Strategist Tax-Free Income Fund, Inc.
2000 Semiannual Report
Strategist Tax-Free High Yield Fund
<PAGE>
Table of Contents
From the Portfolio Manager 2
Financial Statements (Strategist Tax-Free High Yield Fund) 4
Notes to Financial Statements (Strategist Tax-Free High Yield Fund) 7
Financial Statements (Tax-Free High Yield Portfolio) 11
Notes to Financial Statements (Tax-Free High Yield Portfolio) 14
Investments in Securities (Tax-Free High Yield Portfolio) 17
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(picture of) Kurt Larson
Kurt Larson
Portfolio manager
From the Portfolio Manager
Strategist Tax-Free High Yield Fund's interest income was virtually unchanged
during the past six months, but an upturn in interest rates led to a decline in
its net asset value. For the first half of the fiscal year -- December 1999
through May 2000 -- the Fund generated a total return of 0.06%.
Although there were few clear indications of an impending rise in the inflation
rate, concern about that possibility dominated the investment environment for
most of the period. That concern evidently was shared by the Federal Reserve
(the Fed), which raised short-term interest rates three times in an effort to
cool down a red-hot economy and relieve potential upward pressure on inflation.
RATES UP, PRICES DOWN
The result for most sectors of the bond market, including municipal bonds, was
an overall rise in interest rates and a concurrent decline in prices. (Rising
rates depress bond prices, while falling rates inflate them.) For the Fund, it
meant an erosion in its net asset value over the six months.
To mitigate the trend, I kept a shorter-than-average duration in the portfolio.
(Duration, a function of the average maturity of the bond holdings, influences
how price-sensitive the fund is to interest-rate changes. Generally, the longer
the maturity, the greater the sensitivity.) While that couldn't avoid the effect
of the rate rise, it did cushion the Fund's value somewhat.
Looking at other factors affecting the municipal market, the supply of new bonds
declined from the level of recent years. However, that positive trend was
counteracted by relatively weak demand on the part of institutional and
individual investors in municipal bond mutual funds. All in all, those factors
essentially canceled themselves out.
As has been the case for some time, I kept a portion (about 23%) of the
portfolio invested in low-grade bonds, whose higher interest income helped shore
up the Fund's yield. Nearly all the rest of the investments were in
investment-grade, or higher-quality, issues.
Kurt Larson
Note to shareholders: As you know, effective July 14, 2000, your Fund was
reorganized into AXP High Yield Tax-Exempt Fund, which has identical investment
policies and the same investment manager as the Strategist fund. There will be
no change in how your assets are managed.
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<CAPTION>
Financial Statements
Statement of assets and liabilities
Strategist Tax-Free High Yield Fund
May 31, 2000 (Unaudited)
Assets
<S> <C> <C>
Investment in Tax-Free High Yield Portfolio (Note 1) $747,963
Expense reimbursement receivable from AEFC 3,499
-----
Total assets 751,462
-------
Liabilities
Dividends payable to shareholders 1,646
Accrued tranfer agency fee 1
Accrued administrative services fee 1
Other accrued expenses 1,787
-----
Total liabilities 3,435
-----
Net assets applicable to outstanding capital stock $748,027
========
Represented by
Capital stock-- $.01 par value (Note 1) $ 1,788
Additional paid-in capital 790,340
Undistributed net investment income 8,085
Accumulated net realized gain (loss) (Note 4) (54,650)
Unrealized appreciation (depreciation) on investments 2,464
-----
Total -- representing net assets applicable to outstanding capital stock $748,027
========
Shares outstanding 178,778
-------
Net asset value per share of outstanding capital stock $ 4.18
--------
See accompanying notes to financial statements.
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<CAPTION>
Statement of operations
Strategist Tax-Free High Yield Fund
Six months ended May 31, 2000 (Unaudited)
Investment income
Income:
<S> <C>
Interest $ 26,248
--------
Expenses (Note 2):
Expenses allocated from Tax-Free High Yield Portfolio 1,760
Transfer agency fee 194
Administrative services fees and expenses 154
Registration fees 7,715
Audit fees 1,800
Other 4,880
-----
Total expenses 16,503
Less expenses voluntarily reimbursed by AEFC (Note 2) (12,831)
-------
Total net expenses 3,672
-----
Investment income (loss) -- net 22,576
------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (16,535)
Financial futures contracts (806)
----
Net realized gain (loss) on investments (17,341)
Net change in unrealized appreciation (depreciation) on investments (3,530)
------
Net gain (loss) on investments (20,871)
-------
Net increase (decrease) in net assets resulting from operations $ 1,705
========
See accompanying notes to financial statements.
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<CAPTION>
Statements of changes in net assets
Strategist Tax-Free High Yield Fund
May 31, 2000 Nov. 30, 1999
Six months ended Year ended
(Unaudited)
Operations and distributions
<S> <C> <C>
Investment income (loss)-- net $ 22,576 $ 50,900
Net realized gain (loss) on investments (17,341) (26,873)
Net change in unrealized appreciation (depreciation)
on investments (3,530) (42,683)
------ -------
Net increase (decrease) in net assets resulting
from operations 1,705 (18,656)
----- -------
Distributions to shareholders from:
Net investment income (14,491) (52,780)
Net realized gain (11) --
Tax return of capital -- (16,275)
----- -------
Total distributions (14,502) (69,055)
------- -------
Capital share transactions (Note 3)
Proceeds from sales 7,151 117,249
Reinvestment of distributions at net asset value 12,847 68,437
Payments for redemptions (55,526) (164,259)
------- --------
Increase (decrease) in net assets from capital
share transactions (35,528) 21,427
------- ------
Total increase (decrease) in net assets (48,325) (66,284)
Net assets at beginning of period 796,352 862,636
------- -------
Net assets at end of period $748,027 $796,352
======== ========
Undistributed net investment income $ 8,085 $ --
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, 2000)
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.
Effective July 14, 2000, the Fund was reorganized into AXP High Yield Tax-Exempt
Fund, which has identical investment policies and the same investment manager as
the Fund.
Investment in Tax-Free High Yield Portfolio
The Fund invests all of its net investable assets in the Tax-Free High Yield
Portfolio (the Portfolio), a series of Tax-Free Income Trust (the Trust), an
open-end investment company that has the same objectives as the Fund. The
Portfolio invests primarily in medium- and lower-quality tax-exempt bonds (junk
bonds) and other debt obligations.
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 the value that is equal to
the Fund's proportionate ownership interest in the Portfolio's net assets. The
percentage of the Portfolio owned by the Fund as of May 31, 2000 was 0.02%.
Valuation of securities held by the Portfolio is discussed in Note 1 of the
Portfolio's "Notes to financial statements" (included elsewhere in this report).
Use of estimates
Preparing financial statements that conform to accounting principles generally
accepted in the United States of America requires management to make estimates
(e.g., on assets and liabilities) that could differ from actual results.
Federal taxes
The Fund's policy is to comply with all sections of the Internal Revenue Code
that apply to regulated investment companies and to distribute substantially all
of its taxable income to the shareholders. No provision for income or excise
taxes is thus required.
Net investment income (loss) and net realized gains (losses) may differ for
financial statement and tax purposes primarily because of deferred 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
As of May 31, 2000, AEFC owned 143,660 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 has an agreement with AEFC to provide administrative services. Under an
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 services. As of
Oct. 1, 1999, public sales were discontinued.
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 Nov. 30, 2000. 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, 2000
Sold 1,061
Issued for reinvested distributions 3,149
Redeemed (13,077)
-------
Net increase (decrease) (8,867)
Year ended Nov. 30, 1999
Sold 25,139
Issued for reinvested distributions 15,262
Redeemed (36,956)
-------
Net increase (decrease) 3,445
4. CAPITAL LOSS CARRYOVER
For federal income tax purposes, Tax-Free High Yield Fund has a capital loss
carryover as of Nov. 30, 1999 of $35,006 that if not offset by subsequent
capital gains, will expire in 2004 through 2007. 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 changesa
2000e 1999 1998 1997 1996b
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $4.24 $4.68 $4.64 $4.56 $4.46
Income from investment operations:
Net investment income (loss) .12 .25 .26 .28 .15
Net gains (losses) (both realized
and unrealized) (.11) (.34) .04 .08 .10
Total from investment operations .01 (.09) .30 .36 .25
Less distributions:
Dividends from net investment income (.07) (.25) (.26) (.28) (.15)
Tax return of capital -- (.10) -- -- --
Total distributions (.07) (.35) (.26) (.28) (.15)
Net asset value, end of period $4.18 $4.24 $4.68 $4.64 $4.56
Ratios/supplemental data
Net assets, end of period
(in thousands) $748 $796 $863 $734 $535
Ratio of expenses to average
daily net assetsc .95%d .95% .94% .95% .95%d
Ratio of net investment income
(loss) to average daily net assets 5.84%d 5.61% 5.54% 6.02% 6.22%d
Portfolio turnover rate
(excluding short-term securities) 5% 16% 14% 4% 4%
Total return .06% (2.25%) 6.65% 8.26% 5.60%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Inception date was May 13, 1996.
c The Advisor and Distributor voluntarily limited total operating expenses to
0.95% of average daily net assets. Without this agreement, the ratio of
expenses to average daily net assets would have been 4.27%, 3.25%, 1.76%,
2.96% and 24.16% for the periods ended 2000, 1999, 1998, 1997 and 1996,
respectively.
d Adjusted to an annual basis.
e Six months ended May 31, 2000 (Unaudited).
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<CAPTION>
Financial Statements
Statement of assets and liabilities
Tax-Free High Yield Portfolio
May 31, 2000 (Unaudited)
Assets
Investments in securities, at value (Note 1)
<S> <C> <C>
(identified cost $4,755,268,649) $4,811,877,666
Accrued interest receivable 97,254,762
Receivable for investment securities sold 590,812
-------
Total assets 4,909,723,240
-------------
Liabilities
Disbursements in excess of cash on demand deposit 446,364
-------
Accrued investment management services fee 59,600
Other accrued expenses 100,908
-------
Total liabilities 606,872
-------
Net assets $4,909,116,368
==============
See accompanying notes to financial statements.
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<CAPTION>
Statement of operations
Tax-Free High Yield Portfolio
Six months ended May 31, 2000 (Unaudited)
Investment income
Income:
<S> <C>
Interest $ 176,381,820
-------------
Expenses (Note 2):
Investment management services fee 11,401,354
Compensation of board members 8,992
Custodian fees 158,074
Audit fees 18,250
Other 38,199
------
Total expenses 11,624,869
Earnings credits on cash balances (Note 2) (6,963)
------
Total net expenses 11,617,906
----------
Investment income (loss) -- net 164,763,914
-----------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (Note 3) 25,464,111
Financial futures contracts (4,027,856)
----------
Net realized gain (loss) on investments 21,436,255
Net change in unrealized appreciation (depreciation) on investments (161,876,724)
------------
Net gain (loss) on investments (140,440,469)
------------
Net increase (decrease) in net assets resulting from operations $ 24,323,445
==============
See accompanying notes to financial statements.
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<CAPTION>
Statements of changes in net assets
Tax-Free High Yield Portfolio
May 31, 2000 Nov. 30, 1999
Six months ended Year ended
(Unaudited)
Operations
<S> <C> <C>
Investment income (loss) -- net $ 164,763,914 $ 350,814,296
Net realized gain (loss) on investments 21,436,255 (34,314,288)
Net change in unrealized appreciation (depreciation)
on investments (161,876,724) (400,370,743)
------------ ------------
Net increase (decrease) in net assets resulting
from operations 24,323,445 (83,870,735)
Net contributions (withdrawals) from partners (549,106,994) (487,924,306)
------------ ------------
Total increase (decrease) in net assets (524,783,549) (571,795,041)
Net assets at beginning of period 5,433,899,917 6,005,694,958
------------- -------------
Net assets at end of period $4,909,116,368 $5,433,899,917
============== ==============
See accompanying notes to financial statements.
</TABLE>
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Notes to Financial Statements
Tax-Free High Yield Portfolio
(Unaudited as to May 31, 2000)
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. The Portfolio
invests primarily in medium- and lower-quality tax-exempt bonds and other debt
obligations. The declaration of Trust permits the Trustees to issue
non-transferable interests in the Portfolio.
