UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 2000.
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, May 4, 2000
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 March 31, 2000.
Report Summary:
Number of Other Included managers: 1
Form 13F Information Table Entry Total: 312
Form 13 F Information Table Value Total: $5,912,542
List of Other Included Manager:
13F
No. File No. Name
- ---- ------- -------------
1. 028-04373 Sit Investment Fixed Income Advisors, Inc.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TI CL CUSIP VALUE(K)SH/P AMTS/P P/C INV DSC MANAGER SOLE SHARED NONE
A D C TELECOON COMMON 000886101 29922 555400 SH SOLE 555400 0 0
AFLAC INC COMMON 001055102 3221 70700 SH SOLE 70700 0 0
AMFM INC COMMON 001693100 21805 350990 SH SOLE 350990 0 0
LIBERTY MEDIA G COM LIA 001957208 30961 522000 SH SOLE 522000 0 0
AXA FINL INC COMMON 002451102 28912 805900 SH SOLE 805900 0 0
ADELPHIA BUSINE CL A 006847107 3734 60600 SH SOLE 60600 0 0
ADELPHIA COMMUN CL A 006848105 16048 327500 SH SOLE 327500 0 0
AEGON N V ORD AMG 007924103 11268 139974 SH SOLE 139974 0 0
AFFYMETRIX INC COMMON 00826T108 1974 13300 SH SOLE 13300 0 0
AKAMAI TECHNOLO COMMON 00971T101 322 2000 SH SOLE 2000 0 0
ALEXION PHARMAC COMMON 015351109 2009 28800 SH SOLE 28800 0 0
ALLEGIANCE TELE COMMON 01747T102 32532 403500 SH SOLE 403500 0 0
ALLIANCE CAP MG U L P 01855A101 1749 42200 SH SOLE 42200 0 0
ALLSCRIPTS INC COMMON 019886100 3517 58500 SH SOLE 58500 0 0
AMERICA ONLINE COMMON 02364J104 57403 851200 SH SOLE 851200 0 0
AMERICAN HOME P COMMON 026609107 32642 607300 SH SOLE 607300 0 0
AMERICAN INTL G COMMON 026874107 63801 582660 SH SOLE 582660 0 0
AMGEN INC COMMON 031162100 91443 1489900 SH SOLE 1489900 0 0
ANALOG DEVICES COMMON 032654105 46690 580000 SH SOLE 580000 0 0
APPLIED MATLS I COMMON 038222105 35155 373000 SH SOLE 373000 0 0
APPLIED MICRO C COMMON 03822W109 89827 598600 SH SOLE 598600 0 0
ARIBA INC COMMON 04033V104 419 2000 SH SOLE 2000 0 0
ARROWPOINT COMM COMMON 042810101 889 7500 SH SOLE 7500 0 0
ASYST TECHNOLOG COMMON 04648X107 20177 344900 SH SOLE 344900 0 0
ACCTON GDR COMMON 051908093 1233 159100 SH SOLE 159100 0 0
AVANEX CORP COMMON 05348W109 304 2000 SH SOLE 2000 0 0
AVERY DENNISON COMMON 053611109 3847 63000 SH SOLE 63000 0 0
BISYS GROUP INC COMMON 055472104 3751 56400 SH SOLE 56400 0 0
BP AMOCO P L C DEP REC 055622104 10661 200200 SH SOLE 200200 0 0
BEA SYS INC COMMON 073325102 8556 116600 SH SOLE 116600 0 0
BED BATH & BEYO COMMON 075896100 6517 165500 SH SOLE 165500 0 0
