UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-5349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
4900 Sears Tower, Chicago, Illinois 60606-6303
(Address of principal executive offices) (Zip code)
Howard B. Surloff, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jeffrey A. Dalke, Esq. | |
One New York Plaza | Drinker Biddle & Reath LLP | |
New York, New York 10004 | One Logan Square | |
18th and Cherry Streets | ||
Philadelphia, PA 19103 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: DECEMBER 31
Date of reporting period: JUNE 30, 2004
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Trust | |
Institutional Liquid Assets |
4 Prime Obligations Portfolio | |
4 Money Market Portfolio | |
4 Government Portfolio | |
4 Treasury Obligations Portfolio | |
4 Treasury Instruments Portfolio | |
4 Federal Portfolio | |
4 Tax-Exempt Diversified Portfolio | |
4 Tax-Exempt California Portfolio | |
4 Tax-Exempt New York Portfolio |
SEMIANNUAL REPORT | |
June 30, 2004 |
Taxable Portfolios*
Prime Obligations Portfolio. The Portfolio invests in securities of the U.S. government, its agencies, authorities and instrumentalities, obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements.
Money Market Portfolio. The Portfolio invests in securities of the U.S. government, its agencies, authorities and instrumentalities, U.S. dollar denominated obligations of U.S. and foreign banks, U.S. dollar denominated commercial paper and other short-term obligations of U.S. and foreign companies, foreign governments, states, municipalities and other entities, and repurchase agreements.
Government Portfolio. The Portfolio invests, directly or indirectly, only in securities of the U.S. government, its agencies, authorities and instrumentalities, and repurchase agreements relating to such securities.
Treasury Obligations Portfolio. The Portfolio invests only in securities issued by the U.S. Treasury which are backed by the full faith and credit of the U.S. government, and repurchase agreements relating to such securities.
Treasury Instruments Portfolio. The Portfolio invests only in certain U.S. Treasury Obligations, the interest income from which is generally exempt from state income taxation.
Federal Portfolio. The Portfolio invests only in certain securities of the U.S. government and certain of its agencies, authorities and instrumentalities, the interest income from which is generally exempt from state income taxation.
Tax-Exempt Portfolios*
Tax-Exempt Diversified Portfolio. The Portfolio invests in municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is exempt from federal income tax, and not an item of tax preference under the federal alternative minimum tax.
Tax-Exempt California Portfolio. The Portfolio is a non-diversified portfolio consisting primarily of municipal obligations issued by or on behalf of the State of California and its political subdivisions, agencies and instrumentalities and other obligations that are exempt from federal and California state income taxes, and not an item of tax preference under the federal alternative minimum tax.
Tax-Exempt New York Portfolio. The Portfolio is a non-diversified portfolio consisting primarily of municipal obligations issued by or on behalf of the State of New York and its political subdivisions, agencies and instrumentalities and other obligations that are exempt from federal, New York State and New York City income taxes, and not an item of tax preference under the federal alternative minimum tax.
* Past performance is no guarantee of future results. Yields will vary. An investment in any of the ILA Portfolios is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolios seek to preserve the value of your investment at $1.00 per unit/share, it is possible to lose money by investing in the Portfolios. More complete information, including management fees and expenses, is included in the ILA Portfolios’ Prospectus and/or Statement of Additional Information, or may be obtained by calling Goldman Sachs Funds at 1-800-621-2550.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Commercial Paper and Corporate Obligations—41.7% | ||||||||||||||
Asset-Backed | ||||||||||||||
Citibank Credit Card Issuance Trust (Dakota Corp.) | ||||||||||||||
$ | 10,000,000 | 1.22 | % | 07/20/2004 | $ | 9,993,561 | ||||||||
Falcon Asset Securitization Corp. | ||||||||||||||
10,265,000 | 1.25 | 07/19/2004 | 10,258,584 | |||||||||||
Ford Credit Floorplan Master Owner Trust A Series 2002-1 | ||||||||||||||
10,000,000 | 1.23 | 08/18/2004 | 9,983,600 | |||||||||||
Fountain Square Commercial Funding Corp. | ||||||||||||||
10,000,000 | 1.09 | 07/06/2004 | 9,998,486 | |||||||||||
Govco, Inc. | ||||||||||||||
10,000,000 | 1.40 | 09/10/2004 | 9,972,389 | |||||||||||
8,000,000 | 1.50 | 09/13/2004 | 7,975,333 | |||||||||||
Hatteras Funding Corp. | ||||||||||||||
10,000,000 | 1.07 | 07/19/2004 | 9,994,650 | |||||||||||
Independence Funding LLC | ||||||||||||||
15,000,000 | 1.25 | 07/06/2004 | 14,997,396 | |||||||||||
Jupiter Securitization Corp. | ||||||||||||||
12,535,000 | 1.25 | 07/22/2004 | 12,525,860 | |||||||||||
Kittyhawk Funding Corp. | ||||||||||||||
10,000,000 | 1.25 | 07/21/2004 | 9,993,056 | |||||||||||
Park Avenue Receivables Co. LLC | ||||||||||||||
10,000,000 | 1.25 | 07/22/2004 | 9,992,708 | |||||||||||
Preferred Receivables Funding Corp. | ||||||||||||||
17,308,000 | 1.30 | 07/29/2004 | 17,290,500 | |||||||||||
Receivables Capital Corp. | ||||||||||||||
10,000,000 | 1.06 | 07/01/2004 | 10,000,000 | |||||||||||
6,246,000 | 1.25 | 07/20/2004 | 6,241,879 | |||||||||||
Ticonderoga Funding LLC | ||||||||||||||
10,000,000 | 1.20 | 07/08/2004 | 9,997,667 | |||||||||||
Triple-A One Funding Corp. | ||||||||||||||
13,044,000 | 1.30 | 07/26/2004 | 13,032,224 | |||||||||||
Variable Funding Capital Corp. | ||||||||||||||
10,000,000 | 1.14 | 07/21/2004 | 9,993,667 | |||||||||||
Yorktown Capital LLC | ||||||||||||||
10,458,000 | 1.25 | 07/20/2004 | 10,451,101 | |||||||||||
Total Commercial Paper and Corporate Obligations | $ | 192,692,661 | ||||||||||||
Certificates of Deposit—4.8% | ||||||||||||||
Citibank, N.A. | ||||||||||||||
$ | 12,000,000 | 1.10 | % | 08/06/2004 | $ | 12,000,000 | ||||||||
Wells Fargo Bank & Co. | ||||||||||||||
10,000,000 | 1.10 | 07/08/2004 | 10,000,000 | |||||||||||
Total Certificates of Deposit | $ | 22,000,000 | ||||||||||||
Master Demand Note—2.2% | ||||||||||||||
Bank of America Corp. | ||||||||||||||
$ | 10,000,000 | 1.60 | % | 08/04/2004 | $ | 10,000,000 | ||||||||
Total Master Demand Note | $ | 10,000,000 | ||||||||||||
U.S. Government Agency Obligations—30.3% | ||||||||||||||
Federal Home Loan Bank | ||||||||||||||
$ | 5,000,000 | 1.00 | %# | 07/03/2004 | $ | 4,996,844 | ||||||||
25,000,000 | 1.44# | 09/15/2004 | 24,995,585 | |||||||||||
5,000,000 | 1.40 | 04/01/2005 | 4,998,169 | |||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||||
5,000,000 | 1.10# | 07/07/2004 | 5,000,000 | |||||||||||
5,000,000 | 1.14# | 08/07/2004 | 5,000,000 | |||||||||||
7,946,000 | 1.35 | 03/08/2005 | 7,871,506 | |||||||||||
6,227,000 | 1.19 | 03/10/2005 | 6,175,129 | |||||||||||
Federal National Mortgage Association | ||||||||||||||
10,000,000 | 1.29 | 07/23/2004 | 9,992,117 | |||||||||||
15,000,000 | 1.21# | 07/29/2004 | 14,986,780 | |||||||||||
5,000,000 | 1.10# | 08/11/2004 | 4,999,074 | |||||||||||
17,000,000 | 6.50 | 08/15/2004 | 17,113,277 | |||||||||||
5,000,000 | 1.38 | 08/20/2004 | 4,990,451 | |||||||||||
5,000,000 | 1.23# | 09/06/2004 | 4,996,436 | |||||||||||
8,711,000 | 1.27 | 11/12/2004 | 8,669,821 | |||||||||||
5,000,000 | 1.10 | 12/16/2004 | 4,974,334 | |||||||||||
5,000,000 | 1.16 | 12/16/2004 | 4,972,933 | |||||||||||
5,000,000 | 1.30 | 01/07/2005 | 4,965,695 | |||||||||||
Total U.S. Government Agency Obligations | $ | 139,698,151 | ||||||||||||
Variable Rate Obligations#—9.7% | ||||||||||||||
General Electric Capital Corp. | ||||||||||||||
$ | 5,000,000 | 1.25 | % | 07/09/2004 | $ | 5,000,000 | ||||||||
M & I Marshall & Ilsley Bank | ||||||||||||||
20,000,000 | 1.05 | 07/02/2004 | 19,998,633 | |||||||||||
Monumental Life Insurance Co.† | ||||||||||||||
20,000,000 | 1.28 | 07/01/2004 | 20,000,000 | |||||||||||
Total Variable Rate Obligations | $ | 44,998,633 | ||||||||||||
Total Investments before Repurchase Agreements | $ | 409,389,445 | ||||||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Repurchase Agreements*—11.3% | ||||||||||||||
Joint Repurchase Agreement Account I | ||||||||||||||
$ | 32,200,000 | 1.29 | % | 07/01/2004 | $ | 32,200,000 | ||||||||
Maturity Value: $32,201,153 | ||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||
20,000,000 | 1.55 | 07/01/2004 | 20,000,000 | |||||||||||
Maturity Value: $20,000,858 | ||||||||||||||
Total Repurchase Agreements | $ | 52,200,000 | ||||||||||||
Total Investments—100.0% | $ | 461,589,445 | ||||||||||||
# | Variable or floating rate security index is based on the LIBOR rate. | |
† | Insurance company issued short-term funding agreement. | |
* | Unless noted, all repurchase agreements were entered into on June 30, 2004. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Commercial Paper and Corporate Obligations—36.8% | ||||||||||||||
Asset-Backed | ||||||||||||||
Blue Ridge Asset Funding Corp. | ||||||||||||||
$ | 50,000,000 | 1.22 | % | 07/19/2004 | $ | 49,969,500 | ||||||||
Compass Securitization LLC | ||||||||||||||
25,000,000 | 1.11# | 07/08/2004 | 25,000,000 | |||||||||||
50,000,000 | 1.16# | 07/12/2004 | 49,999,710 | |||||||||||
Falcon Asset Securitization Corp. | ||||||||||||||
15,095,000 | 1.26 | 07/15/2004 | 15,087,603 | |||||||||||
50,000,000 | 1.27 | 07/28/2004 | 49,952,375 | |||||||||||
Ford Credit Floor Plan Master Owner Trust (Motown) | ||||||||||||||
25,000,000 | 1.23 | 08/18/2004 | 24,959,000 | |||||||||||
20,000,000 | 1.52 | 09/22/2004 | 19,929,911 | |||||||||||
Fountain Square Commercial Funding Corp. | ||||||||||||||
15,000,000 | 1.09 | 07/06/2004 | 14,997,729 | |||||||||||
25,000,000 | 1.48 | 09/14/2004 | 24,922,917 | |||||||||||
Govco, Inc. | ||||||||||||||
35,000,000 | 1.23 | 08/23/2004 | 34,936,621 | |||||||||||
Hatteras Funding Corp. | ||||||||||||||
21,241,000 | 1.07 | 07/13/2004 | 21,233,424 | |||||||||||
15,929,000 | 1.07 | 07/19/2004 | 15,920,478 | |||||||||||
Liberty Street Funding Corp. | ||||||||||||||
14,746,000 | 1.24 | 07/09/2004 | 14,741,937 | |||||||||||
Nieuw Amsterdam Receivables Corp. | ||||||||||||||
25,208,000 | 1.28 | 07/26/2004 | 25,185,593 | |||||||||||
Old Line Funding Corp. | ||||||||||||||
20,000,000 | 1.27 | 07/28/2004 | 19,980,950 | |||||||||||
Preferred Receivables Funding Corp. | ||||||||||||||
25,000,000 | 1.07 | 07/02/2004 | 24,999,257 | |||||||||||
Sheffield Receivables Corp. | ||||||||||||||
40,000,000 | 1.25 | 07/20/2004 | 39,973,611 | |||||||||||
Ticonderoga Funding LLC | ||||||||||||||
25,000,000 | 1.13 | 07/02/2004 | 24,999,215 | |||||||||||
35,000,000 | 1.21 | 07/14/2004 | 34,984,707 | |||||||||||
Asset-Backed-Special Purpose Finance Companies | ||||||||||||||
Citibank Credit Card Issuance Trust (Dakota Corp) | ||||||||||||||
25,000,000 | 1.14 | 07/13/2004 | 24,990,500 | |||||||||||
25,000,000 | 1.22 | 07/20/2004 | 24,983,903 | |||||||||||
Transportation Services | ||||||||||||||
Network Rail Finance PLC | ||||||||||||||
12,000,000 | 1.50 | 09/23/2004 | 11,958,000 | |||||||||||
Total Commercial Paper and Corporate Obligations | $ | 593,706,941 | ||||||||||||
Certificates of Deposit-Eurodollar—12.6% | ||||||||||||||
Alliance & Leicester PLC | ||||||||||||||
$ | 10,000,000 | 1.53 | % | 12/02/2004 | $ | 10,000,211 | ||||||||
5,000,000 | 1.56 | 12/07/2004 | 5,000,217 | |||||||||||
Barclays Bank PLC | ||||||||||||||
50,000,000 | 1.10 | 07/22/2004 | 50,000,145 | |||||||||||
Credit Agricole SA | ||||||||||||||
13,000,000 | 1.40 | 02/02/2005 | 13,000,000 | |||||||||||
Depfa Bank PLC | ||||||||||||||
40,000,000 | 1.10 | 08/26/2004 | 40,000,000 | |||||||||||
HBOS Treasury Services PLC | ||||||||||||||
15,000,000 | 1.12 | 08/10/2004 | 15,000,330 | |||||||||||
Landesbank Baden-Wuerttemberg | ||||||||||||||
10,000,000 | 1.19 | 10/20/2004 | 10,000,306 | |||||||||||
Landesbank Hessen-Thueringen Girozentrale | ||||||||||||||
15,000,000 | 1.31 | 10/18/2004 | 14,993,724 | |||||||||||
10,000,000 | 1.51 | 11/19/2004 | 10,000,000 | |||||||||||
5,000,000 | 1.51 | 11/30/2004 | 5,000,000 | |||||||||||
30,000,000 | 1.22 | 12/30/2004 | 29,999,957 | |||||||||||
Total Certificates of Deposit-Eurodollar | $ | 202,994,890 | ||||||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Certificates of Deposit-Yankeedollar—4.3% | ||||||||||||||
Bayerische Landesbank Girozentrale | ||||||||||||||
$ | 5,000,000 | 1.49 | % | 05/06/2005 | $ | 4,999,367 | ||||||||
Credit Agricole SA | ||||||||||||||
10,000,000 | 1.39 | 08/05/2004 | 9,999,904 | |||||||||||
Toronto-Dominion Bank | ||||||||||||||
10,000,000 | 1.06 | 07/20/2004 | 10,000,000 | |||||||||||
UBS AG | ||||||||||||||
10,000,000 | 1.11 | 09/21/2004 | 10,000,000 | |||||||||||
Westdeutsche Landesbank Girozentrale | ||||||||||||||
10,000,000 | 1.16 | 07/06/2004 | 10,000,068 | |||||||||||
25,000,000 | 1.42 | 09/02/2004 | 25,000,000 | |||||||||||
Total Certificates of Deposit-Yankeedollar | $ | 69,999,339 | ||||||||||||
Medium-Term Notes-Eurodollar#—0.9% | ||||||||||||||
Westdeutsche Landesbank AG | ||||||||||||||
$ | 15,000,000 | 1.56 | % | 09/17/2004 | $ | 15,001,383 | ||||||||
Total Medium-Term Notes-Eurodollar | $ | 15,001,383 | ||||||||||||
U.S. Government Agency Obligations—11.2% | ||||||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||||
$ | 20,000,000 | 1.10 | %# | 07/07/2004 | $ | 20,000,000 | ||||||||
15,000,000 | 1.38 | 08/06/2004 | 14,999,739 | |||||||||||
10,000,000 | 1.31 | 08/12/2004 | 9,984,717 | |||||||||||
25,000,000 | 1.24 | 10/07/2004 | 24,915,951 | |||||||||||
10,000,000 | 1.35 | 03/08/2005 | 9,906,250 | |||||||||||
Federal National Mortgage Association | ||||||||||||||
30,000,000 | 0.98# | 07/03/2004 | 29,975,387 | |||||||||||
35,000,000 | 1.21# | 07/29/2004 | 34,969,152 | |||||||||||
25,000,000 | 1.23# | 09/06/2004 | 24,982,182 | |||||||||||
10,000,000 | 1.27 | 11/12/2004 | 9,952,728 | |||||||||||
Total U.S. Government Agency Obligations | $ | 179,686,106 | ||||||||||||
Variable Rate Obligations#—25.4% | ||||||||||||||
Australia and New Zealand Banking Group Ltd. | ||||||||||||||