The Portfolio's significant accounting policies are summarized below:
Use of estimates
Preparing financial statements that conform to accounting principles generally
accepted in the United States of America requires management to make estimates
(e.g., on assets and liabilities) that could differ from actual results.
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 that reflects fair value
as quoted by dealers 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
To produce incremental earnings, protect gains and facilitate buying and selling
of securities for investments, the Portfolio may buy and sell put and call
options and write covered call options on portfolio securities as well as write
cash-secured put options. The risk in writing a call option is that the
Portfolio gives up the opportunity for 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 being unable to enter into a closing transaction if a liquid secondary
market does not exist. The Portfolio may write over-the-counter options where
completing the obligation depends 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 when the option transaction expires or closes. 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
To gain exposure to or protect itself from market changes, the Portfolio may buy
and sell financial futures contracts. Risks of entering into futures contracts
and related options include the possibility of 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.
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. As a "pass-through" entity, the Portfolio therefore
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 an Investment Management Services
Agreement with AEFC to manage 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, 2000, the Portfolio's custodian fees were
reduced by $6,963 as a result of earnings credits from overnight cash balances.
The Portfolio also pays custodian fees to American Express Trust Company, an
affiliate of AEFC.
According to a Placement Agency Agreement, American Express Financial Advisors
Inc. acts as placement agent of the Trust's units.
3. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities (other than short-term
obligations) aggregated $260,626,980 and $673,175,475, respectively, for the six
months ended May 31, 2000. For the same period, the portfolio turnover rate was
5%. Realized gains and losses are determined on an identified cost basis.
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<CAPTION>
Investments in Securities
Tax-Free High Yield Portfolio
May 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Municipal bonds (97.1%)
Name of issuer and Coupon Principal Value(a)
title of issue(e,f) rate amount
Alabama (0.8%)
Baldwin County Eastern Shore Health Care Authority
Hospital Revenue Bonds Thomas Hospital Series 1991
<S> <C> <C> <C> <C> <C>
04-01-16 8.50% $4,765,000 $4,995,626
Camden Industrial Development Board Solid Waste Disposal
Revenue Bonds MacMillan Bloedel Series 1991A A.M.T.
04-01-19 7.75 8,500,000 8,759,930
Jefferson County Capital Improvement
Sewer Revenue Bonds Series 1999A (FGIC Insured)
02-01-33 5.00 29,000,000 24,113,500
Total 37,869,056
Alaska (0.3%)
Industrial Development & Exploration Authority
Electric Power Revenue Bonds
Upper Lynn Canal Regional Power
Series 1997 A.M.T.
01-01-18 5.80 830,000 694,776
01-01-32 5.88 1,800,000 1,442,556
North Slope Borough General Obligation Bonds
Zero Coupon Series 1994B (CGIC Insured)
06-30-04 7.05 7,000,000(d) 5,613,370
06-30-05 7.15 7,000,000(d) 5,299,560
Total 13,050,262
Arizona (1.4%)
Chandler Industrial Development Authority
Beverly Enterprises Series 1994
09-01-08 7.63 2,540,000 2,555,113
Flagstaff Industrial Development Authority
Lifecare Revenue Bonds Northern Arizona
Senior Living Community Series 1998
09-01-28 6.20 5,020,000 4,132,464
09-01-38 6.30 6,165,000 5,023,242
Maricopa County Hospital System Revenue Bonds
Samaritan Health Services Series 1981
01-01-08 12.00 255,000 359,292
Maricopa County Industrial Development Authority
Multi-family Housing Revenue Bonds Series B
07-01-26 7.38 2,270,000 2,507,601
Maricopa County Industrial Development Authority
Senior Living Facilities Revenue Bonds Series 1997A
04-01-27 7.88 15,000,000 14,799,751
Maricopa County Pollution Control Refunding
Revenue Bonds Palo Verde Public Service
08-15-23 6.38 3,500,000 3,276,910
Navajo Industrial Development Authority Revenue Bonds
Stone Container Corporation Series 1997 A.M.T.
06-01-27 7.20 3,000,000 2,824,080
Peoria Industrial Development Authority
Refunding Revenue Bonds
Sierra Winds Lifecare Community Series 1999A
08-15-29 6.38 5,700,000 4,783,383
Phoenix Industrial Development Authority
Refunding Revenue Bonds Christian Care Apartments
01-01-26 6.50 9,525,000 8,422,862
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 6,965,000 6,589,517
Pima County Industrial Development Authority
Multi-family Housing Revenue Bonds
Las Villas De Kino Apartments Series 1998 A.M.T.
08-01-30 6.25 3,920,000 3,472,218
Pima County Industrial Development Authority
Revenue Bonds LaPosada Park Centre Series 1996A
05-15-27 7.00 5,750,000 5,387,635
Scottsdale Industrial Development Authority
Beverly Enterprises Series 1994
09-01-08 7.63 2,805,000 2,826,879
Total 66,960,947
Arkansas (0.2%)
Pope County Solid Waste Disposal Revenue Bonds
Arkansas Power & Light Series 1991 A.M.T.
01-01-21 8.00 3,250,000 3,341,553
Washington County District 5
General Obligation Refunding Improvement Bonds
02-01-09 7.00 7,135,000 6,677,075
Total 10,018,628
California (9.9%)
ABAG Financial Authority for Nonprofit Corporations
Certificate of Participation International School Series 1996
05-01-26 7.38 8,000,000 8,134,640
Anaheim Public Financing Authority Lease
Capital Appreciation Improvement Revenue Bonds
Zero Coupon Series 1997C (FSA Insured)
09-01-23 5.94 25,865,000(d) 6,226,223
Anaheim Public Financing Authority Lease
Capital Appreciation Revenue Bonds
Zero Coupon (FSA Insured)
09-01-26 5.65 20,000,000(d) 3,975,800
09-01-29 5.95 12,800,000(d) 2,109,568
09-01-31 5.74 24,500,000(d) 3,566,220
09-01-36 5.73 10,000,000(d) 1,056,700
Community Development Authority Health Facilities
Unihealth America Certificate of Participation
Series 1993 Inverse Floater (AMBAC Insured)
10-01-11 6.45 22,400,000(c) 23,464,000
Contra Costa County Residential Rent Facility
Multi-family Housing Revenue Bonds Cypress Meadows
Series 1998E A.M.T.
09-01-28 7.00 5,000,000 4,198,450
East Bay Municipal Utility District
Water Systems Revenue Bonds
Inverse Floater (MBIA Insured)
06-01-08 6.42 15,500,000(c) 15,228,750
Foothill/Eastern Transportation Corridor Agency
Toll Road Revenue Bonds Series 1995A (MBIA Insured)
01-01-35 5.00 31,070,000 26,720,510
Fresno Health Facility Refunding Revenue Bonds
Holy Cross Health System (MBIA Insured)
12-01-13 5.63 3,000,000 3,023,250
Health Facilities Financing Authority
Revenue Bonds Residual Certificates
Inverse Floater
07-01-10 8.55 5,500,000(c) 5,902,050
Irwindale Redevelopment Agency Subordinate Lien
Tax Allocation Bonds
12-01-26 7.05 5,750,000 6,018,813
Lake Elsinore Public Finance Authority
Local Agency Revenue Bonds Series 1997F
09-01-20 7.10 11,930,000 12,221,211
Los Angeles County Pre-refunded Certificates of Participation
06-01-15 6.71 20,000,000 20,739,600
Los Angeles International Airport Regional Airports
Improvement Corporation Refunding Revenue Bonds
Delta Airlines
11-01-25 6.35 13,000,000 11,944,400
Los Angeles International Airport Regional Airports
Improvement Corporation Refunding Revenue Bonds
United Airlines Series 1984
11-15-21 8.80 11,650,000 12,071,148
Los Angeles Water & Power Electric Plant
Refunding Revenue Bonds Series 1992
02-01-20 6.38 10,000,000 10,242,000
Millbrae Residential Facility Revenue Bonds
Magnolia of Millbrae Series 1997A A.M.T.
09-01-27 7.38 2,500,000 2,393,825
Northern California Power Agency Geothermal 3
Revenue Bonds
07-01-09 5.00 49,635,000 48,736,459
Novato Community Facility District 1 Vintage Oaks
Public Improvement Special Tax Refunding Bonds
08-01-21 7.25 5,000,000 5,189,950
Oceanside Certificate of Participation Refunding Bonds
Oceanside Civic Center (MBIA Insured)
08-01-19 5.25 7,000,000 6,496,420
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A
08-15-18 7.35 6,000,000 6,455,520
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A
09-02-12 6.15 4,350,000 4,405,854
Port of Oakland Revenue Bonds Inverse Floater
(FGIC Insured) A.M.T.
11-01-15 7.71 3,315,000(c) 3,339,465
11-01-16 7.71 3,000,000(c) 3,017,640
Sacramento Cogeneration Authority
Pre-refunded Revenue Bonds Procter & Gamble Series 1995
07-01-14 6.50 3,800,000 4,128,092
Sacramento Cogeneration Authority
Revenue Bonds Procter & Gamble Series 1995
07-01-21 6.50 8,000,000 8,690,720
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds Series 1993D
Inverse Floater (FSA Insured)
11-15-05 7.12 15,800,000(c) 16,155,500
11-15-06 7.32 16,400,000(c) 16,830,500
Sacramento Municipal Utility District Electric
Refunding Revenue Bonds Series 1993D
Inverse Floater (MBIA Insured)
11-15-15 7.77 15,000,000(c) 14,100,000
Sacramento Power Authority Cogeneration
Revenue Bonds Campbell Soup Series 1995
07-01-22 6.00 25,000,000 24,024,250
San Francisco City & County Airport Commission
International Airport Revenue Bonds Rites Certificates
Issue 25 (FSA Insured) A.M.T.
05-01-14 7.83 1,625,000 1,652,723
05-01-15 7.83 1,725,000 1,733,660
05-01-16 8.08 1,830,000 1,865,722
San Joaquin Hills Orange County Transportation
Corridor Agency Senior Lien Toll Road Revenue Bonds
01-01-32 6.75 14,785,000 15,801,912
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(d) 2,117,610
01-15-25 5.30 43,510,000(d) 9,606,573
01-15-26 5.64 30,000,000(d) 6,213,900
01-15-27 5.59 6,670,000(d) 1,299,249
01-15-32 5.41 21,500,000(d) 3,066,115
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(d) 13,248,194
San Jose Redevelopment Agency Merged Area
Tax Allocation Bonds Series 1993 Inverse Floater
(MBIA Insured)
08-01-14 6.42 33,600,000(c) 31,457,999
Santa Nella County Water District Improvement
Limited Obligation Refunding Improvement Bonds
Series 1998
09-02-28 6.25 2,760,000 2,518,831
Sierra Unified School District Fresno County
Certificate of Participation Capital Funding
Refunding Bonds Series 1993
03-01-18 6.13 6,470,000 6,322,290
South Tahoe Joint Powers Financing Authority
Refunding Revenue Bonds South Tahoe Area 1
Series 1995B
10-01-28 6.00 9,900,000 9,047,709
Southern California Public Power Authority
Power Revenue Bonds Palo Verde
Series 1993 Inverse Floater (FGIC Insured)
07-01-17 6.92 20,000,000(c) 18,100,000
State Unlimited General Obligation Bonds
Residual Certificates Series 1999 Inverse Floater
(MBIA Insured)
12-01-16 7.75 8,125,000(c) 8,316,506
Ukiah Unified School District
Mendocino County Certificates of Participation
Series 1993
09-01-10 6.00 5,000,000 5,123,500
University of California Refunding Revenue Bonds
Multiple Purpose Project (AMBAC Insured)
09-01-16 5.25 6,000,000 5,709,720
West Sacramento Financing Authority
Special Tax Revenue Bonds Series 1999F
09-01-29 6.10 9,500,000 8,299,010
Total 492,308,751
Colorado (7.8%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
04-01-09 8.00 4,000,000 4,227,240
Arapahoe County Public Highway Authority Capital
Improvement Trust Fund E-470 Highway
Pre-refunded Revenue Bonds
08-31-26 7.00 22,000,000 24,365,219
Aurora Centretech Metropolitan District
Arapahoe County Series 1987B
12-01-23 10.53 5,699,785 7,981,352
Bowles Metropolitan District General Obligation Bonds
Series 1995
12-01-15 7.75 15,500,000 17,147,805
Castle Rock Ranch Public Facility Improvement
Revenue Bonds Series 1996
12-01-17 6.25 10,000,000 10,008,600
Colorado Springs Utilities System
Refunding Revenue Bonds Series 1991C
11-15-15 6.50 24,895,000 25,893,537
11-15-21 6.75 16,665,000 17,363,930
Dawson Ridge Metropolitan District
Refunding Revenue Bonds Zero Coupon
Series B Escrowed to Maturity
10-01-22 5.21 40,000,000(d) 8,241,200
Denver City & County Airport Systems Revenue Bonds
Series 1991A A.M.T.