BEST BUY INC COMMON 086516101 18017 209500 SH SOLE 209500 0 0
BIOGEN INC COMMON 090597105 40437 578700 SH SOLE 578700 0 0
BIOSITE DIAGNOS COMMON 090945106 1743 71500 SH SOLE 71500 0 0
BRISTOL MYERS S COMMON 110122108 47827 824600 SH SOLE 824600 0 0
BROCADE COMMUNI COMMON 111621108 13341 74400 SH SOLE 74400 0 0
BURR BROWN CORP COMMON 122574106 2855 52500 SH SOLE 52500 0 0
BUSINESS OBJECT DEP REC 12328X107 2567 25800 SH SOLE 25800 0 0
C&D TECHNOLOGIE COMMON 124661109 1357 23000 SH SOLE 23000 0 0
CAIS INTERNET I COMMON 12476Q102 278 11500 SH SOLE 11500 0 0
CBS CORP COMMON 12490K107 50759 896400 SH SOLE 896400 0 0
C H ROBINSON WO COMMON 12541W100 1036 27800 SH SOLE 27800 0 0
CVS CORP COMMON 126650100 11607 309000 SH SOLE 309000 0 0
CANON INC DEP REC 138006309 841 19500 SH SOLE 19500 0 0
CARRIER ACCESS COMMON 144460102 1560 29300 SH SOLE 29300 0 0
CELESTICA ADR COMMON 15101Q108 1687 31800 SH SOLE 31800 0 0
CERIDIAN CORP COMMON 15677T106 35440 1847050 SH SOLE 1847050 0 0
CHASE MANHATTAN COMMON 16161A108 35189 403600 SH SOLE 403600 0 0
CISCO SYS INC COMMON 17275R102 271104 3506600 SH SOLE 3506600 0 0
CITIGROUP INC COMMON 172967101 26315 439500 SH SOLE 439500 0 0
CITRIX SYS INC COMMON 177376100 25891 390800 SH SOLE 390800 0 0
CLEAR CHANNEL C COMMON 184502102 52432 759200 SH SOLE 759200 0 0
COBALT NETWORKS COMMON 19074R101 287 6100 SH SOLE 6100 0 0
COCA COLA CO COMMON 191216100 23736 505700 SH SOLE 505700 0 0
COLGATE PALMOLI COMMON 194162103 33267 590100 SH SOLE 590100 0 0
PAO ACUCAR ADR COMMON 20440T201 247 6900 SH SOLE 6900 0 0
COMPUTER SCIENC COMMON 205363104 54406 687600 SH SOLE 687600 0 0
COMVERSE TECHNO CP$0.10 205862402 35693 188850 SH SOLE 188850 0 0
CORNING INC COMMON 219350105 1746 9000 SH SOLE 9000 0 0
COST PLUS INC C COMMON 221485105 2128 62950 SH SOLE 62950 0 0
CRAYFISH COMMON 225226109 5860 154200 SH SOLE 154200 0 0
DENDRITE INTL I COMMON 248239105 28055 1339950 SH SOLE 1339950 0 0
DEVON ENERGY CO COMMON 25179M103 10718 220700 SH SOLE 220700 0 0
DIGITAL INSIGHT COMMON 25385P106 528 10300 SH SOLE 10300 0 0
DIVERSA CORP COMMON 255064107 235 5000 SH SOLE 5000 0 0
DONALDSON LUFKI COM DLJ 257661108 4658 90000 SH SOLE 90000 0 0
DOVER CORP COMMON 260003108 5051 105500 SH SOLE 105500 0 0
EGL INC COMMON 268484102 619 26500 SH SOLE 26500 0 0
E M C CORP MASS COMMON 268648102 106029 841500 SH SOLE 841500 0 0
EOG RES INC COMMON 26875P101 29798 1406400 SH SOLE 1406400 0 0
ECHOSTAR COMMUN CL A 278762109 15468 195800 SH SOLE 195800 0 0