$ | 30,000,000 | 1.20 | % | 07/08/2004 | $ | 30,000,479 | ||||||||
Barclays Bank PLC | ||||||||||||||
10,000,000 | 1.09 | 07/08/2004 | 9,998,917 | |||||||||||
Bayerische Landesbank Girozentrale | ||||||||||||||
20,000,000 | 1.21 | 07/20/2004 | 19,997,631 | |||||||||||
BellSouth Telecommunications, Inc. | ||||||||||||||
50,000,000 | 1.40 | 09/07/2004 | 50,000,000 | |||||||||||
BNP Paribas SA | ||||||||||||||
40,000,000 | 1.04 | 07/01/2004 | 39,993,334 | |||||||||||
Canadian Imperial Bank of Commerce | ||||||||||||||
25,000,000 | 1.29 | 07/27/2004 | 25,000,281 | |||||||||||
15,000,000 | 1.27 | 07/29/2004 | 14,996,268 | |||||||||||
General Electric Capital Corp. | ||||||||||||||
15,000,000 | 1.25 | 07/09/2004 | 15,000,000 | |||||||||||
HBOS Treasury Services PLC | ||||||||||||||
25,000,000 | 1.28 | 08/20/2004 | 25,000,000 | |||||||||||
Landesbank Baden-Wuerttemberg | ||||||||||||||
15,000,000 | 1.23 | 08/31/2004 | 14,997,633 | |||||||||||
M & I Marshall & Ilsley Bank | ||||||||||||||
10,000,000 | 1.05 | 07/02/2004 | 9,999,317 | |||||||||||
Monumental Life Insurance Co.† | ||||||||||||||
25,000,000 | 1.28 | 07/01/2004 | 25,000,000 | |||||||||||
Natexis Banques Populaires | ||||||||||||||
25,000,000 | 1.55 | 07/01/2004 | 24,999,813 | |||||||||||
25,000,000 | 1.55 | 07/01/2004 | 24,999,896 | |||||||||||
Nationwide Building Society | ||||||||||||||
10,000,000 | 1.14 | 07/23/2004 | 10,000,000 | |||||||||||
New York Life Insurance Co.† | ||||||||||||||
10,000,000 | 1.18 | 07/01/2004 | 10,000,000 | |||||||||||
25,000,000 | 1.64 | 07/01/2004 | 25,000,000 | |||||||||||
Rabobank Nederland | ||||||||||||||
20,000,000 | 1.04 | 07/01/2004 | 19,996,734 | |||||||||||
Westdeutsche Landesbank Girozentrale | ||||||||||||||
15,000,000 | 1.24 | 08/31/2004 | 14,997,517 | |||||||||||
Total Variable Rate Obligations | $ | 409,977,820 | ||||||||||||
Total Investments before Repurchase Agreements | $ | 1,471,366,479 | ||||||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Repurchase Agreements*—8.7% | ||||||||||||||
Joint Repurchase Agreement Account I | ||||||||||||||
$ | 39,400,000 | 1.29 | % | 07/01/2004 | $ | 39,400,000 | ||||||||
Maturity Value: $39,401,410 | ||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||
100,000,000 | 1.55 | 07/01/2004 | 100,000,000 | |||||||||||
Maturity Value: $100,004,292 | ||||||||||||||
Total Repurchase Agreements | $ | 139,400,000 | ||||||||||||
Total Investments—99.9% | $ | 1,610,766,479 | ||||||||||||
# | Variable or floating rate security index is based on the LIBOR, federal funds or Prime lending rate. | |
† | Insurance company issued short-term funding agreement. | |
* | Unless noted, all repurchase agreements were entered into on June 30, 2004. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
U.S. Government Agency Obligations—73.5% | ||||||||||||||
Federal Farm Credit Bank | ||||||||||||||
$ | 15,000,000 | 1.15 | %# | 07/20/2004 | $ | 14,999,337 | ||||||||
Federal Home Loan Bank | ||||||||||||||
3,000,000 | 1.22 | 08/04/2004 | 2,999,954 | |||||||||||
5,000,000 | 1.15# | 08/25/2004 | 4,999,735 | |||||||||||
3,000,000 | 1.48# | 09/21/2004 | 2,999,950 | |||||||||||
5,000,000 | 2.00 | 11/15/2004 | 5,009,559 | |||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||||
10,000,000 | 1.10# | 07/07/2004 | 10,000,000 | |||||||||||
10,000,000 | 1.07 | 08/03/2004 | 9,990,238 | |||||||||||
1,400,000 | 4.50 | 08/15/2004 | 1,405,782 | |||||||||||
Federal National Mortgage Association | ||||||||||||||
5,000,000 | 1.07# | 07/28/2004 | 4,999,131 | |||||||||||
7,000,000 | 1.21# | 07/29/2004 | 6,995,462 | |||||||||||
5,000,000 | 1.08 | 08/04/2004 | 4,994,900 | |||||||||||
5,000,000 | 1.10# | 08/11/2004 | 4,999,074 | |||||||||||
5,000,000 | 6.50 | 08/15/2004 | 5,032,849 | |||||||||||
5,000,000 | 1.23# | 09/06/2004 | 4,996,436 | |||||||||||
2,000,000 | 1.36 | 09/08/2004 | 1,994,787 | |||||||||||
2,000,000 | 1.35 | 04/28/2005 | 2,000,000 | |||||||||||
Total U.S. Government Agency Obligations | $ | 88,417,194 | ||||||||||||
Total Investments before Repurchase Agreements | $ | 88,417,194 | ||||||||||||
Repurchase Agreements^*—26.4% | ||||||||||||||
Joint Repurchase Agreement Account I | ||||||||||||||
$ | 11,700,000 | 1.29 | % | 07/01/2004 | $ | 11,700,000 | ||||||||
Maturity Value: $11,700,419 | ||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||
15,000,000 | 1.55 | 07/01/2004 | 15,000,000 | |||||||||||
Maturity Value: $15,000,644 | ||||||||||||||
UBS LLC | ||||||||||||||
5,000,000 | 1.05 | 07/06/2004 | 5,000,000 | |||||||||||
Maturity Value: $5,013,125 | ||||||||||||||
Dated: 04/07/04 | ||||||||||||||
Total Repurchase Agreements | $ | 31,700,000 | ||||||||||||
Total Investments—99.9% | $ | 120,117,194 | ||||||||||||
# | Variable or floating rate security index is based on the LIBOR rate. | |
^ | At June 30, 2004, these agreements were fully collateralized by U.S. Treasury obligations. | |
* | Unless noted, all repurchase agreements were entered into on June 30, 2004. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
U.S. Treasury Obligations—22.4% | ||||||||||||||
United States Treasury Bills | ||||||||||||||
$ | 10,000,000 | 1.18 | % | 10/28/2004 | $ | 9,961,160 | ||||||||
United States Treasury Notes | ||||||||||||||
47,000,000 | 6.00 | 08/15/2004 | 47,285,293 | |||||||||||
5,000,000 | 2.13 | 08/31/2004 | 5,007,173 | |||||||||||
20,000,000 | 5.88 | 11/15/2004 | 20,342,346 | |||||||||||
18,000,000 | 2.00 | 11/30/2004 | 18,048,108 | |||||||||||
35,000,000 | 1.75 | 12/31/2004 | 35,071,484 | |||||||||||
25,000,000 | 1.50 | 02/28/2005 | 25,055,419 | |||||||||||
10,000,000 | 1.63 | 03/31/2005 | 10,027,274 | |||||||||||
5,000,000 | 6.75 | 05/15/2005 | 5,226,563 | |||||||||||
Total U.S. Treasury Obligations | $ | 176,024,820 | ||||||||||||
Total Investments before Repurchase Agreements | $ | 176,024,820 | ||||||||||||
Repurchase Agreements—Unaffiliated Issuers^*—74.3% | ||||||||||||||
Joint Repurchase Agreement Account I | ||||||||||||||
$ | 533,600,000 | 1.29 | % | 07/01/2004 | $ | 533,600,000 | ||||||||
Maturity Value: $533,619,091 | ||||||||||||||
Lehman Brothers Holdings, Inc. | ||||||||||||||
25,000,000 | 1.25 | 07/01/2004 | 25,000,000 | |||||||||||
Maturity Value: $25,000,868 | ||||||||||||||
UBS LLC | ||||||||||||||
25,000,000 | 1.23 | 07/01/2004 | 25,000,000 | |||||||||||
Maturity Value: $25,000,854 | ||||||||||||||
Total Repurchase Agreements—Unaffiliated Issuers | $ | 583,600,000 | ||||||||||||
Repurchase Agreements—Affiliated Issuers^*—3.2% | ||||||||||||||
Goldman, Sachs & Co | ||||||||||||||
$ | 25,000,000 | 1.29 | % | 07/01/2004 | $ | 25,000,000 | ||||||||
Maturity Value: $25,000,896 | ||||||||||||||
Total Repurchase Agreements— Affiliated Issuers | $ | 25,000,000 | ||||||||||||
Total Investments—99.9% | $ | 784,624,820 | ||||||||||||
^ | At June 30, 2004, these agreements were fully collateralized by U.S. Treasury obligations. | |
* | Unless noted, all repurchase agreements were entered into on June 30, 2004. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rates indices.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
U.S. Treasury Obligations—175.7% | ||||||||||||||
United States Treasury Bills | ||||||||||||||
$ | 208,200,000 | 0.94 | % | 07/01/2004 | $ | 208,200,000 | ||||||||
229,000,000 | 0.95 | 07/01/2004 | 229,000,000 | |||||||||||
5,000,000 | 1.05 | 07/01/2004 | 5,000,000 | |||||||||||
6,600,000 | 0.99 | 07/15/2004 | 6,597,472 | |||||||||||
1,100,000 | 1.00 | 07/15/2004 | 1,099,574 | |||||||||||
3,100,000 | 1.08 | 07/15/2004 | 3,098,698 | |||||||||||
25,200,000 | 1.07 | 07/22/2004 | 25,184,272 | |||||||||||
100,000,000 | 1.14> | 07/29/2004 | 99,911,333 | |||||||||||
225,000,000 | 1.15> | 07/29/2004 | 224,799,042 | |||||||||||
100,000,000 | 1.17> | 07/29/2004 | 99,909,195 | |||||||||||
35,000,000 | 1.03 | 10/07/2004 | 34,901,864 | |||||||||||
50,000,000 | 1.09 | 10/21/2004 | 49,831,222 | |||||||||||
Total U.S. Treasury Obligations | $ | 987,532,672 | ||||||||||||
Total Investments—175.7% | $ | 987,532,672 | ||||||||||||
> | Forward commitment |
Interest rates represent the annualized yield on date of purchase for discounted securities.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
U.S. Government Agency Obligations— 99.7% | ||||||||||||||
Federal Farm Credit Bank | ||||||||||||||
$ | 50,000,000 | 0.95% | 07/01/2004 | $ | 50,000,000 | |||||||||
68,000,000 | 1.00# | 07/01/2004 | 67,989,592 | |||||||||||
60,000,000 | 1.01# | 07/01/2004 | 59,989,038 | |||||||||||
60,000,000 | 1.02# | 07/01/2004 | 59,993,205 | |||||||||||
50,000,000 | 1.05# | 07/01/2004 | 50,000,000 | |||||||||||
25,000,000 | 0.98 | 07/02/2004 | 24,999,319 | |||||||||||
50,000,000 | 1.02# | 07/03/2004 | 49,998,683 | |||||||||||
30,000,000 | 1.03# | 07/03/2004 | 30,000,000 | |||||||||||
5,000,000 | 1.03# | 07/04/2004 | 4,997,805 | |||||||||||
30,000,000 | 1.06 | 07/07/2004 | 29,994,700 | |||||||||||
85,000,000 | 1.06 | 07/09/2004 | 84,979,978 | |||||||||||
50,000,000 | 1.10 | 07/09/2004 | 49,987,778 | |||||||||||
45,000,000 | 1.09 | 07/12/2004 | 44,985,013 | |||||||||||
20,000,000 | 1.13# | 07/12/2004 | 19,991,316 | |||||||||||
5,900,000 | 1.09 | 07/13/2004 | 5,897,856 | |||||||||||
25,000,000 | 1.21# | 07/17/2004 | 24,995,723 | |||||||||||
32,800,000 | 1.22 | 07/19/2004 | 32,779,992 | |||||||||||
30,000,000 | 1.15# | 07/20/2004 | 29,998,674 | |||||||||||
15,000,000 | 1.22 | 07/20/2004 | 14,990,342 | |||||||||||
40,000,000 | 1.17# | 07/24/2004 | 39,998,519 | |||||||||||
25,000,000 | 1.23# | 07/25/2004 | 24,998,359 | |||||||||||
45,000,000 | 1.01 | 08/20/2004 | 44,936,875 | |||||||||||
250,000,000 | 0.98‡ | 02/04/2005 | 250,000,000 | |||||||||||
Federal Home Loan Bank | ||||||||||||||
30,000,000 | 1.00# | 07/03/2004 | 29,981,066 | |||||||||||
80,000,000 | 0.99# | 07/05/2004 | 79,940,785 | |||||||||||
100,000,000 | 1.04# | 07/05/2004 | 99,997,424 | |||||||||||
75,000,000 | 1.00# | 07/14/2004 | 74,999,465 | |||||||||||
13,000,000 | 1.00 | 07/16/2004 | 12,999,286 | |||||||||||
25,000,000 | 1.07# | 07/19/2004 | 24,993,970 | |||||||||||
15,135,000 | 1.22 | 07/23/2004 | 15,123,717 | |||||||||||
30,000,000 | 1.22# | 07/25/2004 | 29,995,082 | |||||||||||
30,000,000 | 1.19# | 07/27/2004 | 29,997,828 | |||||||||||
66,286,000 | 1.06 | 07/28/2004 | 66,233,475 | |||||||||||
50,000,000 | 1.22 | 08/04/2004 | 49,999,238 | |||||||||||
25,000,000 | 1.06# | 08/11/2004 | 24,999,299 | |||||||||||
42,200,000 | 1.20 | 08/13/2004 | 42,139,513 | |||||||||||
12,000,000 | 6.25 | 08/13/2004 | 12,068,287 | |||||||||||
4,750,000 | 6.50 | 08/13/2004 | 4,779,290 | |||||||||||
32,800,000 | 1.05 | 08/18/2004 | 32,754,080 | |||||||||||
32,725,000 | 1.14 | 08/18/2004 | 32,675,476 | |||||||||||
9,300,000 | 1.28 | 08/18/2004 | 9,284,128 | |||||||||||
89,900,000 | 1.05 | 08/20/2004 | 89,768,896 | |||||||||||
45,000,000 | 1.15# | 08/25/2004 | 44,997,618 | |||||||||||
25,000,000 | 1.32 | 08/25/2004 | 24,949,583 | |||||||||||
75,000,000 | 1.17# | 08/26/2004 | 74,960,921 | |||||||||||
27,000,000 | 1.30 | 09/03/2004 | 26,937,600 | |||||||||||
45,000,000 | 1.29 | 09/08/2004 | 44,888,737 | |||||||||||
25,000,000 | 1.37 | 09/09/2004 | 25,000,000 | |||||||||||
49,000,000 | 1.45 | 09/10/2004 | 48,859,874 | |||||||||||
32,736,000 | 1.25 | 09/15/2004 | 32,649,613 | |||||||||||
15,000,000 | 1.42 | 09/15/2004 | 14,955,033 | |||||||||||
155,000,000 | 1.44# | 09/15/2004 | 154,976,421 | |||||||||||
30,000,000 | 1.42 | 09/17/2004 | 29,907,700 | |||||||||||
20,000,000 | 1.48# | 09/21/2004 | 19,999,670 | |||||||||||
24,351,000 | 1.42 | 09/24/2004 | 24,269,357 | |||||||||||
25,000,000 | 1.43 | 09/24/2004 | 24,915,590 | |||||||||||
50,000,000 | 1.51# | 09/30/2004 | 49,996,736 | |||||||||||
8,785,000 | 3.63 | 10/15/2004 | 8,849,004 | |||||||||||
10,000,000 | 2.00 | 11/15/2004 | 10,019,117 | |||||||||||
30,000,000 | 1.43 | 11/17/2004 | 29,834,358 | |||||||||||
20,000,000 | 1.44 | 11/19/2004 | 19,887,200 | |||||||||||
15,000,000 | 1.50 | 12/07/2004 | 15,000,000 | |||||||||||
29,230,000 | 1.73 | 12/17/2004 | 28,992,612 | |||||||||||
25,000,000 | 1.43 | 12/24/2004 | 25,000,000 | |||||||||||
15,000,000 | 1.40 | 04/01/2005 | 14,994,506 | |||||||||||
10,000,000 | 1.40 | 04/15/2005 | 9,998,895 | |||||||||||
15,000,000 | 1.33 | 05/02/2005 | 15,000,000 | |||||||||||
9,850,000 | 4.13 | 05/13/2005 | 10,074,620 | |||||||||||
Student Loan Marketing Association | ||||||||||||||
14,600,000 | 3.38 | 07/15/2004 | 14,611,412 | |||||||||||
Total U.S. Government Agency Obligations | $ | 2,703,759,249 | ||||||||||||
U.S. Treasury Obligation— 0.2% | ||||||||||||||
United States Treasury Bills | ||||||||||||||
$ | 6,100,000 | 1.08% | 07/15/2004 | $ | 6,097,438 | |||||||||
Total U.S. Treasury Obligation | $ | 6,097,438 | ||||||||||||
Total Investments—99.9% | $ | 2,709,856,687 | ||||||||||||
# | Variable or floating rate security index is based on either LIBOR or Prime lending rate. | |
‡ | Federal Farm Credit Banks Funding Corporation issued Master Note Purchase Agreement. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Alabama—2.8% | ||||||||||||||
Birmingham Alabama GO VRDN Capital Improvement Series 1998 A (Regions Bank LOC) (A-1/VMIG1) | ||||||||||||||
$ | 3,070,000 | 1.08 | % | 07/01/2004 | $ | 3,070,000 | ||||||||
Birmingham Alabama GO VRDN Capital Improvement Series 2004 A (AMBAC) (Southtrust Bank N.A. SPA) (VMIG1) | ||||||||||||||
5,000,000 | 1.08 | 07/07/2004 | 5,000,000 | |||||||||||
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E (A-1/ VMIG1) | ||||||||||||||
8,000,000 | 1.08 | 07/01/2004 | 8,000,000 | |||||||||||
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (VMIG1) | ||||||||||||||
14,000,000 | 1.10 | 07/01/2004 | 14,000,000 | |||||||||||
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1) | ||||||||||||||
9,400,000 | 1.10 | 07/01/2004 | 9,400,000 | |||||||||||
Jefferson County Alabama Sewer Revenue VRDN RB for Capital Improvement Series 2002 A (FGIC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
10,200,000 | 1.08 | 07/01/2004 | 10,200,000 | |||||||||||
Mobile City IDRB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/ VMIG1) | ||||||||||||||
7,000,000 | 1.14 | 07/01/2004 | 7,000,000 | |||||||||||
University of Alabama VRDN RB Series 1993 B (A-1+/ VMIG1) | ||||||||||||||
2,800,000 | 1.07 | 07/07/2004 | 2,800,000 | |||||||||||
$ | 59,470,000 | |||||||||||||
Alaska—0.3% | ||||||||||||||
