104 1708 25000 SH SOLE 1 25000 0 0
MEDIMMUNE INC COMMON 584699102 28053 281500 SH SOLE 1 281500 0 0
MEDTRONIC INC COMMON 585055106 41964 1180000 SH SOLE 1 1180000 0 0
MENS WEARHOUSE INC COMMON 587118100 333 15500 SH SOLE 1 15500 0 0
MERCK & CO INC COMMON 589331107 53231 821300 SH SOLE 1 821300 0 0
MERCURY GENL CORP NEW COMMON 589400100 17483 634300 SH SOLE 1 634300 0 0
MICROSOFT CORP COMMON 594918104 144339 1593800 SH SOLE 1 1593800 0 0
MONSANTO CO COMMON 611662107 13775 386000 SH SOLE 1 386000 0 0
SONY CP PERQS COMMON 617446216 4439 1725 SH SOLE 1 1725 0 0
MOTOROLA INC COMMON 620076109 528 6000 SH SOLE 1 6000 0 0
MUTUAL RISK MGMT LTD COMMON 628351108 4089 333800 SH SOLE 1 333800 0 0
NEWFIELD EXPL CO COMMON 651290108 5481 166400 SH SOLE 1 166400 0 0
NEXTEL COMMUNICATIONS IN CL A 65332V103 18174 268000 SH SOLE 1 268000 0 0
NEXTLINK COMMUNICATIONS CL A 65333H707 7548 145600 SH SOLE 1 145600 0 0
NICE SYS LTD DEPOSITORY RECEI 653656108 221 8600 SH SOLE 1 8600 0 0
NOKIA CORP ADR DEPOSITORY RECEI 654902204 67899 755478 SH SOLE 1 755478 0 0
NORTEL NETWORKS CORP COMMON 656569100 1377 27000 SH SOLE 1 27000 0 0
NORTHERN TR CORP COMMON 665859104 209 2500 SH SOLE 1 2500 0 0
NOVOSTE CORP COMMON 67010C100 255 14300 SH SOLE 1 14300 0 0
OMNICOM GROUP INC COMMON 681919106 4078 51500 SH SOLE 1 51500 0 0
ORACLE CORP COMMON 68389X105 32175 707150 SH SOLE 1 707150 0 0
PIMCO ADVISORS HLDGS L P UT LTD PART INT 69338P102 1544 49000 SH SOLE 1 49000 0 0
PMC-SIERRA INC COMMON 69344F106 12229 132200 SH SOLE 1 132200 0 0
PERVASIVE SOFTWARE INC COMMON 715710109 2553 74000 SH SOLE 1 74000 0 0
PFIZER INC COMMON 717081103 58444 1629100 SH SOLE 1 1629100 0 0
PORTAL SOFTWARE INC COMMON 736126103 915 23600 SH SOLE 1 23600 0 0
PRICE T ROWE & ASSOCIATE COMMON 741477103 6448 235000 SH SOLE 1 235000 0 0
PROCTER & GAMBLE CO COMMON 742718109 29409 313700 SH SOLE 1 313700 0 0
PROFIT RECOVERY GROUP IN COMMON 743168106 741 16600 SH SOLE 1 16600 0 0
PROGENICS PHARMACEUTICAL COMMON 743187106 400 20500 SH SOLE 1 20500 0 0
QLT PHOTOTHERAPEUTICS IN COMMON 746927102 741 9700 SH SOLE 1 9700 0 0
QUALCOMM INC COMMON 747525103 32540 172000 SH SOLE 1 172000 0 0
QUEENS CNTY BANCORP INC COMMON 748242104 2419 87572 SH SOLE 1 87572 0 0
QUINTILES TRANSNATIONAL COMMON 748767100 1846 97000 SH SOLE 1 97000 0 0
RSA SEC INC COMMON 749719100 792 29800 SH SOLE 1 29800 0 0
RF MICRODEVICES INC COMMON 749941100 4017 87800 SH SOLE 1 87800 0 0
RAYTHEON CO CL B 755111408 18193 366600 SH SOLE 1 366600 0 0
REALNETWORKS INC COMMON 75605L104 2353 22500 SH SOLE 1 22500 0 0
RED HAT INC COMMON 756577102 1920 20000 SH SOLE 1 20000 0 0
RELIASTAR FINL CORP COMMON 75952U103 4662 140200 SH SOLE 1 140200 0 0
RHYTHMS NETCONNECTIONS I COMMON 762430205 207 6000 SH SOLE 1 6000 0 0
ROYAL DUTCH PETE CO DEPOSITORY RECEI 780257804 3526 59700 SH SOLE 1 59700 0 0
SDL INC COMMON 784076101 4663 61100 SH SOLE 1 61100 0 0
SK TELECOM CO LTD DEPOSITORY RECEI 78440P108 1275 123658 SH SOLE 1 123658 0 0