ELAN PLC DEP REC 284131208 45348 954698 SH SOLE 954698 0 0
ELECTRONIC ARTS COMMON 285512109 5126 72000 SH SOLE 72000 0 0
EMMIS COMMUNICA CL A 291525103 10351 222600 SH SOLE 222600 0 0
ENDESA ADR DEP REC 29258N107 2978 127060 SH SOLE 127060 0 0
EQUANT N V DEP REC 294409107 11347 133400 SH SOLE 133400 0 0
ERICSSON L M TE DEP REC 294821400 20198 215298 SH SOLE 215298 0 0
EXODUS COMMUNIC COMMON 302088109 3442 24500 SH SOLE 24500 0 0
EXTREME NETWORK COMMON 30226D106 300 3800 SH SOLE 3800 0 0
FEDERAL HOME LN COMMON 313400301 22593 511300 SH SOLE 511300 0 0
FEDERATED INVS CL B 314211103 1245 45600 SH SOLE 45600 0 0
FIRST DATA CORP COMMON 319963104 29305 660400 SH SOLE 660400 0 0
FIRSTAR CORP NE COMMON 33763V109 314 13680 SH SOLE 13680 0 0
FISERV INC COMMON 337738108 21493 577975 SH SOLE 577975 0 0
FLEETBOSTON FIN COMMON 339030108 216 5922 SH SOLE 5922 0 0
FULLER H B CO COMMON 359694106 779 19500 SH SOLE 19500 0 0
GT GROUP TELECO CL B 362359408 209 10000 SH SOLE 10000 0 0
GALLAGHER ARTHU COMMON 363576109 1950 60000 SH SOLE 60000 0 0
GENERAL ELEC CO COMMON 369604103 155503 999216 SH SOLE 999216 0 0
GENERAL MTRS C CL H NE 370442832 22360 179600 SH SOLE 179600 0 0
GLOBAL TELESYST COMMON 37936U104 9393 458200 SH SOLE 458200 0 0
GOLDMAN SACHS G COMMON 38141G104 5947 56500 SH SOLE 56500 0 0
GREAT PLAINS SO COMMON 39119E105 1868 35000 SH SOLE 35000 0 0
GRUPO TELEVISA DEP REC 40049J206 394 5800 SH SOLE 5800 0 0
HALLIBURTON CO COMMON 406216101 27307 664000 SH SOLE 664000 0 0
HARLEY DAVIDSON COMMON 412822108 48316 608700 SH SOLE 608700 0 0
HARMONIC INC COMMON 413160102 624 7500 SH SOLE 7500 0 0
HOME DEPOT INC COMMON 437076102 74708 1158256 SH SOLE 1158256 0 0
HUMAN GENOME SC COMMON 444903108 6853 82500 SH SOLE 82500 0 0
IDEC PHARMACEUT COMMON 449370105 11033 112300 SH SOLE 112300 0 0
IMS HEALTH INC COMMON 449934108 3338 197100 SH SOLE 197100 0 0
I-STAT CORP COMMON 450312103 2191 137500 SH SOLE 137500 0 0
ILLINOIS TOOL W COMMON 452308109 304 5500 SH SOLE 5500 0 0
IMMUNEX CORP NE COMMON 452528102 35094 553200 SH SOLE 553200 0 0
INDIA FUND INC COMMON 454089103 360 21200 SH SOLE 21200 0 0
INFOSPACE INC COMMON 45678T102 16173 111200 SH SOLE 111200 0 0
INKTOMI CORP COMMON 457277101 92976 476800 SH SOLE 476800 0 0
INTEL CORP COMMON 458140100 121422 920300 SH SOLE 920300 0 0
INTERNAP NETWOR COMMON 45885A102 920 20000 SH SOLE 20000 0 0
INTL SPEEDWAY C CL A 460335201 12609 280600 SH SOLE 280600 0 0
INTERNET INITIA COMMON 46059T109 8314 119200 SH SOLE 119200 0 0
I2 TECHNOLOGIES COMMON 465754109 5667 46400 SH SOLE 46400 0 0