Alaska State Housing Finance Corp. VRDN RB for Housing Development Series 2000 B (A-1+/VMIG1) | ||||||||||||||
$ | 6,405,000 | 1.06 | % | 07/07/2004 | $ | 6,405,000 | ||||||||
Arizona—1.1% | ||||||||||||||
Arizona School District TANS Financing Program COPS Series 2003 (SP-1+) | ||||||||||||||
$ | 12,750,000 | 1.75 | % | 07/30/2004 | $ | 12,757,513 | ||||||||
City of Phoenix Water CP (Dexia Credit Local LOC) A-1+/P-1) | ||||||||||||||
5,000,000 | 1.10 | 12/09/2004 | 5,000,000 | |||||||||||
3,000,000 | 1.40 | 02/14/2005 | 3,000,000 | |||||||||||
Salt River Agriculture Improvement & Power Project CP Series S-B (Bank of America, Bank One, N.A., JP Morgan Chase & Co., Citibank, N.A., Wells Fargo Bank and M&I Marshall SPA) | ||||||||||||||
2,225,000 | 0.96 | 09/13/2004 | 2,225,000 | |||||||||||
$ | 22,982,513 | |||||||||||||
California—2.0% | ||||||||||||||
California Statewide Communities Development Authority Kaiser Permanente CP Series S-K (F-1) | ||||||||||||||
$ | 6,000,000 | 1.04 | % | 08/09/2004 | $ | 6,000,000 | ||||||||
California Statewide Communities Development Authority VRDN RB Series 2004 M (A-1/F-1) | ||||||||||||||
6,000,000 | 1.15 | 07/07/2004 | 6,000,000 | |||||||||||
Clovis California Unified School District GO TRANS Series 2004 (SP-1+) | ||||||||||||||
7,500,000 | 2.50> | 06/30/2005 | 7,566,225 | |||||||||||
Los Angeles Unified School District GO TRANS Series 2003 A (MIG1) | ||||||||||||||
5,500,000 | 2.00 | 07/01/2004 | 5,500,000 | |||||||||||
Los Angeles Water & Power VRDN RB for Power System Subseries 2002 A-6 (Bayerische Landesbank, BNP Paribas, Dexia Credit Local, JP Morgan Chase & Co. and Westdeutsche Landesbank SPA | ||||||||||||||
7,400,000 | 1.06 | 07/01/2004 | 7,400,000 | |||||||||||
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 A (A-1+/ VMIG1) | ||||||||||||||
3,300,000 | 1.08 | 07/07/2004 | 3,300,000 | |||||||||||
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 B (A-1+/ VMIG1) | ||||||||||||||
4,600,000 | 1.08 | 07/07/2004 | 4,600,000 | |||||||||||
Sacramento County TRANS Series 2004 A (SP-1+) | ||||||||||||||
2,000,000 | 3.00> | 07/11/2005 | 2,027,280 | |||||||||||
$ | 42,393,505 | |||||||||||||
Colorado—0.7% | ||||||||||||||
Colorado Health Facilities Authority VRDN RB for Sisters of Charity Series 2002 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 10,800,000 | 1.05 | % | 07/07/2004 | $ | 10,800,000 | ||||||||
Denver Colorado City & County VRDN P-Floats-P-T-2043 Series 2003 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
3,500,000 | 1.12 | 07/01/2004 | 3,500,000 | |||||||||||
$ | 14,300,000 | |||||||||||||
Connecticut—0.2% | ||||||||||||||
Connecticut State Health & Educational Facilities Authority VRDN RB Eagle Series 20026027 Class A (Citibank) (A-1+) | ||||||||||||||
$ | 4,000,000 | 1.14 | % | 07/01/2004 | $ | 4,000,000 | ||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Florida—4.4% | ||||||||||||||
Broward County GO VRDN Merlots Series 2004 B09 (Wachovia Bank N.A. SPA) (A-1) | ||||||||||||||
$ | 5,700,000 | 1.12 | % | 07/07/2004 | $ | 5,700,000 | ||||||||
Broward County Housing Finance Authority VRDN MF Hsg. RB for Sanctuary Apartments Project Series 1985 (FNMA) (VMIG1) | ||||||||||||||
5,500,000 | 1.09 | 07/01/2004 | 5,500,000 | |||||||||||
Broward County Housing Finance Authority VRDN MF Hsg. RB Refunding for Island Club Apartments Series 2001 A (FHLMC) (A-1+) | ||||||||||||||
2,500,000 | 1.12 | 07/01/2004 | 2,500,000 | |||||||||||
Florida Board of Education VRDN RB Eagle Tax-Exempt Trust Series 20010906 Class A COPS (FGIC) (Citibank) (A-1+) | ||||||||||||||
1,500,000 | 1.14 | 07/01/2004 | 1,500,000 | |||||||||||
Florida Local Government Financing Commission Pooled CP Notes Series A (Wachovia Bank) (A-1/P-1) | ||||||||||||||
4,055,000 | 1.05 | 07/12/2004 | 4,055,000 | |||||||||||
Jacksonville Electric Authority CP Bonds Series 2000 F (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
3,500,000 | 1.05 | 10/15/2004 | 3,500,000 | |||||||||||
Jacksonville Electric Authority CP Bonds Series 2000 F (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
3,500,000 | 1.05 | 10/13/2004 | 3,500,000 | |||||||||||
Jacksonville Electric Authority CP Series 2000 S-B (Landesbank Hessen-Thueringen) (A-1+/VMIG1) | ||||||||||||||
16,500,000 | 1.10 | 07/22/2004 | 16,500,000 | |||||||||||
6,000,000 | 1.03 | 09/09/2004 | 6,000,000 | |||||||||||
Jacksonville Electric Authority CP Notes Series C-1 (JP Morgan Chase & Co. SPA) (A-1+/P-1/F-1+) | ||||||||||||||
14,100,000 | 1.00 | 08/12/2004 | 14,100,000 | |||||||||||
3,000,000 | 1.00 | 09/10/2004 | 3,000,000 | |||||||||||
Jacksonville Electric Authority Water & Sewer Systems VRDN RB P-Floats-PT 2173 Series 2004 (FGIC) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
4,180,000 | 1.12 | 07/01/2004 | 4,180,000 | |||||||||||
Kissimmee Utility Authority CP (Bank of Nova Scotia SPA) (P-1) | ||||||||||||||
7,000,000 | 1.09 | 07/07/2004 | 7,000,000 | |||||||||||
3,500,000 | 0.95 | 07/20/2004 | 3,500,000 | |||||||||||
Lakeland Energy System VRDN RB Refunding Series 2003 (Suntrust Bank SPA) (A-1+/VMIG1) | ||||||||||||||
3,000,000 | 1.08 | 07/07/2004 | 3,000,000 | |||||||||||
Orange County Educational Facilities Authority VRDN RB for Rollins College Project Series 2001 (Bank of America N.A. LOC) (VMIG1) | ||||||||||||||
3,305,000 | 1.10 | 07/01/2004 | 3,305,000 | |||||||||||
Sunshine State CP Series F (FGIC) (Landesbank Hessen-Thueringen SPA) (A-1+/F-1+) | ||||||||||||||
4,810,000 | 1.10 | 07/09/2004 | 4,810,000 | |||||||||||
$ | 91,650,000 | |||||||||||||
Georgia—2.2% | ||||||||||||||
Atlanta Airport VRDN RB Refunding for General RF-C-2 Series 2003 (MBIA) (Wachovia Bank N.A. SPA) (A-1/VMIG1) | ||||||||||||||
$ | 5,000,000 | 1.08 | % | 07/01/2004 | $ | 5,000,000 | ||||||||
Cobb County School District GO TANS Series 2004 (MIG1) | ||||||||||||||
5,350,000 | 1.75 | 12/31/2004 | 5,370,160 | |||||||||||
Dekalb County Hospital Authority Revenue Anticipation Certificates VRDN RB for Dekalb Medical Center, Inc. Series 1993 B (Suntrust Bank LOC) (VMIG1) | ||||||||||||||
2,975,000 | 1.08 | 07/07/2004 | 2,975,000 | |||||||||||
Dekalb County Hospital Authority Revenue Anticipation Certificates VRDN RB for Dekalb Medical Center Project Series 2003 B (FSA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
4,000,000 | 1.09 | 07/01/2004 | 4,000,000 | |||||||||||
Fulco Hospital Authority VRDN RANS for Peidmont Hospital Project Series 1999 (Suntrust Bank LOC) (A-1+/ VMIG1) | ||||||||||||||
8,560,000 | 1.08 | 07/07/2004 | 8,560,000 | |||||||||||
Georgia State GO Bonds Series 1996 B (AAA) | ||||||||||||||
3,000,000 | 6.25 | 04/01/2005 | 3,114,759 | |||||||||||
Georgia State GO VRDN P-Float-PT 2227 Series 2004 (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
9,500,000 | 1.12 | 07/01/2004 | 9,500,000 | |||||||||||
Private Colleges & Universities Facilities Authority RB for Emory University Project Series 1997 A (AA) | ||||||||||||||
5,000,000 | 5.38 | 11/01/2004 | 5,070,184 | |||||||||||
Savannah Economic Development Authority VRDN PCRB Refunding Savannah Electric & Power Project Series 1993 (A-1/VMIG1) | ||||||||||||||
1,300,000 | 1.10 | 07/01/2004 | 1,300,000 | |||||||||||
$ | 44,890,103 | |||||||||||||
Hawaii—0.1% | ||||||||||||||
Honolulu Hawaii City & County CP (Westdeutsche Landesbank SPA) (A-1/P-1) | ||||||||||||||
$ | 2,000,000 | 1.00 | % | 07/08/2004 | $ | 2,000,000 | ||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Illinois—8.8% | ||||||||||||||
Chicago Illinois GO VRDN for Neighborhoods Alive Series 2002 21-B (MBIA) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 11,900,000 | 1.08 | % | 07/01/2004 | $ | 11,900,000 | ||||||||
Chicago Illinois GO VRDN Project Series 2003 B-1 (FSA) (Bank One, N.A. SPA) (A-1/VMIG1) | ||||||||||||||
11,100,000 | 1.08 | 07/07/2004 | 11,100,000 | |||||||||||
Chicago Illinois VRDN Merlots Series 2000 A43 (AMBAC) (First Union National Bank SPA) (VMIG1) | ||||||||||||||
7,630,000 | 1.12 | 07/07/2004 | 7,630,000 | |||||||||||
Chicago Illinois VRDN Series 2002 B (FGIC) (Landesbank Baden-Wurttm SPA) (A-1+/VMIG1) | ||||||||||||||
6,000,000 | 1.09 | 07/01/2004 | 6,000,000 | |||||||||||
Chicago Illinois Waste Water Transmission VRDN RB Merlots Series 2001 A 125 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
1,000,000 | 1.12 | 07/07/2004 | 1,000,000 | |||||||||||
City of Chicago Board of Education GO VRDN Series 2000 C (FSA) (Dexia Public Finance SPA) (A-1+/ VMIG1) | ||||||||||||||
10,000,000 | 1.08 | 07/01/2004 | 10,000,000 | |||||||||||
City of Chicago Board of Education GO VRDN Series 2000 D (FSA) (Dexia Public Finance SPA) (A-1+/ VMIG1) | ||||||||||||||
17,500,000 | 1.08 | 07/01/2004 | 17,500,000 | |||||||||||
Cook County Illinois GO VRDN Capital Improvement Series 2002 B (Landesbank Hessen-Thueringen SPA) (A-1+/ VMIG1) | ||||||||||||||
13,000,000 | 1.11 | 07/07/2004 | 13,000,000 | |||||||||||
Evanston GO VRDN for Recreation Center Project Series 2000 C (Bank of America N.A. SPA) (VMIG1) | ||||||||||||||
5,000,000 | 1.08 | 07/01/2004 | 5,000,000 | |||||||||||
Illinois Development Finance Authority Revenue VRDN RB for Bradley University Project Series 2002 (FGIC) (National City Bank SPA) (A-1) | ||||||||||||||
3,920,000 | 1.09 | 07/01/2004 | 3,920,000 | |||||||||||
Illinois Educational Facilities Authority RB for Adjusted University of Chicago Series 1998 B (A-1+) | ||||||||||||||
4,000,000 | 4.40 | 07/01/2004 | 4,000,000 | |||||||||||
Illinois Educational Facilities Authority RB for Adjusted University of Chicago Series 2001 B-1 (A-1+/VMIG1) | ||||||||||||||
4,000,000 | 0.98 | 07/01/2004 | 4,000,000 | |||||||||||
Illinois Finance Authority VRDN RB ROCS II-R-6015 Series 2004 (Citibank N.A.) (A-1+) | ||||||||||||||
5,655,000 | 1.14 | 07/01/2004 | 5,655,000 | |||||||||||
Illinois GO VRDN Eagle Tax-Exempt Trust Series 96 C1301 Class A (A-1+) | ||||||||||||||
4,900,000 | 1.14 | 07/01/2004 | 4,900,000 | |||||||||||
Illinois Health Facilities Authority Revenue VRDN RB Resurrection Health Series 1999 B (FSA) (Lasalle Bank N.A. SPA) (A-1+/ VMIG1) | ||||||||||||||
19,000,000 | 1.05 | 07/07/2004 | 19,000,000 | |||||||||||
Illinois Health Facilities Authority VRDN RB for Rosalind Franklin University Series 2003 (Bank One, N.A. LOC) (A-1/VMIG1) | ||||||||||||||
3,000,000 | 1.05 | 07/07/2004 | 3,000,000 | |||||||||||
Illinois Health Facilities Authority VRDN RB for The Revolving Fund Pooled Finance Program Series 1985 C (Bank One, N.A. LOC) (A-1+/ VMIG1) | ||||||||||||||
13,150,000 | 1.08 | 07/07/2004 | 13,150,000 | |||||||||||
Illinois Health Facilities Authority VRDN RB for The Revolving Fund Pooled Finance Program Series 1985 D (Bank One, N.A. LOC) (A-1+/VMIG1) | ||||||||||||||
16,375,000 | 1.08 | 07/07/2004 | 16,375,000 | |||||||||||
Illinois State GO VRDN P-Float-PT 1832 Series 2003 (FSA) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
4,240,000 | 1.12 | 07/01/2004 | 4,240,000 | |||||||||||
Illinois State GO VRDN P-Float-PT 1882 Series 2003 (MBIA) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
3,980,000 | 1.12 | 07/01/2004 | 3,980,000 | |||||||||||
Illinois State GO VRDN ROCS II-R-4529 Trust Series 2003 (MBIA) (Citigroup Global Markets) (A-1+) | ||||||||||||||
3,990,000 | 1.14 | 07/01/2004 | 3,990,000 | |||||||||||
Illinois State Sales Tax VRDN RB P-Float-PT 896 Series 2003 (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
4,100,000 | 1.12 | 07/01/2004 | 4,100,000 | |||||||||||
Illinois State VRDN Sales Tax Revenue Merlots Series 2001 A102 (Wachovia Bank, N.A. SPA) (A-1+) | ||||||||||||||
7,465,000 | 1.12 | 07/07/2004 | 7,465,000 | |||||||||||
Illinois State VRDN Sales Tax Revenue P-Float-PT 1929 Series 2003 (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
3,990,000 | 1.12 | 07/01/2004 | 3,990,000 | |||||||||||
$ | 184,895,000 | |||||||||||||
Indiana—0.7% | ||||||||||||||
ABN Amro Munitops VRDN RB Non-AMT Trust Certificates Series 2004-28 (Indiana TFA) (FGIC) (ABN Amro Bank N.V. SPA) (F-1+) | ||||||||||||||
$ | 5,000,000 | 1.14 | % | 07/07/2004 | $ | 5,000,000 | ||||||||
Indiana TFA Highway VRDN RB P-Float-PT 2245 Series 2004 (FGIC) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
5,185,000 | 1.12 | 07/01/2004 | 5,185,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Indiana (continued) | ||||||||||||||
Wayne Township VRDN RB for School Building Corp. P-Float-PT 2016 Series 2003 (FGIC) (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
$ | 5,255,000 | 1.12 | % | 07/01/2004 | $ | 5,255,000 | ||||||||
$ | 15,440,000 | |||||||||||||
Iowa—1.7% | ||||||||||||||
Chillicothe City VRDN PCRB for Midamerican Energy Co./Midwest Power Systems Series 1993 A (A-1/VMIG1) | ||||||||||||||
$ | 900,000 | 1.10 | % | 07/07/2004 | $ | 900,000 | ||||||||
Iowa Higher Education Loan Authority VRDN RB for Grinnell Private College Facilities Series 2001 (A-1+/VMIG1) | ||||||||||||||
12,500,000 | 1.08 | 07/01/2004 | 12,500,000 | |||||||||||
Salix City VRDN PCRB for Midwest Power Systems, Inc. Project Series 1993 (A-1/VMIG1) | ||||||||||||||
21,795,000 | 1.10 | 07/07/2004 | 21,795,000 | |||||||||||
$ | 35,195,000 | |||||||||||||
Kansas—1.1% | ||||||||||||||
Kansas DOT Highway VRDN RB Series 2000 C-1 (Kansas State Pooled Investment Board) (A-1+/VMIG1) | ||||||||||||||
$ | 10,000,000 | 1.05 | % | 07/07/2004 | $ | 10,000,000 | ||||||||
Kansas DOT Highway VRDN RB Series 2000 C-2 (Kansas State Pooled Investment Board) (A-1+/VMIG1) | ||||||||||||||
12,000,000 | 1.05 | 07/07/2004 | 12,000,000 | |||||||||||
$ | 22,000,000 | |||||||||||||
Kentucky—0.7% | ||||||||||||||
Kentucky Association of Counties Advance Revenue COPS TRANS Series 2004 A (Bank One, N.A. SPA) (SP-1) | ||||||||||||||
$ | 6,500,000 | 3.00 | %> | 06/30/2005 | $ | 6,584,110 | ||||||||
Kentucky Economic Development Financing Authority Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 D (MBIA) (Credit Suisse First Boston SPA) (A-1+/VMIG1) | ||||||||||||||
5,692,000 | 1.03 | 07/07/2004 | 5,692,000 | |||||||||||
Louisville & Jefferson County VRDN Eagle Tax-Exempt Trust Series 20011701 Class A COPS (MBIA) (Citibank N.A.) (A-1+) | ||||||||||||||
2,500,000 | 1.14 | 07/01/2004 | 2,500,000 | |||||||||||
$ | 14,776,110 | |||||||||||||
Louisiana—1.8% | ||||||||||||||
Ascension Parish Louisiana VRDN PCRB for Vulcan Materials Co. Series 1996 (VMIG1) | ||||||||||||||
$ | 8,200,000 | 1.08 | % | 07/07/2004 | $ | 8,200,000 | ||||||||
