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GOLDMAN SACHS TRUST
N-30D, 2000-09-08

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Goldman Sachs Trust

Institutional Liquid Assets

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è		Money Market Portfolio
è		Government Portfolio
è		Treasury Obligations Portfolio
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è		Tax-Exempt Diversified Portfolio
è		Tax-Exempt California Portfolio
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SEMI-ANNUAL REPORT
June 30, 2000

 

 

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations—12.0%
Asset Backed
Delaware Funding Corp.
$21,004,000		6.62	%		09/19/2000		$  20,695,008
Falcon Asset Securitization Corp.
25,000,000		6.63			09/26/2000		24,599,437
Intrepid Funding Notes
25,000,000		6.70			08/23/2000		24,753,403
Three River Funding Corp.
40,000,000		6.55			07/18/2000		39,876,278
Financial Services
General Electric Capital International Funding
20,000,000		6.63			11/15/2000		19,495,383
Security and Commodity Brokers, Dealers and Services
Merrill Lynch & Co., Inc.
10,000,000		6.68			08/21/2000		9,905,367
Total Commercial Paper and Corporate Obligations							$139,324,876
Bank and Medium-Term Notes—10.9%
Bank of America, N.A.
$15,000,000		6.82	%		10/27/2000		$  15,000,000
BankOne, N.A.
25,000,000		6.48			01/10/2001		24,993,409
7,000,000		6.55			01/16/2001		6,998,107
Fifth Third Bank
15,000,000		6.60			07/24/2000		15,000,190
25,000,000		6.65			07/24/2000		25,000,080
Southtrust Bank of Alabama, N.A.
15,000,000		6.30			09/01/2000		15,000,250
SunTrust Bank
15,000,000		6.78			04/18/2001		14,996,597
U.S. Bank, N.A.
10,000,000		6.73			02/08/2001		9,996,976
Total Bank and Medium-Term Notes							$126,985,609
Certificates of Deposit—6.5%
Citibank, N.A.
$15,000,000		6.73	%		09/12/2000		$  15,000,000
10,000,000		6.70			09/15/2000		10,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Certificates of Deposit (continued)
First Union National Bank
$  5,000,000		6.55	%		01/24/2001		$  5,000,000
15,000,000		6.73			02/12/2001		15,000,000
10,000,000		6.90			04/27/2001		10,000,000
Huntington National Bank
10,000,000		6.52			01/16/2001		9,997,303
Southtrust Bank of Alabama, N.A.
10,000,000		6.71			03/09/2001		9,997,390
Total Certificates of Deposit							$74,994,693
Variable Rate Obligations#—40.1%
Associates Corp. of North America
$25,000,000		6.55	%		07/17/2000		$24,987,913
AT&T Corp.
20,000,000		6.67			07/07/2000		20,000,000
20,000,000		6.57			07/10/2000		19,997,337
Bank of America, N.A.
25,000,000		6.65			07/03/2000		25,000,000
Bank One Corp.
10,000,000		6.87			09/13/2000		9,999,018
Citigroup, Inc.
25,000,000		6.61			07/12/2000		25,000,000
Comerica Bank Detroit
10,000,000		6.68			07/12/2000		9,999,033
15,000,000		6.59			07/13/2000		14,999,757
First Union National Bank
10,000,000		6.83			08/31/2000		10,000,000
Ford Motor Credit Co.
25,000,000		6.45			07/17/2000		25,042,501
IBM Corp.
16,000,000		6.28			07/28/2000		15,998,840
J.P. Morgan & Co., Inc.
15,000,000		6.63			07/06/2000		15,000,000
25,000,000		6.64			07/17/2000		25,000,000
Keybank, N.A.
20,000,000		6.55			07/03/2000		19,992,197
Merrill Lynch & Co., Inc.
11,000,000		6.78			08/14/2000		11,004,240
13,000,000		6.96			09/05/2000		13,011,153
5,000,000		7.18			09/19/2000		5,010,436
Monumental Life Insurance Co.
20,000,000		6.79			07/01/2000		20,000,000
New York Life Insurance Co.
10,000,000		6.85			08/28/2000		10,000,000

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
Old Kent Bank and Trust Co.
$  15,000,000		6.65	%		07/03/2000		$    14,997,565
Pacific Mutual Life Insurance Co.
25,000,000		6.67			07/01/2000		25,000,000
PNC Bank, N.A.
25,000,000		6.59			07/12/2000		24,999,703
15,000,000		6.63			07/31/2000		14,995,622
SBC Communications Capital Corp.
25,000,000		6.33			08/01/2000		25,000,000
SMM Trust
25,000,000		6.81			09/13/2000		25,000,000
Southtrust Bank of Alabama, N.A.
15,000,000		6.61			07/24/2000		14,999,577
Total Variable Rate Obligations							$  465,034,892
Repurchase Agreements*—30.1%
Joint Repurchase Agreement Account
$149,700,000		6.55	%		07/03/2000		$  149,700,000
Joint Repurchase Agreement Account II
200,000,000		6.87			07/03/2000		200,000,000
Total Repurchase Agreements							$  349,700,000
Total Investments							$1,156,040,070

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#	Variable rate security-based index is either LIBOR, one month Commercial Paper, Federal Funds, or Prime Lending rate.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations—19.6%
Asset Backed
Asset Portfolio Funding Corp.
$50,000,000		6.63	%		09/18/2000		$  49,272,542
Asset Securitization Corp.
25,000,000		6.68			08/23/2000		24,754,139
Fidex PLC
36,495,000		6.63			09/12/2000		36,004,355
Grand Funding Corp.
30,000,000		6.63			09/28/2000		29,508,275
Intrepid Funding Notes
20,000,000		6.70			08/21/2000		19,810,167
31,480,000		6.70			08/23/2000		31,169,485
Surrey Funding Corp.
60,000,000		6.63			07/06/2000		59,944,750
Three River Funding Corp.
30,000,000		6.55			07/18/2000		29,907,208
Commercial Banks
Bank of Nova Scotia
25,000,000		6.69			08/23/2000		24,753,771
UBS AG, New York
50,000,000		6.74			07/05/2000		49,962,555
Financial Services
Associates First Capital BV
50,000,000		6.66			08/29/2000		49,454,250
General Electric Capital International Funding
30,000,000		6.63			11/15/2000		29,243,075
Total Commercial Paper and Corporate Obligations							$433,784,572
Bank and Medium-Term Notes—3.2%
AT&T Corp.
$10,000,000		6.67	%		03/08/2001		$  10,000,000
Bank of America, N.A.
25,000,000		6.82			10/27/2000		25,000,000
Fifth Third Bank
25,000,000		6.65			07/24/2000		25,000,079
U.S. Bank, N.A.
10,000,000		6.73			02/08/2001		9,996,976
Total Bank and Medium-Term Notes							$  69,997,055
Bank and Medium-Term Notes-Eurodollar—1.4%
France Telecom S.A.
$25,000,000		6.67	%>		05/15/2001		$  24,999,875

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Bank and Medium-Term Notes-Eurodollar (continued)
Oesterreichische Kontrollbank AG
$  5,000,000		8.50%			03/06/2001		$    5,050,897
Total Bank and Medium-Term Notes-Eurodollar							$  30,050,772
Certificates of Deposit—2.5%
Citibank, N.A.
$30,000,000		6.70	%		09/15/2000		$  30,000,000
First Union National Bank
10,000,000		6.55			01/24/2001		10,000,000
Huntington National Bank
15,000,000		6.52			01/16/2001		14,995,955
Total Certificates of Deposit							$  54,995,955
Certificates of Deposit-Yankeedollar—8.4%
Bank of Scotland, New York
$10,000,000		6.70	%		02/14/2001		$    9,997,037
10,000,000		6.70			02/15/2001		9,997,024
Commerzbank, New York
11,000,000		6.60			02/01/2001		10,996,923
Deutsche Bank, New York
10,000,000		6.54			01/16/2001		9,997,304
20,000,000		6.67			03/08/2001		19,993,498
15,000,000		7.07			05/03/2001		14,996,432
Royal Bank of Canada, New York
10,000,000		5.70			07/03/2000		9,999,974
10,000,000		6.47			01/10/2001		9,997,363
Societe Generale, New York
20,000,000		6.88			04/30/2001		19,996,855
Svenska Handelsbanken, New York
10,000,000		6.77			03/22/2001		9,997,256
UBS AG
25,000,000		6.88			04/30/2001		24,996,068
Westpac Banking Corp.
35,000,000		6.78			04/17/2001		34,992,092
Total Certificates of Deposit-Yankeedollar							$185,957,826
Variable Rate Obligations#—37.8%
Abbey National Treasury Services
$50,000,000		6.55	%		07/17/2000		$  49,967,227
Asset Securitization Corp.
25,000,000		6.60			07/20/2000		24,998,731

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
AT&T Corp.
$30,000,000		6.67	%		07/07/2000		$30,000,000
20,000,000		6.57			07/10/2000		19,997,337
Bank of America, N.A.
25,000,000		6.65			07/03/2000		25,000,000
Bank of Scotland Treasury Services
15,000,000		6.28			07/19/2000		14,998,978
20,000,000		6.83			09/05/2000		20,000,000
Bayerische Landesbank, New York
15,000,000		6.58			07/03/2000		14,993,816
20,000,000		6.60			07/10/2000		19,998,809
25,000,000		6.59			07/28/2000		24,991,908
50,000,000		6.61			07/31/2000		49,979,879
Canadian Imperial Bank of Commerce
50,000,000		6.60			07/31/2000		49,977,643
Citicorp
15,000,000		6.68			07/03/2000		15,000,000
Comerica Bank Detroit
25,000,000		6.59			07/13/2000		24,999,595
Commerzbank, New York
30,000,000		6.59			07/28/2000		29,990,259
Credit Communal de Belgique S.A.
20,000,000		6.71			09/14/2000		19,993,138
DaimlerChrysler, N.A. Corp.
25,000,000		6.53			07/06/2000		24,999,589
20,000,000		6.69			08/22/2000		19,990,583
Den Danske Bank Corp.
15,000,000		6.60			07/21/2000		14,999,596
Dresdner Bank AG, New York
50,000,000		6.60			07/28/2000		49,985,464
IBM Corp.
17,000,000		6.28			07/28/2000		16,998,767
J.P. Morgan & Co., Inc.
25,000,000		6.63			07/06/2000		25,000,000
Keybank, N.A.
15,000,000		6.70			07/03/2000		14,999,653
Merrill Lynch & Co., Inc.
15,000,000		6.24			07/12/2000		15,000,000
15,000,000		6.58			07/12/2000		15,024,994
5,800,000		6.39			07/24/2000		5,803,613
15,000,000		6.61			08/01/2000		15,020,934
Monumental Life Insurance Co.
25,000,000		6.79			07/01/2000		25,000,000
National Rural Utilities Corp.
15,000,000		6.65			07/03/2000		14,999,738

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
New York Life Insurance Co.
$  10,000,000		6.85	%		08/28/2000		$    10,000,000
PNC Bank, N.A.
25,000,000		6.59			07/12/2000		24,999,703
25,000,000		6.63			07/31/2000		24,992,703
Societe Generale, New York
10,000,000		6.59			07/31/2000		9,996,092
Southtrust Bank of Alabama, N.A.
20,000,000		6.61			07/24/2000		19,999,436
Westdeutsche Landesbank
35,000,000		6.57			07/24/2000		34,987,617
20,000,000		6.59			07/28/2000		19,993,527
Total Variable Rate Obligations							$  837,679,329
Repurchase Agreements*—28.0%
Joint Repurchase Agreement Account
$269,900,000		6.55	%		07/03/2000		$  269,900,000
Joint Repurchase Agreement Account II
350,000,000		6.87			07/03/2000		350,000,000
Total Repurchase Agreements							$  619,900,000
Total Investments							$2,232,365,509

>	Forward commitments

#	Variable rate security index is based on LIBOR, one month commercial paper, Federal Funds, or Prime lending rate.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations—70.4%
Federal Home Loan Bank
$  8,000,000		5.52	%		08/02/2000		$    7,999,262
Federal Home Loan Mortgage Corp.
25,000,000		6.43	#		07/21/2000		24,979,293
30,000,000		6.55			08/17/2000		29,743,458
10,000,000		6.53	#		09/20/2000		9,994,860
Federal National Mortgage Association
8,000,000		6.52	#		07/03/2000		7,996,893
25,000,000		6.57			07/03/2000		24,990,875
10,000,000		6.49	#		07/22/2000		9,999,224
5,000,000		5.56			07/24/2000		4,999,887
25,000,000		6.44			08/17/2000		24,789,805
19,000,000		6.59	#		09/01/2000		18,989,880
15,000,000		6.65			11/22/2000		14,601,000
Total U.S. Government Agency Obligations							$179,084,437
Repurchase Agreement*—29.5%
Joint Repurchase Agreement Account Æ
$75,000,000		6.55	%		07/03/2000		$  75,000,000
Total Repurchase Agreement							$  75,000,000
Total Investments							$254,084,437

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#	Variable rate security index is based on either U.S. Treasury Bill, LIBOR, Federal Funds, or Prime lending rate.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations—10.5%
United States Treasury Notes
$  8,000,000		6.13	%		07/31/2000		$  8,004,456
5,000,000		6.25			08/31/2000		5,005,494
5,000,000		4.50			10/02/2000		4,987,032
5,000,000		4.00			10/31/2000		4,972,679
5,000,000		5.75			11/15/2000		5,000,000
8,000,000		4.50			01/31/2001		7,923,572
7,000,000		5.38			02/15/2001		6,961,913
16,000,000		5.00			02/28/2001		15,858,249
8,000,000		4.88			04/02/2001		7,911,418
10,000,000		5.63			05/15/2001		9,931,891
Total U.S. Treasury Obligations							$76,556,704
Repurchase Agreements Ù *—89.6%
ABN / AMRO, Inc.
$30,000,000		6.60	%		07/03/2000		$30,000,000
Maturity Value: $30,016,500
Bank of America
30,000,000		6.63			07/03/2000		30,000,000
Maturity Value: $30,016,575
Bear Stearns Companies, Inc.
30,000,000		6.40			08/15/2000		30,000,000
Maturity Value: $30,304,000
Dated: June 19, 2000
C.S. First Boston Corp.
30,000,000		6.41			09/05/2000		30,000,000
Maturity Value: $30,480,750
Dated: June 7, 2000
Chase Manhattan Corp.
30,000,000		6.40			07/03/2000		30,000,000
Maturity Value: $30,016,000
Goldman, Sachs & Co.
32,000,000		6.50			07/03/2000		32,000,000
Maturity Value: $32,017,333
J.P. Morgan Securities, Inc.
30,000,000		6.30			07/03/2000		30,000,000
Maturity Value: $30,015,750
Joint Repurchase Agreement Account
314,400,000		6.55			07/03/2000		314,400,000
Merrill Lynch & Co., Inc.
32,000,000		6.50			07/03/2000		32,000,000
Maturity Value: $32,017,333
Morgan Stanley Dean Witter & Co.
30,000,000		6.60			07/05/2000		30,000,000
Maturity Value: $30,027,500

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements (continued)
Salomon Smith Barney, Inc.
$33,000,000		6.55	%		07/03/2000		$  33,000,000
Maturity Value: $33,018,013
UBS Warburg LLC
30,000,000		6.45			09/07/2000		30,000,000
Maturity Value: $30,483,750
Dated: June 9, 2000
Total Repurchase Agreements							$651,400,000
Total Investments							$727,956,704

