American Express Financial Direct
Strategist Tax-Free Income Fund, Inc.
1997 Semi Annual Report
Strategist Tax-Free High Yield Fund
<PAGE>
Table of contents
Financial statements (Strategist Tax-Free High Yield Fund) 3
Notes to financial statements (Strategist Tax-Free High Yield Fund) 6
Financial statements (Tax-Free High Yield Portfolio) 11
Notes to financial statements (Tax-Free High Yield Portfolio) 13
Investments in securities (Tax-Free High Yield Portfolio) 17
<PAGE>
<TABLE>
Financial statements
Statement of assets and liabilities
Strategist Tax-Free High Yield Fund
May 31, 1997 (Unaudited)
<CAPTION>
Assets
<S> <C>
Investment in Tax-Free High Yield Portfolio (Note 1) $666,447
Expense receivable from AEFC 7
Organizational costs (Note 1) 2,056
-----
Total assets 668,510
=======
Liabilities
Dividends payable to shareholders 200
Other accrued expenses 43,732
------
Total liabilities 43,732
------
Net assets applicable to outstanding capital stock $624,578
========
Represented by
Capital stock -- authorized 3,000,000,000 shares
of $.01 par value; outstanding 138,608 shares $ 1,386
Additional paid-in capital 612,350
Undistributed net investment income 114
Accumulated net realized loss (Notes 1 and 4) (2,980)
Unrealized appreciation 13,708
------
Total -- representing net assets applicable to
outstanding capital stock $624,578
--------
Net asset value per share of outstanding capital stock $ 4.51
===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of operations
Strategist Tax-Free High Yield Fund
Six months ended May 31, 1997 (Unaudited)
Investment income
Income:
<S> <C>
Interest $21,352
-------
Expenses (Note 2):
Distribution fee 738
Transfer agency fee 97
Administrative services fees and expenses 118
Postage 2,307
Registration fees 5,597
Reports to shareholders 1,386
Audit fees 1,500
Other 1,300
-----
Total feeder expenses 13,043
Expenses, including investment management services
fee allocated from High Yield Portfolio 1,421
-----
Total expenses 14,464
------
Less expenses reimbursed by AEFC (11,658)
Total net expenses 2,806
-----
Investment income -- net 18,546
======
Realized and unrealized gain (loss) -- net
Net realized gain on security transactions 300
Net realized loss on financial futures contracts (2,018)
------
Net realized loss on investments (1,718)
Net change in unrealized appreciation or depreciation (4,440)
------
Net loss on investments (6,158)
------
Net increase in net assets resulting from operations $12,388
=======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statements of changes in net assets
Strategist Tax-Free High Yield Fund
<CAPTION>
May 31, 1997 For the period from
Six months ended May 13, 1996* to
(Unaudited) Nov. 30, 1996
Operations and distributions
<S> <C> <C>
Investment income-- net $ 18,546 $ 13,647
Net realized loss on investments (1,718) (1,260)
Net change in unrealized appreciation or depreciation (4,440) 18,148
------ ------
Net increase in net assets resulting from operations 12,388 30,535
------ ------
Distributions to shareholders from:
Net investment income (18,985) (13,647)
======= =======
Capital share transactions (Note 3)
Proceeds from sales 101,235 405,000
Reinvestment of distributions at net asset value 19,573 12,824
Payments for redemptions (24,345) --
-------
Increase in net assets from capital share transactions 96,463 417,824
------ -------
Total increase in net assets 89,866 434,712
Net assets at beginning of period (Note 1) 534,712 100,000
- ------- -------
Net assets at end of period (including undistributed
net investment income of $114 and $553) $624,578 $534,712
======== ========
*Commencement of operations.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to financial statements
Strategist Tax-Free High Yield Fund
(Unaudited as to May 31, 1997)
1. Summary of significant accounting policies
The Fund is a series of Strategist Tax-Free Income Fund, Inc. and is registered
under the Investment Company Act of 1940 (as amended) as a diversified, open-end
management investment company.
On April 15, 1996, American Express Financial Corporation (AEFC) invested
$100,000 in the Fund which represented 22,422 shares. Operations did not
formally commence until May 13, 1996.
Investment in Tax-Free High Yield Portfolio
The Fund invests all of its net investable assets in the Tax-Free High Yield
Portfolio (the Portfolio), a series of Tax-Free Income Trust (the Trust), an
open-end investment company that has the same objectives as the Fund. The
Portfolio invests primarily in medium- and lower-quality bonds and notes issued
by or on behalf of state and local governmental units whose interest generally
is exempt from federal income tax.
The Fund records daily its share of the Portfolio's income, expenses and
realized and unrealized gains and losses. The financial statements of the
Portfolio are included elsewhere in this report and should be read in
conjunction with the Fund's financial statements. The Fund records its
investment in the Portfolio at value that is equal to the Fund's proportionate
ownership interest in the net assets of the Portfolio. As of May 31, 1997, the
percentage of the Portfolio owned by the Fund was 0.01%. Valuation of securities
held by the Portfolio is discussed in Note 1 of the Portfolio's "Notes to
financial statements," which are included elsewhere in this report.
Use of estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increase and decrease in net assets from operations
during the period. Actual results could differ from those estimates.
Organizational costs
The Fund incurred organizational expenses in connection with the start-up and
initial registration of the Fund. These costs will be amortized over 60 months
on a straight-line basis beginning with the commencement of operations. If any
or all of the shares held by AEFC representing initial capital of the Fund are
redeemed during the amortization period, the redemption proceeds will be reduced
by the pro rata portion of the unamortized organizational cost balance.
Federal taxes
Since the Fund's policy is to comply with all sections of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to the shareholders, no provision for income or excise taxes is
required.
Net investment income (loss) and net realized gains (losses) allocated from the
Portfolio may differ for financial statement and tax purposes primarily because
of the deferral of losses on certain futures contracts and losses deferred due
to "wash sale" transactions. The character of distributions made during the year
from net investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gains (losses) were recorded by
the Fund.
Dividends to shareholders
Dividends from net investment income, declared daily and payable monthly, are
reinvested in additional shares of the Fund at net asset value or payable in
cash. Capital gains, when available, are distributed along with the last income
dividend of the calendar year. Other At May 31, 1997, AEFC owned 120,093 shares
of the Fund.
2. Expenses and sales charges
In addition to the expenses allocated from the Portfolio, the Fund accrues its
own expenses as follows:
The Fund entered into agreements with AEFC for providing administrative services
and transfer agent services.
Under its Administrative Services Agreement, the Fund pays AEFC a fee for
administration and accounting services at a percentage of the Fund's average
daily net assets in reducing percentages from 0.04% to 0.02% annually.
Additional administrative service expenses paid by the Fund are office expenses,
consultants' fees and compensation of officers and employees. Under this
agreement, the Fund also pays taxes, audit and certain legal fees, registration
fees for shares, compensation of board members, corporate filing fees,
organizational expenses, and any other expenses properly payable by the Fund
approved by the board.
Under a separate Transfer Agency Agreement, AEFC maintains shareholder accounts
and records. The Fund pays AEFC an annual fee per shareholder account of $25.
Under a Plan and Agreement of Distribution, the Fund pays American Express
Service Corporation (the Distributor) a distribution fee at an annual rate of
0.25% of the Fund's average daily net assets for distribution-related services.
A redemption fee of 0.50% is applied and retained by the Fund, if shares are
redeemed or exchanged within 180 days of purchase. AEFC and the Distributor have
agreed to waive certain fees and to absorb certain other of the Fund's expenses
until Nov. 30, 1997. Under this agreement, the Fund's total expenses will not
exceed 0.95% of the Fund's average daily net assets.
3. Capital share transactions
Transactions in shares of capital stock for the periods indicated are as
follows:
Six months ended May 31, 1997
Sold 22,407
Issued for reinvested distributions 4,360
Redemptions (5,464)
------
Net increase 21,303
======
Period ended Nov. 30, 1996*
Sold 92,032
Issued for reinvested distributions 2,851
-----
Net increase 94,883
======
*Inception date was May 13, 1996.
4. Capital loss carryover
For Federal income tax purposes, Tax-Free High Yield Fund had a capital loss
carryover at Nov. 30, 1996 of $1,194 that, if not offset by subsequent capital
gains, will expire in 2004. It is unlikely the board will authorize a
distribution of any net realized gain for a fund until its capital loss
carryover has been offset or expires.
5. Financial highlights
The table below shows certain important information for evaluating the Fund's
results.
Fiscal period ended Nov. 30,
Per share income and capital changesa
1997b 1996c
Net asset value, beginning of period $4.56 $4.46
Income from investment operations:
Net investment income .15 .15
Net gains (losses) (both realized and unrealized) (.05) .10
Total from investment operations .10 .25
Less distributions:
Dividends from net investment income (.15) (.15)
Net asset value, end of period $4.51 $4.56
Ratios/supplemental data:
Net assets, end of period (in thousands) $625 $535
Ratio of expenses to average daily net assetsd .95%e .95%e
Ratio of net income to average daily net assets 6.28%e 6.22%e
Portfolio turnover rate (excluding short-term
securities) for the underlying Portfolio 2% 4%
Total return 2.3% 5.5%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended May 31, 1997 (Unaudited).
c Inception date was May 13, 1996.
d The Advisor and Distributor voluntarily limited total operating expenses
to 0.95% of average daily net assets. Without this agreement, the ratio of
expenses to average daily net assets would have been 4.90% and 24.16% for
1997 and 1996, respectively.
e Adjusted to an annual basis.
<PAGE>
<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
Tax-Free High Yield Portfolio
May 31, 1997 (Unaudited)
Assets
Investments in securities, at value (Note 1)
<S> <C>
(identified cost $5,431,353,895) $ 5,802,918,227
Accrued interest receivable 116,968,522
Receivable for investment securities sold 6,138,420
---------
Total assets 5,926,025,169
=============
Liabilities
Disbursements in excess of cash on demand deposit 2,033,676
Payable for investment securities purchased 468,751
Accrued investment management services fee 70,865
Other accrued expenses 106,704
-------
Total liabilities 2,679,996
---------
Net assets $ 5,923,345,173
===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of operations
Tax-Free High Yield Portfolio
Six months ended May 31, 1997 (Unaudited)
Investment income
Income:
<S> <C>
Interest $199,325,502
------------
Expenses (Note 2):
Investment management services fee 13,086,054
Compensation of board members 21,750
Compensation of officers 27
Custodian fees 127,597
Audit fees 17,500
Administrative services fees and expenses 41,439
Other 10,301
------
Total expenses 13,304,668
Earnings credits on cash balances (Note 2) (19,006)
-------
Total net expenses 13,285,662
----------
Investment income -- net 186,039,840
===========
Realized and unrealized gain (loss) -- net
Net realized gain on security transactions (Note 3) 13,281,582
Net realized loss on financial futures contracts (20,990,687)
-----------
Net realized loss on investments (7,709,105)
Net change in unrealized appreciation or depreciation (53,274,950)
-----------
Net loss on investments (60,984,055)
-----------
Net increase in net assets resulting from operations $125,055,785
============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets
Tax-Free High Yield Portfolio
May 31, 1997 For the period from
Six months ended May 13, 1996*
(Unaudited) to Nov. 30, 1996
Operations and distributions
<S> <C> <C>
Investment income-- net $ 186,039,840 $ 214,101,176
Net realized gain (loss) on investments (7,709,105) 2,001,114
Net change in unrealized appreciation or depreciation (53,274,950) 142,421,758
----------- -----------
Net increase in net assets resulting from operations 125,055,785 358,524,048
----------- -----------
Net contributions (withdrawals) (365,502,767) 5,805,168,107
------------ -------------
Total increase (decrease) in net assets (240,446,982) 6,163,692,155
Net assets at beginning of period (Note 1) 6,163,792,155 100,000
------------- -------
Net assets at end of period $5,923,345,173 $6,163,792,155
============== ==============
*Commencement of operations.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to financial statements
Tax-Free High Yield Portfolio
(Unaudited as to May 31, 1997)
1. Summary of significant accounting policies
Tax-Free High Yield Portfolio (the Portfolio) is a series of Tax-Free Income
Trust (the Trust) and is registered under the Investment Company Act of 1940 (as
amended) as a diversified, open-end management investment company. Tax-Free High
Yield Portfolio invests primarily in medium- and lower-quality bonds and notes
issued by or on behalf of state and local governmental units whose interest
generally is exempt from federal income tax. The Declaration of Trust permits
the Trustees to issue non-transferable interests in the Portfolio. On April 15,
1996, American Express Financial Corporation (AEFC) contributed $100,000 to the
Portfolio. Operations did not formally commence until May 13, 1996, at which
time, an existing fund transferred its assets to the Portfolio in return for an
ownership percentage of the Portfolio.