Louisiana Offshore Terminal Authority Deepwater Port VRDN RB Refunding Loop LLC Project Series 2003 A (Suntrust Bank LOC) (A-1+) | ||||||||||||||
12,550,000 | 1.10 | 07/01/2004 | 12,550,000 | |||||||||||
New Orleans Aviation Board VRDN RB Refunding Series 1993 B (MBIA) (Dexia Credit Local SPA) (A-1+/ VMIG1) | ||||||||||||||
9,145,000 | 1.08 | 07/07/2004 | 9,145,000 | |||||||||||
New Orleans Aviation Board VRDN RB Refunding Series 1995 A (MBIA) (Dexia Credit Local SPA) (A-1+/ VMIG1) | ||||||||||||||
4,540,000 | 1.08 | 07/07/2004 | 4,540,000 | |||||||||||
South Louisiana Commission Port VRDN RB Refunding for Occidental Petroleum Corp. Series 1996 (Bank of New York LOC) (VMIG1) | ||||||||||||||
3,500,000 | 1.03 | 07/07/2004 | 3,500,000 | |||||||||||
$ | 37,935,000 | |||||||||||||
Maine—0.1% | ||||||||||||||
Maine State GO Bonds General Purpose Series 2004 (AA) | ||||||||||||||
$ | 1,430,000 | 2.00 | % | 01/15/2005 | $ | 1,435,276 | ||||||||
Maryland—0.6% | ||||||||||||||
Maryland State Health & Higher Educational Facilities Authority VRDN RB for University of Maryland Medical System Series 2004 A (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 4,000,000 | 1.08 | % | 07/01/2004 | $ | 4,000,000 | ||||||||
Montgomery County Maryland GO Bonds Refunding Series 2003 A (AAA) | ||||||||||||||
2,945,000 | 2.00 | 07/01/2004 | 2,945,000 | |||||||||||
University of Maryland System Auxiliary Facility & Tuition VRDN P-Floats-PT 428 Series 2000 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
4,945,000 | 1.12 | 07/01/2004 | 4,945,000 | |||||||||||
$ | 11,890,000 | |||||||||||||
Massachusetts—2.5% | ||||||||||||||
Harvard University CP (State Street Corp. and California State LOC) | ||||||||||||||
$ | 3,000,000 | 0.95 | % | 07/14/2004 | $ | 3,000,000 | ||||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue VRDN Merlots Series 2004 B-04 (Wachovia Bank N.A. SPA) (A-1) | ||||||||||||||
9,000,000 | 1.09 | 07/07/2004 | 9,000,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Massachusetts (continued) | ||||||||||||||
Massachusetts GO VRDN Refunding Bonds Series 1998 A (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 13,500,000 | 1.08 | % | 07/01/2004 | $ | 13,500,000 | ||||||||
Massachusetts Health Harvard University CP Series S-EE (A-1+) | ||||||||||||||
6,000,000 | 0.98 | 07/14/2004 | 6,000,000 | |||||||||||
5,000,000 | 1.12 | 08/06/2004 | 5,000,000 | |||||||||||
Massachusetts State Development Finance Agency Revenue VRDN RB for Phillips Academy Series 2003 (Bank of New York SPA) (A-1+/ VMIG1) | ||||||||||||||
10,000,000 | 1.08 | 07/01/2004 | 10,000,000 | |||||||||||
Massachusetts Water Resources Authority CP Series S-94 (Bayersiche Landesbank SPA) (A-1+/P-1) | ||||||||||||||
5,000,000 | 1.10 | 09/07/2004 | 5,000,000 | |||||||||||
$ | 51,500,000 | |||||||||||||
Michigan—4.7% | ||||||||||||||
Detroit City School District GO VRDN P-Floats-PT 2158 Series 2004 (FGIC Q-SBLF) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
$ | 4,475,000 | 1.12 | % | 07/01/2004 | $ | 4,475,000 | ||||||||
Detroit Water Supply System VRDN RB Refunding Senior Lien Series 2003 D (MBIA) (Bank One, N.A. SPA) (A-1/VMIG1) | ||||||||||||||
5,000,000 | 1.05 | 07/07/2004 | 5,000,000 | |||||||||||
Detroit Water Supply System VRDN RB Refunding Senior Lien Series 2004 B (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.09 | 07/01/2004 | 5,000,000 | |||||||||||
Michigan Building Authority VRDN P-Floats-PT 398 Series 2000 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
6,600,000 | 1.12 | 07/01/2004 | 6,600,000 | |||||||||||
Michigan Municipal Bond Authority RANS Revenue Notes Series 2003 B-1 (SP-1+/VMIG1) | ||||||||||||||
5,000,000 | 2.00 | 08/20/2004 | 5,006,626 | |||||||||||
Michigan Municipal Bond Authority VRDN P-Floats-PT 396 Revenue Series 1998 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
8,600,000 | 1.12 | 07/01/2004 | 8,600,000 | |||||||||||
Michigan State Building Authority VRDN RB ROCS RR II R 2111 Series 2004 (MBIA-IBC) (Citigroup Global Markets) (A-1+) | ||||||||||||||
5,215,000 | 1.15 | 07/01/2004 | 5,215,000 | |||||||||||
Michigan State GO TANS Series 2004 A (A-1+) | ||||||||||||||
15,000,000 | 2.00 | 09/30/2004 | 15,037,923 | |||||||||||
Michigan State Hospital Finance Authority VRDN RB Refunding for Trinity Health Series 2000 E (AMBAC) (Bank One, N.A. SPA) (A-1/VMIG1) | ||||||||||||||
37,500,000 | 1.07 | 07/01/2004 | 37,500,000 | |||||||||||
Michigan State Trunk Line P-Floats-PA 1260 Series 2004 (FSA) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
5,175,000 | 1.12 | 07/01/2004 | 5,175,000 | |||||||||||
$ | 97,609,549 | |||||||||||||
Minnesota—2.6% | ||||||||||||||
City of Rochester Mayo Clinic Health Facility RB CP Series 2000 B (U.S. Bank National SPA) (SP-1+) | ||||||||||||||
$ | 5,000,000 | 1.15 | % | 08/19/2004 | $ | 5,000,000 | ||||||||
City of Rochester Mayo Medical Center CP Series F (Chase Manhattan SPA) (A-1+) | ||||||||||||||
3,900,000 | 0.94 | 07/21/2004 | 3,900,000 | |||||||||||
Minnesota School District TANS COPS for Tax Aid Participate Borrowing Program Aid Anticipate Certificate INDBT-Series 2003 A (SD Credit Program) (MIG1) | ||||||||||||||
18,000,000 | 1.75 | 08/27/2004 | 18,021,286 | |||||||||||
Minnesota State VRDN P-Float PT 1941 Series 2003 (Merrill Lynch Capital Service SPA) (F-1+) | ||||||||||||||
5,000,000 | 1.12 | 07/01/2004 | 5,000,000 | |||||||||||
University of Minnesota VRDN RB Series 1999 A (A-1+/VMIG1) | ||||||||||||||
23,150,000 | 1.09 | 07/07/2004 | 23,150,000 | |||||||||||
$ | 55,071,286 | |||||||||||||
Mississippi—1.2% | ||||||||||||||
Jackson County PCRB VRDN Refunding for Chevron U.S.A. Inc. Project Series 1992 (VMIG1) | ||||||||||||||
$ | 9,000,000 | 1.05 | % | 07/01/2004 | $ | 9,000,000 | ||||||||
Mississippi GO VRDN Eagle Tax-Exempt Trust Series 20012402 (Citibank N.A. SPA) (A-1+) | ||||||||||||||
10,655,000 | 1.14 | 07/01/2004 | 10,655,000 | |||||||||||
Mississippi State GO VRDN Merlots Series 2003 B08 (FSA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
4,995,000 | 1.12 | 07/07/2004 | 4,995,000 | |||||||||||
$ | 24,650,000 | |||||||||||||
Missouri—0.5% | ||||||||||||||
Bi-State Development Agency of Missouri Illinois Metropolitan District VRDN RB for Metrolink Cross County Project Series 2002 A (FSA) (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 5,000,000 | 1.03 | % | 07/07/2004 | $ | 5,000,000 | ||||||||
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2004 A (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.08 | 07/01/2004 | 5,000,000 | |||||||||||
$ | 10,000,000 | |||||||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Nebraska—0.3% | ||||||||||||||
Douglas County School District GO VRDN Floaters Series 2003 890 (Morgan Stanley SPA) (A-1) | ||||||||||||||
$ | 3,000,000 | 1.13 | % | 07/01/2004 | $ | 3,000,000 | ||||||||
Omaha Nebraska GO VRDN Eagle Tax-Exempt Trust Series 20040011 Class A (Citibank N.A. SPA) (A-1+) | ||||||||||||||
4,000,000 | 1.14 | 07/01/2004 | 4,000,000 | |||||||||||
$ | 7,000,000 | |||||||||||||
Nevada—0.5% | ||||||||||||||
Clark County Nevada VRDN Eagle Tax-Exempt Trust Series 002801 Class A (Citibank N.A. SPA) (A-1+) | ||||||||||||||
$ | 6,920,000 | 1.14 | % | 07/01/2004 | $ | 6,920,000 | ||||||||
Las Vegas Valley Water District CP (BNP Paribas and Lloyds TSB Bank SPA) (A-1+/P-1) | ||||||||||||||
4,000,000 | 1.12 | 08/17/2004 | 4,000,000 | |||||||||||
$ | 10,920,000 | |||||||||||||
New Hampshire—0.5% | ||||||||||||||
New Hampshire Health & Education Facilities Authority Revenue VRDN RB for Phillips Exeter Academy Series 2003 (Northern Trust Co. SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 6,000,000 | 1.08 | % | 07/01/2004 | $ | 6,000,000 | ||||||||
New Hampshire State GO VRDN Floater-PT 1845 Series 2003 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
4,000,000 | 1.45 | 04/28/2005 | 4,000,000 | |||||||||||
$ | 10,000,000 | |||||||||||||
New Jersey—0.2% | ||||||||||||||
New Jersey Economic Developmental Authority VRDN RB Merlots Series 2003 A 41 (FGIC) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
$ | 3,995,000 | 1.09 | % | 07/07/2004 | $ | 3,995,000 | ||||||||
New Mexico—1.4% | ||||||||||||||
Albuquerque GO Bonds Series 2003 B (AA) | ||||||||||||||
$ | 3,000,000 | 2.50 | % | 07/01/2004 | $ | 3,000,000 | ||||||||
Albuquerque VRDN RB Refunding for Affordable Housing Projects Series 2000 (MBIA) (Bank of America N.A. SPA) (A-1+/VMIG1) | ||||||||||||||
5,485,000 | 1.06 | 07/07/2004 | 5,485,000 | |||||||||||
Bernalillo County Gross Receipts Tax VRDN RB P-Floats-PT 2202 Series 2004 (MBIA-IBC) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
5,420,000 | 1.12 | 07/01/2004 | 5,420,000 | |||||||||||
New Mexico State Severance Tax VRDN P-Floats-PT 1428 (Merrill Lynch Capital Services SPA) (A-1+) | ||||||||||||||
4,965,000 | 1.12 | 07/01/2004 | 4,965,000 | |||||||||||
University of New Mexico VRDN RB Refunding Sub Lien Systems Improvement Series 2001 (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
7,640,000 | 1.10 | 07/07/2004 | 7,640,000 | |||||||||||
University of New Mexico VRDN RB Refunding Sub Lien Systems Series 2003 B (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
2,500,000 | 1.05 | 07/07/2004 | 2,500,000 | |||||||||||
$ | 29,010,000 | |||||||||||||
New York—8.9% | ||||||||||||||
Jay Street Development Corporation Certificates Facility Lease Revenue VRDN RB Series 2003 A-1 (Depfa Bank PLC LOC) (A-1+/VMIG1) | ||||||||||||||
$ | 4,925,000 | 1.07 | % | 07/07/2004 | $ | 4,925,000 | ||||||||
Long Island Power Authority 3/A2 CP Series CP1 (JP Morgan Chase & Co. LOC) (A-1/SP-1+) | ||||||||||||||
3,000,000 | 1.00 | 10/12/2004 | 3,000,000 | |||||||||||
Long Island Power Authority Electric System VRDN RB Subseries 1998 3B (Westdeutsche Landesbank LOC) (A-1+/VMIG1) | ||||||||||||||
4,200,000 | 1.08 | 07/01/2004 | 4,200,000 | |||||||||||
Metropolitan Transportation Authority GO VRDN Subseries 2004 A-3 (XLCA) (Depfa Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
6,000,000 | 1.10 | 07/01/2004 | 6,000,000 | |||||||||||
Nassau County Industrial Development Agency Civic Facility VRDN RB Refunding & Improvement for Cold Spring Harbor Series 1999 (JP Morgan Chase & Co. SPA) (A-1+) | ||||||||||||||
4,300,000 | 1.08 | 07/01/2004 | 4,300,000 | |||||||||||
New York City GO VRDN Adjusted ROCS RR II Series 2003 R 251A (Citigroup Global Markets LOC SPA) (VMIG1) | ||||||||||||||
5,000,000 | 1.15 | 07/01/2004 | 5,000,000 | |||||||||||
New York City GO VRDN Subseries 2002 C-2 (Bayerische Landesbank LOC) (A-1+/VMIG1) | ||||||||||||||
2,800,000 | 1.03 | 07/07/2004 | 2,800,000 | |||||||||||
New York City GO VRDN Subseries 2002 C-5 (Bank of New York LOC) (A-1+/VMIG1) | ||||||||||||||
3,100,000 | 1.07 | 07/07/2004 | 3,100,000 | |||||||||||
New York City GO VRDN Subseries 2003 A-3 (BNP Paribas LOC) (A-1+/VMIG1) | ||||||||||||||
8,000,000 | 1.03 | 07/07/2004 | 8,000,000 | |||||||||||
New York City GO VRDN Subseries 2003 A-5 (HSBC Bank USA LOC) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.07 | 07/07/2004 | 5,000,000 | |||||||||||
New York City TFA VRDN RB for Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1) | ||||||||||||||
6,800,000 | 1.03 | 07/07/2004 | 6,800,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
New York (continued) | ||||||||||||||
New York City TFA VRDN RB for Recovery Series 2002 3 Subseries 3 H (Bank of New York SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 9,085,000 | 1.06 | % | 07/01/2004 | $ | 9,085,000 | ||||||||
New York State Dormitory Authority VRDN RB for Mental Health Services Subseries 2003 D-2E (BNP Paribas SPA) (A-1+) | ||||||||||||||
10,000,000 | 1.06 | 07/01/2004 | 10,000,000 | |||||||||||
New York State Dormitory Authority VRDN RB for Mental Health Services Subseries 2003 D-2H (HSBC Bank USA SPA) (A-1+) | ||||||||||||||
2,200,000 | 1.06 | 07/01/2004 | 2,200,000 | |||||||||||
New York State Environmental Revolving Fund CP Series 1997 A (Landesbank Hessen-Thueringen and Bayerische Landesbank LOC) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 0.95 | 07/14/2004 | 5,000,000 | |||||||||||
7,000,000 | 1.12 | 08/19/2004 | 7,000,000 | |||||||||||
New York State Housing Finance Agency Services Contract VRDN RB Refunding Series 2003 E (BNP Paribas LOC) (A-1+) | ||||||||||||||
3,800,000 | 1.03 | 07/07/2004 | 3,800,000 | |||||||||||
New York State Housing Finance Agency Services Contract Revenue VRDN RB Refunding Series 2003 B (BNP Paribas LOC) (A-1+) | ||||||||||||||
5,900,000 | 1.03 | 07/07/2004 | 5,900,000 | |||||||||||
New York State Housing Finance Agency VRDN RB for Housing 10 Liberty Street Series 2003 (Fleet National Bank LOC) (VMIG1) | ||||||||||||||
5,600,000 | 1.00 | 07/07/2004 | 5,600,000 | |||||||||||
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen Girozentrale LOC) (A-1+/VMIG1) | ||||||||||||||
6,000,000 | 1.01 | 07/07/2004 | 6,000,000 | |||||||||||
New York State Thruway Authority CP Series 2001 (Landesbank Hessen-Thueringen SPA) (A-1+/P-1) | ||||||||||||||
3,500,000 | 1.10 | 07/23/2004 | 3,500,000 | |||||||||||
New York State Urban Development Corp. Revenue Floating Rate Receipts Series 2003 SG-164 (A-1+) | ||||||||||||||
5,000,000 | 1.10 | 07/01/2004 | 5,000,000 | |||||||||||
Rockland County GO TANS Series 2004 (MIG1) | ||||||||||||||
10,500,000 | 2.00 | 03/24/2005 | 10,568,129 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2001 C (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
35,000,000 | 1.06 | 07/07/2004 | 35,000,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB General Series 2002 F (ABN Amro Bank N.V. SPA) (A-1+/VMIG1) | ||||||||||||||
16,500,000 | 1.06 | 07/01/2004 | 16,500,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Merlots Series 2004 A-08 (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
3,000,000 | 1.08 | 07/07/2004 | 3,000,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2002 C (AMBAC) (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.07 | 07/01/2004 | 5,000,000 | |||||||||||
$ | 186,278,129 | |||||||||||||
North Carolina—2.9% | ||||||||||||||
North Carolina Health Care Facilities VRDN RB Series 1999 (Wachovia Bank N.A. LOC) (A-1) | ||||||||||||||
$ | 6,860,000 | 1.09 | % | 07/01/2004 | $ | 6,860,000 | ||||||||
North Carolina State VRDN GO P-Floats-PT-1962 Series 2003 (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
4,990,000 | 1.12 | 07/01/2004 | 4,990,000 | |||||||||||
