American Express Financial Advisors
Strategist Tax-Free Income Fund, Inc.
1998 Semiannual 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) 10
Notes to financial statements (Tax-Free High Yield Portfolio) 13
Investments in securities (Tax-Free High Yield Portfolio) 17
<PAGE>
Financial statements
Statement of assets and liabilities
Strategist Tax-Free High Yield Fund
May 31, 1998
Assets (Unaudited)
Investment in Tax-Free High Yield Portfolio (Note 1) $813,521
Organizational costs (Note 1) 1,539
Expense reimbursement receivable from AEFC 6
------
Total assets 815,066
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Liabilities
Dividends payable to shareholders 233
Accrued distribution fee 5
Accrued transfer agency fee 1
Accrued administrative services fees 1
Other accrued expenses 27,495
------
Total liabilities 27,735
------
Net assets applicable to outstanding capital stock $787,331
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Represented by
Capital stock -- $.01 par value (Note 1) $ 1,684
Additional paid-in capital 748,929
Undistributed net investment income 645
Accumulated net realized gain (loss) (Note 4) (10,057)
Unrealized appreciation (depreciation) on investments 46,130
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Total -- representing net assets applicable to
outstanding capital stock $787,331
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Shares outstanding 168,445
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Net asset value per share of outstanding capital stock $ 4.67
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See accompanying notes to financial statements.
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Statement of operations
Strategist Tax-Free High Yield Fund
Six months ended May 31, 1998
Investment income (Unaudited)
Income:
Interest $24,784
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Expenses (Note 2):
Expenses allocated from Tax-Free High Yield Portfolio 1,747
Distribution fee 942
Transfer agency fee 144
Administrative services fees and expenses 151
Postage 63
Registration fees 1,028
Reports to shareholders 168
Audit fees 1,600
Other 457
---
Total expenses 6,300
Less expenses reimbursed by AEFC (2,726)
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Total net expenses 3,574
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Investment income (loss) -- net 21,210
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Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (1,691)
Financial futures contracts (1,259)
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Net realized gain (loss) on investments (2,950)
Net change in unrealized appreciation (depreciation) on investments 8,340
-----
Net gain (loss) on investments 5,390
-----
Net increase (decrease) in net assets resulting from operations $26,600
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See accompanying notes to financial statements.
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Statements of changes in net assets
Strategist Tax-Free High Yield Fund
May 31, 1998 Nov. 30, 1997
Six months ended Year ended
(Unaudited)
Operations and distributions
<S> <C> <C>
Investment income (loss)-- net $ 21,210 $ 38,840
Net realized gain (loss) on investments (2,950) (5,811)
Net change in unrealized appreciation (depreciation)
on investments 8,340 19,642
----- ------
Net increase (decrease) in net assets resulting
from operations 26,600 52,671
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Distributions to shareholders from:
Net investment income (21,189) (39,320)
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Capital share transactions (Note 3)
Proceeds from sales 33,800 188,471
Reinvestment of distributions at net asset value 21,325 39,737
Payments for redemptions (7,582) (41,894)
------ -------
Increase (decrease) in net assets from
capital share transactions 47,543 186,314
------ -------
Total increase (decrease) in net assets 52,954 199,665
Net assets at beginning of period 734,377 534,712
------- -------
Net assets at end of period $787,331 $734,377
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Undistributed net investment income $ 645 $ 624
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See accompanying notes to financial statements.
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Notes to financial statements
Strategist Tax-Free High Yield Fund
(Unaudited as to May 31, 1998)
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. The Fund has 3 billion authorized shares of
capital stock.
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, 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 Portfolio also may invest in derivative instruments
and money market instruments.
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. The
percentage of the Portfolio owned by the Fund at May 31, 1998 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.
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 American Express Financial Corporation (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.
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.
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, 1998, AEFC owned 127,121 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 an agreement with AEFC for providing administrative
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.
Under a separate Transfer Agency Agreement, American Express Client Service
Corporation (AECSC) maintains shareholder accounts and records. The Fund pays
AECSC 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 0.5% 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 other
of the Fund's expenses until Dec. 31, 1998. 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, 1998
Sold 7,268
Issued for reinvested distributions 4,568
Redemptions (1,651)
------
Net increase (decrease) 10,185
------
Year ended Nov. 30, 1997
Sold 41,520
Issued for reinvested distributions 8,740
Redemptions (9,305)
------
Net increase (decrease) 40,955
------
4. Capital loss carryover
For federal income tax purposes, Tax-Free High Yield Fund had a capital loss
carryover at Nov. 30, 1997 of $3,937 that if not offset by subsequent capital
gains, will expire in 2004 through 2005. It is unlikely the board will authorize
a distribution of any net realized capital gains for a fund until its available
capital loss carryover has been offset or expires.
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5. Financial highlights
The table below shows certain important financial information for evaluating the
Fund's results.
Fiscal period ended Nov. 30,
Per share income and capital changes(a)
<S> <C> <C> <C>
1998(c) 1997 1996(b)
Net asset value, beginning of period $4.64 $4.56 $4.46
Income from investment operations:
Net investment income (loss) .13 .28 .15
Net gains (losses) (both realized and unrealized) .03 .08 .10
Total from investment operations .16 .36 .25
Less distributions:
Dividends from net investment income (.13) (.28) (.15)
Net asset value, end of period $4.67 $4.64 $4.56
Ratios/supplemental data
Net assets, end of period (in thousands) $787 $734 $535
Ratio of expenses to average daily net assets(d) .95%e .95% .95%e
Ratio of net income (loss) to average daily net assets 5.63%e 6.02% 6.22%e
Portfolio turnover rate (excluding short-term 10% 4% 4%
securities)
Total return 3.5% 8.3% 5.5%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Inception date was May 13, 1996.
c Six months ended May 31, 1998 (Unaudited).
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 1.67%, 2.96% and
24.16% for the periods ended 1998, 1997 and 1996, respectively.
e Adjusted to an annual basis.
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Financial statements
Statement of assets and liabilities
Tax-Free High Yield Portfolio
May 31, 1998
Assets (Unaudited)
Investments in securities, at value (Note 1)
(identified cost $5,317,152,635) $5,920,410,537
Accrued interest receivable 107,821,397
Receivable for investment securities sold 856,500
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Total assets 6,029,088,434
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Liabilities
Disbursements in excess of cash on demand deposit 541,872
Payable for investment securities purchased 9,625,349
Accrued investment management services fee 72,493
Other accrued expenses 5,914
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Total liabilities 10,245,628
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Net assets $6,018,842,806
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See accompanying notes to financial statements.
<PAGE>
Statement of operations
Tax-Free High Yield Portfolio
Six months ended May 31, 1998
Investment income (Unaudited)
Income:
Interest $188,296,000
------------
Expenses (Note 2):
Investment management services fee 13,137,760
Compensation of board members 13,605
Custodian fees 77,660
Audit fees 17,500
Other 29,793
------
Total expenses 13,276,318
Earnings credits on cash balances (Note 2) (1,650)
------
Total net expenses 13,274,668
----------
Investment income (loss) -- net 175,021,332
-----------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (Note 3) 3,864,218
Financial futures contracts (9,699,531)
----------
Net realized gain (loss) on investments (5,835,313)
Net change in unrealized appreciation (depreciation)
on investments 46,940,629
----------
Net gain (loss) on investments 41,105,316
----------
Net increase (decrease) in net assets resulting from operations $216,126,648
------------
See accompanying notes to financial statements.
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Statements of changes in net assets
Tax-Free High Yield Portfolio
May 31, 1998 Nov. 30, 1997
Six months ended Year ended
(Unaudited)
Operations
<S> <C> <C>
Investment income (loss)-- net $ 175,021,332 $ 361,599,248
Net realized gain (loss) on investments (5,835,313) (34,205,753)
Net change in unrealized appreciation
(depreciation) on investments 46,940,629 137,325,053
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Net increase (decrease) in net assets
resulting from operations 216,126,648 464,718,548
Net contributions (withdrawals) from partners (185,683,337) (640,111,208)
------------ ------------
Total increase (decrease) in net assets 30,443,311 (175,392,660)
Net assets at beginning of period 5,988,399,495 6,163,792,155
------------- -------------
Net assets at end of period $6,018,842,806 $5,988,399,495
-------------- --------------
See accompanying notes to financial statements.
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<PAGE>
Notes to financial statements
Tax-Free High Yield Portfolio
(Unaudited as to May 31, 1998)
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.
Significant accounting policies 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 traded
on national securities exchanges or included in national market systems are
valued at the last quoted sales price. Debt securities are generally traded in
the over-the-counter market and are valued at a price deemed best to reflect
fair value as quoted by dealers who make markets in these securities or by an
independent pricing service. Securities for which market quotations are not
readily available are valued at fair value according to methods selected in good
faith by the board. 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.
Securities purchased on a when-issued basis
Delivery and payment for securities that have been purchased by the Portfolio on
a forward-commitment or when-issued basis can take place one month or more after
the transaction date. During this period, such securities are subject to market
fluctuations and they may affect the Portfolio's net assets the same as owned
securities. The Portfolio designates cash or liquid high-grade short-term debt
securities at least equal to the amount of its commitment. As of May 31, 1998,
the Portfolio had entered into outstanding when-issued or forward-commitments of
$9,625,349.
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 and approved by the board.
During the six months ended May 31, 1998, the Portfolio's custodian fees were
reduced by $1,650 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 $609,724,412 and $594,989,412, respectively, for the six
months ended May 31, 1998. For the same period, the portfolio turnover rate was
10%. Realized gains and losses are determined on an identified cost basis.
4. Interest rate futures contracts
At May 31, 1998, investments in securities included securities valued at
$43,472,635 that were pledged as collateral to cover initial margin deposits on
200 open purchase contracts. The market value of the open purchase contracts at
May 31, 1998, was $24,812,500 with a net unrealized gain of $751,938. See
"Summary of significant accounting policies."
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Investments in securities
Tax-Free High Yield Portfolio
May 31, 1998 (Unaudited)
(Percentages represent value of investments compared to net assets)
Municipal bonds (96.0%)
Name of issuer and Coupon Principal Value(a)
title of issue (b,c,i) rate amount
Alabama (0.3%)
Baldwin County Eastern Shore Health Care Authority
Hospital Revenue Bonds Thomas Hospital Series 1991
<S> <C> <C> <C>
04-01-16 8.50% $4,765,000 $5,394,981
Camden Industrial Development Board Solid Waste Disposal
Revenue Bonds MacMillan
Bloedel Series 1991A A.M.T.
04-01-19 7.75 8,500,000 9,137,415
Mobile Industrial Development Board Solid Waste
Refunding Revenue Bonds
Mobile Energy Services
01-01-20 6.95 11,250,000 6,975,000
-----------
Total 21,507,396
Alaska (0.2%)
Industrial Development & Exploration Authority
Electric Power Revenue Bonds
Upper Lynn Canal Regional Power
Series 1997 A.M.T.
01-01-18 5.80 830,000 832,656
01-01-32 5.875 1,800,000 1,806,048
North Slope Borough General Obligation Bonds
Zero Coupon Series 1994B (CGIC Insured)
06-30-04 7.05 7,000,000(e) 5,342,330
06-30-05 7.15 7,000,000(e) 5,075,070
-----------
Total 13,056,104
Arizona (1.0%)
Chandler Industrial Development Authority
Beverly Enterprises Series 1994
09-01-08 7.625 2,750,000 2,883,787
Maricopa County Hospital System Revenue Bonds
Samaritan Health Services Series 1981
01-01-08 12.00 255,000 402,334
Maricopa County Industrial Development Authority
Multi-family Housing Revenue Bonds Series B
07-01-26 7.375 2,320,000 2,815,714
Maricopa County Industrial Development Authority
Senior Living Facilities Revenue Bonds Series 1997A
04-01-27 7.875 15,000,000 16,379,550
Maricopa County Pollution Control Refunding
Revenue Bonds Palo Verde Public Service
08-15-23 6.375 3,500,000 3,696,980
Navajo Industrial Development Authority Revenue Bonds
Stone Container Corporation Series 1997 A.M.T.