Significant accounting polices followed by the Portfolio are summarized below:
Use of estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increase and decrease in net assets from operations
during the period. Actual results could differ from those estimates.
Valuation of securities
All securities are valued at the close of each business day. Securities for
which market quotations are not readily available, including illiquid
securities, are valued at fair value according to methods selected in good faith
by the board. Determination of fair value involves, among other things,
reference to market indexes, matrixes and data from independent brokers.
Short-term securities maturing in more than 60 days from the valuation date are
valued at the market price or approximate market value based on current interest
rates; those maturing in 60 days or less are valued at amortized cost.
Option transactions
In order to produce incremental earnings, protect gains and facilitate buying
and selling of securities for investment purposes, the Portfolio may buy and
sell put and call options and write covered call options on portfolio securities
and may write cash-secured put options. The risk in writing a call option is
that the Portfolio gives up the opportunity of profit if the market price of the
security increases. The risk in writing a put option is that the Portfolio may
incur a loss if the market price of the security decreases and the option is
exercised. The risk in buying an option is that the Portfolio pays a premium
whether or not the option is exercised. The Portfolio also has the additional
risk of not being able to enter into a closing transaction if a liquid secondary
market does not exist. The Portfolio may write over-the-counter options where
the completion of the obligation is dependent upon the credit standing of the
other party.
Option contracts are valued daily at the closing prices on their primary
exchanges and unrealized appreciation or depreciation is recorded. The Portfolio
will realize a gain or loss upon expiration or closing of the option
transaction. When options on debt securities or futures are exercised, the
Portfolio will realize a gain or loss. When other options are exercised, the
proceeds on sales for a written call option, the purchase cost for a written put
option or the cost of a security for a purchased put or call option is adjusted
by the amount of premium received or paid.
Futures transactions
In order to gain exposure to or protect itself from changes in the market, the
Portfolio may buy and sell financial futures contracts. Risks of entering into
futures contracts and related options include the possibility that there may be
an illiquid market and that a change in the value of the contract or option may
not correlate with changes in the value of the underlying securities.
Upon entering into a futures contract, the Portfolio is required to deposit
either cash or securities in an amount (initial margin) equal to a certain
percentage of the contract value. Subsequent payments (variation margin) are
made or received by the Portfolio each day. The variation margin payments are
equal to the daily changes in the contract value and are recorded as unrealized
gains and losses. The Portfolio recognizes a realized gain or loss when the
contract is closed or expires.
Illiquid securities
Investments in securities included issues that are illiquid. The Portfolio
currently limits investments in illiquid securities to 10% of the net assets, at
market value, at the time of purchase. The aggregate value of such securities at
May 31, 1997 was $1,523,364 representing 0.03% of the net assets. Pursuant to
guidelines adopted by the board, certain unregistered securities are determined
to be liquid and are not included within the 10% limitation specified above.
Federal taxes
For federal income tax purposes the Portfolio qualifies as a partnership and
each investor in the Portfolio is treated as the owner of its proportionate
share of the net assets, income, expenses and realized and unrealized gains and
losses of the Portfolio. Accordingly, as a "pass-through" entity, the Portfolio
does not pay any income dividends or capital gain distributions.
Other
Security transactions are accounted for on the date securities are purchased or
sold. Interest income, including level-yield amortization of premium and
discount, is accrued daily.
2. Fees and expenses
The Trust, on behalf of the Portfolio, has entered into an Investment Management
Services Agreement with AEFC for managing its portfolio. Under this agreement,
AEFC determines which securities will be purchased, held or sold. The management
fee is a percentage of the Portfolio's average daily net assets in reducing
percentages from 0.49% to 0.36% annually.
Under the agreement, the Trust also pays taxes, brokerage commissions and
nonadvisory expenses, which include custodian fees, audit and certain legal
fees, fidelity bond premiums, registration fees for units, office expenses,
consultants' fees, compensation of trustees, corporate filing fees, and any
other expenses properly payable by the Trust or Portfolio, approved by the
board.
During the six months ended May 31, 1997, the Portfolio's custodian fees were
reduced by $19,006 as a result of earnings credits from overnight cash balances.
Pursuant to a Placement Agency Agreement, American Express Financial Advisors
Inc. acts as placement agent of the units of the Trust.
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than short-term
obligations) aggregated $90,653,559 and $443,552,348, respectively, for the six
months ended May 31, 1997. For the same period, the portfolio turnover rate was
2%. Realized gains and losses are determined on an identified cost basis.
4. Interest rate futures contracts
At May 31, 1997, investments in securities included securities valued at
$41,624,370 that were pledged as collateral to cover initial margin deposits on
1,500 sale contracts. The market value of the open sale contracts at May 31,
1997 was $175,500,000 with a net unrealized loss of $5,095,125. See Summary of
significant accounting policies.
<PAGE>
<TABLE>
Investments in securities
Tax-Free High Yield Portfolio
May 31, 1997 (Unaudited)
(Percentages represent value of investments compared to net assets)
Municipal bonds (94.6%)
<CAPTION>
Name of issuer and Coupon Maturity Principal Value(a)
title of issue (b,c,j) rate year amount
Alabama (0.5%)
Baldwin County Eastern Shore Health Care Authority
Hospital Revenue
Bonds Thomas
<S> <C> <C> <C> <C>
Hospital Series 1991 8.50% 2016 $4,765,000 $ 5,471,268
Camden Industrial Development Board Solid Waste Disposal
Revenue Bonds
MacMillan Bloedel
Series 1991A A.M.T. 7.75 2019 8,500,000 9,139,880
Marengo County Limited Obligation Capital Outlay
Warrants Series 1988 8.50 2018 3,000,000 3,236,310
Mobile Industrial Development Board Solid Waste
Refunding Revenue Bonds
Mobile Energy
Services 6.95 2020 11,250,000 11,972,475
Mobile Medical Clinic Board Psychiatric Revenue Bonds
Charter Medical 11.50 2008 2,740,000 2,765,811
-----------
Total 32,585,744
Alaska (0.2%)
North Slope Borough General Obligation Bonds
Series 1984B Zero Coupon
(CGIC Insured) 7.05 2004 7,000,000(f) 4,882,850
North Slope Borough General Obligation Bonds Series 1984B
Zero Coupon
(CGIC Insured) 7.15 2005 7,000,000(f) 4,611,670
-----------
Total 9,494,520
Arizona (0.9%)
Chandler Industrial Development Authority
Beverly Enterprises
Series 1994 7.625 2008 2,830,000 2,930,748
Maricopa County Hospital System Revenue Bonds
Samaritan Health Services
Series 1981 12.00 2008 4,390,000 4,590,162
Maricopa County Industrial Development Authority
Multi-family
Housing Revenue Bonds
Series B 7.375 2026 2,335,000 2,341,421
Maricopa County Industrial Development Authority
Senior Living Facilities
Revenue Bonds
Series 1997A 7.875 2027 15,000,000 15,049,050
Maricopa County Pollution Control Refunding Revenue Bonds
Palo Verde
Public Service 6.375 2023 3,500,000 3,538,535
Phoenix Civic Improvement Waste Water System
Lease Refunding
Revenue Bonds 5.00 2018 5,000,000 4,567,700
Phoenix Industrial Development Authority
Refunding Revenue Bonds
Christian Care
Apartments 6.50 2026 9,525,000 9,665,589
Pima County Industrial Development Authority
Revenue Bonds
LaPosada Park
Centre Series 1996A 7.00 2027 5,750,000 5,810,030
Scottsdale Industrial Development Authority
Beverly Enterprises
Series 1994 7.625 2008 3,110,000 3,220,716
-----------
Total 51,713,951
Arkansas (0.1%)
Pope County Solid Waste Disposal Revenue Bonds
Arkansas Power & Light
Series 1991
A.M.T. 8.00 2021 3,250,000 3,539,478
California (7.2%)
ABAG Financial Authority for Nonprofit Corporations
International Schools
Certificate of Participation
Series 1996 7.375 2026 8,000,000 7,650,640
Community Development Authority Health Facilities
Unihealth America
Certificate of Participation
Series 1993 Inverse Floater
(AMBAC Insured) 7.11 2011 22,400,000(d) 23,324,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater
(MBIA Insured) 6.47 2008 15,500,000(d) 15,190,000
Foothill Eastern Transportation Corridor Agency
Toll Road Revenue Bonds
Series 1995A 5.00 2035 41,070,000 34,645,831
Fresno Health Facility Refunding Revenue Bonds
Holy Cross Health System
(MBIA Insured) 5.625 2013 3,000,000 3,013,050
Irwindale Redevelopment Agency Subordinate Lein
Tax Allocation Bonds 7.05 2026 5,750,000 6,104,775
Los Angeles County
Certificate of
Participation 6.71 2015 20,000,000 20,594,200
Los Angeles International Airport Regional Airports
Improvement Corporation
Refunding Revenue Bonds
Delta Airlines 6.35 2025 13,000,000 13,356,720
Los Angeles International Airport Regional Airports
Improvement Corporation
Refunding Revenue Bonds
United Airlines
Series 1984 8.80 2021 11,650,000 13,034,719
Los Angeles Water & Power Electric Plant
Refunding Revenue Bonds
Series 1992 6.375 2020 10,000,000 10,497,600
Modesto Santa Clara Redding Public Power Bonds
San Juan Series C
(AMBAC Insured) 5.50 2021 4,500,000 4,342,680
Northern California Power Agency Geothermal #3
Revenue Bonds 5.00 2009 49,635,000 47,546,855
Novato Community Facility District #1 Vintage Oaks
Public Improvement
Special Tax
Refunding Bonds 7.25 2021 5,000,000 5,265,950
Oceanside Certificate of Participation Refunding Bonds
Oceanside Civic Center
(MBIA Insured) 5.25 2019 7,000,000 6,563,970
Orange County Special Tax Community Facilities Bonds
Aliso Veijo
District 88-1
Series 1992A 7.35 2018 6,000,000 6,874,680
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds
Series 1993A 6.15 2012 4,680,000 4,832,194
Regional Airports Improvement Facilities Sublease
Revenue Bonds Continental Airlines Los Angeles
International Airport
Series 1988 A.M.T. 9.00 2008-17 12,400,000 13,063,220
Sacramento Cogeneration Authority Revenue Bonds