JDS UNIPHASE CO COMMON 46612J101 175756 1457800 SH SOLE 1457800 0 0
JABIL CIRCUIT I COMMON 466313103 32965 762200 SH SOLE 762200 0 0
JAZZTEL PLC ADR COMMON 47214R152 405 5000 SH SOLE 5000 0 0
JOHNSON & JOHNS COMMON 478160104 4826 68700 SH SOLE 68700 0 0
JUNIPER NETWORK COMMON 48203R104 9857 37400 SH SOLE 37400 0 0
JUNIPER NETWORK 4.7503/ 48203RAA2 6002 6000000 PRN SOLE 6000000 0 0
KANSAS CITY SOU COMMON 485170104 15898 185000 SH SOLE 185000 0 0
KENNAMETAL INC COMMON 489170100 421 14000 SH SOLE 14000 0 0
KIMBERLY CLARK COMMON 494368103 21791 388700 SH SOLE 388700 0 0
KOHLS CORP COMMON 500255104 72478 707100 SH SOLE 707100 0 0
KOREA TELECOM C COMMON 50063P103 666 15200 SH SOLE 15200 0 0
LAUDER ESTEE CO CL A 518439104 7059 141000 SH SOLE 141000 0 0
LEGATO SYS INC COMMON 524651106 30657 687000 SH SOLE 687000 0 0
LEGG MASON INC COMMON 524901105 1942 44900 SH SOLE 44900 0 0
LEXMARK INTL GR CL A 529771107 73930 699100 SH SOLE 699100 0 0
LINEAR TECHNOLO COMMON 535678106 45793 832600 SH SOLE 832600 0 0
LUCENT TECHNOLO COMMON 549463107 1617 26400 SH SOLE 26400 0 0
MCI WORLDCOM IN COMMON 55268B106 48897 1079100 SH SOLE 1079100 0 0
MARCHFIRST INC COMMON 566244109 2223 62300 SH SOLE 62300 0 0
MARSH & MCLENNA COMMON 571748102 59150 536200 SH SOLE 536200 0 0
MATRIXONE INC COMMON 57685P304 399 10000 SH SOLE 10000 0 0
MAXIM INTEGRATE COMMON 57772K101 20182 284000 SH SOLE 284000 0 0
MAXYGEN INC COMMON 577776107 795 12200 SH SOLE 12200 0 0
MCGRAW HILL COS COMMON 580645109 4823 106000 SH SOLE 106000 0 0
MEDIAONE GROUP COMMON 58440J104 2025 25000 SH SOLE 25000 0 0
MEDIMMUNE INC COMMON 584699102 58332 335000 SH SOLE 335000 0 0
MEDTRONIC INC COMMON 585055106 59140 1149750 SH SOLE 1149750 0 0
MERCK & CO INC COMMON 589331107 41922 674800 SH SOLE 674800 0 0
MERCURY INTERAC COMMON 589405109 2679 33800 SH SOLE 33800 0 0
MICROSOFT CORP COMMON 594918104 165166 1554500 SH SOLE 1554500 0 0
MICROMUSE INC COMMON 595094103 555 4000 SH SOLE 4000 0 0
MILLENNIUM PHAR COMMON 599902103 968 7450 SH SOLE 7450 0 0
MILLIPORE CORP COMMON 601073109 8127 144000 SH SOLE 144000 0 0
MOLECULAR DEVIC COMMON 60851C107 729 9500 SH SOLE 9500 0 0
MONSANTO CO COMMON 611662107 16253 315600 SH SOLE 315600 0 0
MORGAN STANLEY COM NEW 617446448 56753 684800 SH SOLE 684800 0 0
MOTOROLA INC COMMON 620076109 26382 180700 SH SOLE 180700 0 0
NATIONAL COMPUT COMMON 635519101 228 4500 SH SOLE 4500 0 0
NETWORK APPLIAN COMMON 64120L104 13157 159000 SH SOLE 159000 0 0
NEWFIELD EXPL C COMMON 651290108 2097 59500 SH SOLE 59500 0 0