Ù	At June 30, 2000, these agreements were fully collateralized by U.S. Treasury obligations.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations—98.7%
United States Treasury Bills
$        300,000		5.30	%		07/20/2000		$        299,161
2,600,000		5.52			08/10/2000		2,584,053
2,400,000		5.53			08/10/2000		2,385,267
7,200,000		5.54			08/10/2000		7,155,680
17,900,000		5.56			08/10/2000		17,789,418
27,700,000		5.49			08/17/2000		27,501,460
22,800,000		5.52			08/17/2000		22,635,688
20,900,000		5.54			08/24/2000		20,726,321
1,700,000		5.60			08/31/2000		1,683,869
8,500,000		5.64			09/07/2000		8,409,527
United States Treasury Notes
40,000,000		5.38			07/31/2000		39,977,196
30,000,000		6.13			07/31/2000		30,003,801
145,000,000		6.00			08/15/2000		144,987,781
50,000,000		5.13			08/31/2000		49,919,045
30,000,000		6.25			08/31/2000		30,015,540
50,000,000		4.50			10/02/2000		49,799,036
Total U.S. Treasury Obligations							$455,872,843
Total Investments							$455,872,843

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations—99.6%
Federal Farm Credit Bank
$  25,000,000		6.44	%#		07/01/2000		$  25,000,000
45,000,000		6.46#			07/01/2000		44,978,372
100,000,000		6.46#			07/01/2000		99,994,987
75,000,000		6.47#			07/01/2000		74,990,607
785,300,000		6.41			07/03/2000		785,300,000
100,000,000		6.57			07/03/2000		99,963,500
44,000,000		6.35			07/05/2000		43,968,955
45,000,000		6.40			07/07/2000		44,952,000
40,000,000		6.47#			07/13/2000		39,983,237
20,000,000		6.36			07/20/2000		19,932,867
23,100,000		6.40			07/25/2000		23,001,440
16,000,000		6.38			08/10/2000		15,886,578
27,000,000		6.38			08/18/2000		26,770,320
40,000,000		6.60			03/01/2001		39,998,216
Federal Home Loan Bank
100,000,000		6.49#			07/03/2000		99,985,117
40,000,000		6.51#			07/03/2000		40,000,000
100,000,000		6.57			07/03/2000		99,963,500
35,000,000		6.62#			07/03/2000		34,998,738
100,000,000		6.13#			07/05/2000		99,982,150
45,000,000		6.34#			07/05/2000		45,000,000
3,700,000		6.35			07/05/2000		3,697,389
40,000,000		6.36#			07/05/2000		40,000,000
19,900,000		6.44			07/05/2000		19,885,761
49,506,000		6.23			07/12/2000		49,409,189
13,294,000		6.38			07/12/2000		13,268,084
99,200,000		6.39			07/12/2000		99,006,312
25,000,000		6.49#			07/12/2000		24,998,264
25,000,000		5.56			07/14/2000		24,999,867
75,000,000		6.45#			07/15/2000		74,971,879
20,000,000		5.50			07/19/2000		19,999,390
40,000,000		5.50			07/21/2000		39,981,755
50,000,000		6.51#			07/21/2000		49,996,691
20,800,000		6.45			07/28/2000		20,699,380
20,000,000		5.52			08/02/2000		19,998,155
400,000		5.84			08/02/2000		397,923
32,700,000		6.42			08/04/2000		32,501,729
22,098,000		6.43			08/04/2000		21,963,804
5,400,000		5.93			08/11/2000		5,363,531
14,219,000		6.52			08/11/2000		14,113,416
16,464,000		6.53			08/16/2000		16,326,626
34,892,000		6.50			08/18/2000		34,589,603
200,000,000		6.43			08/23/2000		198,106,722
90,000,000		6.49			08/23/2000		89,140,075
25,000,000		6.50			08/23/2000		24,760,764
40,492,000		6.51			08/23/2000		40,103,918
100,000,000		6.51			08/25/2000		99,005,417
50,000,000		6.52			08/25/2000		49,501,944
38,500,000		6.52			08/30/2000		38,081,633

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$48,923,000		6.45	%		09/06/2000		$    48,335,720
80,000,000		6.46			09/08/2000		79,009,467
30,000,000		6.44			09/13/2000		29,602,866
99,693,000		6.46			09/13/2000		98,369,188
30,000,000		6.44			09/15/2000		29,592,133
75,000,000		6.52#			09/17/2000		74,934,361
40,000,000		6.49			09/20/2000		39,415,900
25,000,000		6.50			09/20/2000		24,634,375
40,000,000		6.45			09/27/2000		39,369,333
40,000,000		6.45			09/29/2000		39,355,000
35,000,000		6.05			11/03/2000		34,994,023
20,000,000		6.63			11/29/2000		19,444,236
35,000,000		6.36			01/18/2001		34,994,426
40,000,000		6.35			02/01/2001		39,985,432
20,250,000		6.50			03/15/2001		20,217,733
10,000,000		6.52			03/28/2001		9,985,050
33,400,000		6.63			05/02/2001		33,329,335
50,000,000		6.68			05/08/2001		50,000,000
Student Loan Marketing Association
145,000,000		6.29#			07/05/2000		145,006,512
25,000,000		6.43#			07/05/2000		24,992,668
10,000,000		6.44#			07/05/2000		10,000,872
40,000,000		6.55			02/14/2001		39,985,049
Tennessee Valley Authority
35,000,000		6.37			07/03/2000		34,987,614
35,000,000		6.38			07/03/2000		34,987,595
50,000,000		6.34			07/06/2000		49,955,972
50,000,000		6.36			07/07/2000		49,947,000
30,000,000		6.34			07/10/2000		29,952,450
35,000,000		6.34			07/11/2000		34,938,361
30,000,000		6.36			07/18/2000		29,909,900
Total U.S. Government Agency Obligations							$4,199,752,376
Total Investments							$4,199,752,376

---

#	Variable rate security index is based on either U.S. Treasury Bill, LIBOR, Federal Funds, or Prime lending rate.

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Alabama—3.8%
Columbia IDB VRDN PCRB Refunding for Alabama Co. Series 1996 A (A-1)
$19,000,000		4.55	%		07/03/2000		$19,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Series 1999 A (A-1/VMIG1)
1,400,000		4.55			07/03/2000		1,400,000
Columbia IDRB VRDN Refunding for Alabama Power Co. Series 1995 E VRDN (A-1/VMIG1)
5,600,000		4.55			07/03/2000		5,600,000
Columbia IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1995 B (A-1/VMIG1)
4,100,000		4.55			07/03/2000		4,100,000
Eutaw City IDB VRDN PCRB Refunding for Alabama Power Co. Series 1998 (A-1)
7,700,000		4.55			07/03/2000		7,700,000
Homewood City VRDN for Educational Facilities—Samford University Series 2000 (VMIG1)
20,000,000		4.50			07/03/2000		20,000,000
Homewood City VRDN for Educational Facilities—Samford University Series 1999 (AMBAC) (VMIG1)
4,000,000		4.55			07/03/2000		4,000,000
Mobile City IDRB VRDN PCRB for Alabama Power Co. Series 1993 A (A-1/VMIG1)
7,000,000		4.72			07/06/2000		7,000,000
Montgomery City Special Care Facilities VRDN RB for Baptist Medical Centre Series 1994 A (Amsouth Bank) (VMIG1)
12,205,000		4.80			07/06/2000		12,205,000
							$81,005,000
Alaska—0.3%
Valdez Marine Term RB for Exxon Pipeline Series 1993 B (A-1+/VMIG1)
$  6,500,000		4.50	%		07/03/2000		$  6,500,000
Arizona—0.4%
Arizona State Transportation Board Highway RB Series 1991 A (Aaa)
$  3,600,000		6.50	%		07/02/2001		3,721,501
Mesa IDA VRDN RB for Discovery Health Systems Series 1999 B (MBIA) (A-1+/VMIG1)
3,500,000		4.95			07/05/2000		3,500,000
Tempe VRDN Excise Tax Revenue Obligations Series 1998 (A-1+/VMIG1)
1,200,000		4.55			07/03/2000		1,200,000
							$  8,421,501

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California—2.6%
California School Cash Reserve Program Authority Pool Bonds Series 1999 A (AMBAC) (SP1+/MIG1)
$10,000,000		4.00	%		07/03/2000		$10,000,257
California Statewide Development Authority TRANS Series 1999 C-2 (SP1+/MIG1)
15,350,000		4.00			09/29/2000		15,354,871
Los Angeles County Metro TRANS Sales Tax Revenue RB Series 1993 A (MBIA) (A-1+/VMIG1)
6,300,000		4.25			07/06/2000		6,300,000
Los Angeles County MF Hsg. Authority VRDN Refunding RB for Malibu Meadows II Series 1998 C (FNMA) (A-1+)
2,200,000		4.25			07/06/2000		2,200,000
Los Angeles County Pension Obligation Adjustable Refunding RB Series 1996 B (AMBAC) (A-1+/VMIG1)
4,700,000		4.30			07/05/2000		4,700,000
Los Angeles County Pension Obligation Adjustable Refunding RB Series 1996 C (AMBAC) (A-1+/VMIG1)
5,900,000		4.30			07/05/2000		5,900,000
Los Angeles County Schools TRANS Series 1999 B (FSA) (SP-1+)
5,000,000		4.00			09/29/2000		5,001,342
Orange County VRDN Apartment Development RB for Niguel Summit Series 1985 A (FNMA) (VMIG1)
6,200,000		4.75			07/04/2000		6,200,000
							$55,656,470
Florida—4.4%
Dade County Florida Water and Sewer Systems Revenue (A-1+/VMIG1)
$20,000,000		4.70	%		07/05/2000		$20,000,000
Escambia County Florida PCRB VRDN Refunding for Gulf Power Company Project VRDN Series 1997 (A-1/VMIG1)
6,000,000		4.65			07/03/2000		6,000,000
Florida Local Government Financing Commission Pooled CP Notes Series A (First Union National Bank) (A-1/P-1)
3,390,000		4.10			09/01/2000		3,390,000
3,500,000		4.40			09/05/2000		3,500,000
21,000,000		4.60			10/11/2000		21,000,000
Jacksonville Electric Authority VRDN RB Subordinated Electric Systems Series 2000 A (A-1+/VMIG1)
6,000,000		4.55			07/03/2000		6,000,000
Jacksonville Electric Authority VRDN RB Subordinated Electric Systems Series 2000 B (A-1+/VMIG1)
400,000		4.55			07/03/2000		400,000
Jacksonville Electric Authority VRDN RB Subordinated Electric Systems Series 2000 C (A-1+/VMIG1)
4,100,000		4.55			07/03/2000		4,100,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Florida (continued)
Jacksonville PCRB VRDN Refunding for Florida Power & Light Co. Project Series 1995 (A-1+/VMIG1)
$  9,400,000		4.45	%		07/03/2000		$  9,400,000
Palm Beach County School Board COPS PA-658 (A-1+)
7,870,000		4.85			07/06/2000		7,870,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series 1984 H-1 (NRU LOC) (A-1+/P-1)
3,750,000		4.85			07/05/2000		3,750,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series 1984 H-2 (NRU LOC) (A1+/P-1)
6,435,000		4.85			07/05/2000		6,435,000
							$91,845,000
Georgia—8.9%
Albany Dougherty Payroll PCRB for Philip Morris Companies, Inc. Series 1992 (A-1/P-1)
$17,000,000		4.90	%		07/05/2000		$17,000,000
Atlanta Water & Sewer RB Eagle Tax-Exempt Trust Series 971003 Class A COPS (FGIC) (A-1+(c))
10,500,000		4.87			07/06/2000		10,500,000
Bartow County IDA VRDN PCRB for Georgia Power Co. First Series 1997 (A-1/VMIG1)
29,100,000		4.55			07/03/2000		29,100,000
Burke County IDA PCRB for Georgia Power Co. Ninth Series 1994 (A-1/VMIG1)
13,400,000		4.50			07/03/2000		13,400,000
Columbus Hospital Authority Adjustable Rate Revenue Certificates for St. Frances Hospital, Inc. Series 1994 (Suntrust Bank LOC) (VMIG1)
5,950,000		4.80			07/05/2000		5,950,000
Dekalb County Hospital Authority Revenue Anticipation Certificates for Dekalb Medical Center, Inc. Series 1993 B (Suntrust Bank LOC) (VMIG1)
4,535,000		4.80			07/05/2000		4,535,000
Fulco Hospital Authority VRDN RANS for Piedmont Hospital Project Series 1999 (Suntrust Bank LOC) (A-1+/VMIG1)
12,500,000		4.75			07/05/2000		12,500,000
Georgia State Series 1998 PA-246 (A-1)
2,680,000		4.79			07/06/2000		2,680,000
Municipal Electric Authority of Georgia VRDN RB General Series 1985 C (Bayerische Landesbank Girozentrale) (A-1+)
39,500,000		4.75			07/05/2000		39,500,000
Municipal Electric Authority of Georgia VRDN RB Project One Series 1994 D (ABN AMRO Bank LOC) (A-1+/VMIG1)
19,450,000		4.75			07/05/2000		19,450,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Georgia (continued)
Municipal Electric Authority of Georgia VRDN RB Series 1985 B (Landesbank Hessen-Thueringen Girozentrale LOC) (A1+/VMIG1)
$12,000,000		4.50	%		07/05/2000		$  12,000,000
Municipal Electric Authority RB Series 1994 E (ABN AMRO Bank LOC) (A-1+/VMIG1)
21,510,000		4.70			07/05/2000		21,510,000
							$188,125,000
Hawaii—0.4%
Honolulu City & County GO VRDN Series 2000 A (Landesbank Hessen-Thueringen Girozentrale LOC) (A-1+/VMIG1)
$  8,150,000		5.00	%		07/05/2000		$    8,150,000
Idaho—0.5%
Idaho State for TANS Series 2000 (SP-1+/MIG1)
$10,000,000		5.38	%>		06/29/2001		$  10,095,200
Illinois—9.8%
Chicago City RB for Chicago Midway Airport Series 1997 Societe Generale Trustee Floating Rate Receipts (MBIA) (A-1+)
$12,000,000		4.85	%		07/06/2000		$  12,000,000
Chicago Park District Tax Anticipation Warrants Series 1999 (SP-1+/MIG1)
5,500,000		4.38			09/15/2000		5,508,284
City of Chicago Water RB Series 2000 (Bank One, N.A. LOC) (A-1+/VMIG1)
7,300,000		4.65			07/05/2000		7,300,000
Cook County GO VRDN Series 1996 (A-1+/VMIG1)
36,200,000		4.75			07/05/2000		36,200,000
Evanston GO VRDN for Maple Street Project Series 2000 A (VMIG1)
9,500,000		4.80			07/05/2000		9,500,000
Evanston GO VRDN for Recreation Center Project Series 2000 C (VMIG1)
5,000,000		4.80			07/05/2000		5,000,000
Illinois Health Facilities Authority VRDN RB for Evanston Northwestern Corp. Series 1998 (A-1+/VMIG1)
10,000,000		4.75			05/31/2001		10,000,000
Illinois Health Facilities Authority VRDN RB for Northwest Community Hospital Series 1995 (A-1+/VMIG1)
100,000		4.80			07/06/2000		100,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 C (Bank One Illinois, N.A. LOC) (A-1+/VMIG1)
28,575,000		4.70			07/05/2000		28,575,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Illinois (continued)
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 D (BankOne, N.A. LOC) (A-1+/VMIG1)
$33,450,000		4.70	%		07/05/2000		$  33,450,000
Illinois Health Facilities Authority VRDN Series 1990 A (Central Dupage Hospital) (VMIG1)
12,500,000		5.00			08/03/2000		12,500,000
Illinois State Toll Highway Authority VRDN RB Series 1998 B (FSA) (AAA/VMIG1)
13,700,000		4.65			07/06/2000		13,700,000
Illinois State Toll Highway Priority Series 1993 B (Societe Generale LOC) (MBIA) (A-1+/VMIG1)
28,600,000		4.70			07/05/2000		28,600,000
Village of Sauget VRDN PCRB for Pharmacia Corp. Project Series 1992 (P-1)
3,300,000		4.90			07/05/2000		3,300,000
							$205,733,284
Indiana—0.7%
Fort Wayne Hospital Authority VRDN for Parkview Memorial Hospital Series 1985 C (Bank of America LOC) (VMIG1)
$  7,655,000		4.60	%		07/05/2000		$    7,655,000
Fort Wayne Hospital Authority VRDN for Parkview Memorial Hospital Series 1985 D (Bank of America) (VMIG1)
1,180,000		4.60			07/05/2000		1,180,000
Warwick County VRDN PCRB for ALCOA Project Series 1992 (A-1)
5,000,000		5.00			07/06/2000		5,000,000
							$  13,835,000
Iowa—0.6%
Chillicothe City VRDN PCRB for Midamerican Energy Co./Midwest Power Systems Series 1993 A (A-1/VMIG1)
$      900,000		4.85	%		07/05/2000		$        900,000
Muscatine County PCRB Pharmacia Corp. Series 1992 (P-1)
1,000,000		4.90			07/05/2000		1,000,000
Salix City VRDN PCRB for Midwest Power Systems, Inc. Project Series 1993 (A-1/VMIG1)
10,895,000		4.85			07/05/2000		10,895,000
							$  12,795,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Kentucky—1.0%
Kentucky Asset Liability Commission Project Notes Series 1999 (Morgan Guaranty Trust LOC) (A-1+/VMIG1)
$  4,100,000		4.40	%		10/02/2000		$  4,100,000
Kentucky Asset Liability TRANS Series 2000 A (SP-1+/MIG1)
13,000,000		5.25	>		06/27/2001		13,086,840
Kentucky Economic Development Financing Authority Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 D (MBIA) (A1+/VMIG1)
4,632,000		4.85			07/05/2000		4,632,000
							$21,818,840
Louisiana—3.1%
Ascension Parish Louisiana PCRB for Vulcan Materials Co. Series 1996 (A-1+/VMIG1)
$  8,200,000		4.85	%		07/05/2000		$  8,200,000
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port First Stage Series 1992 A (Suntrust Bank LOC) (A1+/VMIG1)
4,800,000		4.55			07/03/2000		4,800,000
New Orleans Aviation Board RB Refunding Series 1993 B (MBIA) (A-1+/VMIG1)
27,135,000		4.80			07/05/2000		27,135,000
Plaquemines Port Harbor & Terminal District Series 85 B (A-1+/P-1)
2,500,000		4.60			10/11/2000		2,500,000
Plaquemines Port Harbor & Terminal District Series 85 D (A-1+/P-1)
6,000,000		4.60			10/11/2000		6,000,000
Saint James Parish Louisiana VRDN PCRB Refunding for Occidental Petroleum Series 1996 (Wachovia Bank of Georgia LOC) (P-1)
5,500,000		4.60			07/05/2000		5,500,000
South Lousiana Commission Port RB for Occidental Petroleum Corp. Series 1996 (P-1)
11,800,000		4.60			07/05/2000		11,800,000
							$65,935,000
Maryland—1.3%
Maryland GO State & Local Facilities Loan of 1998 1st Series (AAA/Aaa)
$11,500,000		4.50	%		03/01/2001		$11,528,091
University of Maryland RB System Auxiliary Facility & Tuition Series 1998 A (A-1+c)
4,945,000		4.85			07/06/2000		4,945,000
Washington Suburban Sanitary District GO VRDN BANS Series 1998 (A-1+/VMIG1)
11,445,000		4.75			07/05/2000		11,445,000
							$27,918,091