06-01-27 7.20 3,000,000 3,356,490
Phoenix Civic Improvement Waste Water System
Lease Refunding Revenue Bonds
07-01-18 5.00 5,000,000 4,949,750
Phoenix Industrial Development Authority
Refunding Revenue Bonds Christian Care Apartments
01-01-26 6.50 9,525,000 10,223,945
Pima County Industrial Development Authority Multi-family Housing Revenue Bonds
Las Villas De Kino Apartments Series 1997 A.M.T.
08-01-29 6.90 7,000,000 7,102,480
Pima County Industrial Development Authority
Revenue Bonds LaPosada Park Centre Series 1996A
05-15-27 7.00 5,750,000 6,135,365
Scottsdale Industrial Development Authority
Beverly Enterprises Series 1994
09-01-08 7.625 3,035,000 3,182,653
-----------
Total 61,129,048
Arkansas (0.1%)
Pope County Solid Waste Disposal Revenue Bonds Arkansas Power & Light Series
1991 A.M.T.
01-01-21 8.00 3,250,000 3,557,060
California (8.8%)
ABAG Financial Authority for Nonprofit Corporations
International Schools Certificate of Participation
Series 1996
05-01-26 7.375 8,000,000 8,337,360
Anaheim Public Financing Authority Lease
Capital Appreciation Revenue Bonds
Zero Coupon (FSA Insured)
09-01-26 5.08 4,430,000(e) 1,018,501
09-01-27 5.08 17,860,000(e) 3,895,802
09-01-28 5.08 8,835,000(e) 1,828,403
Community Development Authority Health Facilities
Unihealth America Certificate of Participation
Series 1993 Inverse Floater (AMBAC Insured)
10-01-11 7.16 22,400,000(d) 26,488,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater (MBIA Insured)
06-01-08 6.17 15,500,000(d) 16,740,000
Foothill/Eastern Transportation Corridor Agency
Toll Road Revenue Bonds Series 1995A
01-01-35 5.00 41,070,000 38,959,413
Fresno Health Facility Refunding Revenue Bonds
Holy Cross Health System (MBIA Insured)
12-01-13 5.625 3,000,000 3,177,690
Irwindale Redevelopment Agency Subordinate Lien
Tax Allocation Bonds
12-01-26 7.05 5,750,000 6,410,388
Lake Elsinore Public Financing Authority
Local Agency Revenue Bonds Series 1997F
09-01-20 7.10 12,000,000 12,919,440
Los Angeles County Certificate of Participation
05-01-15 6.71 20,000,000 21,830,000
Los Angeles International Airport Regional Airports
Improvement Corporation Refunding
Revenue Bonds Delta Airlines
11-01-25 6.35 13,000,000 14,227,330
Los Angeles International Airport Regional Airports
Improvement Corporation Refunding Revenue Bonds
United Airlines Series 1984
11-15-21 8.80 11,650,000 12,965,751
Los Angeles Water & Power Electric Plant
Refunding Revenue Bonds Series 1992
02-01-20 6.375 10,000,000 10,818,500
Millbrae Residential Facility Revenue Bonds
Magnolia of Millbrae Series 1997A A.M.T.
09-01-27 7.375 2,500,000 2,584,225
Modesto Santa Clara Redding Public Power Bonds
San Juan Series C (AMBAC Insured)
07-01-21 5.50 4,500,000 4,501,080
Northern California Power Agency Geothermal 3
Revenue Bonds
07-01-09 5.00 49,635,000 49,640,460
Novato Community Facility District 1 Vintage Oaks
Public Improvement Special Tax Refunding Bonds
08-01-21 7.25 5,000,000 5,476,850
Oceanside Certificate of Participation Refunding Bonds
Oceanside Civic Center (MBIA Insured)
08-01-19 5.25 7,000,000 7,004,480
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A
08-15-18 7.35 6,000,000 6,862,860
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A
09-02-12 6.15 4,460,000 4,784,420
Regional Airports Improvement Facilities Sublease Revenue Bonds Continental
Airlines Los Angeles International Airport Series 1988 A.M.T.
08-01-08 9.00 3,900,000 4,005,027
08-01-17 9.00 8,200,000 8,414,594
Sacramento Cogeneration Authority Revenue Bonds
Procter & Gamble Series 1995
07-01-14 6.50 3,800,000 4,170,918
07-01-21 6.50 8,000,000 8,740,800
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds Series 1993D
Inverse Floater (FSA Insured)
11-15-05 6.47 15,800,000(d) 17,755,250
11-15-06 6.67 16,400,000(d) 18,429,500
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds Series 1993D
Inverse Floater (MBIA Insured)
11-15-15 7.12 15,000,000(d) 16,162,500
Sacramento Power Authority Cogeneration
Revenue Bonds Campbell Soup Series 1995
07-01-22 6.00 25,000,000 26,312,750
San Joaquin Hills Orange County Transportation
Corridor Agency Senior Lien Toll Road Revenue Bonds
01-01-32 6.75 14,785,000 16,673,488
San Joaquin Hills Transportation Corridor Agency
Capital Appreciation Toll Road Refunding Revenue Bonds
Zero Coupon Series 1997A (MBIA Insured)
01-15-24 5.62 9,000,000(e) 2,375,280
01-15-25 5.03 69,375,000(e) 17,373,581
01-15-26 5.51 30,000,000(e) 7,128,300
01-15-27 5.51 6,670,000(e) 1,503,685
01-15-28 5.05 13,880,000(e) 2,968,654
01-15-32 5.41 27,000,000(e) 4,680,180
01-15-36 5.42 88,415,000(e) 12,405,509
San Joaquin Hills Transportation Corridor Agency
Senior Lien Toll Road Revenue Bonds
Zero Coupon Escrowed to Maturity
01-01-17 5.35 34,860,000(e) 13,570,998
San Jose Redevelopment Agency Merged Area Tax
Allocation Bonds Series 1993 Inverse Floater
(MBIA Insured)
08-01-14 6.96 33,600,000(d) 35,322,000
Sierra Unified School District Fresno County
Certificate of Participation Capital Funding
Refunding Bonds Series 1993
03-01-18 6.125 6,470,000 6,759,209
South Tahoe Joint Powers Financing Authority
Refunding Revenue Bonds South Tahoe Area 1
Series 1995B
10-01-28 6.00 9,900,000 10,323,027
Southern California Public Power Authority
Power Revenue Bonds Palo Verde
Series 1993 Inverse Floater (FGIC Insured)
07-01-17 6.62 20,000,000(d) 21,300,000
Ukiah Unified School District
Mendocino County Certificate of Participation
Series 1993
09-01-10 6.00 5,000,000 5,248,900
University of California Refunding Revenue Bonds
Multiple Purpose Project (AMBAC Insured)
09-01-16 5.25 6,000,000 6,053,520
-----------
Total 528,148,623
Colorado (6.8%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
04-01-09 8.00 4,000,000 4,547,320
Arapahoe County Public Highway Authority Capital
Improvement Trust Fund E-470 Highway
Revenue Bonds
08-31-26 7.00 22,000,000 26,226,640
Aurora Centretech Metropolitan District
Arapahoe County Series 1987B
12-01-23 6.00 5,699,785 5,722,983
Bowles Metropolitan District General Obligation Bonds
Series 1995
12-01-15 7.75 16,000,000 16,987,680
Briargate Public Building Authority
Landowner Assessment Lien Bonds Series 1985A
12-15-00 10.25 4,209,130(l) 3,577,761
Castle Rock Ranch Public Facility Improvement
Revenue Bonds Series 1996
12-01-17 6.25 10,000,000 11,586,900
Colorado Health Facility Authority Hospital Improvement
Refunding Revenue Bonds
Parkview Episcopal Medical Center Series 1995
09-01-25 6.125 7,000,000 7,406,980
Colorado Health Facility Authority Revenue Bonds
Liberty Heights Zero Coupon Escrowed to Maturity
07-15-22 7.50 81,465,000(e) 22,417,539
Colorado Springs Hospital Revenue Bonds
Memorial Hospital Series 1990
12-15-10 7.875 5,000,000 5,460,650
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment Lien Bonds Series 1988A
05-15-08 9.75 2,869,110(l) 86,073
Colorado Springs Utilities System
Pre-refunded Revenue Bonds Series 1991C
11-15-15 6.50 1,505,000 1,651,707
11-15-21 6.75 13,335,000 14,741,576
Colorado Springs Utilities System
Un-refunded Balance Revenue Bonds Series 1991A
11-15-15 6.50 24,895,000 27,009,332
Colorado Springs Utilities System
Un-refunded Balance Revenue Bonds Series 1991C
11-15-21 6.75 16,665,000 18,156,518
Dawson Ridge Metropolitan District
Refunding Revenue Bonds
Zero Coupon Series B Escrowed to Maturity
10-01-22 5.21 40,000,000(e) 10,429,600
Denver City & County Airports Systems Revenue Bonds
Series 1991A A.M.T.
11-15-23 8.75 10,000,000(h) 11,491,400
Denver City & County Airports Systems Revenue Bonds
Series 1991D A.M.T.
11-15-21 7.75 8,650,000 9,651,411
Denver City & County Airport Systems Revenue Bonds
Series 1992A
11-15-25 7.25 20,975,000 23,937,719
Denver City & County Airport Systems Revenue Bonds
Series 1992B A.M.T.
11-15-23 7.25 20,500,000 22,756,845
Denver City & County Airport Systems Revenue Bonds
Series 1994A
11-15-12 7.50 5,000,000 5,756,700
Denver City & County Airport Systems Revenue Bonds
Series 1994A A.M.T.
11-15-23 7.50 19,340,000 22,343,502
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1991
12-01-06 8.00 1,385,000 1,704,603
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1995B
12-01-06 11.00 730,000 715,006
Denver Special Facility Airport Revenue Bonds
United Air Lines Series A A.M.T.
10-01-32 6.875 25,400,000 27,577,288
Denver Urban Renewal Authority Tax Increment Revenue Bonds Downtown Denver
Redevelopment Adams Mark Hotel Series 1989 A.M.T.
09-01-15 8.00 16,285,000 18,318,019
09-01-16 8.00 1,785,000 2,007,839
09-01-17 8.00 1,930,000 2,170,941
Denver Urban Renewal Authority Tax Increment
Revenue Bonds South Broadway Montgomery Ward
Urban Renewal Series 1992
05-01-16 8.50 13,730,000 15,358,515
Denver West Metropolitan District
General Obligation Bonds Series 1996
06-01-16 6.50 2,560,000 2,771,763
Denver West Metropolitan District General Obligation
Refunding Improvement Bonds Series 1995
12-01-14 7.00 4,230,000 4,676,984
Hotchkiss Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
09-01-09 8.00 1,500,000 1,708,380
Housing Finance Authority Single Family Program
Senior Bonds Series 1991B (FGIC Insured)
08-01-11 7.25 2,540,000 2,689,479
02-01-18 7.30 2,300,000 2,432,296
Lowry Economic Redevelopment Authority
Revenue Bonds Series 1996
12-01-10 7.50 19,000,000 20,120,430
Lowry Economic Redevelopment Authority
Revenue Bonds Series 1998A
12-01-10 7.00 3,600,000 3,597,012
Saddle Rock Metropolitan District Limited Tax
General Obligation Bonds Series 1997
12-01-16 7.625 5,590,000 5,892,978
Superior Metropolitan District 2 Limited Tax
General Obligation Refunding Bonds
MDC Holdings Series 1994B
12-01-98 7.50 945,000 957,115
12-01-13 8.25 2,580,000 2,884,440
12-01-13 8.50 12,000,000 13,471,560
Thornton Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
09-01-09 8.00 4,500,000(h) 5,115,735
Westminster Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
04-01-09 8.00 3,500,000 3,986,220
-----------
Total 410,103,439
District of Columbia (0.7%)
General Obligation Refunding Bonds Series 1994A
(MBIA Insured)
06-01-10 6.00 27,875,000 30,822,781
06-01-11 6.10 7,580,000 8,421,380
Housing Finance Agency Multi-family Mortgage
Revenue Bonds Temple Courts Section 8
Series 1985 (FHA Insured)
02-01-22 12.00 1,310,000 1,542,800
-----------
Total 40,786,961
Florida (4.1%)
Arbor Greene Community Development District
Special Assessment Revenue Bonds Series 1996
05-01-18 7.60 5,000,000 5,401,450
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds
Royal Palm Retirement Centre Series 1991
03-01-14 9.50 3,945,000 4,289,596
Crossings at Fleming Island Community Development
District Special Assessment Bonds Series 1995
05-01-16 8.25 10,015,000 11,071,382
Crossings at Fleming Island Community Development
District Utility Revenue Bonds Series 1994
10-01-19 7.375 13,535,000 14,334,106
Department of Transportation Turnpike Revenue Bonds
Series 1991A (AMBAC Insured)
07-01-20 6.25 20,000,000 21,294,600
Gateway Centre Development District Pinellas County
Special Assessment Revenue Bonds Series 1988
01-01-09 9.125 1,350,000 1,395,387
Grand Haven Community Development District
Special Assessment Bonds Flagler County Series 1997A
05-01-02 6.30 5,000,000 5,129,400
Grand Haven Community Development District
Special Assessment Revenue Bonds
Series 1997B
05-01-19 6.90 1,000,000 1,032,440
Heritage Harbor Community Development District
Special Assessment Revenue Bonds
Series 1997B
05-01-03 6.00 1,250,000 1,241,962
Heritage Isles Community Development District
Special Assessment Revenue Bonds
Series 1998A
05-01-05 5.75 1,650,000 1,635,084
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A
08-01-14 7.00 24,000,000 26,053,572
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A (MBIA Insured)
08-01-16 6.50 24,760,000 26,774,721
Lakewood Ranch Community Development District 1
Manatec County Benefit Special Assessment Bonds
Series 1998
05-01-17 7.30 4,000,000 3,999,640
Lakewood Ranch Community Development District 1
Special Assessment Bonds Series 1994
05-01-14 8.25 4,335,000 4,733,386
Lee County Industrial Development Authority
Industrial Development Revenue Bonds Gulf Utility
Series 1988A A.M.T.