Raleigh North Carolina COPS VRDN for Downtown Improvement Project Series 2004 A (Depfa Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
5,300,000 | 1.07 | 07/07/2004 | 5,300,000 | |||||||||||
University of North Carolina for Chapel Hill Hospital VRDN Series 2003 A (Bank of America SPA) (A-1+/VMIG1) | ||||||||||||||
9,800,000 | 1.08 | 07/01/2004 | 9,800,000 | |||||||||||
University of North Carolina Hospital Chapel Hill VRDN RB Series 2001 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
14,855,000 | 1.10 | 07/01/2004 | 14,855,000 | |||||||||||
Wake County GO Bonds for Public Improvement Series 2003 C (LLoyds TSB Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
9,000,000 | 2.50 | 04/01/2005 | 9,076,794 | |||||||||||
Wilmington North Carolina GO VRDN (Wachovia Bank SPA) (A-1/VMIG1) | ||||||||||||||
5,460,000 | 1.08 | 07/07/2004 | 5,460,000 | |||||||||||
Winston Salem Water & Sewer Systems VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||
4,200,000 | 1.09 | 07/07/2004 | 4,200,000 | |||||||||||
$ | 60,541,794 | |||||||||||||
Ohio—3.6% | ||||||||||||||
Franklin County Ohio Revenue Trinity Health Credit VRDN RB Series 2000 F (JP Morgan Chase & Co. and Bayersiche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 40,000,000 | 1.07 | % | 07/01/2004 | $ | 40,000,000 | ||||||||
Ohio State GO VRDN for Infrastructure Improvement Series 2003 B (A-1+/VMIG1) | ||||||||||||||
6,400,000 | 1.04 | 07/07/2004 | 6,400,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Ohio (continued) | ||||||||||||||
Ohio State GO VRDN P-Floats-PT-2125 Series 2004 (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
$ | 6,155,000 | 1.12 | % | 07/01/2004 | $ | 6,155,000 | ||||||||
Ohio State University CP Series 2003 C (A-1+) | ||||||||||||||
4,900,000 | 1.05 | 10/14/2004 | 4,900,000 | |||||||||||
Ohio State University CP Series 2003 E (A-1+) | ||||||||||||||
8,850,000 | 1.00 | 08/11/2004 | 8,850,000 | |||||||||||
Ohio State University General Receipts VRDN RB Series 1999 B2 (A-1+/VMIG1) | ||||||||||||||
2,450,000 | 1.06 | 07/07/2004 | 2,450,000 | |||||||||||
University of Cincinnati General Receipts VRDN RB Series 2004 B (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
7,500,000 | 1.08 | 07/01/2004 | 7,500,000 | |||||||||||
$ | 76,255,000 | |||||||||||||
Oklahoma—0.9% | ||||||||||||||
Payne County Oklahoma Economic Development Authority Student Housing VRDN RB OSUF Phase III Project Series 2002 (AMBAC) (Dexia Credit Local SPA) (VMIG1) | ||||||||||||||
$ | 19,480,000 | 1.11 | % | 07/01/2004 | $ | 19,480,000 | ||||||||
Oregon—1.5% | ||||||||||||||
Clackamas County Hospital Facility Authority VRDN RB for Legacy Health Systems Series 2003 (A-1+/ VMIG1) | ||||||||||||||
$ | 5,000,000 | 1.08 | % | 07/07/2004 | $ | 5,000,000 | ||||||||
Oregon State GO VRDN Series 1985 73 G (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
10,000,000 | 1.02 | 07/07/2004 | 10,000,000 | |||||||||||
Oregon State GO VRDN Series 1985 73-H (Bayerische Landesbank SPA) (A-1+/ VMIG1) | ||||||||||||||
10,600,000 | 1.02 | 07/07/2004 | 10,600,000 | |||||||||||
Tri-County Metropolitan Transportation District VRDN RB for Interstate Maximum Project Series 2001 A (Bayerische Landesbank) (A-1+/ VMIG1) | ||||||||||||||
6,030,000 | 1.08 | 07/01/2004 | 6,030,000 | |||||||||||
$ | 31,630,000 | |||||||||||||
Pennsylvania—2.9% | ||||||||||||||
Allegheny County Hospital Development Authority VRDN RB for Health Center-Presbyterian University Health Systems Series 1990 A (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 8,600,000 | 1.08 | % | 07/01/2004 | $ | 8,600,000 | ||||||||
Allegheny County Hospital Development Authority VRDN RB for Health Center-Presbyterian University Health Systems Series 1990 B (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
3,900,000 | 1.08 | 07/01/2004 | 3,900,000 | |||||||||||
Pennsylvania GO VRDN Merlots Series 2004 B-15 (FSA) (Wachovia Bank N.A. SPA) (A-1) | ||||||||||||||
5,000,000 | 1.12 | 07/07/2004 | 5,000,000 | |||||||||||
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding for Philadelphia Funding Series 2003 (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
11,605,000 | 1.09 | 07/01/2004 | 11,605,000 | |||||||||||
Pennsylvania State Turnpike Commission VRDN RB Series 2002 A-1 (Westdeutsche Landesbank SPA) (A-1+/ VMIG1) | ||||||||||||||
10,000,000 | 1.04 | 07/07/2004 | 10,000,000 | |||||||||||
Pennsylvania State Turnpike Commission VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/ VMIG1) | ||||||||||||||
8,175,000 | 1.08 | 07/01/2004 | 8,175,000 | |||||||||||
Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Childrens Hospital Project Series 2002 B (JP Morgan Chase & Co. and Westdeutsche Landesbank SPA) (A-1+/ VMIG1) | ||||||||||||||
6,000,000 | 1.10 | 07/01/2004 | 6,000,000 | |||||||||||
Philadelphia Water & Wastewater VRDN RB Refunding Series 2003 (FSA) (Dexia Credit Local SPA) (A-1+/ VMIG1) | ||||||||||||||
4,000,000 | 1.07 | 07/07/2004 | 4,000,000 | |||||||||||
Temple University of the Commonwealth Systems of Higher Education for University Funding (MIG1) | ||||||||||||||
4,000,000 | 2.25 | 05/02/2005 | 4,032,343 | |||||||||||
$ | 61,312,343 | |||||||||||||
Puerto Rico—3.5% | ||||||||||||||
Commonwealth of Puerto Rico TRANS Series 2003 (SP-1+/ MIG1) | ||||||||||||||
$ | 9,000,000 | 2.00 | % | 07/30/2004 | $ | 9,007,090 | ||||||||
Puerto Rico Government Development Bank CP Series 2004 (A-1) | ||||||||||||||
13,000,000 | 0.99 | 07/09/2004 | 13,000,000 | |||||||||||
5,567,000 | 0.97 | 07/12/2004 | 5,567,000 | |||||||||||
9,000,000 | 0.99 | 07/13/2004 | 9,000,000 | |||||||||||
5,801,000 | 0.99 | 07/20/2004 | 5,801,000 | |||||||||||
4,500,000 | 0.99 | 07/29/2004 | 4,500,000 | |||||||||||
2,000,000 | 0.96 | 08/09/2004 | 2,000,000 | |||||||||||
6,000,000 | 0.96 | 08/12/2004 | 6,000,000 | |||||||||||
4,662,000 | 0.97 | 08/13/2004 | 4,662,000 | |||||||||||
1,500,000 | 0.97 | 08/25/2004 | 1,500,000 | |||||||||||
3,500,000 | 0.99 | 08/26/2004 | 3,500,000 | |||||||||||
3,633,000 | 1.20 | 08/26/2004 | 3,633,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Puerto Rico (continued) | ||||||||||||||
Puerto Rico Government Development Bank CP Series 2004 (A-1) (continued) | ||||||||||||||
$ | 2,500,000 | 1.17 | % | 09/09/2004 | $ | 2,500,000 | ||||||||
3,220,000 | 1.20 | 10/08/2004 | 3,220,000 | |||||||||||
$ | 73,890,090 | |||||||||||||
South Carolina—1.1% | ||||||||||||||
South Carolina Association Governmental Organizations COPS Series 2004 (MIG1) | ||||||||||||||
$ | 5,000,000 | 2.75 | %> | 04/15/2005 | $ | 5,047,500 | ||||||||
South Carolina State Public Service Authority VRDN RB Eagle Tax-Exempt Trust Series 20040017 Class A (AMBAC) (Citibank N.A.) (A-1+) | ||||||||||||||
5,000,000 | 1.14 | 07/01/2004 | 5,000,000 | |||||||||||
South Carolina State VRDN P-Floats Part 1225 (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
6,805,000 | 1.10 | 07/01/2004 | 6,805,000 | |||||||||||
South Carolina Transportation Infrastructure VRDN Eagle Tax-Exempt Trust Series 20014001 Class A (AMBAC) (Citibank N.A. SPA) (A-1+) | ||||||||||||||
6,760,000 | 1.14 | 07/01/2004 | 6,760,000 | |||||||||||
$ | 23,612,500 | |||||||||||||
Tennessee—3.1% | ||||||||||||||
City of Memphis GO CP Series 2000 (Westdeutsche Landesbank SPA) (P-1/ A-1+) | ||||||||||||||
$ | 3,000,000 | 0.96 | % | 08/11/2004 | $ | 3,000,000 | ||||||||
3,000,000 | 0.97 | 09/10/2004 | 3,000,000 | |||||||||||
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2000 B (Bayerische Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
14,015,000 | 1.07 | 07/01/2004 | 14,015,000 | |||||||||||
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2002 A (Bayerische Landesbank and Landesbank Hessen-Thueringen SPA) (A-1+/ VMIGI) | ||||||||||||||
4,000,000 | 1.06 | 07/01/2004 | 4,000,000 | |||||||||||
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2002 B (Bayerische Landesbank and Landesbank Hessen-Thueringen SPA) (A-1+/ VMIG1) | ||||||||||||||
5,000,000 | 1.06 | 07/01/2004 | 5,000,000 | |||||||||||
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2003 A (Landesbank Hessen-Thueringen SPA) (A-1+/ VMIG1) | ||||||||||||||
5,000,000 | 1.07 | 07/01/2004 | 5,000,000 | |||||||||||
Metropolitan Government of Nashville & Davidson County CP (F-1+/ A-1+) | ||||||||||||||
5,000,000 | 1.07 | 10/14/2004 | 5,000,000 | |||||||||||
Sevier County Public Building Authority VRDN RB for Local Government Public Improvement Series III F (AMBAC) (Landesbank Hessen-Thueringen SPA) (VMIG1) | ||||||||||||||
14,190,000 | 1.10 | 07/01/2004 | 14,190,000 | |||||||||||
State of Tennessee GO CP Series A (Tennessee Consolidated Retirement System SPA) (P-1/ A-1+) | ||||||||||||||
5,000,000 | 1.15 | 09/07/2004 | 5,000,000 | |||||||||||
5,000,000 | 0.97 | 09/09/2004 | 5,000,000 | |||||||||||
2,000,000 | 0.98 | 09/09/2004 | 2,000,000 | |||||||||||
$ | 65,205,000 | |||||||||||||
Texas—13.6% | ||||||||||||||
City of Dallas Water Utilities CP Series B (JP Morgan Chase & Co. SPA) (P-1/ A-1+) | ||||||||||||||
$ | 7,337,000 | 0.97 | % | 09/09/2004 | $ | 7,337,000 | ||||||||
5,000,000 | 1.09 | 09/30/2004 | 5,000,000 | |||||||||||
City of Houston CP Series E (Bank of America SPA) (P-1/A-1+/F-1+) | ||||||||||||||
4,000,000 | 1.12 | 08/19/2004 | 4,000,000 | |||||||||||
City of Houston CP Notes (Dexia Credit Local and Landesbank Hessen-Thueringen LOC) (P-1/ A-1+/ F-1+) | ||||||||||||||
5,500,000 | 1.12 | 08/06/2004 | 5,500,000 | |||||||||||
City of Houston CP Notes Series B (JP Morgan Chase & Co. SPA) (P-1/ A-1+/ F-1) | ||||||||||||||
3,000,000 | 1.00 | 08/17/2004 | 3,000,000 | |||||||||||
City of Houston TexasWater & Sewer CP Series A (Bayerische Landesbank, Dexia Credit Local and Westdeutsche Landesbank SPA) (P-1/ A-1) | ||||||||||||||
6,100,000 | 1.10 | 07/14/2004 | 6,100,000 | |||||||||||
City of San Antonio Electric & Gas System VRDN Series 1997 SG 104 (Societe Generale SPA) (A-1+) | ||||||||||||||
34,930,000 | 1.12 | 07/01/2004 | 34,930,000 | |||||||||||
Cypress Fairbanks Independent School District VRDN Merlots Series 2001 A 129 (Wachovia Bank N.A. SPA) (A-1+/ P-1) | ||||||||||||||
4,980,000 | 1.12 | 07/07/2004 | 4,980,000 | |||||||||||
Dallas Area Rapid Transit CP (Bayerische Landesbank, Landesbank Baden-Wurttm, State Street Corp. and Westdeutsche Landesbank SPA) (A-1/ P-1) | ||||||||||||||
3,000,000 | 0.98 | 07/12/2004 | 3,000,000 | |||||||||||
Harris County Texas Health Facilities Development Corporation VRDN RB for St. Lukes Episcopal Hospital Series 2001 B (JP Morgan Chase & Co., Bayerische Landesbank, Bank of America, Northern Trust and St. Lukes SPA) (A-1+) | ||||||||||||||
20,700,000 | 1.10 | 07/01/2004 | 20,700,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Texas (continued) | ||||||||||||||
Harris County Texas Health Facilities Development VRDN RB for Methodist Hospital Series 2002 (A-1+) | ||||||||||||||
$ | 51,150,000 | 1.10 | % | 07/01/2004 | $ | 51,150,000 | ||||||||
Harris County Texas VRDN RB P-Floats-PT 971Series 2004 (FGIC) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
8,995,000 | 1.12 | 07/01/2004 | 8,995,000 | |||||||||||
Houston Texas Higher Education Finance Corporation CP for Rice University (A-1+/ P-1) | ||||||||||||||
5,000,000 | 0.99 | 08/11/2004 | 5,000,000 | |||||||||||
Jefferson County Texas GO VRDN P-Floats-PT 1414 (FGIC) (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
6,525,000 | 1.12 | 07/01/2004 | 6,525,000 | |||||||||||
Lewisville Texas Independent School District GO VRDN P-Float-PT 2089 Series 2004 (PSF-GTD) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
5,655,000 | 1.12 | 07/01/2004 | 5,655,000 | |||||||||||
Loco Texas Transportation Contract CP (Westdeutsche Landesbank, JP Morgan Chase & Co. and State Street Corp. LOC) (P-1/ A-1/ F-1) | ||||||||||||||
4,000,000 | 1.02 | 07/08/2004 | 4,000,000 | |||||||||||
North Texas Tollway Authority VRDN RB for Dallas North Tollway Systems Floating Rate Receipts Series 2003 SG-167 (AMBAC) (Societe Generale SPA) (A-1+) | ||||||||||||||
4,000,000 | 1.12 | 07/01/2004 | 4,000,000 | |||||||||||
San Antonio Electric & Gas RB Refunding Series 2003 (Aa1/AA+/AA+) | ||||||||||||||
2,000,000 | 4.00 | 02/01/2005 | 2,034,569 | |||||||||||
San Antonio Electric & Gas Systems CP Notes Series A (Bank of New York, JP Morgan Chase & Co., Landesbank Bayerische and Westdeutsche Landesbank SPA) (A-1+/ P-1) | ||||||||||||||
4,500,000 | 0.95 | 07/08/2004 | 4,500,000 | |||||||||||
5,000,000 | 1.12 | 08/17/2004 | 5,000,000 | |||||||||||
6,000,000 | 1.12 | 08/23/2004 | 6,000,000 | |||||||||||
3,000,000 | 1.00 | 09/08/2004 | 3,000,000 | |||||||||||
Texas A&M University CP Series 2002 (A-1+/ F-1+) | ||||||||||||||
4,000,000 | 1.10 | 08/19/2004 | 4,000,000 | |||||||||||
Texas A&M University RB Financing Systems Prerefunded Series 1995 (AA+/ Aa1) | ||||||||||||||
3,000,000 | 6.35 | 05/15/2005 | 3,133,515 | |||||||||||
Texas A&M University System Building Registration CP Series B (A-1) | ||||||||||||||
3,000,000 | 0.95 | 08/10/2004 | 3,000,000 | |||||||||||
6,000,000 | 0.95 | 08/12/2004 | 6,000,000 | |||||||||||
Texas State TRANS Series 2003 (SP-1+/ MIG1) | ||||||||||||||
57,320,000 | 2.00 | 08/31/2004 | 57,401,103 | |||||||||||
University of Texas School Board of Regents CP (P-1/ A-1+) | ||||||||||||||
5,000,000 | 0.95 | 07/13/2004 | 5,000,000 | |||||||||||
3,000,000 | 1.12 | 09/07/2004 | 3,000,000 | |||||||||||
3,067,000 | 1.12 | 09/08/2004 | 3,067,000 | |||||||||||
$ | 285,008,187 | |||||||||||||
Utah—5.8% | ||||||||||||||
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 E (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/ VMIG1) | ||||||||||||||
$ | 13,500,000 | 1.05 | % | 07/07/2004 | $ | 13,500,000 | ||||||||
Central Water Conservancy District GO VRDN Series 2002 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (VMIG1) | ||||||||||||||
4,950,000 | 1.05 | 07/07/2004 | 4,950,000 | |||||||||||
Central Water Conservancy District GO VRDN Tender Option Bonds Series 1998 F (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/ VMIG1) | ||||||||||||||
10,295,000 | 1.05 | 07/07/2004 | 10,295,000 | |||||||||||
Murray City Hospital VRDN RB for IHC Health Services Inc. Series 2003 B (A-1+) | ||||||||||||||
7,600,000 | 1.10 | 07/01/2004 | 7,600,000 | |||||||||||
Murray City Hospital VRDN RB for IHC Health Services Inc. Series 2003 C (A-1+) | ||||||||||||||
4,000,000 | 1.08 | 07/01/2004 | 4,000,000 | |||||||||||