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Massachusetts—5.1%
Commonwealth of Massachusetts Eagle Tax-Exempt Trust Series 97 C2101 (MBIA) (A-1+c)
$10,195,000		4.77	%		07/06/2000		$  10,195,000
Commonwealth of Massachusetts GO VRDN Refunding Bonds Series 1998 A (A1+/VMIG1)
20,000,000		4.50			07/06/2000		20,000,000
Massachusetts Bay Transportation Authority RB Refunding for General Transportation Systems Series 1994 A (AA-/Aa2)
5,000,000		5.00			03/01/2001		5,019,167
Massachusetts Health & Education Facility Authority for Harvard University Series A Eagle Tax-Exempt Trust Series 972104 Class A COPS (A-1+)
12,500,000		4.77			07/06/2000		12,500,000
Massachusetts Health & Education Facility Authority VRDN RB for Capital Asset Program Series 1985 E (Bank One, N.A. LOC) (VMIG1)
16,300,000		4.50			07/03/2000		16,300,000
Massachusetts Health & Education Facility Authority VRDN RB for Harvard University Series 2000 Y (A-1+/VMIG1)
19,000,000		4.40			07/06/2000		19,000,000
Massachusetts Water Resources Authority Tax Exempt CP Notes Series 1999 (A-1+/P-I)
7,400,000		4.38			10/02/2000		7,400,000
Massachusetts Water Resources Authority RB Refunding for Multi- Modal General Series 1998 D (FGIC) (A-1+/VMIG1)
8,400,000		4.60			07/05/2000		8,400,000
Massachusetts Water Resources Authority VRDN RB refunding for Multi-Modal General Series 1997 A (A-1/VMIG1)
8,150,000		4.40			07/05/2000		8,150,000
							$106,964,167
Michigan—1.6%
Michigan Building Authority Series 1998 I (A-1+c)
$  6,600,000		4.85	%		07/06/2000		$    6,600,000
Michigan Municipal Bond Authority Revenue Series 1998 (A-1+)
8,600,000		4.85			07/06/2000		8,600,000
Michigan State Trunk Line Fund Series 1998 A-Eagle Tax-Exempt Trust Series 982202 Class A Certificates (A-1+c)
18,000,000		4.87			07/06/2000		18,000,000
							$  33,200,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Minnesota—4.6%
Becker MN PCRB Northern States Power Series 1992 A (A-1+/MIG1)
$ 4,600,000		4.05	%		08/11/2000		$  4,600,000
5,200,000		4.20			09/12/2000		5,200,000
Becker MN PCRB Northern States Power Series 1993 A (A-1+/MIG1)
6,900,000		4.15			09/13/2000		6,900,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 1992 C (A-1+)
6,000,000		4.60			10/02/2000		6,000,000
1,000,000		4.75			10/02/2000		1,000,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 2000 B (A-1+)
20,000,000		4.15			08/01/2000		20,000,000
5,000,000		4.75			10/05/2000		5,000,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 2000 C (A-1+)
5,000,000		4.60			10/06/2000		5,000,000
Minnesota Higher Education Facilities Authority VRDN for Carlton College Series 1992 3-L2 (VMIG1)
4,175,000		4.60			07/06/2000		4,175,000
University of Minnesota VRDN Series 1999 A (A-1+/MIG1)
38,000,000		4.80			07/05/2000		38,000,000
							$95,875,000
Missouri—0.7%
Missouri Environmental Improvement & Energy VRDN PCRB Refunding for Pharmacia Corp. Series 1993 (P-1)
$ 5,000,000		4.75	%		07/05/2000		$  5,000,000
Missouri Health & Educational Facility Authority RB for Washington University Series 1984 (A-1+/VMIG1)
4,600,000		4.75			07/05/2000		4,600,000
University of Missouri Capital Project Notes Series 2000 FY (SP-1+/MIG1)
6,000,000		5.25	>		06/29/2001		6,051,180
							$15,651,180
Nevada—2.4%
Clark County Series 2000 PA-653 (A-1+c)
$ 5,700,000		4.85	%		07/06/2000		$  5,700,000
Clark County VRDN RB for Nevada Airport Improvement Series 1993 A (MBIA) (A-1+/VMIG1)
45,070,000		4.70			07/05/2000		45,070,000
							$50,770,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New Mexico—2.3%
Albuquerque GO Series 1992 A (AA/Aa3)
$20,000,000		5.25	%>		07/01/2001		$20,109,000
New Mexico Highway Commission VRDN RB Series 1996 (FSA) (A-1+/VMIG1)
28,100,000		4.70			07/05/2000		28,100,000
							$48,209,000
New York—4.4%
Long Island Power Authority Electric System VRDN RB Series 1 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
$24,100,000		4.65	%		07/05/2000		$24,100,000
Long Island Power Authority Electric System VRDN RB Series 3 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
10,000,000		4.35			08/08/2000		10,000,000
Long Island Power Authority Electric System VRDN RB Series 4 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
4,300,000		4.10			08/10/2000		4,300,000
6,000,000		4.05			08/11/2000		6,000,000
4,000,000		4.15			09/13/2000		4,000,000
Metropolitan Transportation Authority Dedicated Tax Fund PA-656 Series 2000 A (A-1+)
2,600,000		4.82			07/06/2000		2,600,000
Nassau County IDA Civic Facility & Improvement RB for Cold Spring Harbor Laboratory Series 1999 (A-1+)
3,300,000		4.45			07/03/2000		3,300,000
New York Adjustable Subordinated Series 1993 E5 (Morgan Guaranty Trust LOC) (A-1+/VMIG1)
6,600,000		4.55			07/03/2000		6,600,000
New York Adjustable Subordinated Series 1994 E2 (Morgan Guaranty Trust LOC) (A-1+/VMIG1)
7,100,000		4.55			07/03/2000		7,100,000
New York City Municipal Water Finance Authority Water & Sewer Systems RB Series 1994 C (Morgan Guaranty Trust LOC) (FGIC) (A-1+/VMIG1)
10,000,000		4.45			07/03/2000		10,000,000
New York City Transitional Finance Authority Eagle Tax-Exempt Trust Series 2000 Class A COPS (A-1+c)
2,000,000		4.84			07/06/2000		2,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York City Transitional Finance Authority Future Tax Secured Bonds Series 1999 A-1 (A-1+/VMIG1)
$  2,400,000		4.65	%		07/05/2000		$  2,400,000
New York City Trust for Resources for American Museum of National History Series 1999 B (AMBAC) (Aaa)
10,000,000		3.70			07/01/2000		10,000,000
							$92,400,000
North Carolina—2.2%
Charlotte Airport VRDN RB Refunding Series 1993 A (MBIA) (A-1+/VMIG1)
$11,250,000		4.70	%		07/05/2000		$11,250,000
North Carolina Health Care Facilities VRDN RB Series 1999 (Wachovia Bank N.A. LOC) (A-1+)
11,375,000		4.75			07/06/2000		11,375,000
North Carolina Medical Care Commission VRDN RB for Baptist Hospitals Project Series 2000 (Wachovia Bank N.A.) (A-1+/VMIG1)
20,000,000		4.95			07/05/2000		20,000,000
Rockingham County Adjustable VRDN PCRB Refunding for Philip Morris, Inc. Series 1992 (A-1/P-1)
3,960,000		4.90			07/05/2000		3,960,000
							$46,585,000
Ohio—2.3%
Cuyahoga County Hospital VRDN RB for University Hospitals Health Systems, Inc. Series 1999 C (AMBAC) (A-1+/VMIG1)
$13,600,000		4.80	%		07/06/2000		$13,600,000
Hamilton County Hospital Facilities RB for The Drake Center, Inc. Series 1999 A (FIRSTAR Bank N.A. LOC) (MIG1)
4,950,000		4.90			07/06/2000		4,950,000
Hamilton County Hospital Facilities RB for The Health Alliance of Greater Cincinnati Series 1997 B (MBIA) (A-1+/VMIG1)
19,075,000		4.85			07/05/2000		19,075,000
Hamilton County Hospital Facilities RB for The Health Alliance of Greater Cincinnati Series 1997 F (A-1+/VMIG1)
6,100,000		4.85			07/05/2000		6,100,000
Ohio State University General Receipts VRDN RB Series 1999 B2 (A-1+/VMIG1)
5,000,000		4.95			07/05/2000		5,000,000
							$48,725,000
Oklahoma—0.8%
Muskogee Industrial Trust PCRB for Oklahoma Gas & Electric Co. Series 1997 A (A-1+/VMIG1)
$16,500,000		4.80	%		07/05/2000		$16,500,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Oregon—2.2%
Oregon State GO VRDN Series 1985 73 G (A-1+/VMIG1)
$23,300,000		4.80	%		07/05/2000		$23,300,000
Oregon State GO VRDN Series 1985 73 H (A-1+/VMIG1)
23,700,000		4.80			07/05/2000		23,700,000
							$47,000,000
Pennsylvania—0.9%
Commonwealth of Pennsylvania GO Bonds First Series 1994 Eagle Tax-Exempt Trust 943804 Class A COPS (AMBAC) (A-1+c)
$14,400,000		4.87	%		07/06/2000		$14,400,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Series 1999 (AMBAC) (A-1/VMIG1)
4,000,000		4.75			07/05/2000		4,000,000
							$18,400,000
South Carolina—1.2%
South Carolina Public Service Authority (Revenue Notes) (LOC Bank of America) (Toronto Dominion Bank) (Bank of Nova Scotia) (Commerzbank AG) (A-1+/P-1)
$10,000,000		4.35	%		11/14/2000		$10,000,000
South Carolina State P Floats Part 1225 (A-1+)
6,805,000		4.82			07/06/2000		6,805,000
York County PCRB for North Carolina Electric Project Series 1984 N-2 (NRU) (A-1+/VMIG1)
8,325,000		4.85			07/05/2000		8,325,000
York County PCRB for North Carolina Electric Series 1984 N (NRU LOC) (A-1+/VMIG1)
1,050,000		4.85			07/05/2000		1,050,000
							$26,180,000
Tennessee—4.6%
Knoxville Utilities Board VRDN Adjustable Subordinate Gas System Notes (FSA) (A-1+/VMIG1)
$16,300,000		4.55	%		07/03/2000		$16,300,000
Knoxville Utilities Board VRDN RB Subordinate Wastewater System Notes (FSA) (A-1+/VMIG1)
3,800,000		4.55			07/03/2000		3,800,000
Knoxville Utilities Board VRDN RB Subordinate Water System Notes (FSA) (A-1+/VMIG1)
8,600,000		4.55			07/03/2000		8,600,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series B (A-1+/VMIG1)
22,250,000		4.75			07/06/2000		22,250,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Tennessee (continued)
Sevier County Public Building Authority RB for Local Government Improvement Series III F (AMBAC) (VMIG1)
$15,200,000		4.80	%		07/06/2000		$15,200,000
State of Tennessee GO Series A (A-1+/P-1)
12,500,000		4.05			08/14/2000		12,500,000
12,500,000		4.30			08/18/2000		12,500,000
5,000,000		4.40			09/08/2000		5,000,000
							$96,150,000
Texas—18.8%
Belton IDRB VRDN RB for H.E. Butt Grocery Co. Series 1993 (Chase Bank of Texas LOC) (P-1)
$  2,300,000		4.70	%		07/05/2000		$  2,300,000
Brazos River Authority PCRB for Pharmacia Corp. Series 1990 (P-1)
5,300,000		4.90			07/05/2000		5,300,000
Brazos River Authority PCRB for Pharmacia Corp. Series 1994 (P-1)
5,100,000		4.90			07/05/2000		5,100,000
Brazos Texas Harbor IDA for Pharmacia Corp. Series 1991 (P-1)
3,500,000		4.90			07/05/2000		3,500,000
City of Houston Series C
6,000,000		4.60			10/12/2000		6,000,000
City of Houston Water & Sewer Series A (A-1+/P-1)
10,000,000		4.10			08/24/2000		10,000,000
7,400,000		4.42			10/02/2000		7,400,000
10,000,000		4.70			10/12/2000		10,000,000
City of San Antonio Electric & Gas System Series 1997 SG 105 (A-1+c)
36,800,000		4.85			07/06/2000		36,800,000
Coastal Bend Health Facilities Development Corp. Incarnate Word Health System RB Series 1998 B (AMBAC) (P-1/VMIG1)
12,600,000		4.95			07/05/2000		12,600,000
Dallas Area Rapid Transportation AMT VRDN RB for North Central Light RL Notes Series 2000 (A-1+/VMIG1)
2,300,000		4.75			07/05/2000		2,300,000
Fort Worth Refunding Series 1996 A (AA/Aa2)
4,000,000		6.00			03/01/2001		4,042,473
Harris County GO RB Toll Road Series 1994 D (A-1+/VMIG1)
7,260,000		4.70			07/05/2000		7,260,000
Harris County GO RB Toll Road Series 1994 G (A-1+/VMIG1)
20,000,000		4.75			07/05/2000		20,000,000
Harris County GO RB Toll Road Series 1994 H (A-1+/VMIG1)
20,400,000		4.75			07/05/2000		20,400,000
Harris County GO VRDN RB Toll Road Series 1994 B (A-1+/VMIG1)
20,000,000		4.70			07/05/2000		20,000,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Texas (continued)
Harris County GO VRDN RB Toll Road Series 1994 E (A-1+/VMIG1)
$ 4,400,000		4.70	%		07/05/2000		$    4,400,000
Harris County Health Facilities Development Corp. RB for Methodist Hospital Series 1997 (A-1+)
2,800,000		4.55			07/03/2000		2,800,000
Harris County Health Facilities Development Corp. RB for St. Luke’s Episcopal Hospital Series 1997 A (A-1+)
19,910,000		4.55			07/03/2000		19,910,000
Harris County Health Facilities Development Corp. RB VRDN for Methodist Hospital Series 1994 (A-1+)
24,800,000		4.55			07/03/2000		24,800,000
Harris County Health Facilities Development Corp. RB VRDN St. Luke’s Episcopal Hospital Series 1997 B (A1+)
8,200,000		4.55			07/03/2000		8,200,000
San Antonio Electric & Gas System CP Notes Series A (A-1+/P-1)
4,900,000		4.10			08/11/2000		4,900,000
2,000,000		4.75			08/11/2000		2,000,000
15,000,000		4.35			08/22/2000		15,000,000
8,600,000		4.15			09/13/2000		8,600,000
State of Texas TRANS Series 1999 A (SP-1+/MIG1)
74,800,000		4.50			08/31/2000		74,881,781
Tarrant County Water Control & Improvement District No. 001 RB for Refunding & Improvement Series 1992 A/(Aaa)
2,500,000		6.00			03/01/2001		2,525,723
Texas A&M University, Board of Regents CP Notes Series B (A-1+/P-1)
5,000,000		4.25			09/12/2000		5,000,000
Texas Public Finance Authority Series 1993 A (A-1+/P-1)
7,500,000		4.38			07/24/2000		7,500,000
10,000,000		4.55			07/25/2000		10,000,000
8,500,000		4.70			07/26/2000		8,500,000
7,900,000		4.35			08/08/2000		7,900,000
6,000,000		4.05			08/09/2000		6,000,000
University of Texas System, Board of Regents CP Notes Series A (A-1+/P-1)
10,000,000		4.40			08/28/2000		10,000,000
							$395,919,977
Utah—3.4%
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 E (AMBAC) (A-1+/VMIG1)
$ 7,000,000		4.80	%		07/05/2000		$  7,000,000
Central Water Conservancy District GO VRDN Tender Option Bonds Series 1998 F (AMBAC) (A-1+/VMIG1)
7,390,000		4.80			07/05/2000		7,390,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Utah (continued)
Intermountain Power Agency Power Supply Refunding VRDN RB Series 1985 E (AMBAC) (A-1+/VMIG1)
$13,250,000		4.10	%		08/08/2000		$13,250,000
Intermountain Power Agency Series 1985E (AMBAC) (A-1+/VMIG1)
2,000,000		4.50			07/03/2000		2,000,000
5,500,000		4.25			08/28/2000		5,500,000
State of Utah GO Highway Bonds Series 1999 D (A-1+/VMIG1)
25,500,000		4.55			07/06/2000		25,500,000
Utah State Series 1999 C (A-1+/VMIG1)
9,500,000		4.55			07/06/2000		9,500,000
Utah State GO Series 1998 A (AAA/Aaa)
2,400,000		5.00			07/01/2001		2,415,054
							$72,555,054
Virginia—0.9%
Fairfax County IDA VRDN for Health Care Inova Health Systems Series 2000 (A-1+/VMIG1)
$12,500,000		4.90	%		07/05/2000		$12,500,000
Roanoke IDA Hospital RB for Roanoke Memorial Hospitals Series 1995 A (A-1/VMIG1)
1,454,000		4.55			07/03/2000		1,454,000
Virginia College Building Authority Educational Facilities VRDN RB for The University of Richmond Project Series 1999 (VMIG1)
2,900,000		4.75			07/05/2000		2,900,000
Virginia Commonwealth Transportation Board RB US Route 58 Corridor Development PG-B Series 1999 B (AA+/Aa1)
2,000,000		5.00			05/15/2001		2,010,426
							$18,864,426
Washington—2.2%
King County Limited Tax GO Bonds Series 1994 A Eagle Tax-Exempt Trust Series 97 (A-1+c)
$10,000,000		4.87	%		07/06/2000		$10,000,000
King County Sewer RB CP Series A (A-1/P-1)
7,000,000		4.05			08/11/2000		7,000,000
11,200,000		4.10			08/14/2000		11,200,000
State of Washington Eagle Tax Exempt Trust Series 2000 Class A COPS (A-1+c)
8,000,000		4.87			07/06/2000		8,000,000
Washington Public Power Supply System Nuclear Project No. 1 Series 1993 1A-2 (Bank of America LOC) (A-1+/VMIG1)
10,000,000		4.70			07/05/2000		10,000,000
							$46,200,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Wisconsin—2.4%
Milwaukee Metropolitan Sewage District GO Capital Purpose Bonds Series 1992 A Eagle Tax-Exempt Trust Series 944905 (A-1+c)
$15,085,000		4.87	%		07/06/2000		$    15,085,000
Wisconsin Health & Educational Facilities Authority VRDN RB for Wheaton Franciscan Services Series 1997 (Toronto Domion Bank LOC) (A-1+/VMIG1)
27,100,000		4.90			07/06/2000		27,100,000
Wisconsin State GO Refunding (AA/Aa2)
4,400,000		5.80			05/01/2001		4,450,335
Wisconsin State Health Facilities Authority RB for Franciscan Health Care, Inc. Series 1985 A-2 (Toronto Dominion Bank) (A1+/VMIG1)
3,400,000		4.95			07/05/2000		3,400,000
							$    50,035,335
Wyoming—1.7%
Kemmerer PCRB Exxon Project (A-1+)
$  1,600,000		4.50	%		07/03/2000		$      1,600,000
Sweetwater County PCRB for Pacificorp Project Series 1990 A (Commerzbank LOC) (VMIG1)
9,400,000		4.70			07/05/2000		9,400,000
Uinta County PCRB Refundable for the Chevron USA, Inc. Project Series 1993 (P-1)
5,300,000		4.40			07/03/2000		5,300,000
Wyoming Education Fund TRANS Series 2000 B (SP-1+)
20,000,000		5.25	>		06/27/2001		20,168,800
							$    36,468,800
Total Investments							$2,160,486,325