10-01-18 9.625 5,545,000 5,804,728
Lee County Industrial Development Authority
Industrial Development Revenue Bonds Gulf Utility
Series 1988B A.M.T.
10-01-20 9.50 3,915,000 4,368,474
Miami Health Facility Authorization Revenue Bonds
Inverse Floater (AMBAC Insured)
08-15-15 6.67 3,500,000(d) 3,574,375
North Springs Improvement Special Assessment
District Revenue Bonds Heron Bay Series 1997
05-01-19 7.00 3,000,000 3,136,320
North Springs Improvement Special Assessment
District Revenue Bonds Parkland Isles Series 1997B
05-01-05 6.25 3,000,000 3,056,070
Palm Beach County Health Facilities Authority Hospital
Revenue Bonds Good Samaritan Health Series 1993
10-01-22 6.30 3,750,000 4,227,562
Plantation Health Facility Authority
Nursing Home Refunding Revenue Bonds
Covenant Retirement Communities Obligation Group
Series 1998
12-01-22 5.125 1,500,000 1,472,280
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II
12-01-14 8.75 6,115,000 6,775,909
Port Everglades Port Authority Revenue Bonds Junior Lien
09-01-16 5.00 18,635,000 18,567,355
Riverwood Community Development District
Charlotte County Special Assessment Revenue Bonds
Zero Coupon Series 1992A-B
05-01-12 8.50 5,820,000(f,l) 6,258,596
Sumter County Industrial Development Authority
Industrial Development Revenue Bonds
Little Sumter Utility Company Series 1997 A.M.T.
10-01-27 7.25 4,200,000 4,268,964
Sumter County Industrial Development
Authority Industrial Development Water & Sewer Revenue Bonds
Little Sumter Utility Company Series 1998 A.M.T.
10-01-27 6.75 2,950,000 2,955,811
Sumter County Village Community Development
District 1 Capital Improvement Revenue Bonds
Series 1992
05-01-12 8.40 1,150,000 1,239,321
Sunrise Utility System Refunding & Improvement
Revenue Bonds
10-01-18 10.75 5,000,000 5,738,050
Tampa Health Systems Revenue Bonds
Catholic Health East Obligation Group
Series 1998A-2 (AMBAC Insured)
11-15-28 4.875% $26,330,000 $25,028,245
Village Center Community Development District
Sub Recreational Revenue Bonds
Series 1998C
01-01-19 7.375 2,670,000 2,684,178
Village Center Community District Recreational
Revenue Bonds Series 1996B
01-01-17 8.25 2,785,000 3,032,364
Village Community Development District 2
Special Assessment District Revenue Bonds
Series 1996
05-01-17 7.625 5,725,000 6,132,620
Volusia County Industrial Development Authority
1st Mortgage Refunding Revenue Bonds Series 1996
11-01-26 7.625 10,925,000 12,125,330
-----------
Total 248,833,278
Georgia (2.2%)
Atlanta Special Purpose Facility Revenue Bonds
Delta Air Lines Series 1989B A.M.T.
12-01-18 7.90 13,500,000 14,369,535
12-01-19 6.25 8,685,000 8,787,222
Colquitt County Development Authority Revenue Bonds
Zero Coupon Escrowed to Maturity
12-01-21 6.87 46,350,000(e) 13,338,139
Effingham County Pollution Control Revenue Bonds
Fort Howard Series 1988
10-01-05 7.90 19,850,000 21,209,130
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A
09-01-22 6.375 20,300,000 22,376,284
George L. Smith II World Congress Center Authority Miscellaneous Revenue Bonds
Dome Stadium Series 2000 (MBIA Insured) A.M.T.
07-01-20 5.50 8,000,000(k) 7,868,560
Municipal Electric Authority Power Refunding Bonds
Series 1989R
01-01-14 6.00% $9,130,000 $9,203,497
Municipal Electric Authority Power Revenue Bonds
Series L
01-01-20 5.00 1,150,000 1,110,199
Rockdale County Development Authority Solid Waste Disposal Revenue Bonds Visy
Paper Series 1993 A.M.T.
01-01-26 7.50 10,000,000 10,867,200
Savannah Economic Development Authority
1st Mortgage Revenue Bonds Zero Coupon Series 1991A
12-01-21 5.40 13,755,000(e) 3,958,276
Savannah Economic Development Authority
Revenue Bonds Zero Coupon Escrowed to Maturity
12-01-21 6.87 64,220,000(e) 18,480,589
-----------
Total 131,568,631
Hawaii (0.4%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater
09-07-06 6.47 10,000,000(d) 11,150,000
09-11-08 6.77 10,000,000(d) 11,450,000
-----------
Total 22,600,000
Idaho (--%)
State Building Authority Lease
Revenue Bonds Series 1998A (MBIA Insured)
09-01-25 4.75 1,250,000 1,177,100
Illinois (7.8%)
Bradley Kankakee County Tax Increment
Refunding Revenue Bonds Series 1993
12-01-12 8.40 5,800,000 6,590,308
Broadview Cook County Senior Lien Tax Increment
Revenue Bonds Series 1993
07-01-13 8.25 11,705,000 13,328,718
Chicago General Obligation Bonds Series 1991
(AMBAC Insured)
01-01-16 6.00 6,170,000 6,668,289
Chicago General Obligation Bonds Series 1994A
(AMBAC Insured)
01-01-22 5.875 17,850,000 19,217,667
Chicago General Obligation Refunding Bonds
Series 1995A (AMBAC Insured)
01-01-18 5.50 20,000,000 21,213,000
Chicago O'Hare International Airport General Airport
Refunding Revenue Bonds Series 1993A
01-01-16 5.00 14,450,000 14,249,867
Chicago O'Hare International Airport General Airport
Revenue Bonds Series 1990A A.M.T.
01-01-16 7.50 21,000,000 22,416,240
01-01-18 6.00 29,000,000 29,787,350
Chicago O'Hare International Airport
Special Revenue Facility Bonds Delta Airlines
Series 1992
05-01-18 6.45 10,000,000 10,581,300
Chicago O'Hare International Airport
Special Revenue Facility Bonds United Airlines
Series C
05-01-18 8.20 22,285,000 23,648,396
Chicago O'Hare International Airport Terminal
Special Revenue Bonds A.M.T.
01-01-17 7.50 32,250,000 34,285,942
Chicago O'Hare International Airport Terminal
Special Revenue Bonds (FGIC Insured) A.M.T.
11-01-25 7.875 17,750,000 19,284,665
Chicago Ridge Special Service Area 1 Unlimited
Ad Valorem Tax Bonds Series 1990
12-01-08 9.00 2,700,000 2,957,121
Chicago Wastewater Transmission Revenue Bonds
Series 1994 (MBIA Insured)
01-01-24 6.375 22,500,000 25,562,700
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds
01-01-06 7.00 1,090,000 1,173,178
01-01-12 7.375 1,700,000 1,845,367
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds Mark IV Series 1992
03-01-12 9.75 1,710,000 2,039,927
Development Finance Authority Lifecare Revenue Bonds
Presbyterian Homes Series 1996B
09-01-31 6.40 6,700,000 7,440,685
Development Finance Authority Pollution Control
Refunding Revenue Bonds Central Illinois
Public Service 2nd Series 1993B
06-01-28 5.90 2,500,000 2,613,875
Development Finance Authority Pollution Control
Refunding Revenue Bonds Commonwealth Edison
Series 1994
01-15-09 5.70 2,000,000 2,174,420
01-15-14 5.85 4,500,000 4,949,235
Development Finance Authority Pollution Control
Refunding Revenue Bonds
Illinois Power Series 1991A
07-01-21 7.375 19,250,000 22,364,073
Development Finance Authority Retirement Housing
Revenue Bonds Zero Coupon Escrowed to Maturity
04-15-20 7.75 68,000,000(e) 20,881,440
DuPage County Tax Increment Revenue Bonds
Series 1997
01-01-17 7.875 4,690,000 5,247,500
Educational Facilities Authority Refunding Revenue Bonds
Lewis University Series 1996
10-01-26 6.125 8,780,000 9,200,474
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993
Inverse Floater (FGIC Insured)
07-01-12 5.75 11,000,000(d) 12,141,250
Granite City Madison County Hospital
Refunding Revenue Bonds St. Elizabeth Medical Center
Series 1989A
06-01-08 8.125 3,120,000 3,260,650
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital Series 1993A
02-15-19 6.00 6,350,000 6,595,237
Health Facilities Authority Refunding Revenue Bonds
Masonic Medical Center Series 1993
10-01-19 5.50 2,000,000 2,033,620
Health Facilities Authority Refunding Revenue Bonds
Morris Hospital
12-01-23 6.125 3,005,000 3,172,078
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured)
08-15-14 7.47 10,000,000(d) 10,937,500
Health Facilities Authority Revenue Bonds
Sarah Bush Lincoln Health Center Series 1992
05-15-12 7.25 2,000,000 2,258,280
05-15-22 7.25 2,000,000 2,258,280
Health Facilities Authority Revenue Bonds
Sarah Bush Lincoln Health Center Series 1996B
02-15-22 5.75 2,915,000 2,989,741
Health Facility Authority Revenue Bonds
South Suburban Hospital Series 1992
02-15-09 7.00 4,000,000 4,564,810
02-15-18 7.00 5,000,000 5,834,272
Hodgkins General Obligation Tax Increment Bonds
Series 1991
12-01-09 9.50 12,200,000 14,394,928
Hodgkins General Tax Increment Bonds
Series 1995A
12-01-13 7.625 9,000,000 9,996,390
Huntley Special Tax Bonds
Series 1998
02-01-25 6.75 2,450,000 2,470,360
Lakemoor Special Tax Revenue Bonds
Series 1997
03-01-27 7.80 9,000,000 9,695,880
Lansing Tax Increment Refunding Revenue Bonds
Landings Redevelopment Area Limited Sales
Tax Pledge Series 1992
12-01-08 7.00 10,000,000 11,145,800
Marion General Obligation Hospital Alternate
Revenue Source Bonds Series 1991
12-01-16 7.50 3,800,000 4,279,826
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon (FGIC Insured)
06-15-19 6.37 6,000,000(e) 1,999,680
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon (MBIA Insured)
06-15-17 6.61 11,210,000(e) 4,154,987
Metropolitan Pier & Exposition Authority
Sales Tax & Miscellaneous Tax Revenue
Capital Appreciation Refunding Bonds
Zero Coupon Series 1996A (MBIA Insured)
12-15-22 6.05 16,225,000(e) 4,489,295
Municipal Electric Agency Power Supply Refunding
Revenue Bonds Series 1998 (FSA Insured)
02-01-21 5.00 9,000,000 8,703,090
Regional Transportation Authority General
Obligation Bonds Counties of Cook, DuPage, Kane, Lake,
McHenry & Will Series 1992A (AMBAC Insured)
06-01-22 6.125 7,200,000 7,582,968
State Development Finance Authority Regency Park
Retirement Housing Revenue Bonds Zero Coupon