NEWS CORP LTD DEP REC 652487802 301 6300 SH SOLE 6300 0 0
NEXTEL COMMUNIC CL A 65332V103 42889 289300 SH SOLE 289300 0 0
NEXTLINK COMMUN CL A 65333H707 35041 283300 SH SOLE 283300 0 0
NICE SYS LTD DEP REC 653656108 485 6800 SH SOLE 6800 0 0
NOKIA CORP ADR DEP REC 654902204 179038 806478 SH SOLE 806478 0 0
NORTEL NETWORKS COMMON 656569100 34672 274900 SH SOLE 274900 0 0
NORTHERN TR COR COMMON 665859104 304 4500 SH SOLE 4500 0 0
OMNICOM GROUP I COMMON 681919106 4634 49500 SH SOLE 49500 0 0
ORACLE CORP COMMON 68389X105 98148 1257300 SH SOLE 1257300 0 0
ORGANIC INC COMMON 68617E101 216 10000 SH SOLE 10000 0 0
PE CORP BIOSYST COM PE 69332S102 14446 149700 SH SOLE 149700 0 0
PE CORP CELERA CELERA 69332S201 1474 16000 SH SOLE 16000 0 0
PMC-SIERRA INC COMMON 69344F106 78847 387100 SH SOLE 387100 0 0
PALM INC COMMON 696642107 3725 83000 SH SOLE 83000 0 0
PERKINELMER INC COMMON 714046109 6623 99600 SH SOLE 99600 0 0
PFIZER INC COMMON 717081103 49336 1349350 SH SOLE 1349350 0 0
PINNACLE HLDGS COMMON 72346N101 1661 30900 SH SOLE 30900 0 0
PORTAL SOFTWARE COMMON 736126103 2858 50200 SH SOLE 50200 0 0
PROFIT RECOVERY COMMON 743168106 1178 63700 SH SOLE 63700 0 0
PROGENICS PHARM COMMON 743187106 4032 57600 SH SOLE 57600 0 0
PROTECTIVE LIFE COMMON 743674103 1064 33500 SH SOLE 33500 0 0
PROTEIN DESIGN COMMON 74369L103 2306 29000 SH SOLE 29000 0 0
QLT PHOTOTHERAP COMMON 746927102 1061 19200 SH SOLE 19200 0 0
QUALCOMM INC COMMON 747525103 126557 847600 SH SOLE 847600 0 0
QUEENS CNTY BAN COMMON 748242104 710 39325 SH SOLE 39325 0 0
RSA SEC INC COMMON 749719100 2378 45900 SH SOLE 45900 0 0
RF MICRODEVICES COMMON 749941100 11731 87300 SH SOLE 87300 0 0
REALNETWORKS IN COMMON 75605L104 2562 45000 SH SOLE 45000 0 0
RELIASTAR FINL COMMON 75952U103 7544 222700 SH SOLE 222700 0 0
ROYAL DUTCH PET DEP REC 780257804 5943 102800 SH SOLE 102800 0 0
RURAL CELLULAR CL A 781904107 2142 31700 SH SOLE 31700 0 0
SDL INC COMMON 784076101 17541 82400 SH SOLE 82400 0 0
SK TELECOM LTD DEP REC 78440P108 6539 167658 SH SOLE 167658 0 0
SAMSUNG ELECTRO COMMON 796050888 13392 75027 SH SOLE 75027 0 0
SANMINA CORP COMMON 800907107 4594 68000 SH SOLE 68000 0 0
SAPIENT CORP COMMON 803062108 9495 113200 SH SOLE 113200 0 0
SCHLUMBERGER LT COMMON 806857108 627 8200 SH SOLE 8200 0 0
SCIENTIFIC ATLA COMMON 808655104 8918 141000 SH SOLE 141000 0 0
SEPRACOR INC COMMON 817315104 2913 40000 SH SOLE 40000 0 0
SIEBEL SYS INC COMMON 826170102 22076 184836 SH SOLE 184836 0 0
SMARTFORCE PUB DEP REC 83170A206 642 14000 SH SOLE 14000 0 0