11-15-23 8.75 10,000,000 10,641,977
Denver City & County Airport Systems Revenue Bonds
Series 1991D A.M.T.
11-15-21 7.75 8,650,000 9,088,792
Denver City & County Airport Systems Revenue Bonds
Series 1992A
11-15-25 7.25 20,975,000 22,423,743
Denver City & County Airport Systems Revenue Bonds
Series 1992B A.M.T.
11-15-23 7.25 20,500,000 21,501,432
Denver City & County Airport Systems Revenue Bonds
Series 1994A
11-15-12 7.50 5,000,000 5,373,900
Denver City & County Airport Systems Revenue Bonds
Series 1994A A.M.T.
11-15-23 7.50 19,340,000 20,860,810
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1991
12-01-06 8.00 1,385,000 1,578,581
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1995B
12-01-06 11.00 730,000 946,022
Denver Special Facility Airport Revenue Bonds
United Air Lines Series A A.M.T.
10-01-32 6.88 25,400,000 24,244,554
Denver Urban Renewal Authority Tax Increment
Revenue Bonds Downtown Denver Redevelopment
Adams Mark Hotel Series 1989 A.M.T.
09-01-15 8.00 15,800,000 17,033,348
09-01-16 8.00 1,785,000 1,924,337
09-01-17 8.00 1,930,000 2,080,656
Denver Urban Renewal Authority Tax Increment
Revenue Bonds South Broadway Montgomery Ward
Urban Renewal Series 1992
05-01-16 8.50 13,075,000 13,930,628
Denver West Metropolitan District
General Obligation Bonds Series 1996
06-01-16 6.50 2,560,000 2,553,702
Denver West Metropolitan District
General Obligation Refunding Improvement Bonds
Series 1995
12-01-14 7.00 4,230,000 4,412,228
Eagle Bend Metropolitan District 2
Limited General Obligation Bonds
12-01-18 6.88 7,500,000 7,249,200
Edgewater Redevelopment Authority
Tax Increment Refunding Revenue Bonds
Edgewater Redevelopment Series 1999
12-01-08 5.50 3,615,000 3,340,622
Educational & Cultural Facilities Authority Revenue Bonds
Boulder County Day School Series 1999
09-01-24 6.75 4,720,000 4,532,097
Hotchkiss Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
09-01-09 8.00 1,500,000 1,586,685
Housing Finance Authority Single Family Program
Senior Bonds Series 1991B (FGIC Insured)
08-01-11 7.25 1,125,000 1,148,794
02-01-18 7.30 1,025,000 1,045,398
Loveland Special Improvement District 1
Special Assessment Revenue Bonds
Series 2000
07-01-29 7.50 6,640,000 6,238,413
Lowry Economic Redevelopment Authority
Revenue Bonds Series 1996
12-01-10 7.50 19,000,000 20,696,510
Lowry Economic Redevelopment Authority
Series A
12-01-10 7.00 3,600,000 3,820,788
Saddle Rock Metropolitan District Limited Tax
General Obligation Bonds Series 1997
12-01-16 7.63 5,300,000 5,308,957
State Health Facilities Authority
Retirement Facilities Revenue Bonds
Liberty Heights Zero Coupon
Escrowed to Maturity
07-15-22 7.50 81,465,000(d) 18,281,561
State Health Facility Authority Hospital Improvement
Refunding Revenue Bonds
Parkview Episcopal Medical Center Series 1995
09-01-25 6.13 7,000,000 5,974,920
Superior Metropolitan District 2 Limited Tax
General Obligation Refunding Bonds
MDC Holdings Series 1994B
12-01-13 8.25 2,580,000 2,903,532
12-01-13 8.50 10,705,000 12,160,666
Thornton Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
09-01-09 8.00 4,500,000 4,755,645
Trailmark Metropolitan District
General Obligation Bonds
Series 1999B
12-01-18 5.80 5,000,000 4,399,350
Westminster Industrial Development Revenue Bonds
Dillion Real Estate-Kroger
04-01-09 8.00 3,500,000 3,702,265
Total 380,968,996
Connecticut (0.2%)
State Development Authority Pollution Control
Refunding Revenue Bonds Connecticut Light & Power
Series 1993B A.M.T.
09-01-28 5.95 10,000,000 8,658,800
District of Columbia (0.2%)
Washington DC Convention Center Authority
Senior Lien Dedicated Tax Revenue Bonds
Series 1998 (AMBAC Insured)
10-01-28 4.75 11,250,000 8,987,288
Florida (4.6%)
Arbor Greene Community Development District
Special Assessment Revenue Bonds Series 1996
05-01-18 7.60 4,760,000 4,939,119
Arbor Greene Community Development District
Special Assessment Revenue Bonds Series 1998
05-01-19 6.30 1,355,000 1,241,695
Brooks of Bonita Springs Community
Development District Special Assessment
District Capital Improvement Revenue Bonds
Series 1998A
05-01-19 6.20 11,000,000 9,977,330
Brooks of Bonita Springs Community
Development District Special Assessment
District Capital Improvement Revenue Bonds
Series 1998B
05-01-06 5.65 565,000 538,756
Championsgate Community Development District
Capital Improvement Revenue Bonds Series 1998A
05-01-20 6.25 2,840,000 2,545,634
Championsgate Community Development District
Capital Improvement Revenue Bonds Series 1998B
05-01-05 5.70 1,515,000 1,459,975
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds
Royal Palm Retirement Centre Series 1991
03-01-14 9.50 3,705,000 3,855,682
Crossings at Fleming Island Community Development
District Special Assessment Bonds Series 1995
05-01-16 8.25 9,585,000 10,882,330
Crossings at Fleming Island Community Development
District Utility Revenue Bonds Series 1994
10-01-19 7.38 12,945,000 13,164,159
Crossings at Fleming Island Community Development
District Utility Revenue Bonds Series 1999
10-01-25 6.75 6,000,000 5,686,680
Grand Haven Community Development District
Special Assessment Bonds Flagler County
Series 1997A
05-01-02 6.30 3,900,000 3,898,362
Grand Haven Community Development District
Special Assessment Revenue Bonds
Series 1998A
05-01-19 6.90 975,000 947,885
Heritage Harbor Community Development District
Special Assessment Revenue Bonds
Series 1997B
05-01-03 6.00 1,025,000 1,013,643
05-01-05 5.75 1,420,000 1,380,339
Heritage Palms Community Development District
Capital Improvement Revenue Bonds
Series 1998
11-01-03 5.40 3,135,000 3,032,987
Hillsborough County Housing Finance Authority
Multi-family Housing Revenue Bonds
Park Springs Apartments A.M.T. V.R.
07-01-39 6.00 9,300,000 7,963,497
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A
08-01-14 7.00 24,000,000 24,926,926
Hillsborough County Utility Refunding Revenue Bonds
Series 1991A (MBIA Insured)
08-01-16 6.50 24,760,000 25,655,568
Lakewood Ranch Community Development District 1
Manatec County Benefit Special Assessment Bonds
Series 1998
05-01-17 7.30 2,600,000 2,474,082
Lakewood Ranch Community Development District 1
Special Assessment Bonds Series 1994
05-01-14 8.25 2,085,000 2,169,484
Miami Health Facility Authorization Revenue Bonds
Inverse Floater (AMBAC Insured)
08-15-15 7.04 3,500,000(c) 2,957,500
North Springs Improvement Special Assessment
District Revenue Bonds Heron Bay Series 1997
05-01-19 7.00 2,925,000 2,903,560
North Springs Improvement Special Assessment
District Revenue Bonds Parkland Isles Series 1997B
05-01-05 6.25 1,900,000 1,871,557
Orange County Housing Finance Authority
Multi-family Housing Revenue Bonds
Dunwoodie Apartments Series 1999E A.M.T.
07-01-35 6.50 6,020,000 5,331,011
Palm Beach County Health Facilities Authority Hospital
Revenue Bonds Good Samaritan Health Series 1993
10-01-22 6.30 3,750,000 3,943,538
Palm Beach County Housing Finance Authority
Multi-family Revenue Bonds Lake Delray
Series A A.M.T.
01-01-31 6.40 14,000,000 12,622,120
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II
12-01-14 8.75 5,760,000 6,009,638
Port Everglades Port Authority Revenue Bonds Junior Lien
09-01-16 5.00 18,635,000 17,004,810
River Ridge Community Development District
Special Assessment Revenue Bonds Series 1998
05-01-08 5.75 2,400,000 2,279,856
Riverwood Community Development District
Charlotte County Special Assessment Revenue Bonds
Series 1992A-B
05-01-12 8.50 5,190,000 5,352,396
State Housing Finance
Revenue Bonds Westbrook Apartments
Series U-1 A.M.T.
01-01-39 6.45 4,880,000 4,421,914
Stoneybrook Community Development District
Capital Improvement Revenue Bonds
Lee County Series 1998A
05-01-19 6.10 1,660,000 1,485,385
Stoneybrook Community Development District
Capital Improvement Revenue Bonds
Lee County Series 1998B
05-01-08 5.70 985,000 930,372
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 3,879,540
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 2,915,000 2,593,913
Sumter County Village Community Development
District 1 Capital Improvement Revenue Bonds
Series 1992
05-01-12 8.40 500,000 517,705
Village Center Community Development District
Sub Recreational Revenue Bonds
Series 1998C
01-01-19 7.38 2,575,000 2,403,943
Village Center Community District Recreational
Revenue Bonds Series 1996B
01-01-17 8.25 2,615,000 2,684,062
Village Community Development District 2
Special Assessment District Revenue Bonds
Series 1996
05-01-17 7.63 4,650,000 4,705,847
Volusia County Industrial Development Authority
1st Mortgage Refunding Revenue Bonds Series 1996
11-01-26 7.63 10,925,000 12,376,605
Total 224,029,405
Georgia (2.4%)
Americus-Sumter County Hospital Authority
Refunding Revenue Bonds South Georgia
Methodist Home for the Aging Obligated Group
Magnolia Manor Series 1999
05-15-29 6.38 5,500,000 4,609,990
Atlanta Airport Revenue Bonds
Residual Certificates Series 2000
Inverse Floaters (FGIC Insured) A.M.T.
01-01-18 8.50 4,460,000(c) 4,435,292
Atlanta Special Purpose Facility Revenue Bonds
Delta Air Lines Series 1989B A.M.T.
12-01-18 7.90 13,500,000 13,672,125
12-01-19 6.25 8,685,000 8,049,779
Colquitt County Development Authority Revenue Bonds
Zero Coupon Escrowed to Maturity
12-01-21 6.87 46,350,000(d) 9,818,784
Effingham County Pollution Control Revenue Bonds
Fort Howard Series 1988
10-01-05 7.90 19,850,000 20,309,329
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A
09-01-22 6.38 20,300,000 21,190,966
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 7,430,560
Municipal Electric Authority Power Revenue Bonds
Series L
01-01-20 5.00 1,150,000 961,504
Rockdale County Development Authority Solid Waste
Disposal Revenue Bonds Visy Paper Series 1993 A.M.T.