Series 1991B Escrowed to Maturity
07-15-25 5.49 10,000,000(e) 2,294,900
Tinley Park Cook & Will Counties Limited Sales Tax
Revenue Bonds Series 1988
11-01-99 10.25 895,000(l) 322,200
Tinley Park Cook & Will Counties Unlimited Ad Valorem
Tax Bonds of Special Service
12-01-98 10.65% $75,000 $72,000
12-01-99 10.65 80,000 75,200
12-01-00 10.65 90,000 83,700
12-01-01 10.65 100,000 92,000
12-01-02 10.65 110,000 101,200
12-01-03 10.65 120,000 110,400
12-01-04 10.65 135,000 124,200
12-01-05 10.65 150,000 138,000
12-01-06 10.65 165,000 151,800
12-01-07 10.65 185,000 170,200
-----------
Total 468,416,459
Indiana (2.4%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990
06-01-20 10.375 4,095,000 4,406,425
Carmel Retirement Rental Housing Refunding
Revenue Bonds Beverly Enterprises Series 1992
12-01-08 8.75 6,785,000 7,693,511
Development Finance Authority Environmental
Improvement Refunding Revenue Bonds USX Corporation
Series 1996
07-15-30 6.25 2,000,000 2,152,720
East Chicago Elementary School Building Lake County
1st Mortgage Refunding Bonds Series 1996
01-05-16 6.25 8,000,000 9,049,920
Hanover 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990
06-01-20 10.375 6,710,000 7,220,295
Health Facility Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993
01-01-23 6.00 10,000,000 10,322,800
Health Facility Authority Hospital Revenue Bonds
Union Hospital Series 1993 (MBIA Insured)
09-01-18 5.125 10,000,000 9,820,000
Health Facility Finance Authority Hospital Revenue Bonds
Hancock Memorial Series 1996
08-15-17 6.125 2,295,000 2,429,625
La Porte County Hospital Authority Hospital Refunding
Revenue Bonds La Porte Hospital Series 1993
03-01-12 6.25 5,070,000 5,372,476
03-01-23 6.00 2,990,000 3,121,052
Marion County Hospital Authority Hospital Facilities
Refunding Revenue Bonds
Methodist Hospital Series 1989 (MBIA Insured)
09-01-08 6.50 15,555,000 17,122,166
09-01-13 6.50 4,115,000 4,542,425
Municipal Power Agency Power Supply System
Refunding Revenue Bonds
01-01-18 5.75 6,470,000 6,480,546
Rockport Pollution Control Refunding Revenue Bonds
Indiana Michigan Electric Series B
03-01-16 7.60 5,500,000 5,979,325
St. Joseph County Hospital Authority
Health Systems Revenue Bonds
Memorial Health System
Series 1998A (MBIA Insured)
08-15-28 4.625 30,000,000 27,005,400
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend
06-01-10 9.40 1,850,000 2,389,405
Vincennes Economic Development
Revenue Bonds Southwest Indiana
Regional Youth Village Facility Series 1993
01-01-24 8.50 16,575,000 17,828,070
-----------
Total 142,936,161
Iowa (0.7%)
Iowa City Refunding Revenue Bonds Mercy Hospital
Series 1986
07-01-12 6.00 6,300,000 6,304,851
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991
12-01-21 7.625 5,350,000 5,799,132
Muscatine Electric Refunding Revenue Bonds Series 1986
01-01-05 6.00 10,845,000 10,861,051
01-01-06 6.00 11,330,000 11,346,768
01-01-07 5.00 2,250,000 2,250,293
01-01-08 5.00 5,100,000 5,100,408
-----------
Total 41,662,503
Kentucky (0.9%)
Development Finance Authority Hospital Facility
Revenue Bonds St. Luke Hospital Series 1989B
10-01-19 6.00 22,695,000 23,546,516
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds Ashland Hospital
Series 1987
08-01-11 9.75 1,515,000 1,559,026
Economic Development Finance Authority Hospital
Refunding Revenue & Improvement Bonds
Appalachian Regional Hospital Series 1997
10-01-22 5.875 5,000,000 5,126,100
Muhlenberg County Hospital
Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1996
07-01-10 6.75 9,565,000 10,059,989
Turnpike Authority Economic Road Development
Refunding Revenue Bonds Series 1993 Inverse Floater
(AMBAC Insured)
06-06-12 7.18 15,000,000(d) 16,500,000
-----------
Total 56,791,631
Louisiana (2.6%)
Calcasieu Parish Industrial Development Pollution Control
Refunding Revenue Bonds Gulf State Utilities
Series 1992
10-01-12 6.75 10,500,000 11,286,240
Energy & Power Authority Refunding Revenue Bonds
Rodemacher Unit 2 Series 1991 (FGIC Insured)
01-01-13 6.00 28,000,000 29,139,320
Hodge Village Combined Utility System Revenue Bonds
Stone Container Series 1990 A.M.T.
03-01-10 9.00 23,000,000 24,716,260
New Orleans Audubon Park Commission Aquarium
Revenue Bonds Series 1992A
04-01-12 8.00 7,100,000 8,165,071
Public Facilities Authority Revenue Bonds
Glen Retirement Systems Series 1995
12-01-15 6.50 1,000,000 1,074,020
12-01-25 6.70 1,500,000 1,627,500
Public Facilities Authority Revenue Bonds
Windsor Multi-family Housing Foundation
Series 1996A
01-01-26 6.25 9,570,000(l) 7,177,500
Southern Louisiana Port Commission Terminal
Refunding Revenue Bonds Gatx Terminal Series 1993
03-01-23 7.00 13,180,000 14,439,349
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light 2nd Series 1984
12-01-14 8.00 29,155,000 31,441,335
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light Series 1991 A.M.T.
06-01-21 7.50 20,700,000 22,662,153
West Feliciana Parish Demand Pollution Control
Revenue Bonds Gulf State Utilities Series 1985B
05-01-15 9.00 6,000,000 6,624,360
-----------
Total 158,353,108
Maine (0.1%)
Finance Authority Multi-family Housing Revenue
Obligation Securities Huntington Common
Series 1997A
09-01-27 7.50 5,000,000 5,172,000
Maryland (0.7%)
Frederick County Economic Refunding Revenue Bonds
Alumax Series 1992
04-01-17 7.25 9,880,000 10,724,641
Harford County Industrial Development Revenue Bonds
Dorsey
04-16-05 8.00 484,000 486,691
Prince George's County Hospital Revenue Bonds
Dimensions Health Series 1992
07-01-17 7.25 11,400,000 12,913,350
07-01-22 7.00 7,000,000 7,864,010
State Transportation Authority Facility Capital Appreciation
Revenue Bonds Zero Coupon Series 1992 (FGIC Insured)
07-01-10 6.33 3,000,000(e) 1,710,870
07-01-11 6.33 6,700,000(e) 3,601,183
State Transportation Authority Facility Revenue Bonds
Zero Coupon Series 1992 (FGIC Insured)
07-01-12 6.35 5,000,000(e) 2,527,950
-----------
Total 39,828,695
Massachusetts (3.2%)
Bay Transportation Authority Refunding Revenue Bonds
Series 1994A (MBIA Insured)
03-01-12 6.00 8,000,000 8,612,400
03-01-21 4.75 5,000,000 4,733,350
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C
10-01-11 5.90 2,000,000 2,079,900
10-01-20 6.00 4,000,000 4,185,200
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater (MBIA Insured)
06-18-20 7.12 8,000,000(d) 8,880,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series 1991B
07-01-13 7.25 6,455,000 7,160,854
Health & Educational Facilities Authority Revenue Bonds
Holyoke Hospital Series B
07-01-15 6.50 500,000 532,765
Industrial Finance Agency Pollution Control Refunding
Revenue Bonds Eastern Edison Series 1993
08-01-08 5.875 4,250,000 4,415,708
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS Series 1991A
07-01-15 9.00 18,885,000 21,182,360
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS Series 1991B A.M.T.
07-01-15 9.25 24,800,000 27,816,920
Municipal Wholesale Electric Power Supply System
Pre-refunded Revenue Bonds Series 1992B
07-01-17 6.75 10,130,000 11,302,244
Municipal Wholesale Electric Power Supply System
Revenue Bonds Series 1993A Inverse Floater
(AMBAC Insured)
07-01-18 6.87 6,500,000(d) 6,727,500
State Industrial Finance Agency Assisted Living
Facility Revenue Bonds Marina Bay LLC
Series 1997 A.M.T.
12-01-27 7.50 2,000,000 2,030,780
State Industrial Finance Agency Assisted Living Facility
Revenue Bonds Newton Group Properties LLC
Series 1997 A.M.T.
09-01-27 8.00 4,300,000 4,480,127
State Water Authority
Water & Sewer General Revenue Bonds
Series 1998A (FSA Insured)
08-01-27 4.75 12,000,000 11,193,000
Water Resource Authority General
Refunding Revenue Bonds Series 1992B
11-01-15 5.50 22,175,000 22,569,493
Water Resource Authority General Revenue Bonds
Series 1993B-95B (MBIA Insured)
12-01-25 5.00 9,000,000 8,776,710
Water Resource Authority General Revenue Bonds
Series B (MBIA Insured)
03-01-22 5.00 10,000,000 9,741,500
Water Resource Authority General Revenue Bonds
Series 1992A
07-15-19 6.50 3,500,000 4,144,140
Water Resource Authority General Revenue Bonds
Series 1998A (FSA Insured)
08-01-37 4.75 24,500,000 22,585,325
-----------
Total 193,150,276
Michigan (4.0%)
Brandon School District Counties of Oakland & Lapeer
Unlimited Tax General Obligation Refunding Bonds
Series 1998 (AMBAC Insured)
05-01-22 5.00 2,675,000 2,612,860
05-01-26 5.00 1,700,000 1,657,466
Crawford County Economic Development Corporation
Environmental Improvement Revenue Bonds
Weyerhaeuser Series 1991A
07-15-07 7.125 10,800,000 12,476,268
Detroit Unlimited Tax General Obligation Bonds
Series 1993
04-01-14 6.35 5,725,000 6,223,189
Detroit Unlimited Tax General Obligation Bonds
Series 1995A
04-01-15 6.80 1,375,000 1,591,054
Grosse Ile Township School District Unlimited Tax
General Obligation Refunding Bonds
Series 1998 (FGIC Insured)
05-01-22 5.00 2,300,000 2,246,571
Lincoln Consolidated School District Unlimited Tax
General Obligation Refunding Bonds (FGIC Insured)
05-01-18 5.85 6,455,000 6,822,935
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990 A.M.T.
07-23-09 9.50 35,200,000 38,528,160
Midland County Economic Development Corporation
Pollution Control Limited Obligation Refunding Revenue
Bonds Midland Cogeneration Series 1990C
07-23-09 8.50 18,900,000 20,345,283
Monroe County Pollution Control
Revenue Bonds Detroit Edison A.M.T.