---

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California—105.4%
Alameda County TRANS Series 1999 (SP-1+/MIG1)
$  4,000,000		4.00	%		07/07/2000		$ 4,000,431
Alameda County TRANS Series 2000 (SP-1+/MIG1)
$10,000,000		5.00	%>		07/02/2001		$10,066,300
Alameda-Contra Costa Schools Financing Authority VRDN for Capital Improvement Financing Project Series F (KBC Bank LOC) (A-1+)
5,160,000		4.40			07/06/2000		5,160,000
California Community College Financing Authority TRANS Series 1999 C (FSA) (SP-1+/P-1)
8,695,000		4.00			09/29/2000		8,706,017
California Educational Facilities Authority Adjustable RB for California Institute of Technology Series 1994 (A-1+/VMIG1)
5,000,000		4.30			07/06/2000		5,000,000
California Health Facilities Financing Authority Insured Variable Rate Hospital RB for Adventist Health System/West Series 1998 A (MBIA) (A-1+/VMIG1)
1,000,000		4.00			07/03/2000		1,000,000
California Health Facilities Financing Authority Insured Variable Rate Hospital RB for Adventist Health System/West Series 1998 C (MBIA) (A-1+/VMIG1)
1,500,000		4.00			07/03/2000		1,500,000
California Pollution Control Financing Authority Adjustable PCRB for Pacific Gas & Electric Co. Series 1997 A (Toronto Dominion Bank LOC) (A-1+)
23,000,000		4.00			07/03/2000		23,000,000
California Pollution Control Financing Authority Adjustable PCRB for Southern California Edison Co. Series 1986 A (A-1/VMIG1)
9,300,000		4.40			07/03/2000		9,300,000
California Pollution Control Financing Authority Adjustable PCRB for Southern California Edison Co. Series 1986 C (A-1/VMIG1)
4,800,000		4.40			07/03/2000		4,800,000
California Pollution Control Financing Authority Adjustable PCRB for Southern California Edison Co. Series 1986 D (A-1/VMIG1)
4,000,000		4.40			07/03/2000		4,000,000
California Pollution Control Financing Authority PCRB for Pacific Gas & Electric Co. Series 1996 F (Banque Nationale de Paris SA LOC) (A-1+)
33,600,000		4.00			07/03/2000		33,600,000
California Pollution Control Financing Authority RB for Shell Oil Series 1991 A (A-1+/VMIG1)
200,000		4.10			07/03/2000		200,000
1,700,000		4.10			07/03/2000		1,700,000
1,400,000		4.10			07/03/2000		1,400,000
California Pollution Control Financing Authority RB for Shell Oil Series 1991 B (A-1+/VMIG1)
3,600,000		4.10			07/03/2000		3,600,000
California Pollution Control Financing Authority PCRB for Pacific Gas & Electric Co. Series 1996 E (Morgan Guaranty Trust Co. of New York LOC) (A-1+/VMIG1)
12,500,000		4.35			07/03/2000		12,500,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California (continued)
California School Cash Reserve Program Authority Pool Bonds Series 1999 A (AMBAC)(SP-1+/MIG1)
$15,000,000		4.00	%		07/03/2000		$15,000,402
California School Cash Reserve Program Pool Bonds Series 2000 A (AMBAC)(SP-1+/MIG1)
$10,000,000		5.25	%>		07/03/2001		$10,093,900
California State PT 1001 Series 1997 (A-1+)
18,870,000		4.42			07/06/2000		18,870,000
California State Series 1997 (FGIC) (A-1+)
22,000,000		4.50			07/05/2000		22,000,000
California State GO Tax-Exempt CP Program (A-1+/P-1)
5,500,000		4.20			08/10/2000		5,500,000
California Statewide Communities Development Authority TRANS Series 1999 C-1 (FSA)(SP-1+/MIG1)
3,400,000		4.00			09/29/2000		3,404,214
California Statewide Communities Development Authority TRANS Series 2000 A (FSA)(SP-1+/MIG1)
11,400,000		5.25	%>		06/29/2001		11,505,336
Chula Vista IDRB for San Diego Gas & Electric Co. Series 1996 A (A-1/VMIG1)
9,250,000		3.50			07/03/2000		9,250,000
East Bay Municipal Utility District Water & Waste Water CP Notes (A-1+/P-1)
5,000,000		3.35			08/10/2000		5,000,000
7,800,000		3.60			08/23/2000		7,800,000
Fremont VRDN COPS for Family Resources Center Financing Project Series 1998 (KBC Bank LOC) (A-1+)
3,800,000		4.40			07/06/2000		3,800,000
Fremont VRDN MF Hsg. RB for Creekside Village Apartments Series 1985 D (KBC Bank LOC) (VMIG1)
14,400,000		4.35			07/06/2000		14,400,000
Fresno County Adjustable PCRB Series 2000 A (FGIC) (A-1+/VMIG1)
6,500,000		4.30			07/05/2000		6,500,000
Huntington Beach MF Hsg. RB for Essex Huntington Breakers Series 1996 A (FHLMC) (VMIG1)
13,000,000		4.50			07/05/2000		13,000,000
Huntington Beach MF Hsg. RB for Seabridge Villas Series 1985 A (VMIG1)
7,100,000		4.00			07/03/2000		7,100,000
Irvine Ranch Water District Consolidated Refunding GO RB Series 1993 A (Bank of America LOC) (A-1+/VMIG1)
16,000,000		4.30			07/03/2000		16,000,000
Irvine Ranch Water District Consolidated Refunding GO RB Series 1993 B (Toronto Dominion Bank LOC) (A-1+/VMIG1)
3,300,000		4.30			07/03/2000		3,300,000
Irvine Ranch Water District VRDN Consolidated Refunding GO Series 1989 (Toronto Dominion Bank LOC) (A-1+/VMIG1)
7,000,000		4.30			07/03/2000		7,000,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California (continued)
Kern County 2000 TRANS (SP-1+)
11,000,000		5.00	>		07/02/2001		11,075,240
Kings County Housing Authority VRDN MF Hsg. Refunding for Edgewater Series 1996 A (Wells Fargo Bank LOC) (VMIG1)
6,555,000		4.30			07/06/2000		6,555,000
Long Beach City Housing Authority VRDN MF Hsg. RB for Channel Point Apartment Series 1998 A (FNMA) (A-1)
$  6,250,000		4.25	%		07/06/2000		$  6,250,000
Los Angeles County Adjustable RB for the Department of Water & Power Electric Plant Second Issue Series 2000 E (A-1+/VMIG1)
36,800,000		4.25			07/06/2000		36,800,000
Los Angeles County Housing Authority Variable Rate MF Hsg. Refunding RB for Malibu Meadows Project Series 1998 B (FNMA) (A-1+)
9,311,000		4.25			07/06/2000		9,311,000
Los Angeles County Housing Authority Variable Rate MF Hsg.Refunding RB for Malibu Meadows Project II Series 1998 C (FNMA) (A-1+)
7,149,000		4.25			07/06/2000		7,149,000
Los Angeles County Metro TRANS Sales Tax Revenue RB Series 1993 A (MBIA) (A-1/VMIG1)
26,255,000		4.25			07/06/2000		26,255,000
Los Angeles County Pension Obligation Adjustable Refunding RB Series 1996 A (AMBAC) (A-1+/VMIG1)
10,000,000		4.30			07/05/2000		10,000,000
Los Angeles County Pension Obligation Adjustable Refunding RB Series 1996 B (AMBAC) (A-1+/VMIG1)
15,700,000		4.30			07/05/2000		15,700,000
Los Angeles County Pension Obligation Adjustable Refunding RB Series 1996 C (AMBAC) (A-1+/VMIG1)
13,700,000		4.30			07/05/2000		13,700,000
Los Angeles County Schools TRANS Series 1999 B (FSA) (SP-1+)
15,000,000		4.00			09/29/2000		15,021,371
Los Angeles County Schools TRANS Series 2000 A (FSA) (SP-1+)
4,000,000		5.00	%>		07/02/2001		4,027,920
Los Angeles County TRANS Series 2000 A (SP-1+/MIG1)
10,500,000		5.00	%>		06/29/2001		10,584,735
Los Angeles Waste Water Systems Revenue (Morgan Guaranty Trust/UBS) (A-1+/P-1)
4,000,000		3.35			08/10/2000		4,000,000
1,500,000		4.10			08/31/2000		1,500,000
Metropolitan Water District Southern California Adjustable Authorization RB Series 1997 B (A-1+/VMIG1)
13,500,000		4.20			07/06/2000		13,500,000
Metropolitan Water District Southern California Adjustable Authorization RB Series 1998 C (A-1+/VMIG1)
2,000,000		4.15			07/06/2000		2,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California (continued)
Metropolitan Water District Southern California Adjusted RB Series 1999 B (A-1+/VMIG1)
2,000,000		4.20			07/06/2000		2,000,000
Metropolitan Water District Southern California Series B (A-1+/P-1)
10,000,000		4.20			08/01/2000		10,000,000
MSR Public Power Agency Subordinate Lien RB for San Juan Project Series 1997 D (MBIA) (A-1+/VMIG1)
21,100,000		4.25			07/06/2000		21,100,000
MSR Public Power Agency Subordinate Lien RB for San Juan Project Series 1997 E (MBIA) (A-1+/VMIG1)
$16,200,000		4.30	%		07/06/2000		$16,200,000
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1992 (A-1+/VMIG1)
10,800,000		4.25			07/03/2000		10,800,000
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1996 B (A-1+/VMIG1)
4,000,000		4.25			07/03/2000		4,000,000
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1999 B (A-1+/VMIG1)
15,000,000		4.70			07/05/2000		15,000,000
Oakland Joint Powers Financing Authority Lease VRDN RB Series 1998 A2 (FSA) (A-1+/VMIG1)
2,000,000		4.25			07/06/2000		2,000,000
Orange County VRDN Apartment Development RB for Hidden Hills Development Corp. Series 1985 C (FHLMC) (VMIG1)
5,000,000		4.75			07/04/2000		5,000,000
Orange County VRDN Apartment Development RB for Niguel Summit Series 1985 A (FNMA) (VMIG1)
600,000		4.75			07/04/2000		600,000
Orange County VRDN Apartment Development RB for Seaside Meadow Series 1984 C (KBC Bank N.V. LOC) (VMIG1)
24,000,000		4.35			07/06/2000		24,000,000
Orange County VRDN Apartment Development RB Refunding for Larkspur Canyon Apartment Series 1997 A (FNMA) (A-1+)
7,635,000		4.50			07/05/2000		7,635,000
Orange County VRDN Apartment Development RB Refunding for Park Ridge Villas Series 1998 (FNMA) (A-1+/VMIG1)
9,000,000		4.35			07/06/2000		9,000,000
Palo Alto Unified School District Series 1997 SGA 53 (A-1+)
9,830,000		4.48			07/05/2000		9,830,000
Sacramento County COPS for Administration Center and Courthouse Project Series 1990 (UBS AG) (A-1+/VMIG1)
23,440,000		4.35			07/06/2000		23,440,000
Sacramento County Housing Authority VRDN MF Hsg. Refunding RB for Stone Creek Apartments Series 1997 (FNMA) (A-1+)
8,450,000		4.25			07/06/2000		8,450,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
California (continued)
San Bernardino County VRDN MF Hsg. Refunding RB for Evergreen Apartments Series 1999 A (FNMA) (A-1+)
14,000,000		4.25			07/06/2000		14,000,000
San Diego Certificates of Undivided Interest PT 1076 Series 1998 (FGIC) (A-1+)
15,685,000		4.42			07/06/2000		15,685,000
San Diego County California Transport Commission CP Notes Series A
10,000,000		3.35			08/09/2000		10,000,000
San Diego County Water Authority Series 1 (A-1/P-1)
$  5,000,000		3.35	%		08/11/2000		$    5,000,000
San Francisco City & County Housing Authority VRDN MF Hsg. RB Series 1985 D (Banque Nationale Paris LOC) (A-1+)
7,000,000		4.30			07/05/2000		7,000,000
Santa Barbara County School Financing Authority TRANS Series 2000 (MIG1)
8,400,000		5.00	>		06/29/2001		8,458,128
Southern California Public Power Authority Power Project Subordinate Refunding RB for Palo Verde Series 1996 B (AMBAC) (A-1+/VMIG1)
8,000,000		4.30			07/05/2000		8,000,000
Southern California Public Power Authority VRDN Refunding RB for Southern Transmission Project Series 1991 (AMBAC) (A-1+/VMIG1)
9,400,000		4.30			07/05/2000		9,400,000
Southern Public Power Authority Refunding RB for Palo Verde Project Series 1996C (AMBAC) (A-1+/VMIG1)
7,000,000		4.30			07/05/2000		7,000,000
Triunfo County Sanitation District Variable Rate RB Series 1994 (A-1)
4,410,000		4.45			07/05/2000		4,410,000
University California Revenues Series A (A-1+/P-1)
10,300,000		4.00			10/10/2000		10,300,000
5,500,000		4.10			10/11/2000		5,500,000
11,700,000		4.20			10/12/2000		11,700,000
West Basin California Municipal Water District Adjustable COPS VRDN for Phase II Recycled Water Project Series 1997 B (Bayerische Hypo- und Vereinsbank) (VMIG1)
12,000,000		4.25			07/05/2000		12,000,000
							$799,993,994