SMITHKLINE BEEC DEP REC 832378301 6597 99867 SH SOLE 99867 0 0
SPRINT CORP COM FON 852061100 55843 882900 SH SOLE 882900 0 0
STERICYCLE INC COMMON 858912108 888 35500 SH SOLE 35500 0 0
STMICROELECTRON COMMON 861012102 27049 144500 SH SOLE 144500 0 0
STRYKER CORP COMMON 863667101 314 4500 SH SOLE 4500 0 0
SUN MICROSYSTEM COMMON 866810104 115611 1233800 SH SOLE 1233800 0 0
SYCAMORE NETWOR COMMON 871206108 774 6000 SH SOLE 6000 0 0
SYMBOL TECHNOLO COMMON 871508107 18648 226550 SH SOLE 226550 0 0
SYSCO CORP COMMON 871829107 13659 378100 SH SOLE 378100 0 0
TCF FINL CORP COMMON 872275102 16293 684200 SH SOLE 684200 0 0
TAIWAN SEMICOND DEP REC 874039100 9043 158647 SH SOLE 158647 0 0
TANDY CORP COMMON 875382103 1040 20500 SH SOLE 20500 0 0
TARGET CORP COMMON 87612E106 63792 853400 SH SOLE 853400 0 0
TECHNE CORP COMMON 878377100 1380 20000 SH SOLE 20000 0 0
TELEFONICA S A DEP REC 879382208 413 5550 SH SOLE 5550 0 0
TELEFONOS DE ME DEP REC 879403780 6436 96600 SH SOLE 96600 0 0
TELEPHONE & DAT COMMON 879433100 9946 89600 SH SOLE 89600 0 0
TELLABS INC COMMON 879664100 49966 793300 SH SOLE 793300 0 0
TELESYSTEM INTL SUB VTG 879946101 211 5800 SH SOLE 5800 0 0
TERADYNE INC COMMON 880770102 32128 391800 SH SOLE 391800 0 0
TEXAS INSTRS IN COMMON 882508104 81600 510000 SH SOLE 510000 0 0
3COM CORP COMMON 885535104 10430 187500 SH SOLE 187500 0 0
THREE FIVE SYS COMMON 88554L108 480 8000 SH SOLE 8000 0 0
TIBCO SOFTWARE COMMON 88632Q103 489 6000 SH SOLE 6000 0 0
TIFFANY & CO NE COMMON 886547108 7317 87500 SH SOLE 87500 0 0
TIME WARNER INC COMMON 887315109 55450 554500 SH SOLE 554500 0 0
TYCO INTL LTD N COMMON 902124106 47081 939280 SH SOLE 939280 0 0
UNITEDGLOBALCOM CL A 913247508 6793 90500 SH SOLE 90500 0 0
UNIVISION COMMU CL A 914906102 6079 53800 SH SOLE 53800 0 0
VENTANA MED SYS COMMON 92276H106 1296 30000 SH SOLE 30000 0 0
VERITAS SOFTWAR COMMON 923436109 26082 199100 SH SOLE 199100 0 0
VERISIGN INC COMMON 92343E102 5083 34000 SH SOLE 34000 0 0
VERTICALNET INC COMMON 92532L107 979 7200 SH SOLE 7200 0 0
VIASYSTEMS GROU COMMON 92553H100 775 50000 SH SOLE 50000 0 0
VIGNETTE CORP COMMON 926734104 7580 47300 SH SOLE 47300 0 0
VITESSE SEMICON COMMON 928497106 46402 482100 SH SOLE 482100 0 0
VODAFONE AIRTOU DEP REC 92857T107 107238 1930050 SH SOLE 1930050 0 0
WAL MART STORES COMMON 931142103 13730 243000 SH SOLE 243000 0 0
WALGREEN CO COMMON 931422109 30941 1201600 SH SOLE 1201600 0 0
WARNER LAMBERT COMMON 934488107 59218 606200 SH SOLE 606200 0 0