12-01-19 7.75 40,250,000(h) 43,253,455
State Hospital Finance Authority
Hospital Pre-refunded Revenue Bonds
McLaren Obligated Group Series 1991A
09-15-21 7.50 7,500,000 8,416,350
State Hospital Finance Authority
Hospital Refunding Revenue Bonds
Sinai Hospital of Greater Detroit Series 1995
01-01-26 6.70 3,000,000 3,335,670
State Hospital Finance Authority
Refunding Revenue Bonds Detroit Medical Center
Series 1993A
08-15-18 6.50 10,000,000 10,897,000
State Hospital Finance Authority
Refunding Revenue Bonds
Sinai Hospital of Greater Detroit Series 1995
01-01-16 6.625 2,750,000 3,054,067
State Hospital Finance Authority Revenue Bonds
Central Michigan Community Hospital
10-01-27 6.25 2,095,000 2,209,848
State Job Development Authority Pollution Control
Revenue Bonds Chrysler
11-01-99 5.70 4,350,000 4,450,050
Strategic Fund Environmental Improvement Limited
Obligation Refunding Revenue Bonds
Crown Paper Company Series 1997B
08-01-12 6.25 1,100,000 1,134,243
Strategic Fund Limited Obligation Refunding
Revenue Bonds Detroit Edison
Series 1995AA (MBIA Insured)
09-01-25 6.40 12,000,000 13,475,400
Strategic Fund Limited Obligation Refunding Revenue Bonds Great Lakes Pulp &
Fibre Zero Coupon Series 1994 A.M.T.
12-01-27 10.25 21,509,600(e) 20,649,216
Strategic Fund Limited Tax Obligation
Refunding Revenue Bonds Ford Motor
Series 1991A
02-01-06 7.10 16,400,000 19,218,176
Troy City Downtown Development Authority
Revenue Bonds Oakland County
Series 1995A (Asset Guaranty)
11-01-18 6.375 1,000,000 1,110,060
Van Buren Township Tax Increment Revenue Bonds
Series 1994
10-01-16 8.40 3,990,000 4,586,505
Wayne County Special Airport Facilities
Refunding Revenue Bonds Northwest Airlines Series 1995
12-01-15 6.75 11,295,000 12,438,280
-----------
Total 240,732,106
Minnesota (3.9%)
Becker Solid Waste Disposal Facility
Revenue Bonds Liberty Paper Series 1994B A.M.T.
08-01-15 9.00 17,800,000 19,035,854
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992
04-01-02 8.50 3,060,000 3,307,585
Brainerd Economic Development Authority
Health Care Facility Revenue Bonds
Benedictine Health System St. Joseph Medical Center
02-15-20 8.375 4,670,000 5,095,157
Duluth Economic Development Authority
Health Care Facility Pre-refunded Revenue Bonds
Benedictine Health System St. Mary's Medical Center
Series 1990
02-15-20 8.375 8,300,000 9,055,632
Duluth Housing & Redevelopment Authority
1st Mortgage Revenue Bonds
Lakeshore Lutheran Home
07-01-00 8.00% $110,000 $110,229
07-01-09 8.25 750,000 751,710
Fergus Falls Health Care Facilities Revenue Bonds
LRHC Long-Term Care Facility Series 1995
12-01-25 6.50 1,530,000 1,666,124
International Falls Solid Waste Disposal
Revenue Bonds Boise Cascade
Series 1990 A.M.T.
01-01-15 7.75 10,000,000 10,503,900
Little Canada Multi-family Housing Revenue Bonds
Housing Alternative Development Company
Series 1997A
12-01-27 6.25 1,755,000 1,762,476
Mahtomedi Multi-family Housing
Revenue Bonds Briarcliff A.M.T.
06-01-36 7.35 1,995,000 2,073,703
Maplewood Elder Care Facility Revenue Bonds
Care Institute Series 1994
01-01-24 7.75 8,000,000 8,840,400
Maplewood Multi-family Housing Refunding Revenue Bonds Carefree Cottages of
Maplewood III Series 1995 A.M.T.
11-01-32 7.20 4,980,000 5,103,305
Mille Lacs Capital Improvement Authority Infrastructure
Revenue Bonds Series 1992A
11-01-12 9.25 4,455,000 5,471,453
Minneapolis Housing & Healthcare Facility Revenue Bonds
Augustana Chapel View Homes Incorporated Series 1997
06-01-27 6.75 2,640,000 2,764,397
Richfield Multi-family Housing
Refunding Revenue Bonds
Village Shores Apartments Series 1996
08-01-31 7.625 4,970,000 5,140,620
Robbinsdale Multi-family Housing Revenue Bonds
Copperfield Hill Series 1996A
12-01-31 7.35 3,500,000 3,569,195
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Series 1992
01-01-18 5.75 32,210,000 33,294,833
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Zero Coupon Series 1994A (MBIA Insured)
01-01-21 6.72 13,500,000(e) 4,252,365
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Zero Coupon Series 1994A (MBIA Insured)
01-01-23 6.75 27,500,000(e) 7,812,475
01-01-25 6.75 27,500,000(e) 7,045,225
01-01-26 6.75 27,500,000(e) 6,671,775
01-01-27 6.75 12,450,000(e) 2,869,351
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Zero Coupon Series 1994A (MBIA Insured)
01-01-22 6.73 17,500,000(e) 5,235,125
01-01-24 6.75 19,960,000(e) 5,385,008
St. Louis Park Health Care Facilities
Pre-refunded Revenue Bonds
Park Nicollet Medical Center Series 1990A
01-01-20 9.25 6,000,000 6,596,700
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993
Inverse Floater (AMBAC Insured)
07-01-05 4.73 10,200,000(d) 10,467,750
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993B
Inverse Floater (AMBAC Insured)
07-01-13 5.73 18,000,000(d) 18,270,000
St. Louis Park Multi-family Housing
Refunding Revenue Bonds
Park Boulevard Towers Series 1996A
04-01-31 7.00 11,540,000 11,936,284
St. Paul Housing & Redevelopment Authority
Health Care Facility Revenue Bonds Lynblomsten
Multi-family Rental Housing Series 1993B
11-01-24 7.00% $2,780,000 $2,822,117
St. Paul Housing & Redevelopment Authority
Health Care Facility Revenue Bonds
Lyngblomsten Care Center Series 1993A
11-01-06 7.125 1,800,000 1,930,500
11-01-17 7.125 2,735,000 2,932,194
St. Paul Port Authority Redevelopment Multi-family
Refunding Revenue Bonds Burlington Apartments
Series A (GNMA Insured)
05-01-31 5.75 14,355,000 14,681,002
St. Paul Port Authority Redevelopment Multi-family
Subordinate Refunding Revenue Bonds
Burlington Apartments Series A
02-01-31 8.625 3,770,000 3,829,792
Vadnais Heights Multi-family Housing
Refunding Revenue Bonds Cottages of Vadnais Heights
Series 1995 A.M.T.
12-01-31 7.00 1,980,000 2,028,074
Washington County Housing & Redevelopment
Authority Refunding Revenue Bonds
Woodbury Multi-family Housing Series 1996
12-01-23 6.95 4,905,000 5,029,832
-----------
Total 237,342,142
Mississippi (0.7%)
Claiborne County Pollution Control Refunding Revenue Bonds
System Energy Resources Series 1995
05-01-25 7.30 4,000,000 4,227,640
Claiborne County Pollution Control Revenue Bonds
Middle South Energy
12-01-13 9.50 1,500,000 1,578,645
Harrison County Waste Water Management District
Refunding Bonds Series 1986
02-01-15 5.00 4,250,000 4,322,038
Jackson Industrial Development Revenue Bonds Dorsey
04-16-05 8.00 422,000 426,186
Lowndes County Solid Waste Disposal Pollution Control
Refunding Revenue Bonds Weyerhaeuser Series 1989
Inverse Floater
04-01-22 8.00 4,000,000(d) 4,801,800
Lowndes County Solid Waste Disposal Pollution Control Revenue Bonds Weyerhaeuser
Series 1989 A.M.T.
12-01-05 7.875 12,250,000 13,186,758
Medical Center Educational Building
Hospital Refunding Revenue Bonds
University of Mississippi Medical Center
Series 1998B (AMBAC Insured)
12-01-23 5.50 14,000,000 14,876,960
-----------
Total 43,420,027
Missouri (0.7%)
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B
08-15-21 7.00 5,810,000 6,575,410
Sikeston Electric System Refunding Revenue Bonds
Series 1992 (MBIA Insured)
06-01-02 5.80 4,165,000 4,420,939
St. Louis Industrial Development Authority
Refunding Revenue Bonds Kiel Center
Multi-purpose Arena Series 1992 A.M.T.
12-01-24 7.875 15,400,000 16,755,508
St. Louis Regional Convention & Sports Complex Authority
Refunding Revenue Bonds Series 1991C
08-15-21 7.90 2,575,000 3,021,788
St. Louis Regional Convention & Sports Complex Authority
Revenue Bonds Series 1991C
08-15-21 7.90 125,000 139,495
State Enviornment & Improvement Energy Resources
Authority Pollution Control Revenue Bonds Chrysler
10-01-99 5.70 9,250,000 9,395,410
-----------
Total 40,308,550
Nebraska (--%)
Omaha Public Power District Electric System
Revenue Bonds Series 1986A
02-01-15 6.00 1,370,000 1,511,480
Nevada (0.8%)
Clark County Collateralized Pollution Control Revenue Bonds
Nevada Power A.M.T.
10-01-09 7.80 11,850,000 12,509,097
Clark County Industrial Development Revenue Bonds
Nevada Power Series 1990 A.M.T.
06-01-20 7.80 5,000,000 5,362,550
Clark County Passenger Facility Charge Airport
Refunding Revenue Bonds
Las Vegas McCarran Intl Airport
Series 1998 (MBIA Insured)
07-01-22 4.75 10,000,000 9,437,900
Las Vegas Redevelopment Agency Tax Increment
Subordinate Lien Revenue Bonds Series 1994A
06-15-10 6.00 2,000,000 2,102,000
06-15-14 6.10 2,750,000 2,876,665
Las Vegas Special Improvement District 707
Local Improvement Bonds
Summerlin Area Series 1996
06-01-16 7.10 6,000,000 6,229,680
Washoe County Hospital Revenue Bonds
Washoe Medical Center Series 1993A
06-01-15 6.00 7,250,000 7,612,935
-----------
Total 46,130,827
New Hampshire (2.0%)
Business Financial Authority Pollution Control
Refunding Revenue Bonds United Illuminating
Series 1993A
10-01-33 5.875 13,200,000 13,445,784
Business Financial Authority Pollution Control &
Solid Waste Disposal Refunding Revenue Bonds
Crown Paper Company Series 1996
01-01-22 7.75 4,255,000 4,940,055
Industrial Development Authority Pollution Control
Revenue Bonds State Public Service Series 1991B
05-01-21 7.50 51,485,000 54,696,119
Industrial Development Authority Pollution Control Revenue Bonds State Public
Service Series 1991C A.M.T.
05-01-21 7.65 25,000,000 26,693,500
Industrial Development Authority Pollution Control
Revenue Bonds United Illuminating Series 1989A A.M.T.