Murray City Hospital VRDN RB for IHC Health Services Inc. Series 2003 A (A-1+) | ||||||||||||||
15,000,000 | 1.08 | 07/01/2004 | 15,000,000 | |||||||||||
Murray City Hospital VRDN RB for IHC Health Services Inc. Series 2003 D (A-1+) | ||||||||||||||
13,300,000 | 1.10 | 07/01/2004 | 13,300,000 | |||||||||||
University of Utah VRDN RB for Auxiliary & Campus Facilities Series 1997 A (Bank of Nova Scotia SPA) (A-1/ VMIG1) | ||||||||||||||
5,000,000 | 1.06 | 07/07/2004 | 5,000,000 | |||||||||||
Utah Transit Authority Sales Tax VRDN RB Subseries 2002 B (Bayerische Landesbank LOC) (A-1+/ VMIG1) | ||||||||||||||
2,500,000 | 1.08 | 07/01/2004 | 2,500,000 | |||||||||||
Utah Water Finance Agency VRDN RB (AMBAC) (JP Morgan Chase & Co. SPA) (VMIG1) | ||||||||||||||
3,000,000 | 1.10 | 07/07/2004 | 3,000,000 | |||||||||||
Utah Water Finance Agency VRDN RB Tender Option Series 2004 A-9 (AMBAC) (JP Morgan Chase & Co. SPA) (VMIG1/ F-1+) | ||||||||||||||
5,000,000 | 1.10 | 07/07/2004 | 5,000,000 | |||||||||||
Weber County Hospital VRDN RB for IHC Health Services Series 2000 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
8,400,000 | 1.10 | 07/01/2004 | 8,400,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Utah (continued) | ||||||||||||||
Weber County Hospital VRDN RB for IHC Health Services Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 28,200,000 | 1.10 | % | 07/01/2004 | $ | 28,200,000 | ||||||||
$ | 120,745,000 | |||||||||||||
Virginia—1.2% | ||||||||||||||
Fairfax County GO Refunding & Public Improvement Series 2004 A (Aaa/ AAA) | ||||||||||||||
$ | 3,000,000 | 2.00 | % | 04/01/2005 | $ | 3,019,849 | ||||||||
Loudoun County IDA VRDN RB for Howard Hughes Medical Series 2003 D (A-1+/ VMIG1) | ||||||||||||||
10,000,000 | 1.01 | 07/07/2004 | 10,000,000 | |||||||||||
Roanoke IDA Hospital Revenue VRDN RB Refunding for Carilion Health Systems Series 2002 B (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
8,125,000 | 1.10 | 07/01/2004 | 8,125,000 | |||||||||||
Virginia College Building Authority Educational Facilities VRDN RB for The University of Richmond Project Series 1999 (Suntrust Bank SPA) (VMIG1) | ||||||||||||||
2,900,000 | 1.06 | 07/07/2004 | 2,900,000 | |||||||||||
$ | 24,044,849 | |||||||||||||
Washington—5.7% | ||||||||||||||
Chelan County Public Utility District Number 001 Conservancy VRDN RB P-Float-PT 950 Series 2004 (FGIC) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
$ | 5,000,000 | 1.12 | % | 07/01/2004 | $ | 5,000,000 | ||||||||
Eagle Tax-Exempt Trust VRDN 20024701 A (FSA) (Citibank N.A. SPA) (A-1+) | ||||||||||||||
5,000,000 | 1.14 | 07/01/2004 | 5,000,000 | |||||||||||
Eagle Tax-Exempt Trust VRDN 20024703 (MBIA) (Citibank N.A. SPA) (A-1+) | ||||||||||||||
2,000,000 | 1.14 | 07/01/2004 | 2,000,000 | |||||||||||
Energy Northwest Washington Electric VRDN RB P-Floats-PT 2236 Series 2004 (MBIA) (Merrill Lynch Capital Services SPA) (F-1+) | ||||||||||||||
5,000,000 | 1.12 | 07/01/2004 | 5,000,000 | |||||||||||
Energy Northwest Washington Electric VRDN RB Refunding Project Number 3 Series 2003 E (JP Morgan Chase & Co. LOC) (A-1+/ VMIG1) | ||||||||||||||
6,000,000 | 1.04 | 07/07/2004 | 6,000,000 | |||||||||||
Grant County Washington Public Utility District Eagle Tax-Exempt Trust VRDN Series 20014702 (FSA) (Citibank N.A. SPA) (A-1+) | ||||||||||||||
4,000,000 | 1.14 | 07/01/2004 | 4,000,000 | |||||||||||
King County Sewer CP Series A (Bayerische Landesbank SPA) (A-1) | ||||||||||||||
5,000,000 | 1.10 | 07/29/2004 | 5,000,000 | |||||||||||
5,000,000 | 1.12 | 08/02/2004 | 5,000,000 | |||||||||||
Port Seattle VRDN RB Floaters Series 2003 849-D (MBIA) (Morgan Stanley SPA) (A-1) | ||||||||||||||
7,995,500 | 1.13 | 07/01/2004 | 7,995,500 | |||||||||||
State of Washington VRDN Eagle Tax-Exempt Trust Series 20004704 Class A COPS (Citibank N.A. SPA) (A-1+) | ||||||||||||||
12,000,000 | 1.14 | 07/01/2004 | 12,000,000 | |||||||||||
Tacoma Regional Water Supply Systems VRDN RB Merlots Series 2003-BO5 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
4,995,000 | 1.12 | 07/07/2004 | 4,995,000 | |||||||||||
Washington State GO P-Floats-PT 854 Series 2003 (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
7,495,000 | 1.12 | 07/01/2004 | 7,495,000 | |||||||||||
Washington State GO Refunding Motor Vehicle Fuel Series 2002 R-B (AA+/ Aa1) | ||||||||||||||
3,710,000 | 5.00 | 09/01/2004 | 3,734,211 | |||||||||||
Washington State GO Series 1994 A (AA+/ Aa1) | ||||||||||||||
5,365,000 | 6.10 | 09/01/2004 | 5,410,262 | |||||||||||
Washington State GO VRDN Eagle Tax-Exempt Trust Series 96C4704 (Citibank N.A. SPA) (A-1+) | ||||||||||||||
8,500,000 | 1.14 | 07/01/2004 | 8,500,000 | |||||||||||
Washington State GO VRDN Eagle Tax-Exempt Trust Series 984702 Class A (Citibank N.A. SPA) (A-1+) | ||||||||||||||
6,000,000 | 1.14 | 07/01/2004 | 6,000,000 | |||||||||||
Washington State GO VRDN Merlots Series 2002 A57 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
6,965,000 | 1.12 | 07/07/2004 | 6,965,000 | |||||||||||
Washington State GO VRDN Merlots Series 2003 B23 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
5,000,000 | 1.12 | 07/07/2004 | 5,000,000 | |||||||||||
Washington State GO VRDN Merlots Series 2004 C03 (AMBAC) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
7,090,000 | 1.12 | 07/07/2004 | 7,090,000 | |||||||||||
Washington State GO VRDN P-Floats-PT 1407 Series A (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
2,970,000 | 1.12 | 07/01/2004 | 2,970,000 | |||||||||||
Washington State Health Care Facilities Authority VRDN RB for Catholic Health Initiatives Series 2002 B (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
3,940,000 | 1.06 | 07/07/2004 | 3,940,000 | |||||||||||
$ | 119,094,973 | |||||||||||||
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
Wisconsin—2.0% | ||||||||||||||
Milwaukee Metropolitan Sewage District GO VRDN Capital Purpose Bonds Series 1992 A Eagle Tax-Exempt Trust Series 944905 (Citibank N.A. SPA) (A-1) | ||||||||||||||
$ | 15,085,000 | 1.14 | % | 07/01/2004 | $ | 15,085,000 | ||||||||
Southeast Wisconsin Professional Baseball Park District VRDN RB P-Floats-PT 425 Series 2002 (MBIA) (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
5,495,000 | 1.12 | 07/01/2004 | 5,495,000 | |||||||||||
Wisconsin State Health & Educational Facilities Authority VRDN RB P-Floats-PT 917 Series 2004 (MBIA) (Merrill Lynch Capital Services SPA) (A-1) | ||||||||||||||
14,325,000 | 1.12 | 07/01/2004 | 14,325,000 | |||||||||||
Wisconsin VRDN Eagle Tax-Exempt Trust Series 20004901 Class A (Citibank N.A. SPA) (A-1+) | ||||||||||||||
7,500,000 | 1.14 | 07/01/2004 | 7,500,000 | |||||||||||
$ | 42,405,000 | |||||||||||||
Total Investments—100.4% | $ | 2,100,916,207 | ||||||||||||
Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.
Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited. A description of the ratings is available in the Portfolio’s Statement of Additional Information.
The percentage shown for each category reflects the value of investments in that category as a percentage of net assets.
See Investment Abbreviations on page 31.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
California—96.5% | ||||||||||||||
Abag Finance Authority VRDN RB for Menlo School Series 2003 (Allied Irish Bank PLC LOC) (VMIG1) | ||||||||||||||
$ | 13,700,000 | 1.10 | % | 07/01/2004 | $ | 13,700,000 | ||||||||
Bay Area Toll Authority VRDN California Toll Bridge RB for San Francisco Bay Area Series 2001 C (AMBAC) (Bayerische Landesbank, JP Morgan Chase & Co. and Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
400,000 | 1.06 | 07/01/2004 | 400,000 | |||||||||||
Bay Area Toll Authority VRDN California Toll Bridge RB for San Francisco Bay Area Series 2003 C (AMBAC) (Bayerische Landesbank, JP Morgan Chase & Co. and Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
8,000,000 | 1.06 | 07/01/2004 | 8,000,000 | |||||||||||
California Health Facilities Financing Authority Insured Variable Rate Hospital VRDN RB for Adventist Health System/ West Series 1998 A (MBIA) (California State Teachers Retirement SPA) (A-1+/VMIG1) | ||||||||||||||
11,895,000 | 1.08 | 07/01/2004 | 11,895,000 | |||||||||||
California Health Facilities Financing Authority Insured Variable Rate Hospital VRDN RB for Adventist Health System/ West Series 1998 B (MBIA) (California State Teachers Retirement SPA) (A-1+/VMIG1) | ||||||||||||||
7,815,000 | 1.08 | 07/01/2004 | 7,815,000 | |||||||||||
California Health Facilities Financing Authority Variable Rate Hospital VRDN RB for Adventist Health Systems Series 2002 A (JP Morgan Chase & Co. LOC) (VMIG1) | ||||||||||||||
3,100,000 | 1.08 | 07/01/2004 | 3,100,000 | |||||||||||
California Health Facilities Financing Authority Variable Rate Hospital VRDN RB for Adventist Health Systems Series 2002 B (KBC Bank N.V. LOC) (VMIG1) | ||||||||||||||
1,673,000 | 1.08 | 07/01/2004 | 1,673,000 | |||||||||||
California Health Facilities Financing Authority VRDN RB for Sisters Charity Health System Series 2003 (A-1+/VMIG1) | ||||||||||||||
7,000,000 | 1.03 | 07/07/2004 | 7,000,000 | |||||||||||
California Infrastructure & Economic Development Bank VRDN RB for Floating Rate Receipts Series 2004 SG-172 (AMBAC) (Societe Generale SPA) (A-1+) | ||||||||||||||
3,000,000 | 1.11 | 07/01/2004 | 3,000,000 | |||||||||||
California Infrastructure & Economic Development Bank VRDN RB for J Paul Getty Trust Series 2003 B (A-1+/VMIG1) | ||||||||||||||
1,500,000 | 1.17 | 02/01/2005 | 1,500,000 | |||||||||||
California Infrastructure & Economic Development Bank VRDN RB for J Paul Getty Trust Series 2003 D (A-1+/VMIG1) | ||||||||||||||
1,000,000 | 1.17 | 02/01/2005 | 1,000,000 | |||||||||||
California State Department of Water GO CP Series 1 (Landesbank Hessen-Thueringen SPA) (A-1+/P-1) | ||||||||||||||
2,200,000 | 1.03 | 08/12/2004 | 2,200,000 | |||||||||||
California State Department of Water Resources Central Valley Project RB for Water Systems Series 1992 J-3 (AA/ Aa2) | ||||||||||||||
1,000,000 | 5.80 | 12/01/2004 | 1,020,022 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-1 (Landesbank Baden-Wurttm SPA) (A-1+/VMIG1) | ||||||||||||||
3,000,000 | 1.12 | 07/01/2004 | 3,000,000 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-3 (Landesbank Hessen Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
1,000,000 | 1.06 | 07/01/2004 | 1,000,000 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-4 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
1,000,000 | 1.08 | 07/01/2004 | 1,000,000 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-7 (BNP Paribas LOC) (A-1+/VMIG1) | ||||||||||||||
3,600,000 | 1.05 | 07/01/2004 | 3,600,000 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-8 (Lloyds TSB Bank PLC) (A-1+/VMIG1) | ||||||||||||||
2,500,000 | 1.08 | 07/01/2004 | 2,500,000 | |||||||||||
California State Economic Recovery VRDN RB Series 2004 C-12 (XL Capital Assurance LOC) (DEPFA Bank PLC) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.07 | 07/07/2004 | 5,000,000 | |||||||||||
California Statewide Communities Development Authority Revenue VRDN RB for Kaiser Permanente Series 2003 B (A-1) | ||||||||||||||
4,300,000 | 1.15 | 07/07/2004 | 4,300,000 | |||||||||||
California Statewide Communities Development Authority Revenue VRDN RB for Kaiser Permanente Series 2004 E (A-1) | ||||||||||||||
5,000,000 | 1.08 | 04/01/2005 | 5,000,000 | |||||||||||
California Statewide Communities Development Authority Revenue VRDN RB for Kaiser Permanente Series 2004 M (A-1) | ||||||||||||||
3,800,000 | 1.15 | 07/07/2004 | 3,800,000 | |||||||||||
California Statewide Community Development Authority GO for Kaiser Permanente CP Series 2004 E (F-1) | ||||||||||||||
5,000,000 | 1.04 | 08/09/2004 | 5,000,000 | |||||||||||
City of Glendale California VRDN COPS for Police Building Project Series 2000 (JP Morgan Chase SPA) (A-1+/VMIG1) | ||||||||||||||
5,200,000 | 1.02 | 07/08/2004 | 5,200,000 | |||||||||||
Clovis California Unified School District GO TRANS (SP-1+) | ||||||||||||||
3,000,000 | 2.50> | 06/30/2005 | 3,026,490 | |||||||||||
East Bay Municipal Utility District Water & Waste CP Series 2003 (Westdeutsche Landesbank SPA and JP Morgan Chase & Co. SPA) (A-1+/P-1) | ||||||||||||||
3,000,000 | 1.07 | 07/20/2004 | 3,000,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
California (continued) | ||||||||||||||
East Bay Municipal Utility District Water Systems VRDN RB Refunding Subordinated Series 2002 A (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||
$ | 10,000,000 | 1.04 | % | 07/07/2004 | $ | 10,000,000 | ||||||||
Eastern Municipal Water District California Water & Sewer Revenue COPS VRDN Refunding Series 2003 A (MBIA) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
1,700,000 | 1.06 | 07/01/2004 | 1,700,000 | |||||||||||
Fremont VRDN COPS for Family Resources Center Financing Project Series 1998 (KBC Bank N.V. LOC) (A-1+) | ||||||||||||||
4,560,000 | 1.06 | 07/01/2004 | 4,560,000 | |||||||||||
Fremont VRDN MF Hsg. RB for Creekside Village Apartments Series 1985 D (FHLMC) (VMIG1) | ||||||||||||||
5,600,000 | 1.04 | 07/01/2004 | 5,600,000 | |||||||||||
Fresno California Sewer Revenue VRDN RB Series 2000 A (FGIC) (A-1+/VMIG1) | ||||||||||||||
5,200,000 | 1.00 | 07/07/2004 | 5,200,000 | |||||||||||
Fresno County Adjustable VRDN RB for Trinity Health Credit Series 2000 C (Chase Manhattan Bank and Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
17,000,000 | 1.05 | 07/01/2004 | 17,000,000 | |||||||||||
Huntington Beach MF Hsg. VRDN RB for Essex Huntington Breakers Series 1996 A (FHLMC) (VMIG1) | ||||||||||||||
14,100,000 | 1.04 | 07/07/2004 | 14,100,000 | |||||||||||
Irvine Ranch Water District GO VRDN Series 1995 (State Street Corp. LOC) (A-1+/VMIG1) | ||||||||||||||
2,200,000 | 1.06 | 07/01/2004 | 2,200,000 | |||||||||||
Irvine Ranch Water District VRDN Consolidated Refunding GO RB Series 1993 B (Landesbank Baden-Wurttm LOC) (A-1+/VMIG1) | ||||||||||||||
2,800,000 | 1.12 | 07/01/2004 | 2,800,000 | |||||||||||
Irvine Ranch Water District VRDN Dates Consolidated Bonds Refunding GO RB Series 1985 B (Landesbank Hessen-Thueringen LOC) (A-1+) | ||||||||||||||
1,550,000 | 1.12 | 07/01/2004 | 1,550,000 | |||||||||||
Long Beach City Housing Authority VRDN MF Hsg. RB for Channel Point Apartment Series 1998 A (FNMA) (A-1+) | ||||||||||||||
5,500,000 | 1.07 | 07/01/2004 | 5,500,000 | |||||||||||