Proctor & Gamble
Series 1995 6.50 2014-21 11,800,000 12,270,108
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds
Series 1993D Inverse Floater
(FSA Insured) 6.37% 2005 $15,800,000(d) $16,570,250
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds
Series 1993D Inverse Floater
(FSA Insured) 6.57 2006 16,400,000(d) 17,199,500
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds
Series 1993D Inverse Floater
(MBIA Insured) 7.02 2015 15,000,000(d) 14,475,000
Sacramento Power Authority Cogeneration Revenue Bonds
Campbell Soup
Series 1995 6.00 2022 25,000,000 25,159,250
San Joaquin Hills Orange County Transportation
Corridor Agency Senior
Lien Toll Road
Revenue Bonds 6.75 2032 14,785,000 15,552,933
San Jose Redevelopment Agency Merged Area Tax
Allocation Bonds
Series 1993
Inverse Floater
(MBIA Insured) 6.97 2014 33,600,000(d) 31,752,000
San Marcos Public Facility Authority
Refunding Revenue Bonds
Civic Center Public Improvement
Series A 6.20 2022 12,300,000 12,374,169
Sierra Unified School District Fresno County
Certificate of Participation Capital Financing
Refunding Bonds
Series 1993 6.125 2018 6,470,000 6,427,945
Southern California Public Power Authority
Power Revenue Bonds Palo Verde
Series 1993 Inverse Floater
(FGIC Insured) 6.72 2017 20,000,000(d) 17,800,000
South Tahoe Joint Power Financing Authority
Refunding Revenue Bonds South Tahoe Area #1
Series 1995B 6.00 2028 9,900,000 9,775,062
Ukiah Unified School District Mendocino County
Certificate of Participation
Series 1993 6.00 2010 5,000,000 5,058,000
University of California Refunding Revenue Bonds
Multiple Purpose Project
(AMBAC Insured) 5.25 2016 6,000,000 5,679,600
-----------
Total 425,994,901
Colorado (6.4%)
Arapahoe County Capital Improvement Trust Fund
E-470 Highway
Revenue Bonds 7.00 2026 22,000,000 23,591,920
Arapahoe County Industrial Development Revenue Bonds
Dillion Real
Estate-Kroger 8.00 2009 4,000,000 4,476,000
Aurora Centretech Metropolitan District
Arapahoe County
Series 1987B 6.00 2023 5,699,785 4,237,163
Bowles Metropolitan District General Obligation Bonds
Series 1995 7.75 2015 16,000,000 16,489,280
Briargate Public Building Authority
Landowner Assessment
Lien Bonds
Series 1985A 10.25 2000 5,000,000(e) 4,250,000
Castle Rock Ranch Public Facility Improvement
Revenue Bonds
Series 1996 6.25 2017 10,000,000 10,723,100
Colorado Health Facility Authority Hospital Improvement
Refunding Revenue Bonds
Parkview Episcopal
Medical Center
Series 1995 6.125 2025 7,000,000 6,941,550
Colorado Health Facility Authority Revenue Bonds
Escrowed to Maturity
Liberty Heights
Zero Coupon 7.50 2022 81,465,000(f) 14,321,547
Colorado Springs Hospital Revenue Bonds
Memorial Hospital
Series 1990 7.875 2010 5,000,000 5,532,850
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment
Lien Bonds
Series 1988A 9.75 2008 2,869,110(e) 86,073
Colorado Springs Utilities System Refunding Revenue Bonds
Series 1991C 6.50 2015 24,895,000 26,748,931
Colorado Springs Utilities System Refunding Revenue Bonds
Series 1991C 6.75 2021 30,000,000 32,916,985
Colorado Springs Utilities System
Pre-Refunded Revenue Bonds
Series 1991C 6.50 2015 1,505,000 1,645,537
Denver City & County Airport Systems Revenue Bonds
Series 1991A A.M.T. 8.75 2023 10,000,000(h) 11,681,600
Denver City & County Airport Systems Revenue Bonds
Series 1991D A.M.T. 7.75 2021 8,650,000 9,549,427
Denver City & County Airport Systems Revenue Bonds
Series 1992A 7.25 2025 20,975,000 23,914,227
Denver City & County Airport Systems Revenue Bonds
Series 1992B A.M.T. 7.25 2023 20,500,000 22,153,120
Denver City & County Airport Systems Revenue Bonds
Series 1994A 7.50 2012 5,000,000 5,760,300
Denver City & County Airport Systems Revenue Bonds
Series 1994A A.M.T. 7.50 2023 19,340,000 21,472,622
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds
Series 1991 8.00 2006 1,385,000 1,699,797
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds
Series 1995B 11.00 2006 730,000 708,319
Denver Special Facility Airport Revenue Bonds
United Air Lines
Series A A.M.T. 6.875 2032 25,400,000 26,593,292
Denver Urban Renewal Authority Tax Increment
Revenue Bonds Downtown Denver Redevelopment
Adams Mark Hotel
Series 1989 A.M.T. 8.00 2015-17 20,000,000 20,146,000
Denver Urban Renewal Authority Tax Increment
Revenue Bonds South Broadway Montgomery Ward
Urban Renewal
Series 1992 8.50 2016 14,015,000 15,029,406
Denver West Metropolitan District
General Obligation Bonds
Series 1996 6.50 2016 2,560,000 2,614,681
Denver West Metropolitan District General Obligation
Refunding Improvement Bonds
Series 1995 7.00 2014 4,230,000 4,510,914
Hotchkiss Industrial Development Revenue Bonds
Dillion Real
Estate-Kroger 8.00 2009 1,500,000 1,690,965
Housing Finance Authority Single Family Program
Senior Bonds
Series 1991B
(FGIC Insured) 7.25 2011 2,680,000 2,821,745
Housing Finance Authority Single Family Program
Senior Bonds
Series 1991B
(FGIC Insured) 7.30 2018 2,430,000 2,541,707
Lowry Economic Redevelopment Authority
Revenue Bonds
Series 1996 7.50 2010 19,000,000 18,945,850
Northern Colorado Water
District Revenue Bonds
Series D 6.00 2015 4,000,000(h) 4,006,360
Saddle Rock Metropolitan District Limited Tax
General Obligation Bonds
Series 1997 7.63 2016 5,720,000 5,742,480
Superior Metropolitan District #2 Limited Tax
General Obligation Refunding Bonds
MDC Holdings
Series 1994B 7.50 1998 2,500,000 2,570,525
Superior Metropolitan District #2 Limited Tax
General Obligation Refunding Bonds
MDC Holdings
Series 1994B 8.25 2013 2,580,000 2,813,309
Superior Metropolitan District #2 Limited Tax
General Obligation Refunding Bonds
MDC Holdings
Series 1994B 8.50 2013 12,000,000 13,147,560
Thornton Industrial Development Revenue Bonds
Dillion Real
Estate-Kroger 8.00 2009 4,500,000 4,500,000
Westminster Industrial Development Revenue Bonds
Dillion Real
Estate-Kroger 8.00 2009 3,500,000 3,916,500
-----------
Total 380,491,642
District of Columbia (0.6%)
General Obligation Refunding Bonds Series 1994A
(MBIA Insured) 6.00 2010 27,875,000 28,874,319
General Obligation Refunding Bonds Series 1994A
(MBIA Insured) 6.10 2011 7,580,000 7,855,988
Housing Finance Agency Multiple Family Mortgage
Revenue Bonds Temple Courts Section 8
Series 1985
(FHA Insured) 12.00 2022 1,315,000 1,555,921
-----------
Total 38,286,228
Florida (3.8%)
Arbor Greene Community Development District
Special Assesment Revenue Bonds
Series 1996 7.60 2018 5,000,000 5,047,650
Broward County Airport System Revenue Bonds
Series 1989B A.M.T. 7.625 2013 15,000,000 15,939,300
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds
Royal Palm Retirement
Centre Series 1991 9.50 2014 4,050,000 4,305,514
Crossings at Fleming Island Community Development District
Special Assessment Bonds
Series 1995 8.25 2016 10,200,000 10,884,012
Crossings at Fleming Island Community Development
District Utility Revenue Bonds
Series 1994 7.375 2019 13,800,000 14,014,038
Department of Transportation Turnpike Revenue Bonds
Series 1991A
(AMBAC Insured) 6.25 2020 20,000,000 20,614,800
Gateway Centre Development District Pinellas County
Special Assessment
Revenue Bonds
Series 1988 9.125 2009 1,640,000 1,737,678
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A 7.00 2014 24,000,000 25,967,773
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A
(MBIA Insured) 6.50 2016 24,760,000 26,718,268
Jacksonville Electric Authority St. John's River Power
Park System Revenue Bonds
Series 1989 6.00 2015 10,300,000 10,424,012
Jacksonville Health Facilities Authority Hospital
Refunding Revenue Bonds Riverside Hospital
Series 1989 7.625 2013 1,600,000 1,742,512
Lakewood Ranch Community Development District #1
Special Assessment Bonds
Series 1994 8.25 2014 6,125,000 6,434,251
Lee County Industrial Development Authority
Industrial Development Revenue Bonds Gulf Utility
Series 1988A A.M.T. 9.625 2018 5,545,000 6,026,861
Lee County Industrial Development Authority
Industrial Development Revenue Bonds Gulf Utility
Series 1988B A.M.T. 9.50 2020 3,945,000 4,281,509
Miami Health Facility Authorization Revenue Bonds
Inverse Floater
(AMBAC Insured) 5.97 2015 3,500,000(d) 3,045,000
Palm Beach County Health Facilities Authority Hospital
Revenue Bonds Good
Samaritan Health
Series 1993 6.30 2022 4,250,000 4,397,007
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds
Spring Haven II 8.75 2014 6,270,000 6,708,336
Port Everglades Port
Authority Revenue Bonds
Junior Lien 5.00 2016 18,635,000 17,305,579
Riverwood Community Development District Charlotte County
Special Assessment
Revenue Bonds
Series 1992A-B 8.50 2012 5,945,000 6,325,361
Sumter County Village Community Development District #1
Capital Improvement
Revenue Bonds
Series 1992 8.40 2012 1,690,000 1,776,545
Sunrise Utility System Refunding & Improvement
Revenue Bonds 10.75 2018 5,000,000 5,940,350
Village Center Community Development District #2
Lake County Recreational Revenue Bonds
Anticipation Notes
Series 1996 6.50 2000 6,365,000 6,380,913
Village Community Development District #2
Special Assessment
District Revenue Bonds
Series 1996 7.625 2017 6,055,000 6,183,003
Volusia County Industrial Development Authority
1st Mortgage
Refunding Revenue Bonds
Series 1996 7.625 2026 10,925,000 10,997,542
-----------
Total 223,197,814
Georgia (1.8%)
Atlanta Special Purpose Facility Revenue Bonds
Delta Air Lines
Series 1989B A.M.T. 6.25 2019 8,685,000 8,710,794
Atlanta Special Purpose Facility Revenue Bonds
Delta Air Lines
Series 1989B A.M.T. 7.90 2018 13,500,000 14,513,310
Colquitt County Development Authority Revenue Bonds
Escrowed to Maturity
Zero Coupon 6.87 2021 46,350,000(f) 9,198,621
Effingham County Pollution Control Revenue Bonds
Fort Howard
Series 1988 7.90 2005 19,850,000 20,686,876
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist
Health Care
Systems Series 1992A 6.375 2022 20,300,000 20,657,686
Municipal Electric Authority Power Refunding Bonds
Series 1989R 6.00 2014 9,130,000 9,160,859
Municipal Electric Authority Power Revenue Bonds
Series L 5.00 2020 1,150,000 1,038,945
Rockdale County Development Authority Solid Waste
Disposal Revenue Bonds
Visy Paper Series 1993
A.M.T. 7.50 2026 10,000,000 10,386,300
Savannah Georgia Economic Development Authority
Revenue Bonds
Escrowed to Maturity
Zero Coupon 6.87 2021 64,220,000(f) 12,745,101
-----------
Total 107,098,492
Hawaii (0.3%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds
Series 1993B
Inverse Floater 6.42 2006 10,000,000(d) 10,300,000
City & County of Honolulu Refunding & Improvement
General Obligation Bonds
Series 1993B
Inverse Floater 6.72 2008 10,000,000(d) 10,362,500
-----------
Total 20,662,500
Illinois (8.5%)
Bradley Kankakee County Tax Increment
Refunding Revenue Bonds
Series 1993 8.40 2012 5,800,000 6,381,392
Broadview Cook County Senior Lien Tax Increment
Revenue Bonds
Series 1993 8.25 2013 12,000,000 13,133,760