12-01-14 8.00 8,000,000 8,530,800
State Higher Education & Health Facility Authority Hospital
Revenue Bonds Hitchcock Clinic Series 1994
(MBIA Insured)
07-01-24 6.00 13,000,000 13,937,950
-----------
Total 122,244,208
New Jersey (0.2%)
Health Care Facility Finance Authority Revenue Bonds
St. Peter Medical Center Series 1994F (MBIA Insured)
07-01-16 5.00 10,000,000 9,835,900
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital Series C
07-01-12 8.50 3,500,000 3,578,085
-----------
Total 13,413,985
New Mexico (1.5%)
Albuquerque Health Care System Revenue Bonds
Lovelace Medical Fund
03-01-11 10.25 55,000 55,829
Bernalillo County Muti-family Housing Revenue Bonds
Series 1997D
04-01-27 7.70 9,985,000 10,256,492
Farmington Pollution Control Refunding Revenue Bonds
Series 1996A-B
12-01-16 6.30 10,000,000 10,760,100
Farmington Pollution Control Refunding Revenue Bonds
Series 1997A
10-01-20 6.95% $4,000,000 $4,520,440
Farmington Pollution Control Refunding Revenue Bonds
State Public Service San Juan Series 1994A
08-15-23 6.40 30,650,000 32,438,734
Farmington Power Refunding Revenue Bonds
Generating Division
01-01-13 9.875 5,000,000 6,639,600
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987
08-01-13 9.625 5,525,000 5,641,080
Lordsberg Pollution Control Refunding Revenue Bonds
Phelps Dodge
04-01-13 6.50 20,000,000 21,887,200
-----------
Total 92,199,475
New York (9.4%)
Battery Park City Authority Refunding Revenue Bonds
Series 1993A
11-01-10 5.50 9,940,000 10,414,039
Dormitory Authority New York City
University System Consolidated 2nd Generation
Resource Revenue Bonds Series 1994A
07-01-18 5.75 5,500,000 5,924,160
Dormitory Authority New York City University System
Consolidated 2nd Generation Resource Revenue Bonds
Series 1990C
07-01-16 6.00 39,465,000 40,142,614
07-01-17 5.00 20,820,000 20,147,514
Dormitory Authority New York City University System
Consolidated 2nd Generation Resource Revenue Bonds
Series 1990D
07-01-09 7.00 5,000,000 5,769,650
Dormitory Authority New York Court Facility Lease
Revenue Bonds Series 1993A
05-15-16 5.375 11,000,000 11,085,470
Dormitory Authority New York State
Memorial Sloan-Kettering Cancer Center
Series 1998 (MBIA Insured)
07-01-20 5.75 7,500,000 8,236,050
07-01-23 5.50 7,700,000 8,304,296
Dormitory Authority New York State University Education
Facility Revenue Bonds Series 1993A
05-15-13 5.50 24,530,000 26,077,352
Long Island Power Authority
Revenue Bonds Series A
12-01-26 5.25 8,445,000 8,334,286
12-01-29 5.50 7,500,000 7,575,375
Metropolitan Transportation Authority
Transportation Facility Revenue Bonds
Series 1998A (MBIA Insured)
07-01-24 4.75 12,850,000 12,133,844
NewYork & New Jersey Port Authority Special Obligation Revenue Bonds KIAC
Partners Series 4 A.M.T.
10-01-19 6.75 3,500,000 3,849,755
New York City General Obligation Bonds Series 1992B
02-01-00 7.40 30,000,000 31,575,000
New York City General Obligation Bonds Series 1996F-G
02-01-19 5.75 5,500,000 5,718,735
02-01-20 5.75 2,325,000 2,415,675
New York City General Obligation Bonds
Series 1998H
08-01-22 5.00 30,000,000 28,739,700
New York City Industrial Development Agency
Special Facility Revenue Bonds American Airlines
Series 1990 A.M.T.
07-01-20 8.00 16,130,000 16,778,749
New York City Municipal Water Finance Authority
Water & Sewer System Refunding Revenue Bonds
Series 1998D (MBIA Insured)
06-15-25 4.75 8,000,000 7,535,520
New York City Municipal Water Finance Authority
Water & Sewer System Revenue Bonds Series B
06-15-17 5.00 6,255,000 6,194,201
New York City Municipal Water Finance Authority
Water & Sewer System Revenue Bonds
Series 1994B Inverse Floater (MBIA Insured)
06-15-09 6.58% $15,500,000(d) $16,526,875
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds Series A
06-15-21 6.25 55,500,000 58,523,640
New York City Pre-refunded Unlimited General
Obligation Bonds Series 1994B-1
08-15-16 7.00 2,945,000 3,419,469
New York City Transitional Finance Authority
Future Tax Secured Sales Tax Revenue Bonds
Series 1998B
11-15-27 4.50 15,000,000 13,467,000
New York City Un-refunded Balance Unlimited
General Obligation Bonds Series 1994B-1
08-15-16 7.00 13,555,000 15,690,455
New York City Unlimited Tax General
Obligation Bonds Series 1996G
02-01-17 5.75 20,000,000 20,857,200
New York City Unlimited Tax General
Obligation Bonds Series 1998F
08-01-23 5.00 7,235,000 6,924,980
New York City Unlimited Tax General
Obligation Bonds Series 1998G
08-01-22 5.00 10,000,000 9,579,900
North Hempstead Nassau County New York
Various Purpose Bonds
Series 1998A (FGIC Insured)
01-15-23 4.75 3,100,000 2,927,857
Port Authority Special Project Bonds La Guardia
Airport Passenger Terminal Continental &
Eastern Airlines A.M.T.
12-01-06 9.00 2,645,000 2,958,300
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 A.M.T.
12-01-10 9.00 8,800,000 9,842,360
12-01-15 9.125 17,500,000 19,622,750
State Dormitory Authority State University Education Facility
Pre-refunded Revenue Bonds Series 1990A
05-15-12 7.70 10,000,000 10,895,900
State Housing Finance Agency Service Contract Obligation
Revenue Bonds Series 1995A
03-15-25 6.50 12,475,000 13,804,211
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A
05-01-13 6.50 3,500,000 4,099,060
State Local Government Assistance
Sales Tax Refunding Revenue Bonds
Series 1997B (MBIA Insured)
04-01-20 4.875 7,000,000 6,748,840
04-01-21 5.00 28,575,000 27,963,781
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993D
08-15-23 5.25 15,000,000 14,853,900
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993F
02-15-19 5.25 5,790,000 5,731,868
State Urban Development Correctional Capital
Facilities Refunding Revenue Bonds Series 1993A
01-01-21 5.25 12,110,000 11,936,100
State Urban Development Correctional Facility
Refunding Revenue Bonds Series A
01-01-16 5.50 2,750,000 2,782,148
State Urban Development Correctional Facility
Revenue Bonds Series 6
01-01-25 5.375 9,000,000 9,022,950
State Urban Development Correctional
Facility Services Contract Lease Revenue Bonds
Series 1998A (FSA Insured)
01-01-28 5.00 10,000,000 9,743,300
-----------
Total 564,874,829
North Carolina (3.7%)
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1986A
01-01-17 5.00 6,500,000 6,480,883
01-01-18 4.00 8,675,000 7,678,590
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1988A
01-01-26 6.00 1,940,000 2,220,369
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1989A
01-01-10 7.50 29,160,000 36,011,923
01-01-11 5.50 37,800,000 37,858,590
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1991A
01-01-19 5.75 55,000,000 55,367,950
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1993B
01-01-12 6.25 24,655,000 26,129,616
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1994B
01-01-07 7.25 5,000,000 5,817,300
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series B
01-01-09 6.125 10,000,000 10,872,800
Eastern Municipal Power Agency Power System
Revenue Bonds Series 1993D
01-01-13 5.875 2,300,000 2,375,210
Municipal Power Agency 1 Catawba Electric
Revenue Bonds Series 1993
Inverse Floater (MBIA Insured)
01-01-12 6.72 7,400,000(d) 7,918,000
01-01-20 6.92 15,000,000(d) 15,712,500
Offiss Incorporated Recreational Facilities
Gross Revenue Bonds Smoky Mountain Golf Course
Series 1994-96
03-01-19 8.38 8,295,000(l) 7,864,655
-----------
Total 222,308,386
North Dakota (0.3%)
Fargo Hospital Refunding Revenue & Improvement Bonds
Dakota Hospital Series 1992
11-15-12 6.875 3,000,000 3,366,630
11-15-22 7.00 4,250,000 4,788,900
Ward County Health Care Facilities
Refunding Revenue Bonds Series 1996B
07-01-21 6.25 4,000,000 4,272,040
Ward County Health Care Facilities
Refunding Revenue Bonds Trinity Group Series 1996A
07-01-26 6.25 6,110,000 6,525,541
-----------
Total 18,953,111
Ohio (3.1%)
Air Quality Development Authority Pollution Control
Refunding Revenue Bonds Cleveland Electric
Company Series 1997B
08-01-20 6.00 10,000,000 10,420,800
Air Quality Development Authority
Pollution Control Refunding Revenue Bonds
Ohio Edison Series A
05-15-29 5.95 13,300,000 13,763,771
Air Quality Development Authority Pollution Control
Revenue Bonds Ohio Edison Series 1989A
07-01-23 7.625 6,750,000 7,069,275
Bellefontaine Hospital Facility
Refunding Revenue Bonds
Mary Rutan Health Association of Logan County Series 1993
12-01-13 6.00 5,330,000 5,561,908
Butler County Hospital Facility Improvement
Refunding Revenue Bonds
Fort Hamilton-Hughes Memorial Center Series 1991
01-01-10 7.50 9,800,000 10,632,902
Carroll Water & Sewer District Unlimited Tax
General Obligation Bonds
12-01-10 6.25 2,000,000 1,993,300
Carroll Water & Sewer District
Water System Improvement Unlimited Tax
General Obligation Bonds
12-01-10 6.25 8,340,000 8,772,846
Cleveland Parking Facilities Improvement
Revenue Bonds Series 1992
09-15-22 8.10 15,000,000 17,520,000
Coshocton County Solid Waste Disposal
Refunding Revenue Bonds
Stone Container Series 1992
08-01-13 7.875 17,500,000 19,398,750
Cuyahoga County Health Care Facilities
Refunding Revenue Bonds
Judson Retirement Community Series 1996A
11-15-13 7.25 2,080,000 2,272,795
11-15-18 7.25 4,130,000 4,512,810
Erie County Hospital Improvement Refunding
Revenue Bonds Firelands Community Hospital Series 1992
01-01-15 6.75 6,540,000 7,115,585
Lorain County Independent Living & Hospital Facilities
Refunding Revenue Bonds
Elyria United Methodist Series 1996C
06-01-22 6.875 3,100,000 3,412,139
Marion County Health Care Facilities Improvement
Refunding Revenue Bonds United Church Homes
Series 1993
11-15-10 6.375 2,000,000 2,117,140
Marion County Health Care Facilities
Refunding & Improvement Revenue Bonds
United Church Homes Series 1993
11-15-15 6.30 1,800,000 1,897,236
Montgomery County Health Facilities
Refunding Revenue Bonds
Friendship Village Dayton Series 1990A
02-01-16 9.25 9,025,000 9,941,038
State Department of Administrative Services
Certificates of Participation
Rickenbacker Port Authority
Series 1997 (AMBAC Insured)
06-15-17 5.00 1,300,000 1,288,937
State Water Development Authority Collateralized Pollution Control Revenue Bonds
Cleveland Electric Series 1989 A.M.T.
10-01-23 8.00 10,000,000 10,335,600
State Water Development Authority Collateralized Pollution Control Revenue Bonds
Toledo Edison Series 1989 A.M.T.
10-01-23 8.00 8,500,000 8,943,615
State Water Development Authority
Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995
08-01-25 7.70 13,000,000 14,926,210
State Water Development Authority Pollution Control
Refunding Revenue Bonds Toledo Edison
Series 1994A A.M.T.
10-01-23 8.00 10,000,000 11,509,900
State Water Development Authority Pollution Control
Revenue Bonds Ohio Edison A.M.T.
10-01-23 8.10 10,000,000 10,652,800
-----------
Total 184,059,357
Oklahoma (1.1%)
Grand River Dam Authority Refunding Revenue Bonds
Series 1987
06-01-12 5.00 10,105,000 10,105,707
Hinton Economic Development Authority
Certificate of Participation Dominion Leasing
Series 1990A
07-01-15 9.75 19,090,000 23,025,213
Hinton Economic Development Authority
Certificate of Participation Series 1994
07-01-15 8.75 11,675,000 13,228,592
Jackson County Hospital Authority
Refunding Revenue Bonds
Jackson County Memorial Hospital Series 1994
08-01-15 7.30 6,580,000 7,147,328
Midwest City Memorial Hospital Authority Hospital
Revenue Bonds Series 1992
04-01-22 7.375 7,815,000 8,815,945
Stillwater Medical Center Authority
Hospital Revenue Bonds Series 1997B
05-15-19 6.50 1,750,000 1,887,340
-----------
Total 64,210,125
Oregon (0.5%)
State Health Housing Educational & Cultural Facilities
Authority Revenue Bonds Oregon Baptist Retirement
Homes-Weidler Retirement Center Series 1995
11-15-26 8.00 7,720,000 8,661,995
Western Generation Agency Revenue Bonds
Wauna Cogeneration Series 1994A
01-01-21 7.125 13,600,000 14,767,968
Western Generation Agency Revenue Bonds
Wauna Cogeneration Series 1994B A.M.T.