01-01-26 7.50 10,000,000 10,139,600
Savannah Economic Development Authority
1st Mortgage Revenue Bonds Zero Coupon Series 1991A
12-01-21 5.40 13,730,000(d) 2,908,563
Savannah Economic Development Authority
Revenue Bonds Zero Coupon Escrowed to Maturity
12-01-21 6.87 64,220,000(d) 13,604,365
Total 117,130,857
Hawaii (0.4%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater
09-07-06 5.32 10,000,000(c) 9,875,000
09-11-08 5.62 10,000,000(c) 9,912,500
Total 19,787,500
Illinois (7.7%)
Bradley Kankakee County Tax Increment
Refunding Revenue Bonds Series 1993
12-01-12 8.40 5,370,000 5,742,034
Broadview Cook County Senior Lien Tax Increment
Revenue Bonds Series 1993
07-01-13 8.25 10,995,000 12,056,567
Chicago Board of Education School Reform
Unlimited General Obligation Bonds
Capital Appreciation Zero Coupon
Series B-1 (FGIC Insured)
12-01-29 5.20 25,000,000(d) 3,853,750
Chicago Board of Education School Reform
Unlimited General Obligation Bonds
Series 1997A (AMBAC Insured)
12-01-22 5.25 5,000,000 4,438,900
Chicago Board of Education School Reform
Unlimited Tax General Obligation Refunding Bonds
Zero Coupon Series 1999A (FGIC Insured)
12-01-28 5.30 31,500,000(d) 5,174,820
12-01-29 5.30 30,500,000(d) 4,701,575
12-01-30 5.30 36,135,000(d) 5,228,012
Chicago Capital Appreciation
Unlimited General Obligation Bonds
City Colleges Zero Coupon (FGIC Insured)
01-01-36 6.26 32,670,000(d) 3,484,256
Chicago General Obligation Bonds
Series 1994A (AMBAC Insured)
01-01-22 5.88 17,850,000 18,433,517
Chicago General Obligation Refunding Bonds
Series 1995A (AMBAC Insured)
01-01-18 5.50 20,000,000 19,173,000
Chicago O'Hare International Airport
General Airport Refunding Revenue Bonds Series 1993A
01-01-16 5.00 4,450,000 3,917,024
Chicago O'Hare International Airport
General Airport Revenue Bonds Series 1990A A.M.T.
01-01-16 7.50 10,865,000 11,106,855
01-01-18 6.00 29,000,000 28,412,749
Chicago O'Hare International Airport
Special Revenue Bonds (FGIC Insured) A.M.T.
11-01-25 7.88 17,750,000 18,159,138
Chicago O'Hare International Airport
Special Revenue Facility Bonds Delta Airlines
Series 1992
05-01-18 6.45 10,000,000 9,639,900
Chicago Wastewater Transmission Revenue Bonds
Series 1994 (MBIA Insured)
01-01-24 6.38 22,500,000 23,986,799
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds
01-01-06 7.00 880,000 895,576
01-01-12 7.38 1,700,000 1,733,082
Cook County Bedford Park Senior Lien Tax Increment
Revenue Bonds Mark IV Series 1992
03-01-12 9.75 1,640,000 1,781,302
Development Finance Authority Lifecare Revenue Bonds
Presbyterian Homes Series 1996B
09-01-31 6.40 6,700,000 6,746,900
Development Finance Authority Pollution Control
Refunding Revenue Bonds Central Illinois
Public Service 2nd Series 1993B
06-01-28 5.90 2,500,000 2,404,125
Development Finance Authority Pollution Control
Refunding Revenue Bonds Commonwealth Edison
Series 1994
01-15-09 5.70 2,000,000 2,036,640
01-15-14 5.85 4,500,000 4,560,435
DuPage County Tax Increment Revenue Bonds
Series 1997
01-01-17 7.88 4,630,000 4,859,972
Educational Facilities Authority Refunding Revenue Bonds
Lewis University Series 1996
10-01-26 6.13 8,780,000 8,138,006
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993
Inverse Floater (FGIC Insured)
07-01-12 7.57 11,000,000(c) 11,368,720
Granite City Madison County Hospital
Refunding Revenue Bonds St. Elizabeth Medical Center
Series 1989A
06-01-08 8.13 2,695,000 2,585,691
Health Facilities Authority Refunding Revenue Bonds
Morris Hospital
12-01-23 6.13 3,005,000 2,576,667
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured)
08-15-14 8.02 10,000,000(c) 9,537,500
Health Facilities Authority Revenue Bonds
Sarah Bush Lincoln Health Center Series 1992
05-15-12 7.25 2,000,000 2,118,900
05-15-22 7.25 2,000,000 2,118,900
Health Facilities Authority Revenue Bonds
Sarah Bush Lincoln Health Center Series 1996B
02-15-22 5.75 2,915,000 2,522,670
Health Facility Authority Revenue Bonds
South Suburban Hospital Series 1992
02-15-09 7.00 4,000,000 4,259,495
02-15-18 7.00 5,000,000 5,413,577
Hodgkins General Obligation Tax Increment Bonds
Series 1991
12-01-09 9.50 11,200,000 12,168,482
Hodgkins General Tax Increment Bonds
Series 1995A
12-01-13 7.63 9,000,000 9,388,800
Huntley Special Tax Bonds
Series 1998
02-01-25 6.75 2,450,000 2,277,349
Huntley Special Tax Bonds
Series 1999
03-01-28 6.30 2,305,000 2,031,350
Lakemoor Special Tax Revenue Bonds
Series 1997
03-01-27 7.80 8,980,000 9,123,141
Lansing Tax Increment Refunding Revenue Bonds
Landings Redevelopment Area Limited Sales
Tax Pledge Series 1992
12-01-08 7.00 10,000,000 10,415,200
Marion General Obligation Hospital Alternate
Revenue Source Bonds Series 1991
12-01-16 7.50 3,800,000 4,008,278
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon (FGIC Insured)
06-15-19 6.37 6,000,000(d) 1,865,880
Metropolitan Pier & Exposition Authority
Dedicated State Tax Refunding Revenue Bonds
McCormick Place Zero Coupon (MBIA Insured)
06-15-17 6.61 11,210,000(d) 3,987,061
06-15-28 5.49 41,900,000(d) 7,257,080
Metropolitan Pier & Exposition Authority
Sales Tax & Miscellaneous Tax Revenue
Capital Appreciation Refunding Bonds
Zero Coupon Series 1996A (MBIA Insured)
12-15-22 6.10 16,225,000(d) 4,008,873
Regional Transportation Authority General
Obligation Bonds Counties of Cook, DuPage, Kane, Lake,
McHenry & Will Series 1992A (AMBAC Insured)
06-01-22 6.13 7,200,000 7,358,256
Schaumburg Special Assessment District
Revenue Bonds Woodfield Road
Series 1998
12-01-28 6.75 3,403,000 2,988,651
State Development Finance Authority
Pollution Control Refunding Revenue Bonds
Illinois Power Series 1991A
07-01-21 7.38 19,250,000 20,176,309
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(d) 1,828,000
State Development Finance Authority
Retirement Housing Revenue Bonds
Zero Coupon Escrowed to Maturity
04-15-20 7.75 68,000,000(d) 17,730,320
State Health Facilities Authority
Refunding Revenue Bonds
Edwards Hospital Series 1993A
02-15-19 6.00 6,350,000 5,911,152
State Health Facilities Authority
Refunding Revenue Bonds
Masonic Medical Center Series 1993
10-01-19 5.50 2,000,000 1,692,020
Tinley Park Cook & Will Counties Limited Sales Tax
Revenue Bonds Series 1988
11-01-99 10.25 895,000(b) 319,837
Tinley Park Cook & Will Counties Unlimited Ad Valorem
Tax Bonds of Special Service
12-01-00 10.65 90,000 83,298
12-01-01 10.65 100,000 91,553
12-01-02 10.65 110,000 100,708
12-01-03 10.65 120,000 109,864
12-01-04 10.65 135,000 123,597
12-01-05 10.65 150,000 137,330
12-01-06 10.65 165,000 151,062
12-01-07 10.65 185,000 169,373
Total 378,669,878
Indiana (2.5%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990
06-01-20 10.38 3,945,000 4,063,350
Carmel Retirement Rental Housing Refunding
Revenue Bonds Beverly Enterprises Series 1992
12-01-08 8.75 6,275,000 6,627,718
Development Finance Authority Environmental
Improvement Refunding Revenue Bonds USX Corporation
Series 1996
07-15-30 6.25 2,000,000 1,850,040
East Chicago Elementary School Building Lake County
1st Mortgage Refunding Bonds Series 1996
01-05-16 6.25 8,000,000 8,342,960
Hanover 1st Mortgage Revenue Bonds Hoosier Care II
Series 1990
06-01-20 10.38 6,460,000 6,653,800
Health Facility Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993
01-01-23 6.00 10,000,000 8,914,200
Health Facility Authority Hospital Revenue Bonds
Union Hospital Series 1993 (MBIA Insured)
09-01-18 5.13 10,000,000 8,824,100
Health Facility Finance Authority Hospital Revenue Bonds
Hancock Memorial Series 1996
08-15-17 6.13 2,295,000 2,041,311
La Porte County Hospital Authority Hospital Refunding
Revenue Bonds La Porte Hospital Series 1993
03-01-12 6.25 5,070,000 4,804,991
03-01-23 6.00 2,990,000 2,522,155
Lawrenceburg Pollution Control Refunding Revenue Bonds
Methodist Hospital Series 1989
09-01-08 6.50 15,555,000 15,887,566
Marion County Hospital Authority Refunding Revenue Bonds
Methodist Hospital Series 1989 (MBIA Insured)
09-01-13 6.50 4,115,000 4,161,993
Rockport Pollution Control Refunding Revenue Bonds
Indiana Michigan Electric Series B
03-01-16 7.60 5,500,000 5,663,955
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend
06-01-10 9.40 1,675,000 1,978,946
Vincennes Economic Development
Improvement Refunding Revenue Bonds
Southwest Regional Youth Facilities Series 1999
01-01-24 6.25 24,460,000 21,763,774
Vincennes Economic Development
Revenue Bonds Southwest Indiana
Regional Youth Village Facility Series 1993
01-01-24 8.50 16,365,000 17,592,211
Total 121,693,070
Iowa (0.7%)
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991
12-01-21 7.63 5,350,000 5,647,995
Muscatine Electric Refunding Revenue Bonds Series 1986
01-01-05 6.00 10,845,000 10,853,242
01-01-06 6.00 11,330,000 11,338,611
01-01-07 5.00 2,250,000 2,177,618
01-01-08 5.00 5,100,000 4,897,581
Total 34,915,047
Kansas (0.3%)
Manhattan Health Care Facility Revenue Bonds
Meadowlark Hills Retirement Community
Series 1999A
05-15-28 6.50 1,000,000 874,240
Olathe Senior Living Facilities
Lease Revenue Bonds Aberdeen Village
Series 2000A
05-15-30 8.00 2,500,000 2,474,625
State Development Financing Authority
Multi-family Revenue Bonds
Tiffany Gardens Apartments A.M.T.
09-01-29 6.75 5,100,000 4,654,005
Wyandotte County Kansas City Multi-family
Housing Revenue Bonds Park Victoria Apartments
Series 1998 A.M.T.
08-01-28 6.25 4,980,000 4,452,917
Total 12,455,787
Kentucky (1.1%)
Development Finance Authority Hospital Facility
Revenue Bonds St. Luke Hospital Series 1989B
10-01-19 6.00 22,695,000 22,693,866
Economic Development Finance Authority Hospital
Refunding Revenue & Improvement Bonds
Appalachian Regional Hospital Series 1997
10-01-22 5.88 5,000,000 3,338,150
Jefferson County Student Housing Industrial Building
Revenue Bonds Collegiate Housing Foundation
Series 1999A
09-01-29 7.13 4,000,000 3,869,840
Muhlenberg County Hospital
Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1996
07-01-10 6.75 8,535,000 8,106,628
Turnpike Authority Economic Road Development
Refunding Revenue Bonds Series 1993 Inverse Floater
(AMBAC Insured)
06-06-12 7.84 15,000,000(c) 14,831,250
Total 52,839,734
Louisiana (2.5%)
Calcasieu Parish Industrial Development Pollution Control
Refunding Revenue Bonds Gulf State Utilities
Series 1992
10-01-12 6.75 10,500,000 10,301,130
Energy & Power Authority Refunding Revenue Bonds
Rodemacher Unit 2 Series 1991 (FGIC Insured)
01-01-13 6.00 28,000,000 28,157,640
Hodge Village Combined Utility System Revenue Bonds
Stone Container Series 1990 A.M.T.