Chicago General Obligation Refunding Bonds
Series 1995A
(AMBAC Insured) 5.50 2018 20,000,000 19,612,800
Chicago General Obligation Bonds Series 1991
(AMBAC Insured) 6.00 2016 6,170,000 6,270,077
Chicago General Obligation Bonds Series 1994A
(AMBAC Insured) 5.875 2022 17,850,000 17,892,305
Chicago O'Hare International Airport General Airport
Revenue Bonds
Series 1990A A.M.T. 6.00 2018 29,000,000 29,101,790
Chicago O'Hare International Airport General Airport
Revenue Bonds
Series 1990A A.M.T. 7.50 2016 21,000,000 22,664,460
Chicago O'Hare International Airport General Airport
Refunding Revenue Bonds
Series 1993A 5.00 2016 14,450,000 13,267,990
Chicago O'Hare International Airport
Special Revenue Facility Bonds Delta Airlines
Series 1992 6.45 2018 10,000,000 10,183,200
Chicago O'Hare International Airport
Special Revenue Facility Bonds United Airlines
Series C 8.20 2018 22,780,000 24,517,431
Chicago O'Hare International Airport Terminal
Special Revenue Bonds
A.M.T. 7.50 2017 32,250,000 34,683,585
Chicago O'Hare International Airport Terminal
Special Revenue Bonds
(FGIC Insured) A.M.T. 7.875 2025 17,750,000 19,191,300
Chicago Ridge Special Service Area #1 Unlimited Ad Valorem
Tax Bonds
Series 1990 9.00 2008 2,700,000 2,898,153
Chicago Wastewater Transmission Revenue Bonds
Series 1994
(MBIA Insured) 6.375 2024 22,500,000 23,693,400
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds
Mark IV Series 1992 9.75 2012 1,740,000 2,118,537
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds 7.00 2006 1,175,000 1,183,930
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds 7.375 2012 1,700,000 1,717,867
Development Finance Authority Lifecare Revenue Bonds
Presbyterian Homes
Series 1996B 6.40 2031 6,700,000 6,971,886
Development Finance Authority Pollution Control
Refunding Revenue Bonds Central Illinois Public Service
Series 1993B-2 5.90 2028 2,500,000 2,515,025
Development Finance Authority Pollution Control
Refunding Revenue Bonds Commonwealth Edison
Series 1994 5.70 2009 2,000,000 2,063,380
Development Finance Authority Pollution Control
Refunding Revenue Bonds Commonwealth Edison
Series 1994 5.85 2014 4,500,000 4,582,215
Development Finance Authority Pollution Control
Refunding Revenue Bonds
Illinois Power
Series 1991A 7.375 2021 19,250,000 21,501,287
Development Finance Authority Pollution Control
Revenue Bonds
Illinois Power Series 1986A-C
A.M.T. 7.625 2016 42,560,000 43,841,056
Development Finance Authority Retirement Housing
Revenue Bonds
Escrowed to Maturity
Zero Coupon 7.75 2020 68,000,000(f) 13,814,880
Development Finance Authority Solid Waste Disposal Facility
Revenue Bonds Ford Heights Waste Tire to Energy
Series 1994 A.M.T. 7.875 2011 32,000,000(e) 11,200,000
DuPage County Tax Increment Revenue Bonds
Series 1997 7.875 2017 4,690,000 4,791,304
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago
Series 1993 Inverse Floater
(FGIC Insured) 7.72 2012 11,000,000(d) 11,013,750
Educational Facilities Authority Refunding Revenue Bonds
Lewis University
Series 1996 6.125 2026 8,780,000 8,782,634
Granite City Madison County Hospital
Refunding Revenue Bonds St. Elizabeth Medical Center
Series 1989A 8.125 2008 3,315,000 3,478,264
Hanover Park Cook & DuPage Counties 1st Mortgage
Revenue Bonds
Windsor Park Manor
Series 1989 9.50 2014 7,000,000 7,471,380
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital
Series 1993A 6.00 2019 6,350,000 6,341,681
Health Facilities Authority Refunding Revenue Bonds
Morris Hospital 6.125 2023 3,005,000 2,933,120
Health Facilities Authority Refunding Revenue Bonds
Masonic Medical Center
Series 1993 5.50 2019 2,000,000 1,889,400
Health Facilities Authority Refunding Revenue Bonds
Peoria Methodist Medical Center
Series 1985A 8.00 2014 4,000,000 4,008,200
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured) 7.22 2014 10,000,000(d) 9,900,000
Health Facilities Authority Revenue Bonds
Sarah Bush Lincoln Health Center
Series 1996B 5.75 2022 2,915,000 2,799,683
Health Facility Authority Revenue Bonds
Delnore Community Hospital
Series 1989 8.00 2019 7,000,000 7,608,720
Health Facility Authority Revenue Bonds
Sarah Bush Lincoln
Health Center
Series 1992 7.25 2012-22 4,000,000 4,517,520
Health Facility Authority Revenue Bonds
South Suburban
Hospital Series 1992 7.00 2009-18 9,000,000 10,117,810
Hodgkins General Obligation Tax Increment Bonds
Series 1991 9.50 2009 12,600,000 15,158,049
Hodgkins General Tax Increment Bonds
Series 1995A 7.625 2013 9,000,000 9,359,100
Lansing Tax Increment Refunding Revenue Bonds
Landings Redevelopment Area Limited Sales Tax Pledge
Series 1992 7.00 2008 10,000,000 10,991,800
Marion General Obligation Hospital Alternate
Revenue Source Bonds
Series 1991 7.50 2016 3,800,000 4,127,294
Metropolitan Fair & Exposition Authority
Dedicated State Tax
Revenue Bonds 6.00 2014 5,585,000 5,585,894
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon
(FGIC Insured) 6.37 2019 6,000,000(f) 1,676,220
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon
(MBIA Insured) 6.61 2017 11,210,000(f) 3,515,904
Metropolitan Pier & Exposition Authority
Sales Tax & Miscellaneous Tax Revenue
Capital Appreciation Refunding Bonds
Series 1996A
Zero Coupon 6.05 2022 16,225,000(f) 3,645,433
Northwest Suburban Water Supply Joint
Action Water Agency
(MBIA Insured) 5.75 2012 2,000,000 2,000,220
Regional Transportation Authority General Obligation Bonds
Counties of Cook, Dupage, Kane, Lake, McHenry & Will
Series 1992A
(AMBAC Insured) 6.125 2022 7,200,000 7,309,728
Tinley Park Cook & Will Counties Limited Sales Tax
Revenue Bonds
Series 1988 10.25 1999 895,000(e) 340,100
Tinley Park Cook & Will Counties Unlimited Ad Valorem
Tax Bonds of
Special Service 10.65 2007 1,275,000 1,134,750
-----------
Total 505,499,664
Indiana (2.0%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990 10.375 2020 4,165,000 4,498,367
Carmel Retirement Rental Housing Refunding Revenue Bonds
Beverly Enterprises
Series 1992 8.75 2008 7,000,000 7,866,600
Development Finance Authority Environmental Improvement
Refunding Revenue
Bonds USX Corporation
Series 1996 6.25 2030 2,000,000 2,027,380
East Chicago Elementary School Building Lake County
First Mortgage
Refunding Bonds
Series 1996 6.25 2016 8,000,000 8,267,200
Hanover 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990 10.375 2020 6,815,000 7,360,472
Health Facility Authority Hospital Revenue Bonds
Community Hospital of Anderson
Series 1993 6.00 2023 10,000,000 9,973,400
Health Facility Authority Hospital Revenue Bonds
Union Hospital
Series 1993
(MBIA Insured) 5.125 2018 10,000,000 9,135,000
Health Facility Finance Authority Hospital Revenue Bonds
Hancock Memorial
Series 1996 6.125 2017 2,295,000 2,313,819
Kokomo Hospital Authority Hospital Refunding Revenue Bonds
St. Joseph's Hospital
Series 1988A 8.75 2013 5,000,000 5,367,300
La Porte County Hospital Authority Hospital
Refunding Revenue Bonds
La Porte Hospital
Series 1993 6.00 2023 2,990,000 2,898,297
La Porte County Hospital Authority Hospital
Refunding Revenue Bonds
La Porte Hospital
Series 1993 6.25 2012 5,070,000 5,106,808
Lawrenceburg Pollution Control Refunding Revenue Bonds
Revenue Bonds
Methodist Hospital
Series 1989 6.50 2008-13 19,670,000 21,081,993
Municipal Power Agency Power Supply System
Refunding Revenue
Bonds 5.75 2018 6,470,000 6,415,717
Rockport Pollution Control Refunding Revenue Bonds
Indiana Michigan Electric
Series B 7.60 2016 5,500,000 5,918,990
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital
of South Bend 9.40 2010 1,930,000 2,415,665
Vincennes Economic Development
Revenue Bonds Southwest Indiana
Regional Youth Village Facility
Series 1993 8.50 2024 16,575,000 17,234,022
-----------
Total 117,881,030
Iowa (0.8%)
Iowa City Refunding Revenue Bonds Mercy Hospital
Series 1986 6.00 2012 6,300,000 6,318,585
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital
Series 1991 7.625 2021 5,350,000 5,739,480
Muscatine Electric
Refunding Revenue Bonds
Series 1986 5.00 2007-08 7,350,000 7,159,669
Muscatine Electric
Refunding Revenue Bonds
Series 1986 6.00 2005-06 22,175,000 22,194,958
Sioux City Hospital Facility Revenue Bonds
St. Luke Regional
Medical Center 10.875 2013 3,595,000 3,657,769
-----------
Total 45,070,461
Kentucky (1.3%)
Development Finance Authority Hospital Facility
Revenue Bonds St. Luke Hospital
Series 1989B 6.00 2019 22,695,000 22,769,894
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds
Ashland Hospital
Series 1987 9.75 2011 4,000,000 4,221,842
Louisville Airport Lease
Revenue Bonds
Series 1989A A.M.T. 7.875 2019 4,000,000 4,317,680
Louisville & Jefferson County Riverport Authority Mortgage
Revenue Bonds
Series 1986 A.M.T. 7.875 2016 7,185,000 7,445,313
McCracken County
Revenue Bonds
Lourdes Hospital 6.00 2012 8,300,000 8,308,549
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital
Series 1988 9.50 2010 4,070,000 4,396,902
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital
Series 1996 6.75 2010 9,565,000 9,680,354
Turnpike Authority Economic Road Development
Refunding Revenue Bonds
Series 1993 Inverse Floater
(AMBAC Insured) 6.94 2012 15,000,000(d) 14,868,750
-----------
Total 76,009,284
Louisiana (3.2%)
Calcasieu Parish Industrial Development Pollution Control
Refunding Revenue
Bonds Gulf State Utilities
Series 1992 6.75 2012 10,500,000 10,746,750
Energy & Power Authority Refunding Revenue Bonds
Rodemacher Unit #2
Series 1991
(FGIC Insured) 6.00 2013 28,000,000 28,421,120
Hodge Village Combined Utility System Revenue Bonds
Stone Container
Series 1990 A.M.T. 9.00 2010 23,000,000 24,512,940
New Orleans Audubon Park Commission Aquarium
Revenue Bonds
Series 1992A 8.00 2012 7,100,000 7,766,051
Public Facilities Authority Revenue Bonds
Glen Retirement Systems
Series 1995 6.50 2015 1,000,000 1,006,650
Public Facilities Authority Revenue Bonds
Glen Retirement Systems
Series 1995 6.70 2025 1,500,000 1,524,510
Public Facilities Authority Revenue Bonds
Windsor Multi-Family
Housing Foundation
Series 1996A 6.25 2026 9,570,000 8,875,792
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light
Series 1984 8.25 2014 28,600,000 31,011,266
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light
Series 1991 A.M.T. 7.50 2021 20,700,000 22,482,270
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light
2nd Series 1984 8.00 2014 29,155,000 31,824,140
Southern Louisiana Port Commission Terminal
Refunding Revenue Bonds
Gatx Terminal
Series 1993 7.00 2023 13,180,000 13,823,711
West Feliciana Parish Demand Pollution Control
Revenue Bonds Gulf
State Utilities
Series 1985B 9.00 2015 6,000,000 6,638,580
-----------
Total 188,633,780
Maine (0.1%)
Health & Higher Educational Facilities Authority
Revenue Bonds
St. Mary's Hospital
Series 1989 8.625 2022 3,500,000 3,850,805
Maryland (0.6%)
Frederick County Economic Refunding Revenue Bonds