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Puerto Rico—2.5%
Puerto Rico Government Development Bank (CP Program) (A-1+)
$5,000,000		3.35	%		08/25/2000		$    5,000,000
7,000,000		3.40			09/22/2000		7,000,000
5,000,000		4.20			10/31/2000		5,000,000
Puerto Rico Government Development Bank VRDN Series 1985 (MBIA) (A-1+)
2,000,000		4.60			07/05/2000		2,000,000
							$  19,000,000
Total Investments							$818,993,994

---

>	Forward commitments.

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York—101.1%
Brentwood Union Free School District TANS Series 2000 (MIG1)
$  5,000,000		5.00	%>		06/29/2001		$5,030,200
City of Yonkers Civic Facility IDA RB Adjustment for Consumers Union Facility Series 1991 (Dexia Credit Local de France LOC) (VMIG1)
2,500,000		4.65			07/05/2000		2,500,000
City of Yonkers Civic Facility IDA RB for Consumers Union Facility Series 1989 (Dexia Credit Local de France LOC) (VMIG1)
2,638,000		4.65			07/05/2000		2,638,000
Great Neck North Water Authority Water System VRDN RB Series 1993 A (FGIC) (A-1+/VMIG1)
4,600,000		4.65			07/05/2000		4,600,000
Lindenhurst Union Free School TANS Series 2000 (MIG1)
3,500,000		5.00	>		06/28/2001		3,519,390
Long Island Power Authority Electric System VRDN RB Series 1 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
7,000,000		4.65			07/05/2000		7,000,000
Long Island Power Authority Electric System VRDN RB Series 1998 2 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
3,500,000		4.40			07/05/2000		3,500,000
Long Island Power Authority Electric System VRDN RB Series 4 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
2,000,000		4.05			08/11/2000		2,000,000
3,500,000		4.15			09/13/2000		3,500,000
Metropolitan Transportation Dedicated Tax Fund Floats PA # 656 (FGIC) (A-1+(c))
1,000,000		4.82			07/06/2000		1,000,000
Municipal Assistance Corp. RB for the City of New York Series 1996 E (AA-/Aa2)
4,550,000		5.50			07/01/2000		4,550,000
Municipal Assistance Corp. RB for the City of New York Series 1998 M (AA/Aa2)
3,000,000		5.00			07/01/2000		3,000,000
Nassau County IDA Civic Facility & Improvement RB for Cold Spring Harbor Laboratory Series 1999 (A-1+)
10,850,000		4.45			07/03/2000		10,850,000
New York City Adjustment GO VRDN Series 1992 D (FGIC) (A-1+/VMIG1)
3,500,000		4.65			07/05/2000		3,500,000
New York City GO Escrowed to Maturity Series 1994 E (U.S. Treasury Bond) (Aaa)
4,905,000		6.10			08/01/2000		4,914,692

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York City GO Prerefunded Series 1992 H (U.S. Treasury Bond) (AAA)
$4,275,000		6.90	%		02/01/2001		$4,344,492
New York City GO VRDN Series 1994 B-2 (Morgan Guaranty Trust LOC) (A-1+/VMIG1)
700,000		4.75			07/01/2000		700,000
New York City GO VRDN Series 1994 E-2 (Morgan Guaranty Trust LOC) (A-1+/VMIG1)
250,000		4.55			07/03/2000		250,000
New York City Health & Hospital Corp. Health System Bonds RB Series 1997 C (Toronto Dominion) (A-1+/VMIG1)
3,770,000		4.35			07/05/2000		3,770,000
New York City Health & Hospital Corp. Health System Bonds RB Series 1997 D (Bank of Nova Scotia) (A-1+/VMIG1)
1,480,000		4.40			07/05/2000		1,480,000
New York City Health & Hospital Corp. VRDN Health System Bonds Series 1997 B (Canadian Imperial Bank of Commerce LOC) (A-1+/VMIG1)
7,675,000		4.35			07/05/2000		7,675,000
New York City IDA VRDN Civic Facility Revenue for the National Audubon Society Series 1989 (Dexia Credit Local LOC) (A1+)
4,800,000		4.40			07/03/2000		4,800,000
New York City Municipal Water & Sewer System Revenue VRDN Series 2000 C (A-1+/VMIG1)
2,000,000		4.50			07/03/2000		2,000,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue Series 1994 G (FGIC) (A-1+/VMIG1)
1,200,000		4.40			07/03/2000		1,200,000
New York City Municipal Water Finance Authority VRDN Series 1993 C (FGIC) (A-1+/VMIG1)
1,200,000		4.45			07/03/2000		1,200,000
New York City Municipal Water Finance Authority Water & Sewer System Adjustable Series 1995 A (FGIC) (A-1+/VMIG1)
1,000,000		4.75			07/03/2000		1,000,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN Series 1994 C (FGIC) (A-1+/VMIG1)
1,200,000		4.45			07/03/2000		1,200,000
New York City Transitional Finance Authority Eagle Trust Class A (A-1)
1,000,000		4.84			07/06/2000		1,000,000
New York City Transitional Finance Authority Future Tax Secured Bonds Series 1999 A-1 (A-1+/VMIG1)
9,295,000		4.65			07/05/2000		9,295,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York City Trust for Resources for American Museum of National History Series 1999 B (AMBAC) (Aaa)
$  3,000,000		3.70	%		07/01/2000		$3,000,000
New York City Trust for Resources Multi-Mode Bonds for Solomon Guggenheim Foundation VRDN Series 1990 B (Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
4,605,000		4.40			07/03/2000		4,605,000
New York State Dormitory Authority RB VRDN for Cornell University Series 1990 B (Morgan Guaranty Trust) (A-1+/VMIG1)
9,750,000		4.45			07/03/2000		9,750,000
New York State Dormitory Authority RB VRDN for the Metropolitan Museum of Art Series 1993 A (A-1+/VMIG1)
6,315,000		4.30			07/05/2000		6,315,000
New York State Energy & Research Development Authority PCRB VRDN for Orange & Rockland Utilities Series 1994 A (FGIC) (A-1+/VMIG1)
1,000,000		4.45			07/05/2000		1,000,000
New York State Energy & Research Development Authority PCRB VRDN for Rochester Gas & Electric Corp. Series 1997 B (MBIA) (Credit Suisse First Boston) (A1+/VMIG1)
5,000,000		4.50			07/05/2000		5,000,000
New York State Energy & Research Development Authority PCRB VRDN for Rochester Gas & Electric Corp. Series 1997 C (MBIA) (Credit Suisse First Boston) (A1+/VMIG1)
4,000,000		4.45			07/05/2000		4,000,000
New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corp. Series 1994 C (Morgan Guaranty Trust) (A-1+/VMIG1)
2,200,000		4.50			07/03/2000		2,200,000
New York State Energy Research & Development Authority PCRB for Rochester Gas & Electric Corp. Series 1997 A (MBIA) (Credit Suisse First Boston SPA) (A-1+/VMIG1)
5,800,000		4.35			07/05/2000		5,800,000
New York State Energy Research & Development Authority PCRB VRDN for Orange & Rockland Utilities Series 1995 A (AMBAC) (A-1+/VMIG1)
2,400,000		4.45			07/05/2000		2,400,000
New York State Energy Research & Development Authority PCRB CP for New York State Electric & Gas Corp. Series 1994 B (Mellon Bank) (A-1+/VMIG1)
13,200,000		4.45			07/03/2000		13,200,000
New York State Environmental Facilities Corp. RB Eagle Tax-Exempt Trust Series 1996 C3204 COPS (Citibank) (A-1+(c))
6,650,000		4.84			07/06/2000		6,650,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York State Environmental GO Series 1998 G (A-1+/VMIG1)
$5,000,000		3.90	%		10/05/2000		$5,000,000
New York State GO Series 1992 (A+/A2)
1,000,000		7.50			11/15/2000		1,012,534
New York State GO Series 1995 B (A+/A2)
2,200,000		6.38			08/15/2000		2,206,254
New York State GO VRDN (Dexia Credit Local LOC) (A-1+/VMIG1)
2,000,000		4.05			08/09/2000		2,000,000
New York State Housing Finance Agency RB for State University Construction Series 1973 A (U.S. Treasury Bond) (AAA/Aaa)
1,800,000		5.80			11/01/2000		1,812,429
New York State Housing Finance Agency RB VRDN for Liberty View Apartments Housing Series 1997 A (FNMA) (A-1+)
6,000,000		4.40			07/05/2000		6,000,000
New York State Housing Finance Agency RB VRDN for Talleyrand Crescent Housing Series 1999 A (Fleet National Bank LOC) (VMIG1)
8,000,000		4.60			07/05/2000		8,000,000
New York State Housing Finance Agency RB Service Contract Obligation Revenue Series 1991 A (U.S. Treasury Bond) (AAA/Aaa)
5,000,000		7.80			03/15/2001		5,207,906
New York State Housing Finance Agency RB VRDN AMT Tribeca Park Series 1997(Fannie Mae LOC) (VMIG1)
8,700,000		4.45			07/05/2000		8,700,000
New York State Housing Finance Agency Revenue RB VRDN AMT for 101 West End Avenue Housing Series 2000 A (Fleet Bank, N.A. LOC) (VMIG1)
3,000,000		4.70			07/05/2000		3,000,000
New York State Housing Finance Agency Revenue RB VRDN for 150 East 44th Street Housing Series 2000 A (Fleet Bank, N.A. LOC) (VMIG1)
1,000,000		4.70			07/05/2000		1,000,000
New York State Housing Finance Agency Revenue RB VRDN for 750 6th Avenue Housing Series 1998 A (Fleet Bank LOC) (VMIG1)
2,000,000		4.70			07/05/2000		2,000,000
New York State Local Government Assistance Corp. RB VRDN Series 1995 B (Bank of Nova Scotia LOC) (A-1+/VMIG1)
8,975,000		4.30			07/05/2000		8,975,000
New York State Local Government Assistance Corp. RB VRDN Series 1995 C (Landesbank Hessen-Thueringen Girozentrale) (A-1+/VMIG1)
4,500,000		4.30			07/05/2000		4,500,000
New York State Local Government Assistance Corp. RB VRDN Series 1995 F (Toronto Dominion Bank LOC) (A-1+/VMIG1)
5,200,000		4.30			07/05/2000		5,200,000