03-01-10 9.00 23,000,000 23,487,370
Local Government Environment Facilities &
Community Development Authority
Healthcare Facilities St. James Place
Series 1999A
11-01-29 8.00 10,000,000 9,538,900
New Orleans Audubon Park Commission Aquarium
Revenue Bonds Series 1992A
04-01-12 8.00 6,800,000 7,267,976
Public Facilities Authority Revenue Bonds
Glen Retirement Systems Series 1995
12-01-15 6.50 1,000,000 927,790
12-01-25 6.70 1,500,000 1,392,450
Southern Louisiana Port Commission Terminal
Refunding Revenue Bonds GATX Terminal Series 1993
03-01-23 7.00 13,180,000 13,414,209
St. Charles Parish Pollution Control Revenue Bonds
Louisiana Power & Light Series 1991 A.M.T.
06-01-21 7.50 20,700,000 21,301,335
West Feliciana Parish Demand Pollution Control
Revenue Bonds Gulf State Utilities Series 1985B
05-01-15 9.00 6,000,000 6,239,760
Total 122,028,560
Maine (0.2%)
Finance Authority Multi-family Housing Revenue
Obligation Securities Huntington Common
Series 1997A
09-01-27 7.50 5,000,000 4,520,250
Kennebunk Special Obligation Revenue Bonds
Series 1999A
07-01-24 7.00 4,750,000 4,172,685
Total 8,692,935
Maryland (0.9%)
Frederick County Economic Refunding Revenue Bonds
Alumax Series 1992
04-01-17 7.25 9,880,000 10,175,412
Frederick County Obligation Special Tax Revenue Bonds
Urbana Community Development Authority Series 1998
07-01-25 6.63 6,000,000 5,539,800
Harford County Industrial Development Revenue Bonds
Dorsey
04-16-05 8.00 411,000 411,612
Prince George's County Hospital Revenue Bonds
Dimensions Health Series 1992
07-01-17 7.25 11,400,000 12,118,200
07-01-22 7.00 7,000,000 7,406,770
State Transportation Authority Facility
Capital Appreciation Revenue Bonds
Zero Coupon Series 1992 (FGIC Insured)
07-01-10 6.33 3,000,000(d) 1,707,180
07-01-11 6.33 6,700,000(d) 3,578,269
State Transportation Authority Facility
Revenue Bonds Zero Coupon
Series 1992 (FGIC Insured)
07-01-12 6.35 5,000,000(d) 2,499,850
Total 43,437,093
Massachusetts (3.0%)
Bay Transportation Authority Refunding Revenue Bonds
Series 1994A (MBIA Insured)
03-01-12 6.00 8,000,000 8,126,756
Health & Educational Facilities Authority
Revenue Bonds Berkshire Health Systems
Series C
10-01-11 5.90 1,700,000 1,554,531
10-01-20 6.00 4,000,000 3,421,040
Health & Educational Facilities Authority
Revenue Bonds Beverly Hospital Inverse Floater
(MBIA Insured)
06-18-20 7.92 8,000,000(c) 7,080,000
Health & Educational Facilities Authority
Revenue Bonds Charlton Memorial Hospital
Series 1991B
07-01-13 7.25 6,455,000 6,740,892
Health & Educational Facilities Authority
Revenue Bonds Holyoke Hospital
Series B
07-01-15 6.50 500,000 450,460
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds Eastern Edison
Series 1993
08-01-08 5.88 4,250,000 4,175,413
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS Series 1991A
07-01-15 9.00 18,885,000 19,960,690
Industrial Finance Agency Resource Recovery
Revenue Bonds SEMASS Series 1991B A.M.T.
07-01-15 9.25 24,700,000 26,105,676
Municipal Wholesale Electric Power
Supply System Pre-refunded Revenue Bonds
Series 1992B
07-01-17 6.75 10,130,000 10,671,246
Municipal Wholesale Electric Power
Supply System Revenue Bonds
Series 1993A Inverse Floater (AMBAC Insured)
07-01-18 7.12 6,500,000(c) 5,460,000
State Health & Educational Facilities Authority
Refunding Revenue Bonds Christopher House Series 1999A
01-01-29 6.88 5,000,000 4,467,950
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 1,946,780
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 4,392,536
Water Resource Authority General
Refunding Revenue Bonds Series 1992B
11-01-15 5.50 22,175,000 21,392,444
Water Resource Authority General
Revenue Bonds Series 1992A
07-15-19 6.50 3,500,000 3,772,090
Water Resource Authority General
Revenue Bonds Series 1993B-95B
(MBIA Insured)
12-01-25 5.00 9,000,000 7,676,190
Water Resource Authority General
Revenue Bonds Series B (MBIA Insured)
03-01-22 5.00 10,000,000 8,640,700
Total 146,035,394
Michigan (4.1%)
Chippewa Valley Schools Unlimited Tax
General Obligation Refunding Bonds
Series 1998 (AMBAC Insured)
05-01-23 4.75 14,240,000 11,700,723
Concord Academy Certificate of Participation Series 1998
10-01-19 7.00 1,000,000 893,750
Countryside Charter School
Full Term Certificates of Participation
Berrien County Series 1999
04-01-29 7.00 2,635,000 2,332,845
Crawford County Economic Development Corporation
Environmental Improvement Revenue Bonds
Weyerhaeuser Series 1991A
07-25-07 7.13 10,800,000 11,448,000
Detroit Unlimited Tax General Obligation Bonds
Series 1993
04-01-14 6.35 5,280,000 5,422,718
Detroit Unlimited Tax General Obligation Bonds
Series 1995A
04-01-15 6.80 1,375,000 1,482,718
Lincoln Consolidated School District Unlimited Tax
General Obligation Refunding Bonds (FGIC Insured)
05-01-18 5.85 6,455,000 6,687,897
Livingston Academy Certificate of Participation
Series 1999
05-01-29 7.00 3,080,000 2,758,202
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 35,976,160
Midland County Economic Development Corporation
Pollution Control Limited Obligation Refunding Revenue
Bonds Midland Cogeneration Series 1990C
07-23-09 8.50 18,900,000 19,302,381
Plymouth Educational Center Certificates of Participation
07-01-29 7.00 7,875,000 7,157,981
State Hospital Finance Authority
Hospital Pre-refunded Revenue Bonds
McLaren Obligated Group Series 1991A
09-15-21 7.50 7,500,000 7,888,875
State Hospital Finance Authority
Hospital Refunding Revenue Bonds
Sinai Hospital of Greater Detroit Series 1995
01-01-26 6.70% $3,000,000 $2,620,050
State Hospital Finance Authority
Refunding Revenue Bonds
Detroit Medical Center
Series 1993A
08-15-18 6.50 10,000,000 8,697,700
State Hospital Finance Authority
Refunding Revenue Bonds
Greater Detroit Sinai Hospital Series 1995
01-01-16 6.63 2,750,000 2,471,480
State Hospital Finance Authority
Revenue Bonds Central Michigan Community Hospital
10-01-27 6.25 2,095,000 1,757,475
State Strategic Fund Limited Tax Obligation
Refunding Revenue Bonds Ford Motor
Series 1991A
02-01-06 7.10 16,400,000 17,821,224
Strategic Fund Environmental Improvement Limited
Obligation Refunding Revenue Bonds
Crown Paper Company Series 1997B
08-01-12 6.25 1,100,000 819,500
Strategic Fund Limited Obligation Refunding
Revenue Bonds Detroit Edison
Series 1995AA (MBIA Insured)
09-01-25 6.40 12,000,000 12,273,240
Strategic Fund Limited Obligation Refunding
Revenue Bonds Great Lakes Pulp & Fibre
Series 1994 A.M.T.
12-01-27 5.00 24,532,114(b) 5,397,065
Summit Academy Certificates of Participation
Junior High School Facility Series 1999
09-01-29 7.00 4,000,000 3,539,560
Summit Academy Certificates of Participation Series 1998
08-01-18 7.00 2,500,000 2,256,225
Troy City Downtown Development Authority
County of Oakland Development Bonds
Series 1995A (Asset Guaranty)
11-01-18 6.38 1,000,000 1,017,930
Van Buren Township Tax Increment Revenue Bonds
Series 1994
10-01-16 8.40 3,955,000 4,294,853
Wayne County Charter Airport
Revenue Bonds Detroit Metropolitan Airport
Series 1998B (MBIA Insured)
12-01-23 4.88 9,940,000 8,246,820
Wayne County Charter Special Airport Facilities
Revenue Bonds Northwest Airlines Series 1999 A.M.T.
12-01-29 6.00 8,235,000 6,800,710
Wayne County Special Airport Facilities
Refunding Revenue Bonds Northwest Airlines Series 1995
12-01-15 6.75 11,265,000 10,755,822
Total 201,821,904
Minnesota (4.7%)
Anoka County Housing & Redevelopment Authority
Revenue Bonds Epiphany Assisted Living LLC
12-01-29 7.40 4,000,000 3,744,600
Becker Solid Waste Disposal Facility Revenue Bonds
Liberty Paper Series 1994B A.M.T.
08-01-15 9.00 15,800,000 16,027,361
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992
04-01-02 8.50 1,655,000 1,680,322
Fergus Falls Health Care Facilities Revenue Bonds
LRHC Long-term Care Facility Series 1995
12-01-25 6.50 1,530,000 1,408,243
Fridley Senior Housing Revenue Bonds
Banfill Crossing Homes Series 1999
09-01-34 6.75 7,000,000 6,331,500
Little Canada Multi-family Housing Revenue Bonds
Housing Alternatives Development Company
Series 1997A
12-01-27 6.25 1,755,000 1,587,433
Mahtomedi Multi-family Housing Revenue Bonds
Briarcliff A.M.T.
06-01-36 7.35 1,995,000 1,950,651
Maplewood Elder Care Facilities Revenue Bonds Care
Institute Series 1994
01-01-24 7.75 7,830,000 7,379,618
Maplewood Multi-family Housing Refunding Revenue
Bonds Carefree Cottages of Maplewood III
Series 1995 A.M.T.