Los Angeles County GO TRANS Series 2004 A (Westdeutsche Landesbank SPA, Bayerische Landesbank and Landesbank Baden-Wurttm) (A-1+/P-1) | ||||||||||||||
3,000,000 | 1.09 | 07/09/2004 | 3,000,000 | |||||||||||
Los Angeles County Housing Authority Variable Rate MF Hsg. Refunding RB for Malibu Meadows Project Series 1998 B (FNMA) (A-1+) | ||||||||||||||
9,661,000 | 1.07 | 07/01/2004 | 9,661,000 | |||||||||||
Los Angeles County TRANS Series 2004 A (SP-1+/MIG1) | ||||||||||||||
2,000,000 | 3.00> | 06/30/2005 | 2,027,480 | |||||||||||
Los Angeles Department Water & Power Revenue Power System VRDN RB Subseries 2002 A-5 (Bayerische Landesbank, BNP Paribas, Dexia Credit Local, Morgan Chase & Co. and Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
2,100,000 | 1.07 | 07/01/2004 | 2,100,000 | |||||||||||
Los Angeles Department Water & Power Revenue Power System VRDN RB Subseries 2002 A-6 (Bayerische Landesbank, BNP Paribas, Dexia Credit Local, JP Morgan Chase & Co. and Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
2,500,000 | 1.06 | 07/01/2004 | 2,500,000 | |||||||||||
Los Angeles Department Water & Power Waterworks Revenue VRDN RB Subseries 2001 B-2 (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||
1,350,000 | 1.03 | 07/01/2004 | 1,350,000 | |||||||||||
Los Angeles Department Water & Power Waterworks Revenue VRDN RB Subseries 2001 B-4 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1) | ||||||||||||||
1,000,000 | 1.07 | 07/01/2004 | 1,000,000 | |||||||||||
Los Angeles GO Refunding Series 2003 B (FSA) (AAA/ Aaa) | ||||||||||||||
5,000,000 | 6.00 | 09/01/2004 | 5,042,271 | |||||||||||
Los Angeles Unified School District Merlots GO VRDN Series 2003 B12 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
4,995,000 | 1.09 | 07/07/2004 | 4,995,000 | |||||||||||
Los Angeles Unified School District GO TRANS Series 2003 A (SP-1+/MIG1) | ||||||||||||||
3,000,000 | 2.00 | 07/01/2004 | 3,000,000 | |||||||||||
Los Angeles Unified School District GO TRANS Series 2003 B (SP-1+/MIG1) | ||||||||||||||
8,000,000 | 1.50 | 07/01/2004 | 8,000,000 | |||||||||||
Los Angeles Unified School District GO VRDN Eagle Series 2003-0049 A (MBIA) (A-1+) | ||||||||||||||
5,100,000 | 1.10 | 07/01/2004 | 5,100,000 | |||||||||||
Los Angeles Unified School District Merlots GO VRDN Series 2003 B34 (FSA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
8,995,000 | 1.09 | 07/07/2004 | 8,995,000 | |||||||||||
Los Angeles Unified School District Merlots GO VRDN Series 2004 B07 (MBIA) (Wachovia Bank N.A. SPA) (A-1+) | ||||||||||||||
5,000,000 | 1.09 | 07/07/2004 | 5,000,000 | |||||||||||
Los Angeles Wastewater Systems CP Series 2003 (California State Teachers Retirement, State Street Corp. and Westdeutsche Landesbank SPA) (A-1+/P-1) | ||||||||||||||
5,000,000 | 1.08 | 07/22/2004 | 5,000,000 | |||||||||||
5,000,000 | 1.08 | 07/23/2004 | 5,000,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
California (continued) | ||||||||||||||
Los Angeles Water & Power Revenue VRDN RB Subseries 2001 B-6 (Bayerische Landesbank, Bank of America, Dexia Credit Local, J.P. Morgan Chase & Co., State Street Corp., Landesbank Baden-Wurttm SPA and Westdeutsche Landesbank) (A-1+/VMIG1) | ||||||||||||||
$ | 8,750,000 | 1.08 | % | 07/01/2004 | $ | 8,750,000 | ||||||||
Metropolitan Water District Southern California Waterworks Revenue VRDN RB Series 2000 B-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
1,600,000 | 1.03 | 07/01/2004 | 1,600,000 | |||||||||||
Metropolitan Water District Southern California Waterworks Revenue VRDN RB Series 2000 B-2 (Westdeutsche Landesbank SPA) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.00 | 07/07/2004 | 5,000,000 | |||||||||||
Metropolitan Water District Southern California Waterworks Revenue VRDN RB Series 2000 B-3 (Westdeutsche Landesbank SPA ) (A-1+/VMIG1) | ||||||||||||||
3,000,000 | 1.06 | 07/01/2004 | 3,000,000 | |||||||||||
Metropolitan Water District Southern California Waterworks Revenue VRDN RB Refunding Series 1996 A (AMBAC) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
1,515,000 | 1.06 | 07/01/2004 | 1,515,000 | |||||||||||
MSR Public Power Agency Subordinate Lien VRDN RB for San Juan Project Series 1997 E (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1) | ||||||||||||||
4,200,000 | 1.07 | 07/01/2004 | 4,200,000 | |||||||||||
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1996 A (Bank of America SPA) (A-1+/VMIG1) | ||||||||||||||
6,700,000 | 1.09 | 07/01/2004 | 6,700,000 | |||||||||||
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1996 C (Bank of America SPA) (A-1+/VMIG1) | ||||||||||||||
5,200,000 | 1.09 | 07/01/2004 | 5,200,000 | |||||||||||
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1999 A (A-1+/VMIG1) | ||||||||||||||
7,200,000 | 1.08 | 07/07/2004 | 7,200,000 | |||||||||||
Oakland California TRANS Series 2003 (SP-1+/MIG1) | ||||||||||||||
4,000,000 | 2.00 | 07/29/2004 | 4,003,239 | |||||||||||
Orange County Apartment Development Revenue VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC) (VMIG1) | ||||||||||||||
5,600,000 | 1.07 | 07/01/2004 | 5,600,000 | |||||||||||
Orange County VRDN Apartment Development RB for Hidden Hills Development Corp. Series 1985 C (FHLMC) (VMIG1) | ||||||||||||||
2,000,000 | 1.06 | 07/06/2004 | 2,000,000 | |||||||||||
Orange County VRDN Apartment Development RB for Niguel Summit Series 1985 A (FHLMC) (VMIG1) | ||||||||||||||
10,000,000 | 1.06 | 07/06/2004 | 10,000,000 | |||||||||||
Orange County VRDN Apartment Development RB Refunding for Larkspur Canyon Apartments Series 1997 A (FNMA) (A-1+) | ||||||||||||||
3,135,000 | 1.04 | 07/07/2004 | 3,135,000 | |||||||||||
Orange County Water District Revenue VRDN COPS Series 2003 A (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1) | ||||||||||||||
5,000,000 | 1.04 | 07/07/2004 | 5,000,000 | |||||||||||
Palo Alto Unified School District VRDN Series 1997 SGA 53 (Societe Generale LOC) (A-1+) | ||||||||||||||
9,830,000 | 1.05 | 07/07/2004 | 9,830,000 | |||||||||||
Pasadena COPS for City Hall & Park Improvement Projects Series 2003 (AMBAC) (California State Teachers Retirement and State Street Corp. SPA) (VMIG1) | ||||||||||||||
3,000,000 | 1.06 | 07/01/2004 | 3,000,000 | |||||||||||
Sacramento County VRDN COPS for Administration Center and Courthouse Project Series 1990 (Bayerische Landesbank LOC) (A-1+/VMIG1) | ||||||||||||||
5,145,000 | 1.06 | 07/01/2004 | 5,145,000 | |||||||||||
Sacramento County Housing Authority VRDN MF Hsg. Refunding RB for Stone Creek Apartments Series 1997 (FNMA) (A-1+) | ||||||||||||||
7,450,000 | 1.07 | 07/01/2004 | 7,450,000 | |||||||||||
Sacramento County Housing Authority VRDN MF Hsg. Refunding RB Series 1996 River C (FNMA) (A-1+) | ||||||||||||||
6,000,000 | 1.07 | 07/01/2004 | 6,000,000 | |||||||||||
Sacramento County TRANS Series 2004 A (SP-1+/MIG1) | ||||||||||||||
6,000,000 | 3.00> | 07/11/2005 | 6,908,720 | |||||||||||
San Bernardino County VRDN MF Hsg. Refunding RB for Evergreen Apartments Series 1999 A (FNMA) (A-1+) | ||||||||||||||
16,600,000 | 1.07 | 07/01/2004 | 16,600,000 | |||||||||||
San Diego County & School District GO TRANS Series 2004 (SP-1+/MIG1) | ||||||||||||||
2,000,000 | 3.25 | > | 07/25/2005 | 2,034,820 | ||||||||||
San Diego County Water Authority CP Series 2003 1 (Bayerische Landesbank SPA) (A-1/P-1) | ||||||||||||||
7,000,000 | 1.15 | 07/30/2004 | 7,000,000 | |||||||||||
5,000,000 | 1.15 | 09/23/2004 | 5,000,000 | |||||||||||
San Francisco Transportation Authority GO CP Series 2004 A (Landesbank Baden-Wurttm SPA) (A-1+/P-1) | ||||||||||||||
3,250,000 | 1.02 | 08/11/2004 | 3,250,000 | |||||||||||
Santa Clara Valley Water CP Series 2003 (Westdeutsche Landesbank SPA) (A-1+/P-1) | ||||||||||||||
2,547,000 | 1.07 | 07/09/2004 | 2,547,000 | |||||||||||
Triunfo County Sanitation District VRDN RB Series 1994 (BNP Paris LOC) (A-1) | ||||||||||||||
3,810,000 | 1.12 | 07/07/2004 | 3,810,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
California (continued) | ||||||||||||||
University of California Regents CP Series 2003 (A-1+/P-1) | ||||||||||||||
$ | 3,000,000 | 0.96 | % | 07/14/2004 | $ | 3,000,000 | ||||||||
Ventura County GO TRANS Series 2003 (SP-1+/MIG1) | ||||||||||||||
5,000,000 | 1.50 | 07/01/2004 | 5,000,000 | |||||||||||
Western Municipal Water District Facilities Authority VRDN RB Series 2002 A (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||
4,000,000 | 1.00 | 07/07/2004 | 4,000,000 | |||||||||||
$ | 413,189,042 | |||||||||||||
Puerto Rico—6.2% | ||||||||||||||
Commonwealth of Puerto Rico TRANS Series 2003 (SP-1+/MIG1) | ||||||||||||||
$ | 10,300,000 | 2.00 | % | 07/30/2004 | $ | 10,308,034 | ||||||||
Puerto Rico Government Development Bank (CP Program) (A-1) | ||||||||||||||
2,000,000 | 0.99 | 07/09/2004 | 2,000,000 | |||||||||||
3,500,000 | 0.97 | 07/12/2004 | 3,500,000 | |||||||||||
3,000,000 | 0.99 | 07/13/2004 | 3,000,000 | |||||||||||
2,000,000 | 0.99 | 07/29/2004 | 2,000,000 | |||||||||||
1,000,000 | 0.96 | 08/12/2004 | 1,000,000 | |||||||||||
1,640,000 | 0.97 | 08/25/2004 | 1,640,000 | |||||||||||
3,000,000 | 1.20 | 08/26/2004 | 3,000,000 | |||||||||||
$ | 26,448,034 | |||||||||||||
Total Investments—102.7% | $ | 439,637,076 | ||||||||||||
> | Forward commitment |
Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.
Security ratings disclosed are issued by Standard & Poor’s/ Moody’s Investors Service/ Fitch and are unaudited. A description of the ratings is available in the Portfolio’s Statement of Additional Information.
The percentage shown for each category reflects the value of investments in that category as a percentage of net assets.
See Investment Abbreviations on page 31.
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
New York—96.2% | ||||||||||||||
Great Neck North Water Authority Water System VRDN RB Series 1993 A (FGIC) (State Street Bank & Trust Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
$ | 4,000,000 | 1.04 | % | 07/07/2004 | $ | 4,000,000 | ||||||||
Jay Street Development Corporation Certificates Facility Lease VRDN RB Series 2003 A-1 (DEPFA Bank PLC LOC) (A-1+/ VMIG1) | ||||||||||||||
7,500,000 | 1.07 | 07/07/2004 | 7,500,000 | |||||||||||
Jay Street Development Corporation Certificates Facility Lease VRDN RB Series 2003 A-4 (DEPFA Bank PLC LOC) (A-1+/ VMIG1) | ||||||||||||||
8,100,000 | 1.03 | 07/01/2004 | 8,100,000 | |||||||||||
Lindenhurst Union Free School District GO TANS Series 2004 (MIG1) | ||||||||||||||
1,500,000 | 2.75> | 06/23/2005 | 1,516,605 | |||||||||||
Long Island Power Authority CP-2 (Landesbank SC LOC) (A-1+) | ||||||||||||||
4,000,000 | 1.10 | 07/26/2004 | 4,000,000 | |||||||||||
2,000,000 | 1.02 | 10/07/2004 | 2,000,000 | |||||||||||
Long Island Power Authority CP Series 1 (JP Morgan Chase & Co. LOC) (A-1+/ P-1) | ||||||||||||||
3,000,000 | 1.00 | 10/12/2004 | 3,000,000 | |||||||||||
Long Island Power Authority Electric System VRDN RB Subseries 1998 1B-RMKT (State Street Bank & Trust Co. LOC) (A-1+/ VMIG1) | ||||||||||||||
1,800,000 | 1.08 | 07/01/2004 | 1,800,000 | |||||||||||
Long Island Power Authority Electric System VRDN RB Subseries 1998 3A-RMKT (JP Morgan Chase & Co. and Landesbank Baden-Wurttm LOC) (A-1+/ VMIG1) | ||||||||||||||
900,000 | 1.03 | 07/07/2004 | 900,000 | |||||||||||
Long Island Power Authority Electric System VRDN RB Subseries 1998 3B (Westdeutsche Landesbank LOC) (A-1+/ VMIG1) | ||||||||||||||
6,300,000 | 1.08 | 07/01/2004 | 6,300,000 | |||||||||||
Metropolitan Transportation Authority RB Refunding Transportation Series 2002 F (AAA) | ||||||||||||||
1,400,000 | 5.00 | 11/15/2004 | 1,419,622 | |||||||||||
Metropolitan Transportation Authority Revenue GO VRDN Series 2004 Subseries A-3 (XL Capital Assurance LOC) (DEPFA Bank PLC SPA) (A-1+/ VMIG1) | ||||||||||||||
3,000,000 | 1.10 | 07/01/2004 | 3,000,000 | |||||||||||
Metropolitan Transportation Authority VRDN RB Eagle Tax-Exempt Trust Series 2002 A2303 COPS (FSA) (Citibank N.A.) (A-1+) | ||||||||||||||
5,000,000 | 1.10 | 07/01/2004 | 5,000,000 | |||||||||||
Metropolitan Transportation Authority VRDN RB Eagle Tax-Exempt Trust Series 2002 A2305 COPS (FSA) (Citibank N.A.) (A-1+) | ||||||||||||||
3,000,000 | 1.10 | 07/01/2004 | 3,000,000 | |||||||||||
Metropolitan Transportation Authority VRDN RB Merlots Series 2003 B25 (FGIC) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
2,990,000 | 1.08 | 07/07/2004 | 2,990,000 | |||||||||||
Metropolitan Transportation Authority VRDN RB Refunding Transportation Series 2002 G-1 (AMBAC) (Bank of Nova Scotia SPA) (A-1+/ VMIG1) | ||||||||||||||
3,000,000 | 1.08 | 07/08/2004 | 3,000,000 | |||||||||||
Municipal Assistance Corporation RB for the City of New York Series 1995 D (AMBAC) (AAA) | ||||||||||||||
1,000,000 | 4.90 | 07/01/2004 | 1,000,000 | |||||||||||
Municipal Assistance Corporation RB for the City of New York Series 1996 G (Aa1) | ||||||||||||||
1,000,000 | 5.50 | 07/01/2004 | 1,000,000 | |||||||||||
Municipal Assistance Corporation RB for the City of New York Series 1997 J (AA+) | ||||||||||||||
1,885,000 | 6.00 | 07/01/2004 | 1,885,000 | |||||||||||
Municipal Assistance Corporation RB for the City of New York Series 2002 P (Aa1/ AA+) | ||||||||||||||
3,000,000 | 3.50 | 07/01/2004 | 3,000,000 | |||||||||||
Nassau County GO TANS Series 2003 B (SP-1+/ MIG1) | ||||||||||||||
2,000,000 | 2.00 | 10/15/2004 | 2,004,988 | |||||||||||
Nassau County IDA Civic Facility & Improvement VRDN RB for Cold Spring Harbor Laboratory Series 1999 (JP Morgan Chase & Co. SPA) (A-1+) | ||||||||||||||
10,000,000 | 1.08 | 07/01/2004 | 10,000,000 | |||||||||||
New York GO ROCS RR II Series 2003 R 251A (Citigroup Global Markets LOC SPA) (VMIG1) | ||||||||||||||
2,000,000 | 1.15 | 07/01/2004 | 2,000,000 | |||||||||||
New York City Civic Facility IDA VRDN RB for National Audubon Society Series 1989 (Citibank N.A.) (A-1+) | ||||||||||||||
1,200,000 | 1.08 | 07/01/2004 | 1,200,000 | |||||||||||
New York City GO VRDN ROC II-R-22 Series 2000 (FGIC) (Citibank Global Markets) (A-1+) | ||||||||||||||
4,000,000 | 1.10 | 07/01/2004 | 4,000,000 | |||||||||||
New York City GO VRDN Series 2002 C (C-2) (Bayerische Landesbank LOC) (A-1+/ VMIG1) | ||||||||||||||
2,065,000 | 1.03 | 07/07/2004 | 2,065,000 | |||||||||||
New York City GO VRDN Series 2002 C (C-5) (Bank of New York LOC) (A-1+/ VMIG1) | ||||||||||||||