Alumax Series 1992 7.25 2017 9,880,000 10,385,263
Harford County Industrial Development Revenue Bonds
Dorsey 8.00 2005 516,000 517,636
Prince George's County Hospital Revenue Bonds
Dimensions Health
Series 1992 7.00 2022 7,000,000 7,851,340
Prince George's County Hospital Revenue Bonds
Dimensions Health
Series 1992 7.25 2017 11,400,000 12,914,262
State Transportation Authority Facility Revenue Bonds
Capital Appreciation Zero Coupon
Series 1992
(FGIC Insured) 6.33 2010-11 9,700,000(f) 4,592,040
State Transportation Authority Facility Revenue Bonds
Series 1992 Zero Coupon
(FGIC Insured) 6.35 2012 5,000,000(f) 2,182,850
-----------
Total 38,443,391
Massachusetts (2.5%)
Bay Transportation Authority Refunding Revenue Bonds
Series 1994A
(MBIA Insured) 6.00 2012 8,000,000 8,300,000
Greater Lawrence Sanitary District North Andover
General Obligation
Bonds 8.50 2005 3,255,000 3,365,214
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems
Series C 5.90 2011 2,000,000 1,927,000
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems
Series C 6.00 2020 4,000,000 3,824,760
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater
(MBIA Insured) 7.17 2020 8,000,000(d) 7,630,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital
Series B 7.25 2013 6,455,000 7,020,845
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds
Eastern Edison
Series 1993 5.875 2008 4,250,000 4,181,023
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS
Series 1991A 9.00 2015 18,885,000 21,180,661
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS
Series 1991B A.M.T. 9.25 2015 25,000,000 28,039,250
Municipal Wholesale Electric Power Supply System
Revenue Bonds
Series 1992B 6.75 2017 10,130,000 11,258,178
Municipal Wholesale Electric Power Supply System
Revenue Bonds Series 1993A Inverse Floater
(AMBAC Insured) 7.07 2018 6,500,000(d) 5,768,750
State Health & Educational Facilities Authority
Revenue Bonds Holyoke Hospital
Series 1994B 6.50 2015 500,000 501,355
Water Resources Authority General
Refunding Revenue Bonds
Series 1992B 5.50 2015 22,175,000 21,647,457
Water Resources Authority General Revenue Bonds
Series 1992A 6.50 2019 3,500,000 3,934,805
Water Resources Authority General Revenue Bonds
Series 1993B-95B
(MBIA Insured) 5.00 2022-25 19,000,000 17,167,550
-----------
Total 145,746,848
Michigan (3.8%)
Crawford County Economic Development Corporation
Environmental Improvement Revenue Bonds
Weyerhaeuser
Series 1991A 7.125 2007 10,800,000 12,114,576
Detroit Unlimited Tax General Obligation Bonds
Series 1993 6.35 2014 5,930,000 6,109,916
Detroit Unlimited Tax General Obligation Bonds
Series 1995A 6.80 2015 1,375,000 1,558,356
Lincoln Consolidated School District Unlimited Tax
General Obligation
Refunding Bonds
(FGIC Insured) 5.85 2018 6,455,000 6,512,643
Midland County Economic Development Corporation
Pollution Control Limited Obligation
Refunding Revenue Bonds Midland Cogeneration
Series 1990B A.M.T. 9.50 2009 35,200,000 38,314,144
Midland County Economic Development Corporation
Pollution Control Limited Obligation
Refunding Revenue Bonds Midland Cogeneration
Series 1990C 8.50 2009 18,900,000 20,095,803
Monroe County Pollution Control
Revenue Bonds Detroit
Edison A.M.T. 7.75 2019 40,250,000(h) 43,370,180
State Hospital Finance Authority Hospital
Refunding Revenue Bonds Detroit Medical Center
Series 1993A 6.50 2018 10,000,000 10,552,400
State Hospital Finance Authority Hospital
Refunding Revenue Bonds
Sinai Hospital Greater Detroit
Series 1995 6.625 2016 2,750,000 2,856,838
State Hospital Finance Authority Hospital
Refunding Revenue Bonds
Sinai Hospital Greater Detroit
Series 1995 6.70 2026 3,000,000 3,122,040
State Hospital Finance Authority Hospital
Revenue Bonds Central
Michigan Community
Hospital 6.25 2016 2,095,000 2,084,336
State Hospital Finance Authority Hospital
Revenue Bonds
McLaren Obligated Group
Series 1991A 7.50 2021 7,500,000 8,464,125
State Job Development Authority Pollution Control
Revenue Bonds
Chrysler 5.70 1999 4,350,000 4,454,792
Strategic Fund Limited Obligation Refunding Revenue Bonds
Detroit Edison
Series 1995AA
(MBIA Insured) 6.40 2025 12,000,000 12,797,760
Strategic Fund Limited Obligation Refunding Revenue Bonds
Ford Motor
Series 1991A 7.10 2006 16,400,000 18,809,816
Strategic Fund Limited Obligation Refunding Revenue Bonds
Great Lakes
Pulp & Fibre
Series 1994 A.M.T. 10.25 2016 35,000,000(e) 16,290,050
Troy City Downtown Development Authority Revenue Bonds
Oakland County
Series 1995A 6.375 2018 1,000,000 1,056,450
Van Buren County Downtown Development Authority
Tax Increment Revenue Bonds
Series 1994 8.40 2016 4,000,000 4,509,880
Wayne County Special Airport Facilities
Refunding Revenue Bonds
Northwest Airlines
Series 1995 6.75 2015 11,310,000 11,705,511
-----------
Total 224,779,616
Minnesota (3.7%)
Becker Solid Waste Disposal Facility Revenue Bonds
Liberty Paper
Series 1994B A.M.T. 9.00 2015 18,000,000 18,789,300
Bloomington Community Development
Refunding Revenue Note
24th Avenue Motel 8.50 2005 1,515,786(k) 1,523,364
Bloomington Health Care Facility Revenue Bonds
Friendship Village of
Bloomington
Series 1992 8.50 2002 3,680,000 3,958,981
Brainerd Economic Development Authority
Health Care Facility Revenue Bonds
Benedictine Health System
St. Joseph Medical Center
Series 1990 8.375 2020 4,670,000 5,215,596
Duluth Economic Development Authority
Health Care Facility Revenue Bonds
Benedictine Health System
St. Mary's Medical Center
Series 1990 8.375 2020 8,300,000 9,269,689
Duluth Housing & Redevelopment Authority
Lakeshore Lutheran Home
1st Mortgage
Revenue Bonds 8.00 2000 140,000 140,226
Duluth Housing & Redevelopment Authority
Lakeshore Lutheran Home
1st Mortgage
Revenue Bonds 8.25 2009 750,000 751,365
Fergus Falls Health Care
Facilities Revenue Bonds
Series 1995 6.50 2025 1,530,000 1,566,934
International Falls Solid Waste Disposal
Revenue Bonds Boise Cascade
Series 1990 A.M.T. 7.75 2015 10,000,000 10,465,500
Mahtomedi Multi-family Housing Revenue Bonds
Briarcliff Series
1996 A.M.T. 7.35 2036 2,000,000 2,033,160
Maplewood Elder Care Facility Revenue Bonds
Care Institute
Series 1994 7.75 2024 8,000,000 8,231,040
Maplewood Multi-family Housing Refunding Revenue Bonds
Carefree Cottages
Series 1995 A.M.T. 7.20 2032 5,000,000 4,974,800
Mille Lacs Capital Improvement Authority Infrastructure
Revenue Bonds
Series 1992A 9.25 2012 4,590,000 5,145,757
Richfield Multi-family Housing
Refunding Revenue Bonds
Village Shores Apartments
Series 1996 7.625 2031 5,000,000 5,057,200
Robbinsdale Multi-family Housing
Revenue Bonds
Copperfield Hill
Series A 7.35 2020 3,500,000 3,473,960
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group
Series 1993 Inverse Floater
(AMBAC Insured) 4.475 2005 9,200,000(d) 8,613,500
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group
Series 1993 Inverse Floater
(AMBAC Insured) 5.475 2013 18,000,000(d) 15,885,000
St. Louis Park Health Care Park Nicollet
Medical Center
Facility Revenue Bonds
Series 1990A 9.25 2020 6,000,000 6,800,520
St. Louis Park Multi-family Housing Refunding Revenue Bonds
Park Boulevard Towers
Series 1996A 7.00 2031 11,625,000 11,737,646
St. Paul Housing & Redevelopment Authority
Health Care Facility Revenue Bonds
Lyngblomsten Care Center
Series 1993A 7.125 2017 4,705,000 4,838,314
St. Paul Housing & Redevelopment Authority
Health Care Facility Revenue Bonds
Lyngblomsten Multi-family Rental Housing
Series 1993B 7.00 2024 2,815,000 2,777,617
St. Paul Port Authority Redevelopment Multi-family
Refunding Revenue Bonds Burlington Apartments
Series A
(GNMA Insured) 5.75 2031 14,355,000 14,101,921
St. Paul Port Authority Redevelopment Multi-family
Subordinate Refunding Revenue Bonds
Burlington Apartments
Series A 8.625 2031 3,770,000 3,763,063
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Series 1992 5.75 2018 32,210,000 31,863,420
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Series 1994A Zero Coupon
(MBIA Insured) 6.72 2021 13,500,000(f) 3,449,115
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Series 1994A Zero Coupon
(MBIA Insured) 6.73 2022 17,500,000(f) 4,219,775
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Series 1994A Zero Coupon
(MBIA Insured) 6.74 2023 27,500,000(f) 6,258,175
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Series 1994A Zero Coupon
(MBIA Insured) 6.75 2024-27 87,410,000(f) 17,369,909
Vadnais Heights Multi-family Housing
Refunding Revenue Bonds
Cottages of Vadnais Heights
Series 1995 A.M.T. 7.00 2031 1,995,000 1,979,579
Washington County Housing & Redevelopment Authority
Woodbury Multi-family
Housing Refunding Revenue Bonds
Series 1996 6.95 2023 4,970,000 4,963,986
-----------
Total 219,218,412
Mississippi (0.8%)
Claiborne County Pollution Control Refunding Revenue Bonds
System Energy Resources
Series 1995 7.30 2025 4,000,000 4,206,600
Claiborne County Pollution
Control Revenue Bonds
Middle South Energy 9.50 2013 1,500,000 1,632,720
Claiborne County Pollution Control Revenue Bonds
Middle South Energy
Series C 9.875 2014 15,375,000 16,769,359
Harrison County Waste Water Management District
Refunding Bonds
Series 1986 5.00 2015 4,250,000 4,066,995
Jackson Industrial
Development Revenue Bonds
Dorsey 8.00 2005 436,000 439,270
Lowndes County Solid Waste Disposal Pollution Control
Revenue Bonds
Weyerhaeuser
Series 1989 A.M.T. 7.875 2005 12,250,000 13,325,427
Lowndes County Solid Waste Disposal Pollution Control
Refunding Revenue Bonds
Weyerhaeuser
Series 1989 7.70 2022 4,000,000(i) 4,456,880
-----------
Total 44,897,251
Missouri (0.7%)
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor
Series 1991B 7.00 2021 5,810,000 6,511,848
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor
Series 1991C 7.90 2021 2,700,000 3,125,655
State Environment & Improvement Energy Resources
Authority Pollution Control Revenue Bonds
Chrysler 5.70 1999 9,250,000 9,372,285
Sikeston Electric System Refunding Revenue Bonds
Series 1992
(MBIA Insured) 5.80 2002 4,165,000 4,370,918
St. Louis Industrial Development Authority
Refunding Revenue Bonds Kiel Center
Multipurposes Arena
Series 1992 A.M.T. 7.875 2024 15,400,000 16,572,864
-----------
Total 39,953,570
Nebraska (--%)
Omaha Public Power District Electric System
Revenue Bonds
Series 1986A 6.00 2015 1,370,000 1,417,429
Nevada (0.7%)
Clark County Collateralized Pollution Control Revenue Bonds
Nevada Power A.M.T. 7.80 2009 11,850,000 12,514,785
Clark County Industrial Development Revenue Bonds
Nevada Power
Series 1990 A.M.T. 7.80 2020 5,000,000 5,328,400
Las Vegas Redevelopment Agency Tax Increment
Subordinate Lien Revenue Bonds
Series 1994A 6.00 2010 2,000,000 1,957,520
Las Vegas Redevelopment Agency Tax Increment
Subordinate Lien Revenue Bonds
Series 1994A 6.10 2014 2,750,000 2,692,938
Las Vegas Special Improvement District 707
Local Improvement Bonds