11-01-32 7.20 4,875,000 4,613,505
Mille Lacs Capital Improvement Authority Infrastructure
Revenue Bonds Series 1992A
11-01-12 9.25 4,150,000 4,651,445
Minneapolis Housing & Healthcare Facility Revenue Bonds
Augustana Chapel View Homes Incorporated Series 1997
06-01-22 6.70 1,885,000 1,694,879
06-01-27 6.75 2,640,000 2,363,460
Richfield Multi-family Housing Refunding Revenue
Bonds Village Shores Apartments Series 1996
08-01-31 7.63 4,865,000 4,696,379
Richfield Senior Housing
Revenue Bonds Series 2000A
02-01-35 7.75 11,000,000 10,721,040
Robbinsdale Multi-family Housing Revenue Bonds
Copperfield Hill Series 1996A
12-01-31 7.35 3,500,000 3,312,295
Rochester Multi-family Housing Development
Revenue Bonds Wedum Shorewood Campus
06-01-36 6.60 10,000,000 8,997,900
Roseville Housing Facilities Nursing Home
Refunding Revenue Bonds College Properties
Series 1998
10-01-28 5.88 7,500,000 5,905,575
Sartell Health Care & Housing Facilities Revenue Bonds
The Foundation for Health Care Continuums
Series 1999A
09-01-29 6.63 4,000,000 3,510,520
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Series 1992
01-01-18 5.75 32,210,000 30,669,073
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Zero Coupon Series 1994A (MBIA Insured)
01-01-21 6.81 13,500,000(d) 3,841,695
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
Zero Coupon Series 1994A (MBIA Insured)
01-01-22 6.73 17,500,000(d) 4,665,325
01-01-23 6.73 27,500,000(d) 6,880,775
01-01-24 6.82 19,960,000(d) 4,686,209
01-01-25 6.81 27,500,000(d) 6,057,150
01-01-26 6.81 27,500,000(d) 5,695,525
01-01-27 6.82 12,450,000(d) 2,424,638
St. Louis Park Health Care Facilities
Revenue Bonds Health System Minnesota
Obligated Group Inverse Floater
(AMBAC Insured)
07-01-13 7.33 18,000,000(c) 15,299,999
St. Louis Park Health Care Facilities
Refunding Revenue Bonds
Inverse Floater (AMBAC Insured)
07-01-05 4.60 20,400,000(c) 19,637,856
St. Louis Park Multi-family Housing Refunding
Revenue Bonds Park Boulevard Towers
Series 1996A
04-01-31 7.00 11,280,000 10,932,802
St. Paul Housing & Redevelopment Authority Health
Care Facilities Revenue Bonds Lyngblomsten
Care Center Series 1993A
11-01-06 7.13 1,465,000 1,428,595
11-01-17 7.13 2,550,000 2,456,441
St. Paul Housing & Redevelopment Authority Health
Care Facilities Revenue Bonds Lyngblomsten
Multi-family Rental Housing Series 1993B
11-01-24 7.00 2,665,000 2,519,358
St. Paul Housing & Redevelopment Authority Lease
Revenue Bonds Minnesota Business Academy Project
Series 2000
12-01-30 8.00 4,500,000 4,355,730
St. Paul Port Authority Redevelopment Multi-family
Subordinate Refunding Revenue Bonds
Burlington Apartments Series A
02-01-31 8.63 3,770,000 3,592,697
St. Paul Port Authority Revenue Bonds
Hotel Facilities Radisson Kellogg 2nd Series 1999
08-01-29 7.38 6,500,000 6,153,680
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 1,870,070
Washington County Housing & Redevelopment
Authority Refunding Revenue Bonds Woodbury
Multi-family Housing Series 1996
12-01-23 6.95 4,740,000 4,534,426
Total 228,278,770
Mississippi (0.6%)
Gulfport Urban Renewal
Multi-family Housing Revenue Bonds
Woodchase Apartments Series 1998 A.M.T.
12-01-28 6.75 3,075,000 2,676,572
Harrison County Waste Water Management District
Refunding Bonds Series 1986
02-01-15 5.00 4,250,000 3,964,613
Jackson Housing Authority
Multi-Family Housing Revenue Bonds
Lakeside Villas Apartments Series 1999D A.M.T.
12-01-29 7.50 3,640,000 3,584,781
Jackson Industrial Development Revenue Bonds Dorsey
04-16-05 8.00 343,000 345,130
Long Beach Urban Renewal Multi-family Housing
Revenue Bonds Long Beach Square Apartments
Series 1998 A.M.T.
08-01-28 6.75 3,830,000 3,385,414
Lowndes County Solid Waste Disposal Pollution Control
Refunding Revenue Bonds Weyerhaeuser Series 1989
Inverse Floater
04-01-22 6.70 4,000,000(c) 4,159,840
State Business Finance Pollution Control Revenue Bonds
System Energy Resources Series 1999
05-01-22 5.90 12,900,000 10,901,919
Total 29,018,269
Missouri (0.6%)
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B
08-15-21 7.00 5,810,000 6,139,078
Sikeston Electric System Refunding Revenue Bonds
Series 1992 (MBIA Insured)
06-01-02 5.80 4,165,000 4,230,849
St. Louis Industrial Development Authority
Refunding Revenue Bonds Kiel Center
Multi-purpose Arena Series 1992 A.M.T.
12-01-24 7.88 15,400,000 15,988,741
St. Louis Regional Convention & Sports Complex Authority
Pre-refunded Revenue Bonds Series 1991C
08-15-21 7.90 125,000 130,979
St. Louis Regional Convention & Sports Complex Authority
Refunding Revenue Bonds Series 1991C
08-15-21 7.90 2,575,000 2,789,086
Total 29,278,733
Nebraska (--%)
Omaha Public Power District Electric System
Revenue Bonds Series 1986A
02-01-15 6.00 1,370,000 1,371,123
Nevada (1.1%)
Clark County Collateralized Pollution Control Revenue Bonds
Nevada Power A.M.T.
10-01-09 7.80 11,850,000 12,043,984
Clark County Industrial Development Revenue Bonds
Nevada Power Series 1990 A.M.T.
06-01-20 7.80 5,000,000 5,084,700
Clark County Passenger Facility Charge Airport
Refunding Revenue Bonds
Las Vegas McCarran International Airport
Series 1998 (MBIA Insured)
07-01-22 4.75 9,000,000 7,366,590
Clark County Special Improvement District 121
Local Improvement Bonds
Southern Highlands Area Series 1999
12-01-19 7.50 10,000,000 9,809,700
Las Vegas Redevelopment Agency Tax Increment
Subordinate Lien Revenue Bonds Series 1994A
06-15-10 6.00 2,000,000 1,979,180
06-15-14 6.10 2,750,000 2,656,968
Las Vegas Special Improvement District 707
Local Improvement Bonds
Summerlin Area Series 1996
06-01-16 7.10 5,925,000 6,146,951
Washoe County Hospital Revenue Bonds
Washoe Medical Center Series 1993A
06-01-15 6.00 7,250,000 6,986,535
Total 52,074,608
New Hampshire (2.2%)
Business Financial Authority Pollution Control
& Solid Waste Disposal Refunding Revenue Bonds
Crown Paper Company Series 1996
01-01-22 7.75 4,255,000 3,255,075
Business Financial Authority Pollution Control
Refunding Revenue Bonds United Illuminating
Series 1993A
10-01-33 5.88 13,200,000 11,411,664
Higher Education & Health Facilities Authority
Lifecare Revenue Bonds Rivermead at Peterborough
Retirement Community Series 1998
07-01-18 5.63 1,365,000 1,093,706
07-01-28 5.75 2,500,000 1,934,400
Industrial Development Authority Pollution Control
Revenue Bonds State Public Service Series 1991B
05-01-21 7.50 51,485,000 52,322,661
Industrial Development Authority Pollution Control
Revenue Bonds State Public Service Series 1991C A.M.T.
05-01-21 7.65 25,000,000 25,508,250
State Higher Education & Health Facility Authority Hospital
Revenue Bonds Hitchcock Clinic Series 1994
(MBIA Insured)
07-01-24 6.00 13,000,000 12,723,880
Total 108,249,636
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 8,995,900
New Mexico (2.0%)
Albuquerque Health Care System Revenue Bonds
Lovelace Medical Fund
03-01-11 10.25 55,000 55,670
Bernalillo County Muti-family Housing Revenue Bonds
Series 1997D
04-01-27 7.70 14,695,000 11,756,000
Farmington Pollution Control Refunding Revenue Bonds
Series 1996A-B
12-01-16 6.30 10,000,000 9,433,100
Farmington Pollution Control Refunding Revenue Bonds
Series 1997A
10-01-20 6.95 4,000,000 3,819,760
Farmington Pollution Control Refunding Revenue Bonds
State Public Service San Juan Series 1994A
08-15-23 6.40 30,650,000 28,617,293
Farmington Power Refunding Revenue Bonds
Generating Division
01-01-13 9.88 5,000,000 5,998,800
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987
08-01-13 9.63 5,195,000 5,259,106
Lordsberg Pollution Control Refunding Revenue Bonds
Phelps Dodge
04-01-13 6.50 20,000,000 20,253,400
Sandoval County Multi-family Housing
Refunding Revenue Bonds Meadowlark Apartments
Series 1998A A.M.T.
07-01-38 6.38 11,300,000 10,192,374
Sandoval County Multi-family Housing
Refunding Revenue Bonds Meadowlark Apartments
Series 1998B A.M.T.
07-01-01 6.38 1,000,000 992,340
Santa Fe County Lifecare Revenue Bonds
El Castillo Retirement Series 1998A
05-15-15 5.50 1,000,000 822,660
05-15-25 5.63 2,500,000 1,922,800
Total 99,123,303
New York (6.4%)
Battery Park City Authority Refunding Revenue Bonds
Series 1993A
11-01-10 5.50 9,940,000 9,939,503
Dormitory Authority New York City University System
Consolidated 2nd Generation Resource Revenue Bonds
Series 1990C
07-01-16 6.00 27,230,000 26,979,212
07-01-17 5.00 20,820,000 18,050,940
Dormitory Authority New York City University System
Consolidated 2nd Generation Resource Revenue Bonds
Series 1990D
07-01-09 7.00 5,000,000 5,358,850
Dormitory Authority New York Court Facility Lease
Revenue Bonds Series 1993A
05-15-16 5.38 11,000,000 10,026,170
Dormitory Authority New York State
University Education Facility Revenue Bonds
Series 1993A
05-15-13 5.50 24,530,000 24,084,045
Huntington Housing Authority Senior Housing
Facilities Revenue Bonds Gurwin Jewish Senior
Residences Series 1999A
05-01-39 6.00 2,000,000 1,550,880
New York & New Jersey Port Authority Special
Obligation Revenue Bonds KIAC Partners
4th Series 1996 A.M.T.
10-01-19 6.75 3,500,000 3,460,520
New York City General Obligation Bonds Series 1996F-G
02-01-19 5.75 5,500,000 5,280,770
02-01-20 5.75 2,325,000 2,227,164
New York City General Obligation Bonds Series 1998H
08-01-22 5.00 15,000,000 12,717,750
New York City Industrial Development Agency
Civic Facilities Revenue Bonds Touro College
Series 1999A
06-01-29 6.35 6,250,000 5,677,063
New York City Municipal Water Finance Authority
Water & Sewer System Refunding Revenue Bonds
Series 1991A
06-15-21 6.25 27,530,000 27,818,514
New York City Municipal Water Finance Authority
Water & Sewer System Revenue Bonds
Series 1994B Inverse Floater (MBIA Insured)
06-15-09 6.88 15,500,000(c) 14,725,000
New York City Municipal Water Finance Authority
Water & Sewer System Revenue Bonds Series B
06-15-17 5.00 6,255,000 5,611,548
New York City Unlimited Tax General Obligation
Bonds Series 1996G
02-01-17 5.75 20,000,000 19,455,400
New York City Unlimited Tax General Obligation
Bonds Series 1998F
08-01-23 5.00 7,235,000 6,103,952
New York City Unlimited Tax General Obligation
Pre-refunded Bonds Series 1994B-1
08-15-16 7.00 16,500,000 17,863,560
Port Authority Special Project Bonds La Guardia
Airport Passenger Terminal
Continental & Eastern Airlines A.M.T.