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York State Local Government Assistance Corp. RB VRDN Series 1995 G (Bank of Nova Scotia LOC) (A-1/VMIG1)
$3,400,000		4.40	%		07/05/2000		$    3,400,000
New York State VRDN Series 2000 A (Dexia Credit Local LOC) (A-1+/VMIG1)
6,000,000		4.40			02/08/2001		6,000,000
Oswego County IDA PCRB Series 1992 for Phillip Morris Companies (A-1/P-1)
1,000,000		4.75			07/05/2000		1,000,000
Port Authority New York & New Jersey Special Obligation RB VRDN Versatile Structure Obligation Series 1994 2 Morgan Guaranty Trust Company of New York (A1+/VMIG1)
6,700,000		4.30			07/03/2000		6,700,000
Port Authority New York & New Jersey Special Obligation RB VRDN Versatile Structure Obligation Series 1997 OB-6 (Bank of Nova Scotia) (A-1+/VMIG1)
1,600,000		4.40			07/03/2000		1,600,000
Rensselaer County IDA RB for Rensselaer Polytechnic Institute Civic Facilities Series 1997 A (VMIG1)
4,140,000		4.70			07/06/2000		4,140,000
Suffolk County GO Public Improvement Series 2000 A (MBIA) (AAA/Aaa)
2,320,000		5.50			05/01/2001		2,336,732
Triborough Bridge & Tunnel Authority Series 1999 C (AMBAC) (A-1+/VMIG1)
2,000,000		4.25			07/06/2000		2,000,000
Triborough Bridge & Tunnel Authority RB Series 1991 U (U.S. Treasury Bond) (AAA/Aaa)
2,000,000		6.88			01/01/2001		2,066,890
							$259,794,519
Puerto Rico—1.4%
Puerto Rico Government Development Bank VRDN Series 1985 (MBIA) (A-1+/VMIG1)
$3,600,000		4.60	%		07/05/2000		$    3,600,000
Total Investments							$263,394,519

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---

---

AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
BANS		—Bond Anticipation Notes
COPS		—Certificates of Participation
CP		—Commercial Paper
FGIC		—Insured by Financial Guaranty Insurance Co.
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FSA		—Insured by Financial Security Assistance Co.
GO		—General Obligation
IDA		—Industrial Development Authority
IDB		—Industrial Development Bond
IDRB		—Industrial Development Revenue Bond
LOC		—Letter of Credit
MBIA		—Insured by Municipal Bond Investors Assurance
MF Hsg.		—Multi-Family Housing
NRU		—National Rural Utilities Cooperation Finance Corp.
PCRB		—Pollution Control Revenue Bond
RANS		—Revenue Anticipation Notes
RB		—Revenue Bond
TANS		—Tax Anticipation Notes
TRANS		—Tax Revenue Anticipation Notes
VRDN		—Variable Rate Demand Note

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		Prime Obligations Portfolio		Money Market Portfolio		Government Portfolio
Assets:
Investment in securities, at value based on amortized cost		$1,156,040,070		$2,232,365,509		$ 254,084,437
Cash		52,858		30,470		50,216
Receivables:
Interest		6,018,173		9,008,422		586,422
Fund shares sold		5,514		1,421		—
Reimbursement from adviser		—		—		22,105
Other assets		1,429		8,192		72
Total assets		1,162,118,044		2,241,414,014		254,743,252
Liabilities:
Payables:
Investment securities purchased		—		24,999,875		—
Income distribution		1,362,207		753,015		403,200
Fund shares repurchased		465		—		—
Amounts owed to affiliates		374,287		695,134		80,601
Accrued expenses and other liabilities		128,360		217,058		41,400
Total liabilities		1,865,319		26,665,082		525,201
Net Assets:
Paid–in capital		1,160,252,725		2,214,748,932		254,218,051
Accumulated undistributed net investment income		—		—		—
Accumulated net realized loss on investment transactions		—		—		—
Net Assets		$1,160,252,725		$2,214,748,932		$  254,218,051
Net asset value, offering and redemption price per unit/share		$1.00		$1.00		$1.00
Units/Shares outstanding:
ILA units		847,501,813		1,788,758,809		192,155,039
ILA Administration units		46,578,550		22,919,972		3,865,138
ILA Service units		107,723,738		357,783,718		57,078,362
ILA Class B units		14,026,293		—		—
ILA Class C units		6,588,943		—		—
Cash Management shares		137,833,388		45,286,433		1,063,878
Total units/shares of beneficial interest outstanding, $.001 par value          (unlimited number of shares authorized)		1,160,252,725		2,214,748,932		254,162,417

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---

Treasury  Obligations Portfolio		Treasury Instruments Portfolio		Federal Portfolio		Tax-Exempt Diversified Portfolio			Tax-Exempt California Portfolio			Tax-Exempt New York Portfolio
$727,956,704		$455,872,843		$4,199,752,376		$2,160,486,325			$818,993,994			$263,394,519
38,108		19,950		75,968		932,959			1,314,175			476,688
1,576,536		6,988,190		20,579,698		16,329,469			4,611,397			1,732,930
—		—		2,741		539			—			—
—		9,885		—		—			—			—
2,458		2,645		13,945		13,564			12,709			980
729,573,806		462,893,513		4,220,424,728		2,177,762,856			824,932,275			265,605,117
—		—		—		69,511,020			65,811,559			8,549,589
2,104,623		524,486		2,485,884		646,328			173,839			42,524
—		—		—		—			—			—
223,480		140,224		1,389,517		675,300			243,747			84,095
116,067		130,366		139,379		62,424			31,028			3,371
2,444,170		795,076		4,014,780		70,895,072			66,260,173			8,679,579
727,129,636		462,098,437		4,216,409,948		2,107,027,621			758,707,098			256,928,465
—		—		—		—			—			—
—		—		—		(159,837	)		(34,996	)		(2,927	)
$727,129,636		$462,098,437		$4,216,409,948		$2,106,867,784			$758,672,102			$256,925,538
$1.00		$1.00		$1.00		$1.00			$1.00			$1.00
359,889,619		273,779,419		3,915,600,612		2,022,399,866			734,080,977			212,721,751
14,830,637		31,944,088		19,486,727		49,904,228			17,637,980			43,903,392
352,409,380		156,374,930		281,322,609		14,601,405			182,131			1,613
—		—		—		—			—			—
—		—		—		—			—			—
—		—		—		20,066,175			6,725,023			301,709
727,129,636		462,098,437		4,216,409,948		2,106,971,674			758,626,111			256,928,465

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---

		Prime Obligations Portfolio			Money Market Portfolio			Government Portfolio
Investment income:
Interest income		$40,133,788			$63,542,487			$8,217,518
Expenses:
Management fees		2,286,150			3,594,603			480,452
Administration share fees		31,425			6,099			4,556
Service share fees		176,440			722,747			134,765
Cash Management share fees		532,783			5,171			1,495
Transfer agent fees (a)		261,470			410,811			54,909
Distribution and service fees (b)		114,519			—			—
Custodian fees		71,773			106,855			33,887
Registration fees		61,607			87,327			40,221
Professional fees		20,943			21,366			20,791
Trustee fees		3,794			3,936			3,794
Other		31,848			19,933			19,328
Total expenses		3,592,752			4,978,848			794,198
Less—expenses reductions		(230,451	)		(3,688	)		(58,263	)
Net expenses		3,362,301			4,975,160			735,935
Net investment income		36,771,487			58,567,327			7,481,583
Net realized gain (loss) on investment transactions		8,166			563			3,312
Net increase in net assets resulting from operations		$36,779,653			$58,567,890			$7,484,895

Portfolio		ILA units		Administration units		Service units		Class B units		Class C units		CMS shares
Prime Obligations		$209,396		$8,492		$17,684		$3,000		$1,587		$21,311
Money Market		336,668		1,626		72,298		—		—		219
Government		40,157		1,215		13,477		—		—		60
Treasury Obligations		72,575		4,794		50,298		—		—		—
Treasury Instruments		50,134		8,993		25,037		—		—		—
Federal		778,403		522		56,163		—		—		—
Tax-Exempt Diversified		388,405		6,205		3,507		—		—		200
Tax-Exempt California		156,811		2,431		1,823		—		—		11
Tax-Exempt New York		39,957		6,133		—		—		—		3

---

---

Treasury Obligations Portfolio			Treasury Instruments Portfolio			Federal Portfolio		Tax-Exempt Diversified Portfolio			Tax-Exempt California Portfolio			Tax-Exempt New York Portfolio
$18,909,775			$11,770,144			$125,548,413		$39,108,813			$13,331,091			$4,412,769
1,117,088			736,437			7,307,017		3,485,272			1,409,421			403,319
17,978			33,723			1,958		23,269			9,115			22,998
502,953			250,349			561,607		35,068			18,232			—
—			—			—		4,683			264			63
127,667			84,164			835,088		398,317			161,076			46,093
—			—			—		—			—			—
46,884			52,237			141,242		133,382			60,020			26,191
13,645			26,918			85,986		80,202			94,222			4,669
20,558			21,294			21,113		22,147			20,467			20,474
3,794			3,794			4,157		4,010			3,860			3,794
14,560			17,425			32,994		26,824			16,054			14,121
1,865,127			1,226,341			8,991,162		4,213,174			1,792,731			541,722
(1,313	)		(29,087	)		(2,705)		(100,239	)		(44,710	)		(18,571	)
1,863,814			1,197,254			8,988,457		4,112,935			1,748,021			523,151
17,045,961			10,572,890			116,559,956		34,995,878			11,583,070			3,889,618
2,031			151,564			2,410		(13,882	)		(4,347	)		—
$17,047,992			$10,724,454			$116,562,366		$34,981,996			$11,578,723			$3,889,618

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---

		Prime Obligations Portfolio			Money Market Portfolio			Government Portfolio
From operations:
Net investment income		$      36,771,487			$      58,567,327			$    7,481,583
Net realized gain (loss) on investment transactions		8,166			563			3,312
Net increase in net assets resulting from operations		36,779,653			58,567,890			7,484,895
Distributions to unit/shareholders:
From net investment income
ILA units		(29,876,029	)		(48,607,500	)		(5,586,713	)
ILA Administration units		(1,177,665	)		(230,966	)		(163,169	)
ILA Service units		(2,371,143	)		(9,697,675	)		(1,727,433	)
ILA Class B units		(354,103	)		—			—
ILA Class C units		(187,922	)		—			—
Cash Management shares		(2,812,791	)		(31,749	)		(7,580	)
Total distributions to unit/shareholders		(36,779,653	)		(58,567,890	)		(7,484,895	)
From share transactions:
Proceeds from sales of unit/shares		4,572,081,747			6,455,632,162			573,812,218
Reinvestment of dividends and distributions		28,228,771			54,254,326			5,262,208
Cost of unit/shares repurchased		(4,695,873,193	)		(6,032,797,667	)		(613,365,273	)
Net increase (decrease) in net assets resulting from unit/share          transactions		(95,562,675	)		477,088,821			(34,290,847	)
Total increase (decrease)		(95,562,675	)		477,088,821			(34,290,847	)
Net assets:
Beginning of period		1,255,815,400			1,737,660,111			288,508,898
End of period		$  1,160,252,725			$  2,214,748,932			$254,218,051

---

---

Treasury Obligations Portfolio			Treasury Instruments Portfolio			Federal Portfolio		Tax-Exempt Diversified Portfolio			Tax-Exempt California Portfolio			Tax-Exempt New York Portfolio
$      17,045,961			$      10,572,890			$      116,559,956		$      34,995,878			$      11,583,070			$    3,889,618
2,031			151,564			2,410		(13,882	)		(4,347	)		—
17,047,992			10,724,454			116,562,366		34,981,996			11,578,723			3,889,618
(9,944,842	)		(6,591,620	)		(109,189,920)		(34,185,224	)		(11,323,062	)		(3,386,288	)
(625,286	)		(1,143,552	)		(75,604)		(524,300	)		(166,435	)		(503,073	)
(6,477,864	)		(2,989,282	)		(7,296,842)		(268,615	)		(92,715	)		(24	)
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		(17,739	)		(858	)		(233	)
(17,047,992	)		(10,724,454	)		(116,562,366)		(34,995,878	)		(11,583,070	)		(3,889,618	)
1,936,200,136			992,524,507			14,015,686,373		6,505,698,598			2,323,193,872			769,137,750
6,730,377			7,305,338			103,177,103		31,681,542			10,610,811			3,696,864
(1,927,221,300	)		(1,100,984,938	)		(13,359,001,794)		(6,214,198,090	)		(2,506,737,199	)		(714,050,508	)
15,709,213			(101,155,093	)		759,861,682		323,182,050			(172,932,516	)		58,784,106
15,709,213			(101,155,093	)		759,861,682		323,168,168			(172,936,863	)		58,784,106
711,420,423			563,253,530			3,456,548,266		1,783,699,616			931,608,965			198,141,432
$    727,129,636			$    462,098,437			$    4,216,409,948		$  2,106,867,784			$    758,672,102			$256,925,538

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---

		Prime Obligations Portfolio			Money Market Portfolio			Government Portfolio
From operations:
Net investment income		$      52,551,422			$        84,369,650			$      19,782,686
Net realized gain (loss) on investment transactions		2,529			—			(326	)
Net increase in net assets resulting from operations		52,553,951			84,369,650			19,782,360
Distributions to unit/shareholders:
From net investment income
ILA units		(45,384,123	)		(68,460,223	)		(15,599,484	)
ILA Administration units		(1,780,071	)		(1,645,299	)		(290,075	)
ILA Service units		(4,517,300	)		(14,264,059	)		(3,892,170	)
ILA B units		(623,673	)		—			—
ILA C units		(248,714	)		—			—
ILA Cash Management shares		(70	)		(69	)		(630	)
Total distributions to unit/shareholders		(52,553,951	)		(84,369,650	)		(19,782,359	)
From unit/share transactions (at $1.00 per unit/share):
Proceeds from sales of units/shares		7,836,070,067			12,281,385,755			1,811,769,575
Reinvestment of dividends and distributions		45,571,600			84,608,022			15,023,063
Cost of units/shares repurchased		(7,642,384,057	)		(12,325,328,457	)		(2,034,953,029	)
Net increase (decrease) in net assets resulting from          unit/share transactions		239,257,610			40,665,320			(208,160,391	)
Total increase (decrease)		239,257,610			40,665,320			(208,160,390	)
Net assets:
Beginning of year		1,016,557,790			1,696,994,791			496,669,288
End of year		$  1,255,815,400			$    1,737,660,111			$    288,508,898

---

---

Treasury Obligations Portfolio			Treasury Instruments Portfolio			Federal Portfolio		Tax-Exempt Diversified Portfolio			Tax-Exempt California Portfolio			Tax-Exempt New York Portfolio
$      29,678,180			$      27,477,467			$      150,385,775		$      46,940,340			$      18,690,245			$        4,925,750
8,167			99,896			5,411		1,140			(30,649	)		114
29,686,347			27,577,363			150,391,186		46,941,480			18,659,596			4,925,864
(24,606,852	)		(11,518,920	)		(129,728,192)		(45,416,285	)		(18,171,355	)		(4,390,985	)
(2,625,955	)		(3,465,849	)		(8,725,681)		(854,367	)		(316,939	)		(534,693	)
(2,453,540	)		(12,595,226	)		(11,937,454)		(669,649	)		(201,917	)		(36	)
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		(39	)		(34	)		(36	)
(29,686,347	)		(27,579,995	)		(150,391,327)		(46,940,340	)		(18,690,245	)		(4,925,750	)
3,719,606,593			2,554,504,387			17,348,923,131		9,977,368,160			4,442,494,150			1,075,546,032
18,136,217			11,896,253			139,921,416		46,434,419			18,936,186			5,033,322
(3,876,771,086	)		(2,850,433,896	)		(17,220,292,178)		(9,866,750,232	)		(4,114,921,916	)		(1,026,571,140	)
(139,028,276	)		(284,033,256	)		268,552,369		157,052,347			346,508,420			54,008,214
(139,028,276	)		(284,035,888	)		268,552,228		157,053,487			346,477,771			54,008,328
850,448,699			847,289,418			3,187,996,038		1,626,646,129			585,131,194			144,133,104
$    711,420,423			$    563,253,530			$    3,456,548,266		$  1,783,699,616			$    931,608,965			$    198,141,432