Summerlin Area
Series 1996 7.10 2016 6,000,000 6,171,900
Washoe County Hospital Revenue Bonds
Washoe Medical Center
Series 1989A 7.60 2019 2,750,000 2,966,810
Washoe County Hospital Revenue Bonds
Washoe Medical Center
Series 1993A 6.00 2015 7,250,000 7,268,197
-----------
Total 38,900,550
New Hampshire (2.6%)
Business Financial Authority Pollution Control
Refunding Revenue Bonds United Illuminating
Series 1993A 5.875 2033 13,200,000 12,419,484
Business Financial Authority Pollution Control &
Solid Waste Disposal Refunding Revenue Bonds
Crown Paper Company
Series 1996 7.75 2022 4,255,000 4,472,388
Industrial Development Authority Pollution Control
Revenue Bonds State
Public Service
Series 1991B 7.50 2021 51,485,000 52,758,739
Industrial Development Authority Pollution Control
Revenue Bonds State
Public Service
Series 1991C A.M.T. 7.65 2021 25,000,000 25,728,500
Industrial Development Authority Pollution Control
Revenue Bonds United Illuminating
Series 1987A A.M.T. 9.375 2012 15,000,000 15,492,600
Industrial Development Authority Pollution Control
Revenue Bonds United Illuminating
Series 1989A A.M.T. 8.00 2014 8,000,000 8,501,520
State Higher Education & Health Facility Authority Hospital
Revenue Bonds Hitchcock Clinic Series 1994
(MBIA Insured) 6.00 2024 13,000,000 13,217,490
State Turnpike System Refunding Revenue Bonds
Series 1992 5.75 2020 20,615,000 20,406,376
-----------
Total 152,997,097
New Jersey (0.3%)
Economic Development Authority 1st Mortgage
Gross Revenue Bonds
Mega Care Union
Hospital 8.625 2007 2,500,000 2,569,600
Health Care Facility Finance Authority Revenue Bonds
St. Peter Medical
Center Series 1994F
(MBIA Insured) 5.00 2016 10,000,000 9,191,500
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital
Series C 8.50 2012 3,500,000 3,573,605
-----------
Total 15,334,705
New Mexico (2.1%)
Albuquerque Airport
Revenue Bonds
Series 1987B A.M.T. 8.75 2019 15,000,000 15,212,550
Albuquerque Health Care System Revenue Bonds
Lovelace
Medical Fund 10.25 2011 55,000 55,780
Bernalillo County Multi-family Housing Revenue Bonds
Series 1997D 7.70 2027 10,050,000 10,110,401
Cibola County Correctional Facility
Certificate of Participation
Series 1993 8.50 2015 16,710,000 17,717,446
Farmington Pollution Control Refunding Revenue Bonds
Series 1996 A&B 6.30 2016 10,000,000 10,163,600
Farmington Pollution Control Refunding Revenue Bonds
State Public Service San Juan
Series 1994A 6.40 2023 30,650,000 31,174,115
Farmington Pollution Control Refunding Revenue Bonds
Series 1997A 6.95 2020 4,000,000 4,116,400
Farmington Power Refunding Revenue Bonds
Generating Division 9.875 2013 5,000,000 6,645,550
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital
Series 1987 9.625 2013 5,670,000 5,811,183
Lordsberg Pollution Control Refunding Revenue Bonds
Phelps Dodge 6.50 2013 20,000,000 21,159,600
-----------
Total 122,166,625
New York (8.4%)
Battery Park City Authority Refunding Revenue Bonds
Series 1993A 5.50 2010 9,940,000 9,959,383
Dormitory Authority New York State University Education
Facility Pre-Refunded
Revenue Bonds
Series 1990A 7.70 2012 10,000,000 11,078,700
Dormitory Authority New York State University Education
Facility Revenue Bonds
Series 1993A 5.50 2013 24,530,000 23,919,448
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1990C 5.00 2017 20,820,000 18,296,824
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1990C 6.00 2016 39,465,000 39,462,632
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1990D 7.00 2009 5,000,000 5,566,500
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1994A 5.75 2018 5,500,000 5,479,705
Dormitory Authority New York Court Facility Lease
Revenue Bonds
Series 1993A 5.375 2016 11,000,000 10,215,700
Metropolitan Transportation Authority Commuter Facility
Revenue Bonds
Series H 6.00 2014 6,150,000 6,168,450
Metropolitan Transportation Authority Transit Facility
Revenue Bonds
Series G 6.00 2014 4,970,000 4,987,693
Metropolitan Transportation Transit Facilities
Service Contract
Series 3 6.00 2019 6,395,000 6,363,601
New York City General
Obligation Bonds
Series 1992B 7.40 2000 30,000,000 31,825,500
New York City General
Obligation Bonds
Series 1994B 7.00 2016 16,500,000 17,892,105
New York City General
Obligation Bonds
Series 1996F-G 5.75 2017-20 27,825,000 27,110,006
New York City Industrial Development Agency
Special Facility Revenue Bonds American Airlines
Series 1990 A.M.T. 8.00 2020 16,130,000 17,055,862
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds
Series 1994B Inverse Floater
(MBIA Insured) 6.12 2009 15,500,000(d) 14,821,875
New York City Municipal Water Financial Authority
Water & Sewer System
Revenue Bonds
Series A 6.25 2021 55,500,000 56,807,025
New York City Municipal Water Financial Authority
Water & Sewer System
Revenue Bonds
Series B 5.00 2017 6,255,000 5,756,727
Port Authority Special Obligation Revenue Bonds
KIAC A.M.T. 6.75 2019 3,500,000 3,670,695
Port Authority Special Project Bonds La Guardia
Airport Passenger Terminal Continental and
Eastern Airlines
A.M.T. 9.00 2006 2,645,000 2,950,021
Port Authority Special Project Bonds La Guardia
Airport Passenger Terminal Continental and
Eastern Airlines
Series 2 A.M.T. 9.00 2010 8,800,000 9,814,816
Port Authority Special Project Bonds La Guardia
Airport Passenger Terminal Continental and
Eastern Airlines
Series 2 A.M.T. 9.125 2015 17,500,000 19,758,900
State Energy Research & Development Authority Electric
Facility Revenue Bonds
Consolidated Edison
A.M.T. 7.125 2022 10,750,000 10,977,255
State Energy Research & Development Authority Electric
Facility Revenue Bonds
Consolidated Edison
A.M.T. 7.375 2024 23,000,000 23,794,420
State Energy Research & Development Authority Electric
Facility Revenue Bonds
Consolidated Edison
A.M.T. 7.50 2021 9,000,000 9,199,440
State Energy Research & Development Authority Electric
Facility Revenue Bonds Consolidated Edison
Series 1990A A.M.T. 7.50 2025 30,975,000 32,759,160
State Housing Finance Agency Service Contract Obligation
Revenue Bonds
Series 1995A 6.50 2025 12,475,000 13,232,607
State Housing Finance Agency State University Construction
Refunding Bonds
Series 1986A 6.50 2013 3,500,000 3,866,695
State Local Government Assistance Corporation
Series 1991A 6.50 2020 11,000,000 11,710,820
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding
Revenue Bonds
Series 1993D 5.25 2023 15,000,000 13,431,000
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding
Revenue Bonds
Series 1993F 5.25 2019 5,790,000 5,240,239
State Urban Development Correctional Facility
Refunding Revenue Bonds
Series A 5.50 2016 2,750,000 2,617,725
State Urban Development Correctional Facility
Revenue Bonds
Series 1993A 5.25 2021 12,110,000 10,886,648
State Urban Development Correctional Facility
Revenue Bonds
Series 6 5.375 2025 9,000,000 8,371,260
-----------
Total 495,049,437
North Carolina (3.9%)
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds
Series 1993B 6.25 2012 24,655,000 24,875,169
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1986A 4.00 2018 8,675,000 7,046,095
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1986A 5.00 2017 6,500,000 6,084,239
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1988A 6.00 2026 3,125,000 3,244,236
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1989A 5.50 2011 37,800,000 36,363,978
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1989A 6.50 2024 16,750,000 16,858,708
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1989A 7.50 2010 29,160,000 34,162,004
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1991A 5.75 2019 55,000,000 52,513,450
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series 1994B 7.25 2007 5,000,000 5,582,400
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds
Series B 6.125 2009 10,000,000 10,347,600
Eastern Municipal Power Agency Power System
Revenue Bonds
Series 1993D 5.875 2013 2,300,000 2,256,185
Municipal Power Agency #1 Catawba Electric
Revenue Bonds
Series 1988 7.00 2016 5,140,000 5,302,167
Municipal Power Agency #1 Catawba Electric
Revenue Bonds
Series 1993 Inverse Floater
(MBIA Insured) 6.97 2012 7,400,000(d) 7,187,250
Municipal Power Agency #1 Catawba Electric
Revenue Bonds
Series 1993 Inverse Floater
(MBIA Insured) 7.17 2020 15,000,000(d) 13,875,000
Offiss Incorporation Recreational Facilities
Gross Revenue Bonds Smoky Mountain Golf Course
Series 1994-96
Zero Coupon 8.38 1997 8,295,000(e,g) 7,702,986
-----------
Total 233,401,467
North Dakota (0.5%)
Fargo Hospital Refunding Revenue & Improvement Bonds
Dakota Hospital
Series 1992 6.875 2012 3,000,000 3,346,650
Fargo Hospital Refunding Revenue & Improvement Bonds
Dakota Hospital
Series 1992 7.00 2022 4,250,000 4,766,333
General Obligation
Bonds Real Estate
Series 1986A 6.00 2013 8,585,000 8,633,334
Ward County Health Care Facilities
Refunding Revenue
Bonds Series 1996B 6.25 2021 4,000,000 4,014,200
Ward County Health Care Facilities
Refunding Revenue Bonds
Trinity Group
Series 1996A 6.25 2026 6,110,000 6,131,690
-----------
Total 26,892,207
Ohio (2.8%)
Air Quality Development Authority Pollution Control
Refunding Revenue Bonds
Ohio Edison Series A 5.95 2029 13,300,000 13,123,509
Air Quality Development Authority Pollution Control
Revenue Bonds Ohio Edison
Series 1989A 7.625 2023 6,750,000 7,102,215
Bellefontaine Hospital Facilities Refunding Revenue Bonds
Mary Rutan Health Association
Series 1993 6.00 2013 5,330,000 5,214,392
Butler County Hospital Facilities
Refunding Revenue & Improvement Bonds
Fort Hamilton-Hughes
Memorial Center
Series 1991 7.50 2010 9,800,000 10,455,620
Carroll Water & Sewer District Unlimited Tax
General Obligation
Bonds 6.25 2010 8,795,000 8,371,961
Cleveland Parking Facilities Improvement
Revenue Bonds
Series 1992 8.10 2022 15,000,000 17,565,450
Coshocton County Solid Waste Disposal
Refunding Revenue
Bonds Stone Container
Series 1992 7.875 2013 17,500,000 18,488,050
Cuyahoga County Health Care Facilities Lifecare
Refunding Revenue Bonds Judson Retirement Community
Series 1996A 7.25 2013-18 6,210,000 6,292,860
Erie County Hospital Improvement and
Refunding Revenue Bonds Firelands Community Hospital
Series 1992 6.75 2015 6,540,000 7,010,291
Lorain County Independent Living &
Hospital Facilities Mortgage
Refunding Revenue Bonds Elyria United Methodist
Series 1996C 6.875 2022 3,100,000 3,158,652
Marion County Health Care Facilities
Refunding & Improvement Revenue Bonds
United Church Homes
Series 1993 6.30 2015 1,800,000 1,812,816
Marion County Health Care Facilities
Refunding & Improvement Revenue Bonds
United Church Homes
Series 1993 6.375 2010 2,000,000 2,040,880
Montgomery County Health Facilities
Refunding Revenue Bonds Friendship Village of Dayton
Series 1990A 9.25 2016 9,025,000 9,467,225
Water Development Authority Collateralized Pollution Control
Refunding Revenue Bonds
Cleveland Electric