12-01-06 9.00 2,645,000 2,733,819
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 9,095,504
12-01-15 9.13 17,500,000 18,112,325
State Dormitory Authority New York City University System
Consolidated 2nd Generation Resource Revenue Bonds
Series 1994A
07-01-18 5.75 5,500,000 5,420,745
State Housing Finance Agency Service Contract Obligation
Revenue Bonds Series 1995A
03-15-25 6.50 12,475,000 13,462,025
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A
05-01-13 6.50 3,500,000 3,801,000
State Medical Care Facilities Finance Agency
Mental Health Services Improvement Refunding
Revenue Bonds Series 1993D
08-15-23 5.25 15,000,000 12,960,300
State Medical Care Facilities Finance Agency
Mental Health Services Un-refunded Revenue Bonds
02-15-19 5.25 5,790,000 5,115,291
State Urban Development Capital Correctional
Facilities Refunding Revenue Bonds Series 1994A
01-01-21 5.25 12,110,000 10,603,395
State Urban Development Correctional Facility
Refunding Revenue Bonds Series A
01-01-16 5.50 2,750,000 2,582,773
State Urban Development Correctional Facility
Revenue Bonds Series 6
01-01-25 5.38 9,000,000 7,945,290
State Urban Development Correctional Facility
Sub Lien Revenue Bonds Series 1996
07-01-26 5.60 6,630,000 6,043,775
Total 314,807,083
North Carolina (4.1%)
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1986A
01-01-17 5.00 6,500,000 5,950,382
01-01-18 4.00 8,675,000 6,975,828
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1988A
01-01-26 6.00 1,940,000 1,972,902
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1989A
01-01-10 7.50 29,160,000 32,783,343
01-01-11 5.50 37,800,000 35,321,454
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1991A
01-01-19 5.75 55,000,000 49,007,751
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1993B
01-01-12 6.25 24,655,000 24,413,381
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 1994B
01-01-07 7.25 5,000,000 5,307,050
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series 2000
Inverse Floater (MBIA Insured)
01-01-13 10.87 4,000,000(c) 3,952,760
Eastern Municipal Power Agency Power System
Refunding Revenue Bonds Series B
01-01-09 6.13 10,000,000 9,963,100
Eastern Municipal Power Agency Power System
Revenue Bonds Series 1993D
01-01-13 5.88 2,300,000 2,183,252
Municipal Power Agency 1 Catawba Electric
Revenue Bonds Series 1993
Inverse Floater (MBIA Insured)
01-01-12 7.22 7,400,000(c) 7,039,250
01-01-20 7.42 15,000,000(c) 13,162,500
State Medical Care Community Hospital Refunding
Revenue Bonds Pitt County Memorial Hospital
Series 1998A (MBIA Insured)
12-01-28 4.75 5,730,000 4,554,548
Total 202,587,501
North Dakota (0.3%)
Fargo Hospital Refunding Revenue & Improvement Bonds
Dakota Hospital Series 1992
11-15-12 6.88 3,000,000 3,168,300
11-15-22 7.00 4,250,000 4,500,028
Ward County Health Care Facilities
Refunding Revenue Bonds Trinity Group Series 1996A
07-01-26 6.25 6,110,000 5,293,276
Ward County Health Care Facilities Refunding
Revenue Bonds Trinity Obligated Group
Series 1996B
07-01-21 6.25 4,000,000 3,545,360
Total 16,506,964
Ohio (2.7%)
Air Quality Development Authority
Pollution Control Refunding Revenue Bonds
Cleveland Electric Company Series 1997B
08-01-20 6.00 10,000,000 8,927,000
Bellefontaine Hospital Facility
Refunding Revenue Bonds
Mary Rutan Health Association of Logan County
Series 1993
12-01-13 6.00 5,330,000 4,777,172
Butler County Hospital Facility Improvement
Refunding Revenue Bonds
Fort Hamilton-Hughes Memorial Center
Series 1991
01-01-10 7.50 9,800,000 10,065,678
Carroll Water & Sewer District
Unlimited Tax General Obligation Bonds
12-01-10 6.25 1,795,000 1,792,954
Carroll Water & Sewer District
Water System Improvement Unlimited Tax
General Obligation Bonds
12-01-10 6.25 7,340,000 7,354,386
Cleveland Parking Facilities Improvement
Revenue Bonds Series 1992
09-15-22 8.10 15,000,000 16,232,250
Coshocton County Solid Waste Disposal
Refunding Revenue Bonds
Stone Container Series 1992
08-01-13 7.88 17,500,000 17,848,775
Cuyahoga County Health Care Facilities
Lifecare Refunding Revenue Bonds
Judson Retirement Community Series 1996A
11-15-13 7.25 2,080,000 2,046,658
Cuyahoga County Health Care Facilities
Refunding Revenue Bonds
Judson Retirement Community Series A
11-15-18 7.25 4,130,000 4,019,853
Erie County Hospital Improvement Refunding
Revenue Bonds Firelands Community Hospital
Series 1992
01-01-15 6.75 6,540,000 6,632,606
Franklin County Health Care Facilities
Refunding Revenue Bonds
Lutheran Senior City Incorporated
Series 1999
12-15-28 6.13 4,705,000 3,835,469
Franklin County Multi-family Housing
Refunding Revenue Bonds
Jefferson Chase Apartments Series 1998B A.M.T.
11-01-35 6.40 1,465,000 1,298,517
Franklin County Multi-family Housing
Refunding Revenue Bonds
West Bay Apartments A.M.T.
12-01-25 6.38 8,280,000 7,595,327
Lorain County Independent Living & Hospital Facilities
Refunding Revenue Bonds Elyria United Methodist
Series 1996C
06-01-22 6.88 3,100,000 2,968,219
Marion County Health Care Facilities
Improvement Refunding Revenue Bonds
United Church Homes Series 1993
11-15-10 6.38 1,880,000 1,753,608
Marion County Health Care Facilities
Refunding & Improvement Revenue Bonds
United Church Homes Series 1993
11-15-15 6.30 1,800,000 1,594,458
State Water & Air Quality Development Authority
Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995
08-01-25 7.70 13,000,000 13,597,090
State Water & Air Quality Development Authority
Pollution Control Refunding Revenue Bonds
Ohio Edison Series 1993A
05-15-29 5.95 13,300,000 11,740,176
State Water Development Authority Pollution Control
Refunding Revenue Bonds Toledo Edison
Series 1994A A.M.T.
10-01-23 8.00 10,000,000 10,559,400
Total 134,639,596
Oklahoma (1.2%)
Grand River Dam Authority Refunding Revenue Bonds
Series 1987
06-01-12 5.00 10,105,000 9,614,301
Hinton Economic Development Authority
Certificate of Participation
Dominion Leasing Series 1990A
07-01-15 9.75 19,090,000 20,212,492
Hinton Economic Development Authority
Certificate of Participation
Series 1994
07-01-15 8.75 11,135,000 11,780,719
Jackson County Hospital Authority
Refunding Revenue Bonds
Jackson County Memorial Hospital Series 1994
08-01-15 7.30 6,580,000 6,107,753
Midwest City Memorial Hospital Authority Hospital
Revenue Bonds Series 1992
04-01-22 7.38 7,815,000 8,261,315
Stillwater Medical Center Authority
Hospital Revenue Bonds Series 1997B
05-15-19 6.50 1,750,000 1,555,820
Total 57,532,400
Oregon (0.7%)
Clackamas County Hospital Facilities Authority
Revenue Bonds Senior Living Facility
Mary's Woods at Marylhurst Series 1999A
05-15-29 6.63 4,000,000 3,569,200
State Health Housing Educational & Cultural Facilities
Authority Revenue Bonds Oregon Baptist Retirement
Homes-Weidler Retirement Center Series 1995
11-15-26 8.00 7,565,000 7,743,004
Western Generation Agency Revenue Bonds
Wauna Cogeneration Series 1994A
01-01-21 7.13 13,600,000 13,738,040
Western Generation Agency Revenue Bonds
Wauna Cogeneration Series 1994B A.M.T.
01-01-16 7.40 9,000,000 9,204,930
Total 34,255,174
Pennsylvania (2.7%)
Allegheny County Industrial Development Authority
Environment Improvement Revenue Bonds
USX Corporation Series 1994A
12-01-20 6.70 6,000,000 5,901,660
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995
05-01-25 7.63 7,500,000 7,821,600
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Cleveland Electric Illuminating Series 1995A
07-15-25 7.75 21,150,000 22,224,420
Beaver County Industrial Development Authority
Collateralized Pollution Control Refunding Revenue Bonds
Toledo Edison Series 1995A
05-01-20 7.75 14,000,000 14,863,800
Beaver County Industrial Development Authority
Pollution Control Revenue Bonds
Toledo Edison-Beaver Valley Series 1995
05-01-20 7.63 11,700,000 12,185,433
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 1,904,520
06-01-16 5.75 3,000,000 2,767,020
Convention Center Authority Refunding Revenue Bonds
Philadelphia Series 1994A
09-01-19 6.75 5,300,000 5,385,436
Delaware County Authority 1st Mortgage Revenue Bonds
Riddle Village Series 1996
06-01-26 7.00 10,000,000 9,244,600
Harrisburg Dauphin County General Obligation Bonds
Zero Coupon Series 1997F (AMBAC Insured)
09-15-20 5.50 3,000,000(d) 852,270
09-15-21 5.52 1,000,000(d) 268,100
09-15-22 5.52 1,000,000(d) 250,940
Montgomery County Higher Education & Health Authority
Revenue Bonds Temple Continuing Care Center
Series 1999
07-01-29 6.75 10,000,000 8,616,100
Philadelphia Gas Works Revenue Bonds Series 13
06-15-21 7.70 4,150,000 4,354,678
Philadelphia Municipal Authority Lease
Refunding Revenue Bonds Series 1993D
07-15-13 6.25 2,500,000 2,462,450
07-15-17 6.30 1,550,000 1,497,951
Philadelphia Water & Sewer Revenue Bonds Series 16
08-01-18 7.00 14,000,000 14,356,300
Philadelphia Water & Wastewater Revenue Bonds
Series 1993 (FSA Insured)
06-15-15 5.50 11,000,000 10,927,639
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont
Series 1991A
01-01-21 10.00 8,495,000 8,989,239
Total 134,874,156
South Carolina (0.9%)
Cherokee County Spring City Industrial Development
Revenue Bonds Knitting Cluett Peabody
09-01-09 7.40 5,200,000 5,763,888
Jobs Economic Development Authority
1st Mortgage Health Facilities Nursing Home Refunding
Revenue Bonds Lutheran Homes Series 1998
05-01-26 5.70 5,235,000 4,005,089
Jobs Economic Development Authority
1st Mortgage Health Facilities Revenue Bonds
Westly Commons Project
Series 2000
10-01-31 8.00 10,000,000 9,537,000
Piedmont Municipal Power Agency Electric
Refunding Revenue Bonds Series 1986B
01-01-24 5.75 7,550,000 6,315,726
Piedmont Municipal Power Agency Electric
Refunding Revenue Bonds Series 1998A
(MBIA Insured)
01-01-25 4.75 5,000,000 4,032,000
Public Service Authority Electric System
Revenue Bonds Santee Cooper
Series 1993A Inverse Floater (MBIA Insured)
06-28-13 7.55 17,700,000(c) 16,726,500
Total 46,380,203
South Dakota (0.6%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986
01-01-10 6.00 10,205,000 10,428,285
Sioux Falls Multi-family Housing Revenue Bonds
Series 1996A
12-01-34 7.50 12,165,000 11,801,024
State Lease Revenue Trust Certificates Series 1993
(CGIC Insured)
09-01-17 6.70 7,260,000 8,022,663
Total 30,251,972
Tennessee (0.4%)
Nashville & Davidson Counties Health & Education
Facilities 1st Mortgage Revenue Bonds
Blakeford at Green Hills CCRC
07-01-24 9.25 12,230,000 14,159,038
Nashville & Davidson Counties Health & Education
Facilities Board Revenue Bonds
Zero Coupon Escrowed to Maturity
06-01-21 5.38 29,109,000(d) 6,863,320
Total 21,022,358
Texas (7.7%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 A.M.T.
12-01-29 7.50 37,400,000 37,873,111
Austin Combined Utilities System Refunding Revenue Bonds
Series 1986
11-15-13 5.00 19,985,000 18,071,236
Board of Regents of the University System General
Refunding Revenue Bonds Series 1986
08-15-07 6.50 2,565,000 2,693,994
Brazos River Authority Collateralized Pollution Control
Revenue Bonds Texas Utility Electric
Series 1991A A.M.T.
03-01-21 7.88 24,450,000 25,263,941
Carrol Independent School District
Unlimited General Obligation Bonds
Series 1998A (Permanent School Fund Guarantee)
02-15-23 4.50 5,825,000 4,578,974
Castlewood Municipal Utility District Water &
Sewer Systems Unlimited Tax & Refunding Revenue Bonds
Series 1997
04-01-14 6.75 2,780,000 2,777,192
Colony Municipal Utility District 1 Denton County
Series 1980
08-01-07 9.25 1,000,000 1,235,560
Crowley Independent School District
Unlimited General Obligation Bonds
(Permanent School Fund Guarantee)
08-01-27 5.13 6,000,000 5,210,100
Dallas & Fort Worth International Airport Special Facility
Revenue Bonds American Airlines Series 1990 A.M.T.
11-01-25 7.50 26,200,000 26,519,116
Dallas & Fort Worth International Airport Special Facility
Revenue Bonds American Airlines Series 1999 A.M.T.