---

Portfolio		ILA Units		ILA Administra- tion Units		ILA Service Units		ILA Class B Units		ILA Class C Units		ILA Cash Management Shares
Prime Obligations		x		x		x		x		x		x
Money Market		x		x		x						x
Government		x		x		x						x
Treasury Obligations		x		x		x
Treasury Instruments		x		x		x
Federal		x		x		x
Tax-Exempt Diversified		x		x		x						x
Tax-Exempt California		x		x		x						x
Tax-Exempt New York		x		x		x						x

---

Portfolio		Amount		Years of Expiration
Tax-Exempt Diversified		$146,000		2001 to 2005
Tax-Exempt California		31,000		2007

Portfolio		Expense Reimbursements		Custody Fee Reductions		CMS Fee Waiver		Total
Prime Obligations		$  —		$  1		$229		$230
Money Market		—		1		3		4
Government		56		1		1		58
Treasury Obligations		—		1		—		1
Treasury Instruments		28		1		—		29
Federal		—		3		—		3
Tax-Exempt Diversified		—		98		2		100
Tax-Exempt California		—		45		—		45
Tax-Exempt New York		1		18		—		19

---

Portfolio		Management		Distribution and Service		Transfer Agent		Total
Prime Obligations		$323		$18		$33		$374
Money Market		623		—		72		695
Government		73		—		8		81
Treasury Obligations		200		—		23		223
Treasury Instruments		126		—		14		140
Federal		1,247		—		143		1,390
Tax-Exempt Diversified		606		—		69		675
Tax-Exempt California		219		—		25		244
Tax-Exempt New York		75		—		9		84

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---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost		Maturity Value
Barclays Capital PLC
$1,000,000,000		6.50	%		07/03/2000		$1,000,000,000		$1,000,541,667
Donaldson, Lufkin & Jenrette, Inc.
1,000,000,000		6.60			07/03/2000		1,000,000,000		1,000,550,000
UBS Warburg LLC
350,000,000		6.45			07/03/2000		350,000,000		350,188,125
UBS Warburg LLC
1,003,500,000		6.60			07/03/2000		1,003,500,000		1,004,051,925
Total Joint Repurchase Agreement Account							$3,353,500,000		$3,355,331,717

Principal Amount		Interest Rate			Maturity Date		Amortized Cost		Maturity Value
ABN/AMRO, Inc.
$995,900,000		6.85	%		07/03/2000		$  995,900,000		$  996,468,493
Banc of America Securities LLC
800,000,000		6.88			07/03/2000		800,000,000		800,458,667
Bear Stearns Companies, Inc.
500,000,000		6.85			07/03/2000		500,000,000		500,285,417
Donaldson, Lufkin & Jenrette, Inc.
500,000,000		6.90			07/03/2000		500,000,000		500,287,500
Total Joint Repurchase Agreement Account II							$2,795,900,000		$2,797,500,077

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---

Unit/share activity for the six months ended June 30, 2000 is as follows:

		Prime Obligations Portfolio			Money Market Portfolio			Government Portfolio
ILA units:
Units sold		3,787,801,927			4,604,120,804			514,139,841
Reinvestment of dividends and distributions		24,820,889			45,177,565			3,634,727
Units repurchased		(4,060,229,715	)		(4,207,304,247	)		(530,821,051	)
		(247,606,899	)		441,994,122			(13,046,483	)
ILA Administration units:
Units sold		108,832,694			24,907,653			12,633,918
Reinvestment of dividends and distributions		1,065,654			161,981			16,709
Units repurchased		(104,169,858	)		(9,111,066	)		(12,050,452	)
		5,728,490			15,958,568			600,175
ILA Service units:
Units sold		286,628,945			1,770,270,349			41,082,218
Reinvestment of dividends and distributions		1,875,847			8,886,106			1,603,210
Units repurchased		(273,756,353	)		(1,805,305,142	)		(65,441,312	)
		14,748,439			(26,148,687	)		(22,755,884	)
ILA Class B units:
Units sold		16,206,380			—			—
Reinvestment of dividends and distributions		314,292			—			—
Units repurchased		(21,938,184	)		—			—
		(5,417,512	)		—			—
ILA Class C units:
Units sold		25,824,409			—			—
Reinvestment of dividends and distributions		150,037			—			—
Units repurchased		(26,821,412	)		—			—
		(846,966	)		—			—
Cash Management shares:
Shares sold		346,787,392			56,333,356			5,956,241
Reinvestment of dividends and distributions		2,052			28,674			7,562
Shares repurchased		(208,957,671	)		(11,077,212	)		(5,052,458	)
		137,831,773			45,284,818			911,345
Net increase (decrease) in units/shares		(95,562,675	)		477,088,821			(34,290,847	)

---

---

Treasury Obligations Portfolio		Treasury Instruments Portfolio		Federal Portfolio		Tax-Exempt Diversified Portfolio		Tax-Exempt California Portfolio		Tax-Exempt New York Portfolio

---

1,086,008,763			577,419,983			12,620,497,619		6,363,390,917			2,268,553,238			611,479,820
6,311,365			6,163,196			96,740,129		31,351,232			10,542,111			3,193,618
(1,136,729,632	)		(534,413,081	)		(11,972,967,620)		(6,107,057,697	)		(2,440,432,103	)		(562,254,283	)
(44,409,504	)		49,170,098			744,270,128		287,684,452			(161,336,754	)		52,419,155
95,191,993			134,546,211			49,838,136		98,865,256			46,088,636			157,357,955
343,630			1,128,627			60,224		73,544			67,843			502,993
(123,038,978	)		(135,892,360	)		(31,247,891)		(77,118,988	)		(37,429,061	)		(151,796,170	)
(27,503,355	)		(217,522	)		18,650,469		21,819,812			8,727,418			6,064,778
754,999,380			280,558,313			1,345,350,618		17,072,951			1,829,364			50
75,382			13,515			6,376,750		240,067			20			23
(667,452,690	)		(430,679,497	)		(1,354,786,283)		(23,699,845	)		(28,876,032	)		(50	)
87,622,072			(150,107,669	)		(3,058,915)		(6,386,827	)		(27,046,648	)		23
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		26,369,474			6,722,634			299,925
—			—			—		16,699			837			230
—			—			—		(6,321,560	)		(3	)		(5	)
—			—			—		20,064,613			6,723,468			300,150
15,709,213			(101,155,093	)		759,861,682		323,182,050			(172,932,516	)		58,784,106

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---

Unit/share activity for the year ended December 31, 1999 is as follows:

		Prime Obligations Portfolio			Money Market Portfolio			Government Portfolio
ILA units:
Units sold		6,187,318,969			8,475,508,367			1,555,372,030
Reinvestment of dividends and distributions		38,954,021			68,634,390			10,825,271
Units repurchased		(5,968,349,686	)		(8,547,694,426	)		(1,744,205,159	)
		257,923,304			(3,551,669	)		(178,007,858	)
ILA Administration units:
Units sold		341,083,548			316,803,676			14,714,311
Reinvestment of dividends and distributions		1,643,764			2,932,445			225,705
Units repurchased		(340,712,788	)		(627,102,159	)		(19,357,060	)
		2,014,524			(307,366,038	)		(4,417,044	)
ILA Service units:
Units sold		1,193,649,187			3,489,073,712			241,083,651
Reinvestment of dividends and distributions		4,150,597			13,041,115			3,971,441
Units repurchased		(1,224,133,407	)		(3,150,531,872	)		(270,941,573	)
		(26,333,623	)		351,582,955			(25,886,481	)
ILA Class B units:
Units sold		33,484,399			—			—
Reinvestment of dividends and distributions		599,021			—			—
Units repurchased		(29,051,583	)		—			—
		5,031,837			—			—
ILA Class C units:
Units sold		80,533,964			—			—
Reinvestment of dividends and distributions		224,125			—			—
Units repurchased		(80,136,593	)		—			—
		621,496			—			—
Cash Management shares:
Shares sold		—			—			599,583
Reinvestment of dividends and distributions		72			72			646
Shares repurchased		—			—			(449,237	)
		72			72			150,992
Net increase (decrease) in units/shares		239,257,610			40,665,320			(208,160,391	)

---

---

Treasury Obligations Portfolio		Treasury Instruments Portfolio		Federal Portfolio		Tax-Exempt Diversified Portfolio		Tax-Exempt California Portfolio		Tax-Exempt New York Portfolio

2,851,391,276			1,369,486,465			14,102,514,033		9,797,647,273			4,216,788,421			786,706,635
17,509,450			10,298,349			127,217,288		45,733,373			18,866,994			4,455,370
(3,199,058,228	)		(1,496,646,180	)		(13,684,083,018)		(9,671,043,644	)		(3,924,772,626	)		(753,410,503	)
(330,157,502	)		(116,861,366	)		545,648,303		172,337,002			310,882,789			37,751,502
447,866,712			329,112,577			439,630,230		118,571,986			103,554,699			288,839,397
591,471			1,575,091			2,314,512		69,283			69,121			577,876
(486,656,745	)		(430,207,218	)		(949,431,515)		(117,066,866	)		(95,225,456	)		(273,160,637	)
(38,198,562	)		(99,519,550	)		(507,486,773)		1,574,403			8,398,364			16,256,636
420,348,605			855,905,345			2,806,778,868		61,148,901			122,151,030			—
35,296			22,813			10,389,616		631,725			37			40
(191,056,113	)		(923,580,498	)		(2,586,777,645)		(78,639,722	)		(94,923,834	)		—
229,327,788			(67,652,340	)		230,390,839		(16,859,096	)		27,227,233			40
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		—			—			—
—			—			—		38			34			36
—			—			—		—			—			—
—			—			—		38			34			36
(139,028,276	)		(284,033,256	)		268,552,369		157,052,347			346,508,42	0		54,008,214

---

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.89	% (d)		$  847,502		0.43	% (c)		5.71	% (c)		0.43	% (c)		5.71	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.81	(d)		46,579		0.58	(c)		5.58	(c)		0.58	(c)		5.58	(c)
2000-ILA Service units		1.00		0.03		(0.03	)		1.00		2.68	(d)		107,724		0.83	(c)		5.37	(c)		0.83	(c)		5.37	(c)
2000-ILA B units		1.00		0.02		(0.02	)		1.00		2.38	(d)		14,026		1.43	(c)		4.72	(c)		1.43	(c)		4.72	(c)
2000-ILA C units		1.00		0.02		(0.02	)		1.00		2.38	(d)		6,589		1.43	(c)		4.75	(c)		1.43	(c)		4.75	(c)
2000-Cash Management shares		1.00		0.03		(0.03	)		1.00		2.60	(d)		137,833		1.00	(c)		5.28	(c)		1.43	(c)		4.85	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.05		(0.05	)		1.00		4.90			1,095,109		0.43			4.79			0.43			4.79
1999-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.74			40,850		0.58			4.65			0.58			4.65
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		4.48			92,975		0.83			4.33			0.83			4.33
1999-ILA B units		1.00		0.04		(0.04	)		1.00		3.86			19,444		1.43			3.83			1.43			3.83
1999-ILA C units		1.00		0.04		(0.04	)		1.00		3.86			7,436		1.43			3.76			1.43			3.76
1999-Cash Management shares		1.00		0.04		(0.04	)		1.00		4.30			1		1.00			4.44			1.43			4.01
1998-ILA units		1.00		0.05		(0.05	)		1.00		5.32			837,185		0.43			5.19			0.43			5.19
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.16			38,836		0.58			5.05			0.58			5.05
1998-ILA Service units		1.00		0.05		(0.05	)		1.00		4.90			119,309		0.83			4.79			0.83			4.79
1998-ILA B units		1.00		0.04		(0.04	)		1.00		4.27			14,412		1.43			4.07			1.43			4.07
1998-ILA C units		1.00		0.04		(0.04	)		1.00		4.27			6,814		1.43			4.13			1.43			4.13
1998-Cash Management shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		4.69	(c)		2		0.93	(c)		4.81	(c)		1.43	(c)		4.31	(c)
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.38			866,445		0.42			5.24			0.43			5.23
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.22			28,110		0.57			5.11			0.58			5.10
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		4.96			78,316		0.82			4.85			0.83			4.84
1997-ILA B units		1.00		0.04		(0.04	)		1.00		4.33			1,574		1.42			4.33			1.43			4.32
1997-ILA C units (commenced August 15)		1.00		0.04		(0.04	)		1.00		4.41	(c)		1,897		1.42	(c)		4.39	(c)		1.43	(c)		4.38	(c)
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.22			1,154,787		0.41			5.11			0.43			5.09
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.06			23,738		0.56			4.97			0.58			4.95
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.80			84,707		0.81			4.74			0.83			4.72
1996-ILA B units (commenced May 8)		1.00		0.03		(0.03	)		1.00		3.97	(c)		346		1.41	(c)		4.09	(c)		1.43	(c)		4.07	(c)
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.79			1,261,251		0.41			5.66			0.43			5.64
1995-ILA Administration units		1.00		0.06		(0.06	)		1.00		5.63			63,018		0.56			5.51			0.58			5.49
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.37			227,233		0.81			5.22			0.83			5.20

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

---

---

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.90	% (d)		$1,788,759		0.43	% (c)		5.77	% (c)		0.43	% (c)		5.77	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.82	(d)		22,920		0.58	(c)		5.68	(c)		0.58	(c)		5.68	(c)
2000-ILA Service units		1.00		0.03		(0.03	)		1.00		2.70	(d)		357,784		0.83	(c)		5.37	(c)		0.83	(c)		5.37	(c)
2000-Cash Management shares		1.00		0.03		(0.03	)		1.00		2.63	(d)		45,286		1.00	(c)		5.81	(c)		1.43	(c)		5.38	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.05		(0.05	)		1.00		4.92			1,346,765		0.41			4.80			0.41			4.80
1999-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.76			6,961		0.56			4.64			0.56			4.64
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		4.50			383,932		0.81			4.42			0.81			4.42
1999-Cash Management shares		1.00		0.04		(0.04	)		1.00		4.32			2		0.98			4.37			1.41			3.94
1998-ILA units		1.00		0.05		(0.05	)		1.00		5.33			1,350,317		0.40			5.17			0.43			5.14
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.17			314,327		0.55			5.04			0.58			5.01
1998-ILA Service units		1.00		0.05		(0.05	)		1.00		4.91			32,349		0.80			4.79			0.83			4.76
1998-Cash Management shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		4.69	(c)		2		0.90	(c)		4.80	(c)		1.43	(c)		4.27	(c)
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.43			806,096		0.37			5.31			0.42			5.26
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.28			307,480		0.52			5.15			0.57			5.10
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		5.01			20,517		0.77			4.90			0.82			4.85
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.27			703,097		0.36			5.15			0.43			5.08
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.12			257,258		0.51			5.00			0.58			4.93
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.86			28,845		0.76			4.75			0.83			4.68
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.85			574,155		0.36			5.71			0.42			5.65
1995-ILA Administration units		1.00		0.06		(0.06	)		1.00		5.69			164,422		0.51			5.55			0.57			5.49
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.43			23,080		0.76			5.29			0.82			5.23