Series 1995 7.70 2025 13,000,000 14,156,870
Water Development Authority Collateralized Pollution Control
Revenue Bonds
Cleveland Electric
Series 1989 A.M.T. 8.00 2023 10,000,000 10,275,800
Water Development Authority Collateralized Pollution Control
Revenue Bonds
Toledo Edison
Series 1989 A.M.T. 8.00 2023 8,500,000 8,874,255
Water Development Authority Pollution Control
Revenue Bonds
Ohio Edison A.M.T. 8.10 2023 10,000,000 10,591,800
Water Development Authority Pollution Control
Refunding Revenue Bonds Toledo Edison
Series 1994A A.M.T. 8.00 2023 10,000,000 10,866,900
-----------
Total 164,869,546
Oklahoma (1.0%)
Grand River Dam Authority Refunding Revenue Bonds
Series 1987 5.00 2012 10,105,000 9,663,007
Hinton Economic Development Authority
Certificate of Participation
Series 1994 8.75 2015 12,100,000 12,852,257
Hinton Economic Development Authority
Certificate of Participation Dominion Leasing
Series 1990A 9.75 2015 19,090,000 21,073,451
Jackson County Hospital Authority
Refunding Revenue Bonds
Jackson County
Memorial Hospital
Series 1994 7.30 2015 6,580,000 6,725,747
Midwest City Memorial Hospital Authority Hospital
Revenue Bonds
Series 1992 7.375 2022 7,815,000 8,823,213
Stillwater Medical Center Authority
Hospital Revenue
Bonds Series 1997B 6.50 2019 1,750,000 1,755,705
-----------
Total 60,893,380
Oregon (0.6%)
State Health Housing Educational &
Cultural Facilities Authority Revenue Bonds
Oregon Baptist Retirement Homes-Weidler
Retirement Center
Series 1995 8.00 2026 7,720,000 7,625,739
Western Generation Agency Revenue Bonds
Wauna Cogeneration
Series 1994A 7.125 2021 19,200,000 20,013,504
Western Generation Agency Revenue Bonds
Wauna Cogeneration
Series 1994B A.M.T. 7.40 2016 9,000,000 9,470,340
-----------
Total 37,109,583
Pennsylvania (4.3%)
Allegheny County Industrial Development Authority
Environment Improvement Revenue Bonds
USX Corporation
Series 1994A 6.70 2020 6,000,000 6,305,880
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating
Series 1995 7.625 2025 7,500,000 8,149,500
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating
Series 1995A 7.75 2025 21,150,000 23,163,057
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Toledo Edison
Series 1995A 7.75 2020 14,000,000 15,390,760
Beaver County Industrial Development Authority
Pollution Control Revenue Bonds
Toledo Edison-Beaver Valley
Series 1995 7.625 2020 11,700,000 12,713,220
Beaver County Industrial Development Authority
Pollution Control
Revenue Bonds
Ohio Edison 7.75 2024 34,650,000 36,380,767
Butler County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care
Community Sherwood Oaks
Series 1993 5.75 2011-16 5,000,000 4,959,520
Convention Center Authority Refunding Revenue Bonds
Philadelphia
Series 1994A 6.75 2019 5,300,000 5,663,845
Delaware County Authority 1st Mortgage Revenue Bonds
Riddle Village
Series 1996 7.00 2026 10,000,000 10,005,200
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village
Continuing Care
Series 1989 9.70 2009-19 11,000,000 12,430,550
Delaware County Industrial Development Authority
Pollution Control Refunding Revenue Bonds
Philadelphia Electric
Series A 7.375 2021 900,000 970,875
Fayette County Hospital Authority Hospital
Refunding Revenue Bonds Uniontown Hospital
Series 1987 7.625 2015 9,000,000 9,208,440
Montgomery County Higher Education & Health Authority
Retirement Community Revenue Bonds G.D.L. Farms
Series A 9.50 2020 3,000,000 3,406,110
Philadelphia Airport Revenue Bonds
Philadelphia Airport System
Series 1985 8.875 2005 1,680,000 1,724,100
Philadelphia Airport Revenue Bonds
Philadelphia Airport System
Series 1985 9.00 2015 5,750,000 5,901,225
Philadelphia Gas Works
Revenue Bonds
Series 13 7.70 2021 4,150,000 4,695,103
Philadelphia Hospital & Higher Education Facility
Authority Hospital Revenue Bonds
Albert Einstein
Medical Center 7.625 2011 15,545,000 16,352,252
Philadelphia Municipal Authority Lease
Refunding Revenue Bonds
Series 1993D 6.25 2013 2,500,000 2,523,525
Philadelphia Municipal Authority Lease
Refunding Revenue Bonds
Series 1993D 6.30 2017 1,550,000 1,564,554
Philadelphia Water &
Sewer Revenue Bonds
16th Series 7.00 2018 14,000,000 15,282,540
Philadelphia Water &
Sewer Revenue Bonds
16th Series 7.50 2010 13,200,000 14,876,004
Philadelphia Water & Wastewater Revenue Bonds
Series 1993
(CGIC Insured) 5.50 2015 11,000,000 10,814,540
State Department of General Services
Certificate of Participation
Series 1994A
(AMBAC Insured) 5.00 2015 25,000,000 23,306,750
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont
Series 1991A 10.00 2021 8,495,000 9,958,909
-----------
Total 255,747,226
Puerto Rico (0.8%)
Electric Power Agency Revenue Bonds
Series N-O 6.00 2010 45,305,000 45,929,756
South Carolina (0.9%)
Cherokee County Spring
City Knitting
Cluett Peabody 7.40 2009 5,200,000 5,616,468
Piedmont Municipal Power Agency Electric
Refunding Revenue Bonds
Series 1986B 5.75 2024 7,550,000 7,271,178
Public Service Authority Electric System Expansion
Revenue Bonds Santee Cooper
Series 1991D 6.625 2031 14,975,000 16,551,568
Public Service Authority Electric System Revenue Bonds
Santee Cooper
Series 1991B 6.00 2031 8,000,000 7,953,440
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater
(MBIA Insured) 6.94 2013 17,700,000(d) 17,058,375
-----------
Total 54,451,029
South Dakota (0.5%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds
Series 1986 6.00 2010 10,205,000 10,728,925
Souix Falls Multi-family Housing Revenue Bonds
Series 1996A 7.50 2034 12,200,000 12,286,742
State Lease Revenue Trust Certificates Series 1993
(CGIC Insured) 6.70 2017 7,260,000 8,315,313
-----------
Total 31,330,980
Tennessee (0.4%)
Nashville & Davidson County Health & Education Facility
1st Mortgage Revenue Bonds
Blakeford at Green
Hills CCRC 9.25 2024 12,230,000 13,395,519
Knox County Health Education & Housing Facility Hospital
Revenue Bonds Baptist Health System East Tennessee
Series 1989 8.60 2016 10,000,000 10,925,400
-----------
Total 24,320,919
Texas (7.0%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines
Series 1990 A.M.T. 7.50 2029 37,400,000 40,050,912
Austin Combined Utility Systems Refunding Revenue Bonds
Series 1985 10.75 2010-15 12,000,000 14,051,640
Austin Combined Utility Systems Refunding Revenue Bonds
Series 1986 5.00 2013 20,000,000 18,537,400
Board of Regents of the University System General
Refunding Revenue Bonds
Series 1986 6.50 2007 2,565,000 2,615,659
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1989A A.M.T. 8.25 2019 14,000,000 14,917,980
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1990A A.M.T. 8.125 2020 13,205,000 14,362,550
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1991A A.M.T. 7.875 2021 24,450,000 26,725,317
Brazos River Authority Collateralized
Refunding Revenue Bonds Houston Lighting & Power
Series 1989A 7.625 2019 26,300,000 28,062,100
Brownsville Utility System Priority Revenue Bonds
Series 1990
(AMBAC Insured) 6.50 2017 10,015,000 10,803,080
Clay Road Municipal Utility District Tax
Refunding Bonds
Series 1996 6.25 2015 2,000,000 1,978,320
Colony Municipal Utility District #1 Denton County
Series 1980 9.25 2007 1,000,000 1,337,840
Dallas & Fort Worth International Airport Special Facility
Revenue Bonds
American Airlines
Series 1990 A.M.T. 7.50 2025 26,200,000 28,026,402
Dallas & Fort Worth International Airport Special Facility
Revenue Bonds Delta
Air Lines
Series 1991 A.M.T. 7.125 2026 13,500,000 14,155,560
Denison Hospital Authority Hospital Revenue Bonds
Texoma Medical Center
Series 1994 7.10 2024 3,950,000 4,187,000
Fort Bend County Municipal Utility District #23
Unlimited Tax Bonds 6.625 2016 3,085,000 3,049,893
Harris County Health Facilities Development Hospital
Refunding Revenue Bonds
Memorial Hospital
Series 1985 6.00 2004 6,460,000 6,460,775
Harris County Health Facilities Hospital Revenue Bonds
Memorial Hospital
Series 1992 7.125 2015 16,000,000 18,252,160
Harris County Industrial Development Marine Terminal
Refunding Revenue
Bonds GATX Terminal
Series 1992 6.95 2022 15,000,000 15,820,050
Hidalgo County Health Services Corporation
Hospital Revenue Bonds Mission Hospital
Series 1996 6.875 2026 7,880,000 8,014,984
Interstate Municipal Utility District
Unlimited Tax Bonds
Harris County
Series 1996 6.75 2021 3,020,000 3,038,120
Karnes County Public
Facility Lease
Revenue Bonds 9.20 2015 15,990,000 16,548,051
Kings Manor Municipal Utility District
Waterworks & Sewer Systems Combination
Unlimited Tax & Revenue Bonds
Series 1995 6.875 2018 2,470,000 2,517,054
Matagorda County Navigation District #1
Collateral Pollution Control Revenue Bonds
Central Power & Light Series 1986A
(AMBAC Insured)
A.M.T. 7.50 2020 6,500,000 7,006,610
Midland County Hospital
District Revenue Bonds
Series 1992 7.50 2016 3,025,000 3,234,784
Mills Road Municipal Utility District Harris County
Unlimited Tax Refunding Bonds
Series 1993 6.50 2014 2,690,000 2,701,163
Mount Houston Road Municipal Utility District
Waterworks & Sewer System Combined Unlimited
Tax & Refunding Revenue Bonds
Series 1996 6.375 2010 2,195,000 2,159,990
Municipal Power Agency Refunding Revenue Bonds
(MBIA Insured) 5.25 2009 8,000,000 8,078,640
Municipal Power Agency
Revenue Bonds 5.50 2013 7,410,000 7,230,604
Municipal Power Agency
Revenue Bonds
(BIG Insured) 6.25 2010 13,940,000 14,303,973
Plano Collin & Denton County General Obligation Bonds
Limited Tax
Series 1986 6.00 2006 1,600,000 1,608,672
Rio Grande City Consolidated Independent School District
Public Facilities Lease
Revenue Bonds
Series 1995 6.75 2010 4,000,000 4,140,360
Sabine River Authority Collateralized Pollution Control
Revenue Bonds Texas
Utilities Electric
Series 1990A A.M.T. 8.125 2020 30,500,000 33,173,630
San Antonio Electric & Gas System
Refunding Revenue Bonds
Series 1989B 5.00 2016 11,000,000 10,168,950
San Antonio Electric & Gas System
Revenue Bonds
Series 1987 5.00 2014 8,680,000 8,066,324
West Side Calhoun County Navigation District
Solid Waste Disposal Revenue Bonds
Union Carbide
Chemical & Plastics
Series 1991 A.M.T. 8.20 2021 17,550,000 19,508,756
-----------
Total 414,895,303
Utah (1.8%)
Association Municipal Power System Hunter Series A
(AMBAC Insured) 5.50 2012 4,000,000 3,999,600
Carbon County Solid Waste Disposal
Refunding Revenue Bonds Sunnyside
Cogeneration Associates
Series 1991 A.M.T. 9.25 2018 25,350,000(e) 13,942,500
Housing Finance Agency Single Family Mortgage
Senior Bonds
Series 1991C
(FGIC Insured) 7.30 2011 950,000 1,001,766
Housing Finance Agency Single Family Mortgage
Senior Bonds
Series 1991C
(FGIC Insured) 7.35 2016 755,000 795,279
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services
Series 1990 10.50 2020 7,705,000 8,579,209
Intermountain Power Agency Power Supply
Refunding Revenue Bonds
Series F
(AMBAC Insured) 5.00 2013 5,000,000 4,724,900