WATERS CORP COMMON 941848103 12897 135400 SH SOLE 135400 0 0
WELLS FARGO & C COMMON 949746101 26467 649500 SH SOLE 649500 0 0
XILINX INC COMMON 983919101 131043 1582400 SH SOLE 1582400 0 0
YAGEO CORP GDR 984326108 941 129727 SH SOLE 129727 0 0
ACE LTD ORD G0070K103 15969 698100 SH SOLE 698100 0 0
AMDOCS LTD ORD G02602103 2213 29900 SH SOLE 29900 0 0
FLAG TELECOM HO ORD G3529L102 226 10000 SH SOLE 10000 0 0
GLOBAL CROSSING COMMON G3921A100 32664 797900 SH SOLE 797900 0 0
XL CAP LTD CL A G98255105 36719 663100 SH SOLE 663100 0 0
CHECK POINT SOF ORD M22465104 51986 303900 SH SOLE 303900 0 0
GILAT SATELLITE ORD M51474100 1958 16700 SH SOLE 16700 0 0
ASM LITHOGRAPHY DEP REC N07059111 35771 320100 SH SOLE 320100 0 0
KPNQWEST NV ADR CL C N50919104 271 5000 SH SOLE 5000 0 0
CREATIVE TECHNO ORD Y1775U107 673 21200 SH SOLE 21200 0 0
FLEXTRONICS INT ORD Y2573F102 3959 56200 SH SOLE 56200 0 0
KOREA THRUNET C CL A Y49975108 515 13300 SH SOLE 13300 0 0
ALL AMERICAN TE Common 016440109 1078 90300 SH SOLE 1 0 90300 0
ACM GOVERNMENT Common 000912105 72 10000 SH SOLE 1 0 10000 0
ALLMERICA SECUR Common 019921105 521 56300 SH SOLE 1 0 56300 0
AMERICAN STRATE Common 030098107 7370 685540 SH SOLE 1 0 685540 0
AMERICAN MUNI T Common 027652106 10965 1044300 SH SOLE 1 0 1044300 0
BLACKROCK ADVAN Common 09247A101 1275 143700 SH SOLE 1 0 143700 0
BLACKROCK BROAD Common 09247Q106 59 5300 SH SOLE 1 0 5300 0
1838 BOND DEB T Common 282520105 388 23000 SH SOLE 1 0 23000 0
BLACKROCK STRAT Common 09247P108 3769 437000 SH SOLE 1 0 437000 0
BLACKROCK INCOM Common 09247F100 882 148500 SH SOLE 1 0 148500 0
BLACKROCK MUNI Common 09247M105 16456 1709700 SH SOLE 1 0 1709700 0
BLACKROCK INSD Common 092474105 3348 347800 SH SOLE 1 0 347800 0
BLACKROCK INVT Common 09247J102 5417 693400 SH SOLE 1 0 693400 0
BLACKROCK INSD Common 09247K109 18422 1333700 SH SOLE 1 0 1333700 0
AMERICAN STRATE Common 030099105 27656 2528579 SH SOLE 1 0 2528579 0
BLACKROCK 2001 Common 092477108 16460 1841700 SH SOLE 1 0 1841700 0
BLACKROCK TARGE Common 092476100 1047 109500 SH SOLE 1 0 109500 0
AMERICAN MUNI T Common 027653104 9447 899700 SH SOLE 1 0 899700 0
AMERICAN STRATE Common 03009T101 14492 1396787 SH SOLE 1 0 1396787 0
CURRENT INCOME Common 231298100 446 44000 SH SOLE 1 0 44000 0
AMERICAN MUNI T Common 027654102 6772 668800 SH SOLE 1 0 668800 0
DREYFUS MUNICIP Common 26201R102 254 34500 SH SOLE 1 0 34500 0
DUFF & PHELPS U Common 264325101 183 14000 SH SOLE 1 0 14000 0
DUFF & PHELPS U Common 26432K108 668 60000 SH SOLE 1 0 60000 0