SAMSUNG ELECTRONICS GDR COMMON 796050888 6332 79447 SH SOLE 1 79447 0 0
SANMINA CORP COMMON 800907107 2631 34000 SH SOLE 1 34000 0 0
SAP AKTIENGESELLSCHAFT DEPOSITORY RECEI 803054204 1234 32700 SH SOLE 1 32700 0 0
SAPIENT CORP COMMON 803062108 5259 55800 SH SOLE 1 55800 0 0
SEPRACOR INC COMMON 817315104 2190 29000 SH SOLE 1 29000 0 0
SIEBEL SYSTEMS INC COMMON 826170102 3681 55248 SH SOLE 1 55248 0 0
SMITHKLINE BEECHAM ADR DEPOSITORY RECEI 832378301 3859 66967 SH SOLE 1 66967 0 0
SPRINT CORP COM FON GROUP 852061100 49145 905900 SH SOLE 1 905900 0 0
STAPLES INC COMMON 855030102 3509 160850 SH SOLE 1 160850 0 0
STERICYCLE INC COMMON 858912108 643 43800 SH SOLE 1 43800 0 0
STMICROELECTRONICS N V COMMON 861012102 6717 90700 SH SOLE 1 90700 0 0
SUN MICROSYSTEMS INC COMMON 866810104 85216 916300 SH SOLE 1 916300 0 0
SUNRISE ASSISTED LIVNG COMMON 86768K106 632 23800 SH SOLE 1 23800 0 0
SYLVAN LEARNING SYS COMMON 871399101 1505 77700 SH SOLE 1 77700 0 0
SYMBOL TECHNOLOGIES INC COMMON 871508107 11585 344550 SH SOLE 1 344550 0 0
SYSCO CORP COMMON 871829107 13972 398500 SH SOLE 1 398500 0 0
TCF FINL CORP COMMON 872275102 22587 790800 SH SOLE 1 790800 0 0
TAIWAN SEMICONDUCTOR MFG DEPOSITORY RECEI 874039100 2765 93721 SH SOLE 1 93721 0 0
TECHNE CORP COMMON 878377100 628 20000 SH SOLE 1 20000 0 0
TELEFONICA S A DEPOSITORY RECEI 879382208 261 5442 SH SOLE 1 5442 0 0
TELEFONOS DE MEXICO S A DEPOSITORY RECEI 879403780 2928 41100 SH SOLE 1 41100 0 0
TELLABS INC COMMON 879664100 49410 867800 SH SOLE 1 867800 0 0
TERADYNE INC COMMON 880770102 13864 393300 SH SOLE 1 393300 0 0
TEXAS INSTRS INC COMMON 882508104 44876 545600 SH SOLE 1 545600 0 0
TIFFANY & CO NEW COMMON 886547108 4945 82500 SH SOLE 1 82500 0 0
TIME WARNER INC COMMON 887315109 34609 569700 SH SOLE 1 569700 0 0
TRANSACTION NETWORK SVCS COMMON 893414102 3688 93950 SH SOLE 1 93950 0 0
TYCO INTL LTD NEW COMMON 902124106 77886 754340 SH SOLE 1 754340 0 0
UNISYS CORP COMMON 909214108 9792 217000 SH SOLE 1 217000 0 0
UNITED TECHNOLOGIES CORP COMMON 913017109 22671 382223 SH SOLE 1 382223 0 0
UNOCAL CORP COMMON 915289102 23297 628600 SH SOLE 1 628600 0 0
VENTANA MED SYS INC COMMON 92276H106 1299 76400 SH SOLE 1 76400 0 0
VERTICALNET INC COMMON 92532L107 266 7200 SH SOLE 1 7200 0 0
VIACOM INC CL B 925524308 20348 481600 SH SOLE 1 481600 0 0
VISX INC DEL COMMON 92844S105 7633 96500 SH SOLE 1 96500 0 0
VITESSE SEMICONDUCTOR CO COMMON 928497106 28379 332400 SH SOLE 1 332400 0 0
VODAFONE AIRTOUCH ADR DEPOSITORY RECEI 92857T107 80217 337400 SH SOLE 1 337400 0 0
WALGREEN CO COMMON 931422109 31341 1235100 SH SOLE 1 1235100 0 0
WARNER LAMBERT CO COMMON 934488107 40821 615000 SH SOLE 1 615000 0 0
WELLPOINT HEALTH NETWORK COMMON 94973H108 1283 22500 SH SOLE 1 22500 0 0
WELLS FARGO & CO NEW COMMON 949746101 25883 653200 SH SOLE 1 653200 0 0
WHITTMAN-HART INC COMMON 966834103 3449 88946 SH SOLE 1 88946 0 0
XILINX INC COMMON 983919101 57772 881600 SH SOLE 1 881600 0 0