Intermountain Power Agency Power Supply
Refunding Revenue Bonds
Series 1993B
Inverse Floater 6.71 2011 7,600,000(d) 7,343,500
Intermountain Power Agency Power Supply
Refunding Revenue Bonds
Series 1996C
(MBIA Insured) 5.70 2017 46,000,000 45,942,960
Intermountain Power Agency Power Supply
Revenue Bonds
Series 1987A
(MBIA Insured) 5.00 2012 8,000,000 7,616,720
Intermountain Power Agency Power Supply
Revenue Bonds
Series 1989A-B 6.00 2023 13,665,000 13,764,894
-----------
Total 107,711,328
Virginia (0.5%)
Fairfax County Redevelopment & Housing Authority
Multi-family Housing Revenue Bonds
Burkeshire Commons
Series 1996 7.60 2036 13,290,000 13,368,145
Hopewell City Industrial Development Authority
Pollution Control Refunding Revenue Bonds
Stone Container
Series 1992 8.25 2010 3,170,000 3,392,502
Housing Development Authority Commonwealth
Mortgage Bonds
Series 1992A 7.15 2033 15,000,000 15,566,400
-----------
Total 32,327,047
Washington (3.5%)
King County Housing Authority Pooled Housing
Refunding Revenue Bonds
Series 1995A 7.20 2026 4,000,000 4,046,800
Longview Industrial Development Corporation Solid Waste
Revenue Bonds
Weyerhauser
Series 1991 A.M.T. 7.45 2013 20,000,000 21,504,600
Public Power Supply System Nuclear Project #1
Refunding Revenue Bonds
Series A 6.50 2015 21,000,000 21,892,290
Public Power Supply System Nuclear Project #1
Refunding Revenue Bonds Bonneville Power Administration
Series 1993A Inverse Floater
(FSA Insured) 7.47 2011 25,000,000(d) 25,750,000
Public Power Supply System Nuclear Project #1
Revenue Bonds
Series 1989 6.00 2017 28,070,000 28,073,649
Public Power Supply System Nuclear Project #1
Revenue Bonds
Series 1990A 6.00 2017 38,875,000 38,883,164
Public Power Supply System Nuclear Project #2
Revenue Bonds
Series 1994A 5.375 2011 10,000,000 9,687,600
Public Power Supply System Nuclear Project #3
Revenue Bonds
Series 1989B 5.50 2017-18 27,550,000 26,116,404
Snohomish County Public Utility District #1
Generation System
Revenue Bonds
Series 1986A 5.00 2020 17,750,000 16,718,725
State General Obligation
Refunding Revenue Bonds
Series 1997A
Zero Coupon 5.95 2019 16,260,000(f) 4,530,849
State Housing Finance Commission
Refunding Revenue Bonds Horizon House
Series 1995A (Asset
Guaranty Insured) 6.00 2017 3,700,000 3,772,372
State Housing Finance Commission
Refunding Revenue Bonds Horizon House
Series 1995A (Asset
Guaranty Insured) 6.125 2027 3,850,000 3,923,304
-----------
Total 204,899,757
West Virginia (1.4%)
Kanawha County Pollution Control
Revenue Bonds
Union Carbide
Series 1984 7.35 2004 3,000,000 3,392,730
Marion County Solid Waste Disposal Facility
Revenue Bonds American Power Paper Recycling
Series 1993 A.M.T. 7.75 2011 20,000,000(e) 8,953,800
Marion County Solid Waste Disposal Facility
Revenue Bonds American Power Paper Recycling
Series 1994 A.M.T. 8.25 2011 10,000,000(e) 4,476,700
Marion County Solid Waste Disposal Facility
Revenue Bonds American Power Paper Recycling
Series 1995 A.M.T. 9.00 2011 5,000,000(e) 2,238,150
Marion County Solid Waste Disposal Facility
Revenue Bonds American Power Paper Recycling
Series 1995B A.M.T. 9.25 2011 5,000,000(e) 2,238,200
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power
Series 1992J 6.60 2022 25,000,000 25,962,500
Pea Ridge Public Service District Sewer
Refunding Revenue Bonds
Series 1990 9.25 2020 2,575,000 2,678,438
Putnam County Pollution Control Revenue Bonds
Appalachian Power
Series C 6.60 2019 10,600,000 10,983,614
School Building Authority Capital Improvement
Revenue Bonds
Series 1991A 6.00 2021 20,785,000 20,993,058
South Charleston Pollution Control Refunding
Revenue Bonds Union Carbide
Series 1985 7.625 2005 3,000,000 3,450,240
-----------
Total 85,367,430
Wisconsin (0.6%)
Health & Education Facilities Authority
Revenue Bonds
St. Clare Hospital 7.00 2022 12,115,000 12,936,761
Health Facilities Authority Refunding Revenue Bonds
Villa Clement
Series 1986 8.75 2012 4,365,000 4,374,690
Madison Industrial Development
Refunding Revenue Bonds Madison Gas & Electric
Series 1992B 6.70 2027 19,300,000 20,605,838
-----------
Total 37,917,289
Wyoming (0.2%)
Green River & Rock Springs Sweetwater County
Joint Powers Water Board Revenue Bonds
Series 1988A 8.50 2007 2,500,000 2,635,175
Natrona County Hospital Revenue Bonds
Wyoming
Medical Center 8.125 2010 6,500,000 6,991,530
State Farm Loan Board Capital Facilities
Revenue Bonds
Series 1994 6.10 2024 5,000,000 5,092,050
-----------
Total 14,718,755
Total municipal bonds
(Cost: $5,230,133,895) $5,601,698,227
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Short-term securities (3.4%)
Issuer (c,i,j) Effective Amount Value (a)
yield payable at
maturity
Municipal notes
Burke County Development Authority Pollution Control
Revenue Bonds Georgia
Power Vogtle 4th Series
<S> <C> <C> <C>
07-01-24 4.15% $ 8,600,000 $ 8,600,000
Burke County Pollution Control Revenue Bonds
Georgia Power Series 1994
07-01-24 4.15 16,500,000 16,500,000
Columbia Industrial Development Authority
Pollution Control Revenue
Bonds Alabama Power Series C V.R.
10-01-22 4.15 800,000 800,000
Dade County Industrial Development Authority
Facilities Revenue Bonds
Florida Power & Light
06-01-21 4.10 3,500,000 3,500,000
Development Authority of Monroe County Georgia Power
2nd Series
07-01-25 4.15 2,600,000 2,600,000
Development Authority of Monroe County Gulf Power
2nd Series
09-01-24 4.15 2,250,000 2,250,000
Emery County Pollution Control Refunding
Revenue Bonds Pacificorp Series 1994
11-01-24 4.10 2,900,000 2,900,000
Jackson County Port Facility Chevron V.R.
06-01-23 4.05 24,800,000 24,800,000
Lincoln County Pollution Control Revenue Bonds
Exxon
08-01-15 4.05 7,500,000 7,500,000
Louisiana Offshore Term Authority Deepwater
Port Revenue Bonds Loop V.R.
09-01-08 4.05 6,000,000 6,000,000
Maricopa County Industrial Development Authority
Hospital Facilities Revenue Bonds
Samaritan Health Services Hospital Series B2
12-01-08 4.00 10,835,000 10,835,000
Maricopa County Pollution Control Revenue Bonds
Arizona Public Service Company Morgan Guaranty V.R.
05-01-29 4.05 15,400,000 15,400,000
Michigan State Strategic Fund Consumer Power Company
Series 1988A V.R. 4.10 2,900,000 2,900,000
Missouri State Health & Education Washington University
Series A
09-01-30 4.15 1,500,000 1,500,000
Missouri State Health & Education Washington University
Series B V.R.
09-01-30 4.15 4,500,000 4,500,000
New York City General Obligation Bonds
Series 1995 B
08-15-23 4.05 5,100,000 5,100,000
New York City General Obligation Bonds Series A-10 V.R.
08-12-06 4.20 2,000,000 2,000,000
New York City General Obligation Bonds V.R.
08-12-06 4.05 2,500,000 2,500,000
New York City General Obligation SubSeries B-2
08-15-20 4.20 2,000,000 2,000,000
New York City General Obligation SubSeries B-3 V.R.D.N.
08-15-04 4.05 2,300,000 2,300,000
New York City Municipal Water & Sewer System
Revenue Bonds
06-15-22 4.05 3,800,000 3,800,000
New York City Municipal Water & Sewer System
Revenue Bonds
06-15-25 4.20 7,550,000 7,550,000
New York City Municipal Water Financial Authority
Series 1994C
06-15-23 4.05 14,050,000 14,050,000
Ohio State Air Quality Development Authority
Revenue Bonds Series 1995B V.R. Cincinnati Gas & Electric
12-01-15 4.20 13,300,000 13,300,000
Ohio State Air Quality Development Authority
Revenue Bonds Series A Cincinnati Gas & Electric
03-01-02 4.10 6,000,000 6,000,000
Peninsula Port Authority Shell Oil V.R.
12-01-05 4.00 4,800,000 4,800,000
Perry County Pollution Control Revenue Bonds Leaf River V.R.
03-01-02 4.00 15,585,000 15,585,000
Putnam County Development Authority Pollution Control
Revenue Georgia Power Company Branch
04-01-32 4.15 4,900,000 4,900,000
Sabine River Authority Pollution Control Revenue
Series A Texas Utilities
03-01-26 4.15 4,150,000 4,150,000
Regents of the University Hospital Refunding Revenue Bonds
Series 1995A
12-01-27 4.15 2,600,000 2,600,000
Total short-term securities
(Cost: $,201,220,000) $ 201,220,000
Total investments in securities
(Cost: $5,431,353,895)(l) $5,802,918,227
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Investments in bonds, by rating category as a percentage of total bonds, are
as follows:
(Unaudited)
Rating 5-31-97 11-30-96
AAA 26% 25%
AA 5 6
A 16 16
BBB 31 33
BB and below 22 20
Non-rated -- --
Total 100% 100%
(c) The following abbreviations are used in portfolio descriptions to identify
the insurer of the issue:
AMBAC -- American Municipal Bond Association Corporation
CGIC -- Capital Guaranty Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FSA -- Financial Security Assurance
GNMA -- Government National Mortgage Association
MBIA -- Municipal Bond Investors Assurance
(d) Inverse floaters represent securities that pay interest at a rate that
increases (decreases) in the same magnitude as, or in a multiple of, a decline
(increase) in market short-term rates. Interest rate disclosed is the rate in
effect on May 31, 1997. Inverse floaters in the aggregate represent 5.4% of the
Portfolio's net assets as of May 31, 1997.
(e) Non-income producing. Items identified are in default as to payment of
interest and/or principal.
(f) For zero coupon bonds, the interest rate disclosed represents the annualized
effective yield on the date of acquisition.
(g) For those zero coupon bonds that become coupon paying at a future date, the
interest rate disclosed represents the annualized effective yield from the date
of acquisition to interest reset date disclosed.
(h) Pledged as initial deposit on the following open interest rate futures
contracts (see Note 4 to the financial statements):
Type of security Notional amount
Sales contracts
Municipal Bonds June 1997 $150,000,000
(i) Interest rate varies to reflect current market conditions; rate shown is the
effective rate on May 31, 1997.
(j) The Portfolio is entitled to receive principal amount from issuer or
corporate guarantor, if indicated in parentheses, after a day or a week's
notice. The maturity date disclosed represents the final maturity. The following
abbreviations are used in the portfolio descriptions:
V.R. -- Variable Rate
V.R.D.N. -- Variable Rate Demand Note
A.M.T. -- Alternative Minimum Tax-- As of May 31, 1997, the value of
securities subject to alternative minimum tax represented 19.0% of net
assets.
(k) Identifies issues considered to be illiquid as to their marketability (see
Note 1 to the financial statements). Information concerning such security
holdings at May 31, 1997, is as follows:
Security Acquisition date Purchase cost
Bloomington Community Development
Refunding Revenue
Note 24th Avenue Motel 03-31-88 $1,721,000
(l) At May 31, 1997, the cost of securities for federal income tax purposes was
approximately $5,431,343,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $458,640,000
Unrealized depreciation (87,065,000)
Net unrealized appreciation $371,575,000