FORTIS SECURITI Common 34955T100 71 10000 SH SOLE 1 0 10000 0
FORT DEARBORN I Common 347200107 468 36000 SH SOLE 1 0 36000 0
ACM GOVT SECURI Common 000914101 138 20000 SH SOLE 1 0 20000 0
MSDW GOVERNMENT Common 61745P106 806 100000 SH SOLE 1 0 100000 0
HATTERAS INCOME Common 419025101 186 15200 SH SOLE 1 0 15200 0
CIGNA INVESTMEN Common 17179X106 234 15900 SH SOLE 1 0 15900 0
JOHN HANCOCK IN Common 410142103 1340 79100 SH SOLE 1 0 79100 0
JOHN HANCOCK IN Common 410123103 738 57300 SH SOLE 1 0 57300 0
KEMPER INTERMED Common 488413105 756 119800 SH SOLE 1 0 119800 0
DREYFUS STRATEG Common 261932107 592 74000 SH SOLE 1 0 74000 0
LINCOLN NATL IN Common 534217104 154 15000 SH SOLE 1 0 15000 0
MUNICIPAL ADVAN Common 626189104 918 82100 SH SOLE 1 0 82100 0
MFS GOVT MARKET Common 552939100 240 40000 SH SOLE 1 0 40000 0
MINNESOTA MUNI Common 604065102 7003 704700 SH SOLE 1 0 704700 0
MINNESOTA MUNI Common 604066100 4762 494800 SH SOLE 1 0 494800 0
MENTOR INCOME F Common 587204108 1162 161700 SH SOLE 1 0 161700 0
MONTGOMERY STRE Common 614115103 2683 175200 SH SOLE 1 0 175200 0
PIONEER INTERES Common 723703104 657 63700 SH SOLE 1 0 63700 0
NATIONS GOVT IN Common 638583104 43 5000 SH SOLE 1 0 5000 0
NUVEEN MUNICIPA Common 670928100 1675 198500 SH SOLE 1 0 198500 0
MSDW MUNI INCOM Common 61745P445 334 46000 SH SOLE 1 0 46000 0
MSDW MUNI INCOM Common 61745P437 55 7200 SH SOLE 1 0 7200 0
OPPENHEIMER MUL Common 683933105 2951 383900 SH SOLE 1 0 383900 0
PIMCO COMMERCIA Common 693388100 718 58000 SH SOLE 1 0 58000 0
SELIGMAN SELECT Common 816344105 538 59000 SH SOLE 1 0 59000 0
AMERICAN SELECT Common 029570108 11564 1039495 SH SOLE 1 0 1039495 0
TRANSAMERICA IN Common 893506105 992 46000 SH SOLE 1 0 46000 0
MSDW MUNICIPAL Common 61745P478 109 13000 SH SOLE 1 0 13000 0
TCW/DW TERM TRU Common 87234U108 2308 260000 SH SOLE 1 0 260000 0
VAN KAMPEN BOND Common 920955101 819 51000 SH SOLE 1 0 51000 0
VESTAUR SECURIT Common 925464109 362 30000 SH SOLE 1 0 30000 0
VAN KAMP TR/INV Common 920929106 133 10000 SH SOLE 1 0 10000 0
VAN KAMPEN INCO Common 920957107 576 94000 SH SOLE 1 0 94000 0
VAN KAMP STRAT Common 920943107 5272 471200 SH SOLE 1 0 471200 0
VAN KAMPEN VALU Common 921132106 47 4000 SH SOLE 1 0 4000 0
VOYAGEUR MINNES Common 928923101 1001 80500 SH SOLE 1 0 80500 0
VAN KAMPEN MUNI Common 920935103 5179 390900 SH SOLE 1 0 390900 0
VOYAGEUR MINN M Common 92907E100 108 9200 SH SOLE 1 0 9200 0
AMERICAN MUNI I Common 027649102 1400 117900 SH SOLE 1 0 117900 0
</TABLE>