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

---

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of  expenses  to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.81	% (d)		$192,197		0.43	% (c)		5.56	% (c)		0.47	% (c)		5.52	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.73	(d)		3,866		0.58	(c)		5.37	(c)		0.62	(c)		5.33	(c)
2000-ILA Service units		1.00		0.03		(0.03	)		1.00		2.60	(d)		57,091		0.83	(c)		5.13	(c)		0.87	(c)		5.09	(c)
2000-Cash Management shares		1.00		0.03		(0.03	)		1.00		2.57	(d)		1,064		1.00	(c)		5.07	(c)		1.47	(c)		4.60	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.05		(0.05	)		1.00		4.77			205,244		0.43			4.64			0.45			4.62
1999-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.61			3,265		0.58			4.42			0.60			4.40
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		4.35			79,847		0.83			4.24			0.85			4.22
1999-Cash Management shares		1.00		0.04		(0.04	)		1.00		4.18			153		1.00			4.68			1.45			4.23
1998-ILA units		1.00		0.05		(0.05	)		1.00		5.21			383,243		0.43			5.09			0.45			5.07
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.05			7,692		0.58			4.94			0.60			4.92
1998-ILA Service units		1.00		0.05		(0.05	)		1.00		4.79			105,732		0.83			4.67			0.85			4.65
1998-Cash Management shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		4.57	(c)		2		0.93	(c)		4.60	(c)		1.45	(c)		4.08	(c)
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.31			460,457		0.42			5.16			0.42			5.16
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.15			10,192		0.57			4.98			0.57			4.98
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		4.89			83,799		0.82			4.78			0.82			4.78
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.15			694,651		0.41			5.04			0.44			5.01
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.99			36,055		0.56			4.89			0.59			4.86
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.73			94,228		0.81			4.63			0.84			4.60
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.77			570,469		0.41			5.62			0.43			5.60
1995-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.62			47,558		0.56			5.49			0.58			5.47
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.35			85,401		0.81			5.19			0.83			5.17

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unitholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of  expenses  to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.76	% (d)		$359,890		0.42	% (c)		5.48	% (c)		0.42	% (c)		5.48	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.68	(d)		14,831		0.57	(c)		5.22	(c)		0.57	(c)		5.22	(c)
2000-ILA Service units		1.00		0.03		(0.03	)		1.00		2.56	(d)		352,409		0.82	(c)		5.15	(c)		0.82	(c)		5.15	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.05		(0.05	)		1.00		4.63			404,299		0.42			4.50			0.42			4.50
1999-ILA Administration units		1.00		0.04		(0.04	)		1.00		4.48			42,334		0.57			4.35			0.57			4.35
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		4.22			264,787		0.82			4.19			0.82			4.19
1998-ILA units		1.00		0.05		(0.05	)		1.00		5.15			734,553		0.42			4.96			0.43			4.95
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.99			80,464		0.57			4.88			0.58			4.87
1998-ILA Service units		1.00		0.05		(0.05	)		1.00		4.73			35,432		0.82			4.67			0.83			4.66
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.26			590,381		0.42			5.12			0.42			5.12
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.10			124,159		0.57			4.99			0.57			4.99
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		4.84			104,133		0.82			4.73			0.82			4.73
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.11			574,734		0.41			4.98			0.43			4.96
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.95			108,850		0.56			4.83			0.58			4.81
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.69			123,483		0.81			4.59			0.83			4.57
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.73			711,209		0.41			5.51			0.43			5.49
1995-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.57			92,643		0.56			5.37			0.58			5.35
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.31			119,692		0.81			5.11			0.83			5.09

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

---

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unitholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of  expenses  to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.64	% (d)		$273,779		0.43	% (c)		5.26	% (c)		0.44	% (c)		5.25	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.56	(d)		31,944		0.58	(c)		5.09	(c)		0.59	(c)		5.08	(c)
2000-ILA Service units		1.00		0.02		(0.02	)		1.00		2.43	(d)		156,375		0.83	(c)		4.78	(c)		0.84	(c)		4.77	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.04		(0.04	)		1.00		4.38			224,609		0.43			4.29			0.43			4.29
1999-ILA Administration units		1.00		0.04		(0.04	)		1.00		4.22			32,162		0.58			4.09			0.58			4.09
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		3.96			306,483		0.83			3.90			0.83			3.90
1998-ILA units		1.00		0.05		(0.05	)		1.00		4.96			341,476		0.30			4.83			0.43			4.70
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.80			131,685		0.45			4.68			0.58			4.55
1998-ILA Service units		1.00		0.04		(0.04	)		1.00		4.54			374,128		0.70			4.43			0.83			4.30
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.17			330,241		0.22			5.02			0.42			4.82
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.01			98,667		0.37			4.88			0.57			4.68
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		4.75			295,404		0.62			4.63			0.82			4.43
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.10			708,999		0.21			4.96			0.43			4.74
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.95			137,706		0.36			4.82			0.58			4.60
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.68			383,901		0.61			4.56			0.83			4.34
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.70			586,294		0.21			5.50			0.44			5.27
1995-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.54			68,713		0.36			5.34			0.59			5.11
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.28			123,254		0.61			5.00			0.84			4.77

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unitholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of  expenses  to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.03		$(0.03	)		$1.00		2.82	% (d)		$3,915,601		0.40	% (c)		5.61	% (c)		0.40	% (c)		5.61	% (c)
2000-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.74	(d)		19,486		0.55	(c)		5.79	(c)		0.55	(c)		5.79	(c)
2000-ILA Service units		1.00		0.03		(0.03	)		1.00		2.61	(d)		281,323		0.80	(c)		5.20	(c)		0.80	(c)		5.20	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.05		(0.05	)		1.00		4.81			3,171,330		0.41			4.72			0.41			4.72
1999-ILA Administration units		1.00		0.05		(0.05	)		1.00		4.66			836		0.56			4.46			0.56			4.46
1999-ILA Service units		1.00		0.04		(0.04	)		1.00		4.39			284,382		0.81			4.30			0.81			4.30
1998-ILA units		1.00		0.05		(0.05	)		1.00		5.25			2,625,705		0.34			5.10			0.42			5.02
1998-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.09			508,297		0.49			4.97			0.57			4.89
1998-ILA Service units		1.00		0.05		(0.05	)		1.00		4.83			53,994		0.74			4.71			0.82			4.63
1997-ILA units		1.00		0.05		(0.05	)		1.00		5.40			2,050,559		0.27			5.26			0.41			5.12
1997-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.24			530,001		0.42			5.11			0.56			4.97
1997-ILA Service units		1.00		0.05		(0.05	)		1.00		4.98			34,540		0.67			4.83			0.81			4.69
1996-ILA units		1.00		0.05		(0.05	)		1.00		5.24			2,303,677		0.26			5.13			0.43			4.96
1996-ILA Administration units		1.00		0.05		(0.05	)		1.00		5.09			794,537		0.41			4.98			0.58			4.81
1996-ILA Service units		1.00		0.05		(0.05	)		1.00		4.83			192,416		0.66			4.73			0.83			4.56
1995-ILA units		1.00		0.06		(0.06	)		1.00		5.83			1,731,935		0.26			5.69			0.42			5.53
1995-ILA Administration units		1.00		0.06		(0.06	)		1.00		5.67			516,917		0.41			5.50			0.57			5.34
1995-ILA Service units		1.00		0.05		(0.05	)		1.00		5.41			102,576		0.66			5.22			0.82			5.06

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.02		$(0.02	)		$1.00		1.76	% (d)		$2,022,294		0.41	% (c)		3.52	% (c)		0.42	% (c)		3.51	% (c)
2000-ILA Administration units		1.00		0.02		(0.02	)		1.00		1.69	(d)		49,904		0.56	(c)		3.38	(c)		0.57	(c)		3.37	(c)
2000-ILA Service units		1.00		0.02		(0.02	)		1.00		1.56	(d)		14,604		0.81	(c)		3.06	(c)		0.82	(c)		3.05	(c)
2000-Cash Management shares		1.00		0.02		(0.02	)		1.00		1.51	(d)		20,066		0.98	(c)		3.55	(c)		1.42	(c)		3.11	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.03		(0.03	)		1.00		2.89			1,734,623		0.42			2.85			0.42			2.85
1999-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.73			28,084		0.57			2.66			0.57			2.66
1999-ILA Service units		1.00		0.02		(0.02	)		1.00		2.48			20,991		0.82			2.41			0.82			2.41
1999-Cash Management shares		1.00		0.02		(0.02	)		1.00		2.30			2		0.99			2.51			1.42			2.08
1998-ILA units		1.00		0.03		(0.03	)		1.00		3.17			1,562,285		0.35			3.12			0.41			3.06
1998-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.02			26,509		0.50			2.98			0.56			2.92
1998-ILA Service units		1.00		0.03		(0.03	)		1.00		2.76			37,850		0.75			2.72			0.81			2.66
1998-Cash Management shares (commenced May 1)		1.00		0.02		(0.02	)		1.00		2.61	(c)		2		0.85	(c)		2.66	(c)		1.41	(c)		2.10	(c)
1997-ILA units		1.00		0.03		(0.03	)		1.00		3.39			1,479,486		0.32			3.33			0.41			3.24
1997-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.23			27,967		0.47			3.16			0.56			3.07
1997-ILA Service units		1.00		0.03		(0.03	)		1.00		2.97			30,513		0.72			2.97			0.81			2.88
1996-ILA units		1.00		0.03		(0.03	)		1.00		3.25			1,514,443		0.31			3.20			0.41			3.10
1996-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.09			59,097		0.46			3.06			0.56			2.96
1996-ILA Service units		1.00		0.03		(0.03	)		1.00		2.84			28,921		0.71			2.79			0.81			2.69
1995-ILA units		1.00		0.04		(0.04	)		1.00		3.72			1,342,585		0.31			3.65			0.42			3.54
1995-ILA Administration units		1.00		0.04		(0.04	)		1.00		3.57			48,773		0.46			3.51			0.57			3.40
1995-ILA Service units		1.00		0.03		(0.03	)		1.00		3.31			49,647		0.71			3.24			0.82			3.13

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distribution to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.01		$(0.01	)		$1.00		1.48	% (d)		$734,128		0.43	% (c)		2.89	% (c)		0.44	% (c)		2.88	% (c)
2000-ILA Administration units		1.00		0.01		(0.01	)		1.00		1.40	(d)		17,637		0.58	(c)		2.74	(c)		0.59	(c)		2.73	(c)
2000-ILA Service units		1.00		0.01		(0.01	)		1.00		1.28	(d)		182		0.83	(c)		2.03	(c)		0.84	(c)		2.02	(c)
2000-Cash Management shares		1.00		0.01		(0.01	)		1.00		1.23	(d)		6,725		1.00	(c)		3.19	(c)		1.44	(c)		2.77	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.03		(0.03	)		1.00		2.60			895,469		0.42			2.58			0.42			2.58
1999-ILA Administration units		1.00		0.02		(0.02	)		1.00		2.45			8,910		0.57			2.38			0.57			2.38
1999-ILA Service units		1.00		0.02		(0.02	)		1.00		2.19			27,229		0.82			2.39			0.82			2.39
1999-Cash Management shares		1.00		0.02		(0.02	)		1.00		2.02			1		0.99			2.15			1.42			1.72
1998-ILA units		1.00		0.03		(0.03	)		1.00		2.84			584,615		0.41			2.79			0.41			2.79
1998-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.68			512		0.56			2.84			0.56			2.84
1998-ILA Service units		1.00		0.02		(0.02	)		1.00		2.43			2		0.81			2.48			0.81			2.48
1998-Cash Management shares (commenced May 1)		1.00		0.02		(0.02	)		1.00		2.25	(c)		2		0.91	(c)		2.37	(c)		1.41	(c)		1.87	(c)
1997-ILA units		1.00		0.03		(0.03	)		1.00		3.15			591,003		0.42			3.10			0.42			3.10
1997-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.00			360		0.57			2.98			0.57			2.98
1997-ILA Service units (Re-commenced September 1)		1.00		0.01		(0.01	)		1.00		2.87	(c)		2		0.82	(c)		2.90	(c)		0.82	(c)		2.90	(c)
1996-ILA units		1.00		0.03		(0.03	)		1.00		3.03			440,476		0.41			2.99			0.42			2.98
1996-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.88			142		0.56			2.84			0.57			2.83
1995-ILA units		1.00		0.03		(0.03	)		1.00		3.55			346,728		0.41			3.49			0.41			3.49
1995-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.40			61		0.56			3.32			0.56			3.32

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to unit/ shareholders			Net asset value at end of period		Total return(b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-ILA units		$1.00		$0.02		$(0.02	)		$1.00		1.70	% (d)		$212,719		0.43	% (c)		3.39	% (c)		0.45	% (c)		3.37	% (c)
2000-ILA Administration units		1.00		0.02		(0.02	)		1.00		1.62	(d)		43,903		0.58	(c)		3.28	(c)		0.60	(c)		3.27	(c)
2000-ILA Service units		1.00		0.01		(0.01	)		1.00		1.49	(d)		2		0.83	(c)		3.02	(c)		0.85	(c)		3.02	(c)
2000-Cash Management shares		1.00		0.01		(0.01	)		1.00		1.45	(d)		302		1.00	(c)		3.42	(c)		1.45	(c)		2.99	(c)
For the Years Ended December 31,
1999-ILA units		1.00		0.03		(0.03	)		1.00		2.76			160,301		0.43			2.73			0.44			2.72
1999-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.60			37,836		0.58			2.61			0.59			2.60
1999-ILA Service units		1.00		0.02		(0.02	)		1.00		2.35			2		0.83			2.29			0.84			2.28
1999-Cash Management shares		1.00		0.02		(0.02	)		1.00		2.17			2		1.00			2.34			1.44			1.90
1998-ILA units		1.00		0.03		(0.03	)		1.00		3.02			122,550		0.36			2.96			0.51			2.81
1998-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.87			21,580		0.51			2.85			0.66			2.70
1998-ILA Service units		1.00		0.03		(0.03	)		1.00		2.61			2		0.76			2.61			0.91			2.46
1998-Cash Management shares (commenced May 1)		1.00		0.02		(0.02	)		1.00		2.46	(c)		1		0.86	(c)		2.56	(c)		1.51	(c)		1.91	(c)
1997-ILA units		1.00		0.03		(0.03	)		1.00		3.29			102,887		0.33			3.24			0.43			3.14
1997-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.14			31,993		0.48			3.09			0.58			2.99
1997-ILA Service units (commenced September 15)		1.00		0.01		(0.01	)		1.00		3.02	(c)		2		0.73	(c)		3.04	(c)		0.83	(c)		2.94	(c)
1996-ILA units		1.00		0.03		(0.03	)		1.00		3.05			70,175		0.32			3.01			0.43			2.90
1996-ILA Administration units		1.00		0.03		(0.03	)		1.00		2.90			44,319		0.47			2.88			0.58			2.77
1995-ILA units		1.00		0.03		(0.03	)		1.00		3.51			90,537		0.30			3.44			0.44			3.30
1995-ILA Administration units		1.00		0.03		(0.03	)		1.00		3.35			26,724		0.45			3.28			0.59			3.14

(a)	Calculated based on the average units/shares outstanding methodology.

(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c)	Annualized.

(d)	Not annualized.

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TRUSTEES
Ashok N. Bakhru, Chairman
David B. Ford
Douglas C. Grip
John P. McNulty
Mary P. McPherson
Alan A. Shuch
William H. Springer
Richard P. Strubel

OFFICERS
Douglas C. Grip, President
Jesse H. Cole, Vice President
James A. Fitzpatrick, Vice President
Nancy L. Mucker, Vice President
John M. Perlowski, Treasurer
Peter W. Fortner., Assistant Treasurer
Philip V. Giuca, Jr., Assistant Treasurer
Michael J. Richman, Secretary
Howard B. Surloff, Secretary
Amy E. Belanger, Assistant Secretary
Kaysie P. Uniacke, Assistant Secretary
Valerie A. Zondorak, Assistant Secretary

GOLDMAN, SACHS & CO.
Investment Advisor
Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT

Goldman Sachs Funds
32 Old Slip
New York, NY 10005

 

ILA/SAR 6/00