01-01-16 7.40 9,000,000 9,898,650
-----------
Total 33,328,613
Pennsylvania (4.1%)
Allegheny County Industrial Development Authority
Environment Improvement Revenue Bonds
USX Corporation Series 1994A
12-01-20 6.70 6,000,000 6,632,520
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995
05-01-25 7.625 7,500,000 8,551,800
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995A
07-15-25 7.75 21,150,000 24,454,899
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Toledo Edison Series 1995A
05-01-20 7.75 14,000,000 16,252,600
Beaver County Industrial Development Authority
Pollution Control Revenue Bonds Ohio Edison
09-01-24 7.75 34,650,000 36,541,197
Beaver County Industrial Development Authority
Pollution Control Revenue Bonds
Toledo Edison-Beaver Valley Series 1995
05-01-20 7.625 11,700,000 13,370,058
Butler County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care
Community Sherwood Oaks Series 1993
06-01-11 5.75 2,000,000 2,097,360
06-01-16 5.75 3,000,000 3,095,850
Convention Center Authority Refunding Revenue Bonds
Philadelphia Series 1994A
09-01-19 6.75 5,300,000 5,924,976
Delaware County Authority 1st Mortgage Revenue Bonds
Riddle Village Series 1996
06-01-26 7.00 10,000,000 10,489,200
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village Continuing Care Series 1989
07-01-09 9.70 1,000,000 1,089,980
07-01-19 9.70 10,000,000 10,899,800
Delaware County Industrial Development Authority
Pollution Control Refunding Revenue Bonds
Philadelphia Electric Series A
04-01-21 7.375 900,000 975,726
Harrisburg Dauphin County General Obligation Bonds
Zero Coupon Series 1997F (AMBAC Insured)
09-15-20 5.50 3,000,000(e) 951,000
09-15-21 5.52 1,000,000(e) 300,330
09-15-22 5.52 1,000,000(e) 285,080
Montgomery County Higher Education & Health Authority
Retirement Community Revenue Bonds G.D.L. Farms
Series A
01-01-20 9.50 3,000,000 3,304,020
Philadelphia Gas Works Revenue Bonds Series 13
06-15-21 7.70 4,150,000 4,654,391
Philadelphia Hospital & Higher Education Facility
Authority Hospital Revenue Bonds
Albert Einstein Medical Center
04-01-11 7.625 15,545,000 16,243,281
Philadelphia Municipal Authority Lease
Refunding Revenue Bonds Series 1993D
07-15-13 6.25 2,500,000 2,662,050
07-15-17 6.30 1,550,000 1,652,486
Philadelphia Water & Sewer Revenue Bonds Series 16
08-01-10 7.50 13,200,000 14,778,588
08-01-18 7.00 14,000,000 15,221,220
Philadelphia Water & Wastewater Revenue Bonds
Series 1993 (CGIC Insured)
06-15-15 5.50 11,000,000 11,250,800
State Department of General Services Certificate of
Participation Series 1994A (AMBAC Insured)
07-01-15 5.00 25,000,000 24,604,000
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont
Series 1991A
01-01-21 10.00 8,495,000 9,922,330
-----------
Total 246,205,542
Puerto Rico (1.0%)
Commonwealth of Puerto Rico Public Improvement
General Obligation Refunding Revenue Bonds
Series 1998
07-01-23 4.50 13,200,000 11,895,576
Electric Power Agency Revenue Bonds Series N
07-01-10 6.00 40,000,000 40,705,600
Electric Power Agency Revenue Bonds Series O
07-01-10 6.00 5,305,000 5,398,580
-----------
Total 57,999,756
South Carolina (1.0%)
Cherokee County Spring City Industrial Development
Revenue Bonds Knitting Cluett Peabody
09-01-09 7.40 5,200,000 6,260,748
Piedmont Municipal Power Agency Electric
Refunding Revenue Bonds Series 1986B
01-01-24 5.75 7,550,000 7,550,226
Public Service Authority Electric System Expansion
Revenue Bonds Santee Cooper Series 1991D
07-01-31 6.625 14,975,000 16,650,104
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1991B
07-01-31 6.00 8,000,000 8,453,120
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater
(MBIA Insured)
06-28-13 6.94 17,700,000(d) 18,894,750
-----------
Total 57,808,948
South Dakota (0.5%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986
01-01-10 6.00 10,205,000 11,171,515
Sioux Falls Multi-family Housing Revenue Bonds
Series 1996A
12-01-34 7.50 12,200,000 13,212,478
State Lease Revenue Trust Certificates Series 1993
(CGIC Insured)
09-01-17 6.70 7,260,000 8,726,375
-----------
Total 33,110,368
Tennessee (0.4%)
Nashville & Davidson Counties Health & Education
Facilities Board Revenue Bonds
Zero Coupon Escrowed to Maturity
06-01-21 5.38 29,109,000(e) 8,544,074
Nashville & Davidson Counties Health & Education
Facilities 1st Mortgage Revenue Bonds
Blakeford at Green Hills CCRC
07-01-24 9.25 12,230,000 15,577,718
-----------
Total 24,121,792
Texas (6.8%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 A.M.T.
12-01-29 7.50 37,400,000 40,356,844
Austin Combined Utility Systems Refunding Revenue Bonds
Series 1985
05-15-10 10.75 10,000,000 11,263,700
05-15-15 10.75 2,000,000 2,252,740
Austin Combined Utility Systems Refunding Revenue Bonds
Series 1986
11-15-13 5.00 20,000,000 19,914,400
Board of Regents of the University System General
Refunding Revenue Bonds Series 1986
08-15-07 6.50 2,565,000 2,880,905
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1989A A.M.T.
01-01-19 8.25 14,000,000 14,582,260
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1990A A.M.T.
02-01-20 8.125 13,205,000 14,201,185
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1991A A.M.T.
03-01-21 7.875 24,450,000 26,857,347
Castlewood Municipal Utility District Water &
Sewer Systems Unlimited Tax & Refunding Revenue Bonds
Series 1997
04-01-14 6.75 2,860,000 3,007,176
Colony Municipal Utility District 1 Denton County
Series 1980
08-01-07 9.25 1,000,000 1,362,060
Cypress Hill Municipal Utility District 1
General Obligation Bonds
09-01-22 5.30 2,045,000(k) 2,004,611
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
American Airlines Series 1990 A.M.T.
11-01-25 7.50 26,200,000 28,243,338
Dallas & Fort Worth International Airport Special Facility Revenue Bonds Delta
Air Lines Series 1991 A.M.T.
11-01-26 7.125 13,500,000 14,411,115
Dallas Civic Center Miscellaneous Refunding Revenue
& Improvement Bonds Series 1998 (MBIA Insured)
08-15-23 4.875 29,850,000 28,655,403
Denison Hospital Authority Hospital Revenue Bonds
Texoma Medical Center Series 1994
08-15-24 7.10 3,950,000 4,418,944
Harris County Health Facilities Hospital Revenue Bonds
Memorial Hospital Series 1992
06-01-15 7.125 16,000,000 17,934,880
Harris County Industrial Development Marine Terminal
Refunding Revenue Bonds GATX Terminal Series 1992
02-01-22 6.95 15,000,000 16,291,800
Hidalgo County Health Services Corporation
Hospital Revenue Bonds Mission Hospital
Series 1996
08-15-26 6.875 7,880,000 8,665,321
Interstate Municipal Utility District
Unlimited Tax Bonds Harris County Series 1996
09-01-21 6.75 3,020,000 3,267,459
Karnes County Public Facility Lease Revenue Bonds
03-01-15 9.20 15,645,000 16,763,930
Kings Manor Municipal Utility District
Waterworks & Sewer Systems Combination
Unlimited Tax & Revenue Bonds Series 1995
03-01-18 6.875 2,470,000 2,710,899
Lower Colorado River Authority Combined Utility
Junior Lien Revenue Bonds 7th Supplement
Series 1998 (FSA Insured)
01-01-28 4.75 10,500,000 9,850,050
Midland County Hospital District Revenue Bonds Series 1992
06-01-16 7.50 3,025,000 3,413,924
Mineral Wells Independent School Districts Palo Pinto &
Parker Counties Unlimited Tax General Obligation School
Building & Refunding Bonds Series 1998
Permanent School Fund Guarantee
02-15-22 4.75 5,430,000 5,112,888
02-15-28 4.75 8,345,000 7,791,309
Municipal Power Agency Refunding Revenue Bonds
(MBIA Insured)
09-01-09 5.25 8,000,000 8,502,960
Municipal Power Agency Revenue Bonds
09-01-13 5.50 7,410,000 7,416,299
Plano Collin & Denton Counties Limited Tax General
Obligation Bonds Series 1986
03-01-06 6.00 1,600,000 1,609,088
Rio Grande City Consolidated Independent School District
Public Facilities Lease Revenue Bonds Series 1995
07-15-10 6.75 4,000,000 4,382,840
Sabine River Authority Collateralized Pollution Control Revenue Bonds Texas
Utilities Electric Series 1990A A.M.T.
02-01-20 8.125 30,500,000 32,800,920
San Antonio Electric & Gas Systems
Refunding Revenue Bonds Series 1989B
02-01-16 5.00 11,000,000 10,809,260
San Antonio Electric & Gas Systems
Revenue Bonds Series 1987
02-01-14 5.00 8,680,000 8,632,781
State Public Finance Authority Unlimited Tax
General Obligation Refunding Bonds
Zero Coupon Series 1998
10-01-13 5.23 4,000,000(e) 1,895,080
10-01-14 5.28 6,000,000(e) 2,622,540
Uvalde Consolidated Independent School District
General Obligation Bonds
Permanent School Fund Guarantee
08-01-22 4.50 5,100,000 4,624,629
West Side Calhoun County Navigation District Solid Waste Disposal Revenue Bonds
Union Carbide Chemical & Plastics Series 1991 A.M.T.
03-15-21 8.20 17,550,000 19,430,307
-----------
Total 408,941,192
Utah (1.7%)
Association Municipal Power System Hunter Series A
(AMBAC Insured)
07-01-12 5.50 4,000,000 4,001,640
Carbon County Solid Waste Disposal
Refunding Revenue Bonds Sunnyside
Cogeneration Associates Series 1991 A.M.T.
07-01-18 9.25 25,350,000(l) 13,942,500
Housing Finance Agency Single Family Mortgage
Senior Bonds Series 1991C (FGIC Insured)
07-01-11 7.30 740,000 781,714
07-01-16 7.35 585,000 617,520
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990
07-01-20 10.50% $7,570,000 $8,447,741
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series 1993B Inverse Floater
07-01-11 7.06 7,600,000(d) 8,246,000
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series 1996C (MBIA Insured)
07-01-17 5.70 46,000,000 48,360,720
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series F (AMBAC Insured)
07-01-13 5.00 5,000,000 4,999,800
Intermountain Power Agency Power Supply
Revenue Bonds Series 1987A (MBIA Insured)
07-01-12 5.00 8,000,000 8,000,080
Tooele County Pollution Control Refunding Revenue Bonds
Laidlaw Environmental Services Incorporated
Series 1997A A.M.T.
07-01-27 7.55 4,000,000 4,430,400
-----------
Total 101,828,115
Virginia (0.7%)
Fairfax County Economic Development Authority
Educational Facilities Revenue Bonds
Browne Academy Series 1998
10-01-08 6.00 1,500,000 1,486,215
10-01-23 6.45 5,200,000 5,248,776
Fairfax County Redevelopment & Housing Authority
Multi-family Housing Revenue Bonds
Burkeshire Commons Series 1996
10-01-36 7.60 13,200,000 14,186,436
Hopewell City Industrial Development Authority
Pollution Control Refunding Revenue Bonds
Stone Container Series 1992
05-01-10 8.25 3,170,000 3,542,095
Housing Development Authority Commonwealth
Mortgage Bonds Series 1992A
01-01-33 7.15 15,000,000 15,737,550
Prince William County Service Authority Water & Sewer
Systems Refunding Revenue Bonds
Series 1997 (FGIC Insured)
07-01-29 4.75 2,375,000 2,228,391
-----------
Total 42,429,463
Washington (2.9%)
King County Housing Authority Pooled Housing
Refunding Revenue Bonds Series 1995A
03-01-26 7.20 4,000,000 4,132,960
Longview Industrial Development Corporation Solid Waste
Revenue Bonds Weyerhauser Series 1991 A.M.T.