YAGEO CORP GDR 984326108 6101 976184 SH SOLE 1 976184 0 0
ACE LIMITED ORD G0070K103 9461 558600 SH SOLE 1 558600 0 0
GLOBAL CROSSING LTD COMMON G3921A100 20236 763625 SH SOLE 1 763625 0 0
SCOTTISH ANNUITY & LIFE ORD G7885T104 1052 107900 SH SOLE 1 107900 0 0
XL CAP LTD CL A G98255105 13959 310200 SH SOLE 1 310200 0 0
CHECK POINT SOFTW TECH ORD M22465104 22629 268000 SH SOLE 1 268000 0 0
GALILEO TECHNOLOGY LTD ORD M47298100 2038 81500 SH SOLE 1 81500 0 0
GILAT SATELLITE NETWKS ORD M51474100 1678 31300 SH SOLE 1 31300 0 0
ASM LITHOGRAPHY HLDG N V DEPOSITORY RECEI N07059111 18093 269800 SH SOLE 1 269800 0 0
FLEXTRONICS INTL LTD ORD Y2573F102 1600 27500 SH SOLE 1 27500 0 0
ALL AMERICAN TERM TRUST INC COMMON 016440109 567 47000 SH SOLE 1 47000 0 0
AMERICAN STRATEGIC INCOME PT COMMON 030098107 9226 820088 SH SOLE 1 820088 0 0
AMERICAN MUNI TERM TRUST INC COMMON 027652106 11285 1087700 SH SOLE 1 1087700 0 0
BLACKROCK ADVANTAGE TERM TR COMMON 09247A101 346 38700 SH SOLE 1 38700 0 0
BLACKROCK STRATEGIC TERM TR COMMON 09247P108 3878 437000 SH SOLE 1 437000 0 0
BLACKROCK INCOME TRUST COMMON 09247F100 31 5000 SH SOLE 1 5000 0 0
BLACKROCK MUNI TARGET TRUST COMMON 09247M105 25909 2543100 SH SOLE 1 2543100 0 0
BLACKROCK INSD MUNI TERM TR COMMON 092474105 8877 876700 SH SOLE 1 876700 0 0
BLACKROCK 1999 TERM TRUST COMMON 09247T100 601 59700 SH SOLE 1 59700 0 0
BLACKROCK INVT QUALITY TERM COMMON 09247J102 5067 633400 SH SOLE 1 633400 0 0
BLACKROCK INSD MUNI 2008 TR COMMON 09247K109 14932 999600 SH SOLE 1 999600 0 0
AMERICAN STRATEGIC INCOME II COMMON 030099105 38842 3395831 SH SOLE 1 3395831 0 0
BLACKROCK 2001 TERM TRUST COMMON 092477108 16905 1878300 SH SOLE 1 1878300 0 0
BLACKROCK TARGET TERM TRUST COMMON 092476100 1047 109500 SH SOLE 1 109500 0 0
AMERICAN MUNI TERM TRUST II COMMON 027653104 8773 845600 SH SOLE 1 845600 0 0
AMERICAN STRATEGIC INC III COMMON 03009T101 26763 2419180 SH SOLE 1 2419180 0 0
AMERICAN MUNI TERM TRUST III COMMON 027654102 5179 508300 SH SOLE 1 508300 0 0
MUNICIPAL ADVANTAGE FUND INC COMMON 626189104 1023 87100 SH SOLE 1 87100 0 0
MINNESOTA MUNI TERM TRUST COMMON 604065102 6100 602500 SH SOLE 1 602500 0 0
MINNESOTA MUNI TERM TRUST II COMMON 604066100 4633 457600 SH SOLE 1 457600 0 0
MONTGOMERY STREET INCOME SEC COMMON 614115103 228 14200 SH SOLE 1 14200 0 0
NUVEEN MUNICIPAL VALUE FUND COMMON 670928100 1515 179500 SH SOLE 1 179500 0 0
AMERICAN SELECT PORTFOLIO COMMON 029570108 18552 1570501 SH SOLE 1 1570501 0 0
VAN KAMP STRAT SECTOR MUNIC COMMON 920943107 4822 414800 SH SOLE 1 414800 0 0
VAN KAMPEN VALUE MUNI INCOME COMMON 921132106 50 4000 SH SOLE 1 4000 0 0
VOYAGEUR MINNESOTA MUNI II COMMON 928923101 1790 132000 SH SOLE 1 132000 0 0
VAN KAMPEN MUNI OPPOR TRUST COMMON 920935103 5105 367900 SH SOLE 1 367900 0 0
VOYAGEUR MINN MUNI INC III COMMON 92907E100 117 9200 SH SOLE 1 9200 0 0
AMERICAN MUNI INCOME PORT COMMON 027649102 123 10000 SH SOLE 1 10000 0 0
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