05-01-35 6.38% 11,415,000 10,364,021
Dallas & Fort Worth International Airport Special Facility
Revenue Bonds Delta Air Lines Series 1991 A.M.T.
11-01-26 7.13 13,500,000 13,523,085
Denison Hospital Authority Hospital Revenue Bonds
Texoma Medical Center Series 1994
08-15-24 7.10 3,950,000 3,963,282
Fate Higher Education Facilities
Revenue Bonds North Hills School Project
Series 2000
12-01-25 7.75 6,000,000 6,053,520
Harris County Health Facilities Hospital Revenue Bonds
Memorial Hospital Series 1992
06-01-15 7.13 16,000,000 16,882,400
Harris County Industrial Development Marine Terminal
Refunding Revenue Bonds GATX Terminal Series 1992
02-01-22 6.95 15,000,000 15,203,100
Hidalgo County Health Services Corporation
Hospital Revenue Bonds Mission Hospital
Series 1996
08-15-26 6.88 7,880,000 7,420,281
Houston Water & Sewer System Junior Lien
Capital Appreciation Refunding Revenue Bonds
Zero Coupon Series 1998A (FSA Insured)
12-01-25 5.34 30,000,000(d) 6,062,700
Interstate Municipal Utility District
Unlimited Tax Bonds Harris County Series 1996
09-01-21 6.75 3,020,000 3,081,910
Karnes County Public Facility Lease Revenue Bonds
03-01-15 9.20 14,860,000 17,427,511
Katy Development Authority Metro Contract
Revenue Bonds Sales Tax
Series 1999A
06-01-09 5.75 14,755,000 14,058,121
Keller Independent School District
Unlimited General Obligation Bonds
(Permanent School Fund Guarantee)
08-15-30 5.00 8,345,000 7,024,237
Kings Manor Municipal Utility District
Waterworks & Sewer Systems Combination
Unlimited Tax & Revenue Bonds Series 1995
03-01-18 6.88 2,470,000 2,532,540
Lubbock Health Facilities Development
Corporation Fixed Rate 1st Mortgage Revenue Bonds
Carillon Series 1999A
07-01-29 6.50 20,145,000 16,948,190
Midland County Hospital District Revenue Bonds Series 1992
06-01-16 7.50 3,025,000 3,186,565
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 4,480,184
Montgomery County Municipal Utility District 42
Unlimited General Obligation Bonds
Waterworks & Sewer Systems
09-01-23 6.88 2,035,000 2,010,763
Municipal Power Agency
Refunding Revenue Bonds (MBIA Insured)
09-01-09 5.25 8,000,000 7,895,680
Municipal Power Agency
Revenue Bonds
09-01-13 5.50 7,410,000 7,205,706
North Central Health Facilities Development Revenue
Bonds Retirement Facility Northwest Senior Housing
Series 1999A
11-15-29 7.50 15,000,000 14,333,550
Richardson Independent School District
Unlimited General Obligation Bond Series 1998C
(Permanent School Fund Guarantee)
02-15-25 4.75 4,470,000 3,645,821
Rio Grande City Consolidated Independent School District
Public Facilities Lease Revenue Bonds Series 1995
07-15-10 6.75 4,000,000 4,123,080
Sabine River Authority Collateralized Pollution Control
Revenue Bonds Texas Utilities Electric Series 1990A A.M.T.
02-01-20 8.13 30,500,000 31,154,835
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 18,154,247
Wichita County Health Facilities Development
Refunding Revenue Bonds
Rolling Meadows Series 1998A
01-01-28 6.25 23,130,000 19,302,910
Total 380,261,463
Utah (2.0%)
Carbon County Solid Waste Disposal
Refunding Revenue Bonds Sunnyside
Cogeneration Series 1999A A.M.T.
08-15-23 7.10 12,840,000 12,050,083
Carbon County Solid Waste Disposal
Refunding Revenue Bonds Sunnyside
Cogeneration Series 1999B A.M.T.
08-15-24 6.82 3,920,000(b) 605,091
Eagle Mountain Special Assessment
Revenue Bonds Special Improvement
District 98-1 Series 1999
12-15-12 6.25 12,105,000 11,058,644
Housing Finance Agency Single Family Mortgage
Senior Bonds Series 1991C (FGIC Insured)
07-01-11 7.30 185,000 188,571
07-01-16 7.35 145,000 147,696
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990
07-01-20 10.50 7,500,000 7,396,350
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series 1993B Inverse Floater
07-01-11 7.57 7,600,000(c) 7,248,500
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series 1996C (MBIA Insured)
07-01-17 5.70 46,000,000 44,899,679
Intermountain Power Agency Power Supply
Refunding Revenue Bonds Series F (AMBAC Insured)
07-01-13 5.00 5,000,000 4,614,900
Intermountain Power Agency Power Supply
Revenue Bonds Series 1987A (MBIA Insured)
07-01-12 5.00 8,000,000 7,462,320
Tooele County Pollution Control Refunding Revenue Bonds
Laidlaw Environmental Services Incorporated
Series 1997A A.M.T.
07-01-27 7.55 4,000,000(b) 561,240
Total 96,233,074
Virginia (0.9%)
Fairfax County Economic Development Authority
Educational Facilities Revenue Bonds
Browne Academy Series 1998
10-01-08 6.00 1,385,000 1,301,831
10-01-23 6.45 5,200,000 4,750,772
Fairfax County Redevelopment & Housing Authority
Multi-family Housing Revenue Bonds
Burkeshire Commons Series 1996
10-01-36 7.60 13,000,000 13,377,000
Hopewell City Industrial Development Authority
Pollution Control Refunding Revenue Bonds
Stone Container Series 1992
05-01-10 8.25 3,170,000 3,279,048
Housing Development Authority Commonwealth
Mortgage Bonds Series 1992A
01-01-33 7.15 11,890,000 12,132,556
Upper Occoquan Sewer Authority Regional Sewer
Revenue Bonds Series 1995A (MBIA Insured)
07-01-29 4.75 9,500,000 7,653,960
Total 42,495,167
Washington (2.0%)
Chelan County Public Utility District 1
Capital Appreciation Bonds
Columbia River Rock Island Highway
Zero Coupon Series 1997A
06-01-27 5.74 22,685,000(d) 4,199,220
06-01-29 5.74 24,595,000(d) 3,991,031
King County Housing Authority Pooled Housing
Refunding Revenue Bonds Series 1995A
03-01-26 7.20 4,000,000 3,898,920
Longview Industrial Development Corporation Solid Waste
Revenue Bonds Weyerhaeuser Series 1991 A.M.T.
02-01-13 7.45 20,000,000 20,600,400
Public Power Supply System Nuclear Project 1
Refunding Revenue Bonds Bonneville Power Administration
Series 1993A Inverse Floater (FSA Insured)
07-01-11 7.72 25,000,000(c) 25,312,499
Public Power Supply System Nuclear Project 2
Revenue Bonds Series 1994A
07-01-11 5.38 10,000,000 9,663,500
Snohomish County Public Utility District 1
Generation System Revenue Bonds Series 1986A
01-01-20 5.00 17,750,000 15,965,593
State General Obligation
Refunding Revenue Bonds
Zero Coupon Series 1997A
07-01-19 5.95 16,260,000(d) 5,042,714
State Housing Finance Commission
Refunding Revenue Bonds Horizon House
Series 1995A (Asset Guaranty)
07-01-17 6.00 3,700,000 3,706,475
07-01-27 6.13 3,845,000 3,878,336
Total 96,258,688
West Virginia (0.9%)
Kanawha County Pollution Control
Revenue Bonds Union Carbide Series 1984
08-01-04 7.35 3,000,000 3,190,440
Mason County Pollution Control
Refunding Revenue Bonds Appalachian Power
Series 1992J
10-01-22 6.60 25,000,000 24,415,500
Princeton Hospital Revenue Bonds
Community Hospital Association
Series 1999
05-01-29 6.10 5,095,000 4,157,469
Putnam County Pollution Control Revenue Bonds
Appalachian Power Series C
07-01-19 6.60 10,600,000 10,519,758
South Charleston Pollution Control Refunding
Revenue Bonds Union Carbide Series 1985
08-01-05 7.63 3,000,000 3,213,900
Total 45,497,067
Wisconsin (0.9%)
Health & Educational Facilities Authority
Revenue Bonds St. Clare Hospital
02-15-22 7.00 12,115,000 12,703,426
Madison Industrial Development
Refunding Revenue Bonds Madison Gas & Electric
Series 1992B
10-01-27 6.70 19,300,000 20,168,692
State Health & Educational Facilities Authority
Lifecare Revenue Bonds United Lutheran
Program for the Aging - Luther Manor Series 1998
03-01-28 5.70 3,250,000 2,507,603
State Health & Educational Facilities Authority
Revenue Bonds FH Healthcare Development
Series 1999
11-15-28 6.25 10,000,000 8,420,700
Total 43,800,421
Wyoming (0.2%)
Natrona County Hospital Revenue Bonds
Wyoming Medical Center
09-15-10 8.13 6,500,000 6,692,595
State Farm Loan Board Capital Facilities
Revenue Bonds Series 1994
04-01-24 6.10 5,000,000 4,931,550
Total 11,624,145
Total municipal bonds
(Cost: $4,711,168,649) $4,767,777,666
Short-term securities (0.9%)
Issuer(f,g) Effective Amount Value(a)
yield payable at
maturity
Municipal notes
California Health Care
Obligation Group V.R.
07-01-15 4.15% $4,400,000 $4,400,000
California Health Facilities Authority
(Sutter Healthcare) V.R. Series 1996B
03-01-12 4.10 1,800,000 1,800,000
East Baton Rouge Louisiana Parish Pollution Control
Revenue Bonds (Exxon) V.R. A.M.T.
12-01-28 4.40 2,300,000 2,300,000
Irvine California Improvement Bonds
Special Assessments District 97-17 V.R.
09-02-23 4.15 4,500,000 4,500,000
Lincoln County Wyoming Pollution Control
Revenue Bonds (Exxon) V.R.
11-01-24 4.35 2,100,000 2,100,000
Minneapolis St. Paul Housing and Redevelopment
Minnesota (Children's Hospital) V.R.
08-15-25 4.45 900,000 900,000
Orange County California Improvement District 88
Societe Generale V.R.
09-02-18 4.15 9,800,000 9,800,000
Pennsylvania Higher Education Facilities Authority
(Carnegie Mellon University) Series 1995B V.R.
11-01-27 4.35 2,400,000 2,400,000
Sublette County Wyoming Pollution Control
Revenue Bonds (Exxon) V.R. A.M.T.
07-01-17 4.40 5,400,000 5,400,000
University of Michigan
Refunding Revenue Bonds
V.R. Series 1995A
12-01-27 4.35 5,100,000 5,100,000
Washington State Public Power Supply System V.R.
07-01-17 3.95 5,400,000 5,400,000
Total short-term securities
(Cost: $44,100,000) $44,100,000
Total investments in securities
(Cost: $4,755,268,649)(h) $4,811,877,666
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing. Item identified is in default as to payment of
interest and/or principal.
(c) 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 the market short-term rates. Interest rate disclosed is the rate
in effect on May 31, 2000. Inverse floaters in the aggregate represent 7.31% of
the Portfolio's net assets as of May 31, 2000.
(d) For zero coupon bonds, the interest rate disclosed represents the annualized
effective yield on the date of acquisition.
(e) The following abbreviations may be used in portfolio descriptions to
identify the insurer of the issue:
ACA -- ACA Financial Guaranty Corporation
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
(f) The following abbreviations may be used in the portfolio descriptions:
A.M.T. -- Alternative Minimum Tax -- As of May 31, 2000, the value of
securities subject to alternative minimum tax represented
16.39% 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
(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; rate shown is the effective rate on
May 31, 2000.
(h) At May 31, 2000, the cost of securities for federal income tax purposes was
approximately $4,755,269,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $221,769,000
Unrealized depreciation (165,160,000)
------------
Net unrealized appreciation $56,609,000
<PAGE>
Distributed by American Express Financial Advisors Inc. Member NASD. American
Express Company is separate from American Express Financial Advisors Inc. and is
not a broker-dealer.
S-6123 E (7/00)