02-01-13 7.45 20,000,000 21,716,000
Public Power Supply System Nuclear Project 1
Refunding Revenue Bonds Bonneville Power Administration
Series 1993A Inverse Floater (FSA Insured)
07-01-11 7.22 25,000,000(d) 29,468,750
Public Power Supply System Nuclear Project 1
Refunding Revenue Bonds Series A
07-01-15 6.50 21,000,000 23,184,210
Public Power Supply System Nuclear Project 1
Revenue Bonds Series 1990A
07-01-17 6.00 38,875,000 40,432,333
Public Power Supply System Nuclear Project 2
Revenue Bonds Series 1994A
07-01-11 5.375 10,000,000 10,199,800
Snohomish County Public Utilitiy District 1
Generation System Revenue Bonds Series 1986A
01-01-20 5.00 17,750,000 18,006,487
State General Obligation
Refunding Revenue Bonds
Zero Coupon Series 1997A
07-01-19 5.95 16,260,000(e) 5,428,726
State Higher Education Facilities Authority College
Refunding Revenue Bonds
Gonzaga University
Series 1998 (MBIA Insured)
04-01-17 5.00 5,000,000 4,915,800
State Housing Finance Commission
Refunding Revenue Bonds Horizon House
Series 1995A (Asset Guaranty)
07-01-17 6.00 3,700,000 3,906,793
07-01-27 6.125 3,850,000 4,086,159
State Public Power Supply System Nuclear Project 1
Electric Refunding Revenue Bonds Series 1998A
07-01-17 5.125 7,455,000 7,351,972
-----------
Total 172,829,990
West Virginia (1.2%)
Kanawha County Pollution Control
Revenue Bonds Union Carbide Series 1984
08-01-04 7.35 3,000,000 3,447,870
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power Series 1992J
10-01-22 6.60 25,000,000 26,954,500
Pea Ridge Public Service District Sewer
Refunding Revenue Bonds Series 1990
05-01-20 9.25 2,540,000 2,852,903
Putnam County Pollution Control Revenue Bonds
Appalachian Power Series C
07-01-19 6.60 10,600,000 11,369,560
School Building Authority Capital Improvement
Revenue Bonds Series 1991A
07-01-21 6.00 20,785,000 21,692,057
South Charleston Pollution Control Refunding
Revenue Bonds Union Carbide Series 1985
08-01-05 7.625 3,000,000 3,518,400
-----------
Total 69,835,290
Wisconsin (0.6%)
Health & Education Facilities Authority
Revenue Bonds St. Clare Hospital
02-15-22 7.00 12,115,000 13,092,681
Health Facilities Authority Refunding Revenue Bonds
Villa Clement Series 1986
06-01-12 8.75 4,311,000 4,322,553
Madison Industrial Development
Refunding Revenue Bonds Madison Gas & Electric
Series 1992B
10-01-27 6.70 19,300,000 21,025,613
-----------
Total 38,440,847
Wyoming (0.2%)
Natrona County Hospital Revenue Bonds
Wyoming Medical Center
09-15-10 8.125 6,500,000 7,203,690
State Farm Loan Board Capital Facilities
Revenue Bonds Series 1994
04-01-24 6.10 5,000,000 5,376,850
-----------
Total 12,580,540
Total municipal bonds
(Cost: $5,176,699,401) $5,779,947,537
Short-term securities (2.3%)
Issuer (g,i,j) Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Municipal notes
Burke County Georgia Development Authority Pollution
Control Revenue Bonds Georgia Power Plant Vogtle
07-01-24 3.95 100,000 100,000
09-01-26 3.95 1,200,000 1,200,000
California State Revenue Anticipation Notes Series 1997
06-30-98 3.63 20,000,000 20,020,295
Carbon County Pollution Control Revenue Bonds
Pacificorp V.R.
11-01-24 4.00 2,300,000 2,300,000
Cohasset Revenue Bonds Minnesota Power
Series A V.R.D.N.
06-01-20 4.00 1,200,000 1,200,000
Delta County Economic Development Authority
Mead Escanaba Paper V.R.
12-01-13 4.00 1,900,000 1,900,000
Farmington Pollution Control Revenue Bonds
Arizona Public Service Series B V.R.
05-01-24 3.95 2,300,000 2,300,000
09-01-24 3.95 1,500,000 1,500,000
Hapeville Georgia Industrial Development Authority
Hapeville Hotel V.R.
11-01-15 3.95 7,900,000 7,900,000
Houston Texas Tax & Revenue Anticipation Notes
Series 1997
06-30-98 3.63 3,600,000 3,603,537
Iowa Higher Education Authority Revenue Bonds
Palmer Chiropractic
04-01-27 4.10 825,000 825,000
Joliet Regional Port District Marine Terminal
Revenue Bonds Exxon
10-01-24 4.00 1,300,000 1,300,000
Kansas City Industrial Development Authority
Hospital Refunding Revenue Bonds Series 1985
10-15-14 3.95 1,100,000 1,100,000
Louisiana State Offshore Terminal Authority Deepwater Port
Revenue Bonds Loop Incorporated V.R.
09-01-08 4.00% $1,400,000 $1,400,000
Maricopa County Arizona Pollution Control Revenue Bonds Arizona Public Service
Series 1994A V.R.
05-01-29 4.00 1,900,000 1,900,000
Maricopa County Arizona Pollution Control Revenue Bonds Arizona Public Service
Series 1994F V.R.
05-01-29 4.00 4,000,000 4,000,000
Maricopa County Arizona Pollution Control Revenue Bonds
Series 1994C V.R.
05-01-29 3.95 1,400,000 1,400,000
Maricopa County Arizona Public Service
Bank of America V.R.
05-01-29 4.05 1,700,000 1,700,000
Massachusetts State Health & Educational Facility
Capital Assets Series 1985B V.R.
01-01-35 3.75 2,900,000 2,900,000
Massachusetts State Health & Educational Facility
Capital Assets V.R.
01-01-35 3.95 4,700,000 4,700,000
Massachusetts State Health & Educational Facility
Series 1985B V.R.
07-01-05 3.80 400,000 400,000
McIntosh Alabama Industrial Development Pollution
Control Revenue Bonds Ciba Geigy
07-01-04 4.00 700,000 700,000
Minneapolis St. Paul Minnesota Housing & Redevelopment
Health Care Children's Hospital Series 1995B V.R.
08-15-25 4.05 510,000 510,000
Missouri State Health & Education
Washington University Series 1996B V.R.
09-01-30 4.10 1,300,000 1,300,000
Monroe County Georgia Development Authority
Pollution Control Revenue Bonds V.R.
07-01-25 3.95 1,000,000 1,000,000
New York City General Obligation Bonds
Series 1995B V.R.
08-15-23 4.00 5,500,000 5,500,000
New York City General Obligation Bonds V.R.
10-01-22 4.00 750,000 750,000
New York City Municipal Water Finance Authority
Water & Sewer System Revenue Bonds Series A
06-15-25 4.00 17,650,000 17,650,000
New York City Revenue Anticipation Nts Series 1997A
06-30-98 3.63 4,000,000 4,004,168
New York City Transit Finance Authority
Series C V.R.
05-01-28 3.95 5,400,000 5,400,000
NewYork City Water Finance Authority Water & Sewer Systems Revenue Bonds Series
1995A V.R.
06-15-25 4.00 300,000 300,000
New York State Energy Research & Development
Pollution Control Revenue Bonds Niagara Mohawk
Series 1987A V.R.
03-01-27 3.95 300,000 300,000
Pennsylvania State Higher Education Facilities Authority
Revenue Bonds Carnegie Mellon University
Series 1995C V.R.
11-01-29 4.00 5,300,000 5,300,000
Philadelphia Hospital Revenue Bonds
Childrens Hospital Series A V.R.
03-01-27 4.00 1,600,000 1,600,000
Port Arthur Navigation District of Jefferson Texas
Pollution Control Revenue Bonds Texaco V.R.
10-01-24 4.10 600,000 600,000
Putnam County Georgia Development Authority
Pollution Control Revenue Bonds Georgia Power
Company Branch V.R.
04-01-32 4.00 200,000 200,000
Regents of the University of Michigan Hospital
Revenue Bonds Series 1995A V.R.
12-01-27 4.00 3,500,000 3,500,000
Royal Oak Michigan William Beaumont Hospitals
Series 1997L V.R.
01-01-27 4.00 3,100,000 3,100,000
Southwestern Illinois Development Shell Oil
Wood River Series 1992 V.R. A.M.T.
04-01-22 4.15 500,000 500,000
Syracuse New York Industrial Development Agency Civic
Facilities Revenue Bonds Multi-model
Syracuse University V.R.
03-01-23 3.95 3,000,000 3,000,000
Tempe Arizona Excise Tax Revenue Obligation Bonds
Series 1998 V.R.D.B.
07-01-23 4.00 5,200,000 5,200,000
Washington Health Care Facilities Authority
Sisters of Providence Series 1985B V.R.D.B.
10-01-05 3.95 3,700,000 3,700,000
Washington Health Care Facilities Authority
Sisters of Providence Series 1985D V.R.D.N.
10-01-05 3.95 2,000,000 2,000,000
Uinta County Wyoming Pollution Control
Revenue Bonds Chevron Series 1993 V.R.
08-15-20 3.95 1,700,000 1,700,000
University of Michigan Hospital Refunding
Revenue Bonds Series 1995A V.R.
12-01-27 4.00 500,000 500,000
Valdez Alaska Marine Terminal Revenue Bonds
Exxon Pipeline Company Series 1985 V.R.
10-01-25 4.00 2,400,000 2,400,000
Valdez Alaska Marine Terminal Revenue Bonds
Exxon Pipeline Company Series 1993A V.R.
12-01-33 4.00 4,200,000 4,200,000
Valdez Alaska Marine Terminal Revenue Bonds
Exxon Pipeline Company Series A V.R.
10-01-25 4.00 1,900,000 1,900,000
Total short-term securities
(Cost: $140,453,234) $140,463,000
Total investments in securities
(Cost: $5,317,152,635)(m) $5,920,410,537
</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 5-31-98 11-30-97
AAA 36% 30%
AA 4 5
A 13 15
BBB 26 28
BB and below 20 22
Non-rated 1 --
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
BIG -- Bond Investors Guarantee
CGIC -- Capital Guaranty Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FNMA -- Federal National Mortgage Association 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, 1998. Inverse floaters in the aggregate represent 5.4% of the
Fund's net assets as of May 31, 1998.
(e) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(f) 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.
(g) 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. Interest rate
varies to reflect current market conditions; rates shown are the effective rates
on May 31, 1998.
(h) Partially pledged as initial deposit on the following open interest rate
futures contracts (see Note 4 to the financial statements):
Type of security Notional amount
Purchase contracts
Municipal Bonds June 1998 $200,000
(i) The following abbreviation is used in the portfolio descriptions:
A.M.T. -- Alternative Minimum Tax-- As of May 31, 1998, the value of
securities subject to alternative minimum tax represented
16.0% of net assets.
B.A.N.. -- Bond Anticipation Note
C.P. -- Commercial Paper
R.A.N.. -- Revenue Anticipation Note
T.A.N.. -- Tax Anticipation Note
T.R.A.N. -- Tax & Revenue Anticipation Note
V.R. -- Variable Rate
V.R.D.B. -- Variable Rate Demand Bond
V.R.D.N. -- Variable Rate Demand Note
(j) Interest rate varies to reflect current market conditions; rate shown is
the effective rate on May 31, 1998.
(k) At May 31, 1998, the cost of securities purchased, including interest
purchased, on a when-issued basis was $9,625,349.
(l) Non-income producing. Items identified are in default as to payment of
interest and/or principal.
(m) At May 31, 1998, the cost of securities for federal income tax purposes was
approximately $5,317,153,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $628,409,000
Unrealized depreciation (25,151,000)
Net unrealized appreciation $603,258,000
See accompanying notes to investments in securities.
Strategist Tax-Free Income Fund, Inc.
American Express Service Corporation, Distributor