1,400,000 | 1.07 | 07/07/2004 | 1,400,000 | |||||||||||
New York City GO VRDN Series 2003 Subseries A-3 (BNP Paribas LOC) (A-1+/ VMIG1) | ||||||||||||||
2,200,000 | 1.03 | 07/07/2004 | 2,200,000 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
New York (continued) | ||||||||||||||
New York City GO VRDN Series 2003 Subseries A-4 (Bank of Novia Scotia LOC) (A-1/ VMIG1) | ||||||||||||||
$ | 5,000,000 | 1.00 | % | 07/07/2004 | $ | 5,000,000 | ||||||||
New York City Housing Development Corporation Multifamily VRDN RB for Mortgage-2 Gold Street Series 2003 A (Fleet National Bank LOC) (A-1) | ||||||||||||||
6,000,000 | 1.03> | 07/07/2004 | 6,000,000 | |||||||||||
3,000,000 | 1.03 | 07/07/2004 | 3,000,000 | |||||||||||
New York City Housing Development Corporation Multifamily VRDN RB for Mortgage-90 West Street Series 2004 A (HSBC Bank USA LOC) (A-1+) | ||||||||||||||
4,000,000 | 1.03 | 07/07/2004 | 4,000,000 | |||||||||||
New York City Municipal Water Finance Authority CP (Westdeutsche Landesbank and Bayerische Landesbank SPA) (A-1+/ P-1) | ||||||||||||||
8,000,000 | 1.00 | 07/01/2004 | 8,000,000 | |||||||||||
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB for Municipal Securities Trust Receipts-SGB 27 Series 1997 (FSA-CR) (Societe Generale SPA) (A-1+) | ||||||||||||||
2,500,000 | 1.10 | 07/01/2004 | 2,500,000 | |||||||||||
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 1992 C (FGIC) (FGIC-SPI SPA) (A-1+/ VMIG1) | ||||||||||||||
1,000,000 | 1.06 | 07/01/2004 | 1,000,000 | |||||||||||
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 1993 C (FGIC) (FGIC-SPI SPA) (A-1+/ VMIG1) | ||||||||||||||
1,400,000 | 1.06 | 07/01/2004 | 1,400,000 | |||||||||||
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2003 F Subseries F-2 (Bayerische Landesbank SPA)(A-1+/ VMIG1) | ||||||||||||||
1,700,000 | 1.04 | 07/01/2004 | 1,700,000 | |||||||||||
New York City Transitional Finance Authority Eagle Trust VRDN Class A (Citibank SPA) (A-1+) | ||||||||||||||
1,000,000 | 1.10 | 07/01/2004 | 1,000,000 | |||||||||||
New York City Transitional Finance Authority VRDN RB Merlots Series 2003 B29 (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
1,895,000 | 1.08 | 07/07/2004 | 1,895,000 | |||||||||||
New York City Transitional Finance Authority RB for Future Tax Secured Series 2001 C (AA+) | ||||||||||||||
1,000,000 | 3.65 | 02/01/2005 | 1,012,884 | |||||||||||
New York City Transitional Finance Authority RB for Future Tax Secured Series 2002 A (AA+) | ||||||||||||||
1,000,000 | 4.50 | 11/01/2004 | 1,011,382 | |||||||||||
New York City Transitional Finance Authority RB for Future Tax Secured Series 2003 B (AA+) | ||||||||||||||
3,000,000 | 2.50 | 08/01/2004 | 3,003,749 | |||||||||||
New York City Transitional Finance Authority RB for Future Tax Secured Series 2004 C (AA+) | ||||||||||||||
3,000,000 | 2.00 | 02/01/2005 | 3,010,920 | |||||||||||
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA) (A-1+/ VMIG1) | ||||||||||||||
900,000 | 1.03 | 07/07/2004 | 900,000 | |||||||||||
New York City Trust Cultural Resources VRDN RB for American Museum of Natural History Series 1991 B (MBIA) (Credit Suisse SPA) (A-1+/ VMIG1) | ||||||||||||||
1,165,000 | 1.04 | 07/07/2004 | 1,165,000 | |||||||||||
New York City Trust Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JP Morgan Chase & Co. LOC) (A-1+) | ||||||||||||||
3,000,000 | 1.06 | 07/01/2004 | 3,000,000 | |||||||||||
New York State Dormitory Authority RB for Mental Health Services Facilities Series 2003 C-1 (A+) | ||||||||||||||
1,000,000 | 5.00 | 02/15/2005 | 1,024,110 | |||||||||||
New York State Dormitory Authority VRDN RB for Columbia University Series 2004 A-2 (A-1+) | ||||||||||||||
1,000,000 | 1.60 | 06/08/2005 | 1,000,000 | |||||||||||
New York State Dormitory Authority VRDN RB for Cornell University Series 1990 B (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
3,300,000 | 1.08 | 07/01/2004 | 3,300,000 | |||||||||||
New York State Dormitory Authority VRDN RB for Rockefeller University Series 2002 A2 (A-1+/ VMIG1) | ||||||||||||||
3,000,000 | 1.05 | 07/01/2004 | 3,000,000 | |||||||||||
New York State Dormitory Authority VRDN RB for the Metropolitan Museum of Art Series 1993 A (A-1+/ VMIG1) | ||||||||||||||
2,215,000 | 1.01 | 07/07/2004 | 2,215,000 | |||||||||||
New York State Energy Research & Development Authority VRDN PCRB Refunding Orange/ Rockland Utilities Series 1995 A (AMBAC) (National Australia Bank SPA) (A-1+/ VMIG1) | ||||||||||||||
6,000,000 | 1.04 | 07/07/2004 | 6,000,000 | |||||||||||
New York State Environmental CP Series 1997A (Bayerische Landesbank and Landesbank Hessen-Thueringen LOC) (A-1+/ VMIG1) | ||||||||||||||
2,000,000 | 0.95 | 07/14/2004 | 2,000,000 | |||||||||||
3,500,000 | 1.12 | 08/18/2004 | 3,500,000 | |||||||||||
3,500,000 | 1.12 | 08/19/2004 | 3,500,000 | |||||||||||
3,000,000 | 1.12 | 08/20/2004 | 3,000,000 | |||||||||||
New York State Environmental Facilities Corp. VRDN RB Eagle Tax-Exempt Trust Series 1996 C3204 COPS (Citibank SPA) (A-1+) | ||||||||||||||
7,746,500 | 1.10 | 07/01/2004 | 7,746,500 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
New York (continued) | ||||||||||||||
New York State GO Refunding Series 1998 F (A2) | ||||||||||||||
$ | 1,000,000 | 5.00 | % | 09/15/2004 | $ | 1,007,765 | ||||||||
New York State GO VRDN Series 2000 B (Dexia Credit Local de France LOC) (A-1+/ VMIG1) | ||||||||||||||
1,970,000 | 1.02 | 08/05/2004 | 1,970,000 | |||||||||||
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 C (Dexia Credit Local de France LOC) (A-1+) | ||||||||||||||
1,000,000 | 1.03 | 07/07/2004 | 1,000,000 | |||||||||||
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 E (BNP Paribas LOC) (A-1+) | ||||||||||||||
1,000,000 | 1.03 | 07/07/2004 | 1,000,000 | |||||||||||
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 I (Landesbank Hessen-Thueringen LOC) (A-1+) | ||||||||||||||
2,800,000 | 1.03 | 07/07/2004 | 2,800,000 | |||||||||||
New York State Housing Finance Agency VRDN RB AMT for Talleyrand Crescent Housing Series 1999 (FNMA LOC) (VMIG1) | ||||||||||||||
6,000,000 | 1.07 | 07/07/2004 | 6,000,000 | |||||||||||
New York State Housing Finance Agency VRDN RB AMT for Tribeca Park Series 1997 A (FNMA LOC SPA) (VMIG1) | ||||||||||||||
3,700,000 | 1.03 | 07/07/2004 | 3,700,000 | |||||||||||
New York State Housing Finance Agency VRDN RB for 10 Liberty Street Housing Series 2003 (Fleet National Bank LOC) (VMIG1) | ||||||||||||||
12,200,000 | 1.00 | 07/07/2004 | 12,200,000 | |||||||||||
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A-RMKT (FNMA) (VMIG1) | ||||||||||||||
5,300,000 | 1.03 | 07/07/2004 | 5,300,000 | |||||||||||
New York State Housing Finance Agency VRDN RB for Housing-Historic Front Street Series 2003 A (Bank of New York LOC) (VMIG1) | ||||||||||||||
12,500,000 | 1.05 | 07/07/2004 | 12,500,000 | |||||||||||
New York State Housing Finance Agency VRDN RB for Tribeca Green Housing Series 2003 A (Landesbank Hessen-Thueringen LOC) (VMIG1) | ||||||||||||||
8,200,000 | 1.00 | 07/07/2004 | 8,200,000 | |||||||||||
New York State Local Government Assistance Corp. VRDN RB Merlots Series 2003 A06 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1) | ||||||||||||||
5,130,000 | 1.08 | 07/07/2004 | 5,130,000 | |||||||||||
New York State Local Government Assistance Corp. VRDN RB Refunding Sub Lien Series 2003 3V (FGIC) (Landesbank Baden-Wurttm SPA) (A-1+) | ||||||||||||||
3,300,000 | 1.02 | 07/07/2004 | 3,300,000 | |||||||||||
New York State Local Government Assistance Corp. VRDN RB Series 1994 B (Westdeutsche Landesbank and Bayerische Landesbank LOC) (A-1+/ VMIG1) | ||||||||||||||
3,000,000 | 1.00 | 07/07/2004 | 3,000,000 | |||||||||||
New York State Local Government Assistance Corp. VRDN RB Series 1995 B (Bank of Nova Scotia LOC) (A-1/ VMIG1) | ||||||||||||||
3,100,000 | 1.01 | 07/07/2004 | 3,100,000 | |||||||||||
New York State Power Authority CP Series 2 (Bank of Novia Scotia, Bank of New York, Bayerische Landesbank, JP Morgan Chase & Co., Landesbank Baden-Wurttm, State Street Corp., and Wachovia Bank SPA) (A-1/ P-1) | ||||||||||||||
3,195,000 | 1.09 | 07/09/2004 | 3,195,000 | |||||||||||
New York State Power Authority RB Series 2000 A (Aa2) | ||||||||||||||
1,600,000 | 4.30 | 11/15/2004 | 1,618,179 | |||||||||||
New York State Thruway Authority CP Series 01 (Landesbank Hessen-Thueringen LOC) (A-1+/ P-1) | ||||||||||||||
2,000,000 | 1.10 | 07/23/2004 | 2,000,000 | |||||||||||
2,500,000 | 0.95 | 08/09/2004 | 2,500,000 | |||||||||||
2,000,000 | 0.95 | 08/10/2004 | 2,000,000 | |||||||||||
3,000,000 | 0.96 | 10/07/2004 | 3,000,000 | |||||||||||
New York State Thruway Authority Service Contract RB Unrefunded Balance for Local Highway & Bridge Series 1997 (A3) | ||||||||||||||
2,000,000 | 6.00 | 04/01/2005 | 2,068,723 | |||||||||||
New York State Urban Development Corporate Revenue Floating Rate Receipts Series 2003 SG-164 (A-1+) | ||||||||||||||
1,600,000 | 1.10 | 07/01/2004 | 1,600,000 | |||||||||||
New York State Urban Development Corporation RB Refunding for Project Center for Industrial Innovation Series 1995 (A3) | ||||||||||||||
1,265,000 | 6.25 | 01/01/2005 | 1,296,680 | |||||||||||
Oneida County IDA VRDN RB for Civic Facility-Hamilton College Series 2002 (MBIA) (Bank of New York SPA) (VMIG1) | ||||||||||||||
1,435,000 | 1.01 | 07/07/2004 | 1,435,000 | |||||||||||
Port Authority of New York & New Jersey CP Series B (Bank of Nova Scotia, JP Morgan Chase & Co. and Lloyds TSB Bank SPA) (A-1+) | ||||||||||||||
1,120,000 | 1.10 | 07/23/2004 | 1,120,000 | |||||||||||
Port Authority of New York & New Jersey Special Obligation VRDN RB for Versatile Structure Obligation Series 1994 2 (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
4,000,000 | 1.06 | 07/01/2004 | 4,000,000 | |||||||||||
Rensselaer County IDA VRDN RB for Rensselaer Polytechnic Institute Civic Facilities Project Series 1997 A (A-1/ VMIG1) | ||||||||||||||
3,530,000 | 1.06 | 07/01/2004 | 3,530,000 | |||||||||||
Rockland County GO TANS Series 2004 (MIG1) | ||||||||||||||
2,000,000 | 2.00 | 03/24/2005 | 2,012,964 |
Principal | Interest | Maturity | Amortized | |||||||||||
Amount | Rate | Date | Cost | |||||||||||
New York (continued) | ||||||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Floaters Series 2004 922 (Morgan Stanley SPA) (F-1+) | ||||||||||||||
$ | 4,000,000 | 1.11 | % | 07/01/2004 | $ | 4,000,000 | ||||||||
Triborough Bridge & Tunnel Authority VRDN RB Merlots Series 2004 A-08 (Wachovia Bank N.A. SPA) (Aa3/ VMIG1) | ||||||||||||||
3,000,000 | 1.08 | 07/07/2004 | 3,000,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Series 2000 A (FSA) (JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
2,185,000 | 1.03 | 07/07/2004 | 2,185,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2002 C (AMBAC) (Westdeutsche Landesbank SPA) (A-1+/ VMIG1) | ||||||||||||||
3,200,000 | 1.07 | 07/01/2004 | 3,200,000 | |||||||||||
Triborough Bridge & Tunnel Authority VRDN RB Special Obligation Refunding Series 2000 C (FSA) (Lloyds TSB Bank and JP Morgan Chase & Co. SPA) (A-1+/ VMIG1) | ||||||||||||||
5,625,000 | 1.06 | 07/07/2004 | 5,625,000 | |||||||||||
Westchester County New York Individual Development Agency Levister Redevelopment Co., LLC. VRDN RB AMT Series 2001 B (Bank of New York LOC) (VMIG1) | ||||||||||||||
3,000,000 | 1.09 | 07/01/2004 | 3,000,000 | |||||||||||
$ | 296,760,071 | |||||||||||||
Puerto Rico—6.0% | ||||||||||||||
Commonwealth of Puerto Rico TRANS Series 2003 (SP-1+/ MIG1) | ||||||||||||||
$ | 1,000,000 | 2.00 | % | 07/30/2004 | $ | 1,000,788 | ||||||||
Puerto Rico Government Development Bank (CP Program) (A-1) | ||||||||||||||
1,000,000 | 0.99 | 07/29/2004 | 1,000,000 | |||||||||||
3,800,000 | 0.96 | 08/12/2004 | 3,800,000 | |||||||||||
2,405,000 | 1.17 | 09/09/2004 | 2,405,000 | |||||||||||
2,000,000 | 1.17 | 10/07/2004 | 2,000,000 | |||||||||||
Puerto Rico Industrial Tourist Edl VRDN RB AMT for Bristol-Myers Squibb Project Series 2000 (P-1) | ||||||||||||||
8,300,000 | 1.05 | 07/01/2004 | 8,300,000 | |||||||||||
$ | 18,505,788 | |||||||||||||
Total Investments—102.2% | $ | 315,265,859 | ||||||||||||
> Forward commitment
Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.
Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited. A description of the ratings is available in the Portfolio’s Statement of Additional Information.
The percentage shown for each category reflects the value of investments in that category as a percentage of net assets.
See Investment Abbreviations on page 31.
AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||
AMT | — | Alternative Minimum Tax | ||
COPS | — | Certificates of Participation | ||
CP | — | Commercial Paper | ||
DOT | — | Department of Transportation | ||
FGIC | — | Insured by Financial Guaranty Insurance Co. | ||
FHLMC | — | Insured by Federal Home Loan Mortgage Corp. | ||
FNMA | — | Insured by Federal National Mortgage Assoc. | ||
FSA | — | Insured by Financial Security Assurance Co. | ||
FSA-CR | — | Financial Security Assurance Credit | ||
GO | — | General Obligation | ||
IDA | — | Industrial Development Authority | ||
IDB | — | Industrial Development Bond | ||
IDRB | — | Industrial Development Revenue Bond | ||
INDBT | — | Certificate of Indebtedness | ||
LOC | — | Letter of Credit | ||
MBIA | — | Insured by Municipal Bond Investors Assurance | ||
MBIA-IBC | — | Insured by Municipal Bond Investors Assurance-Insured Bond Certificates | ||
MF Hsg. | — | Multi-Family Housing | ||
OSUF | — | Oklahoma State University Foundation | ||
PCRB | — | Pollution Control Revenue Bond | ||
P-Floats | — | Puttable Floating Rate Securities | ||
PSF-GTD | — | Guaranteed by Permanent School Fund | ||
Q-SBLF | — | Qualified School Bond Loan Fund | ||
RANS | — | Revenue Anticipation Notes | ||
RB | — | Revenue Bond | ||
ROCS | — | Reset Option Certificates | ||
SD Credit | — | School District Credit Enhancement | ||
SPA | — | Stand-by-Purchase Agreement | ||
SPI | — | Securities Purchase Inc. | ||
TANS | — | Tax Anticipation Notes | ||
TFA | — | Transportation Finance Authority | ||
TRANS | — | Tax Revenue Anticipation Notes | ||
VRDN | — | Variable Rate Demand Note | ||
XLCA | — | Insured by XL Capital Assurance |
Prime | Money | ||||||||||||
Obligations | Market | Government | |||||||||||
Portfolio | Portfolio | Portfolio | |||||||||||
Assets: | |||||||||||||
Investment in unaffiliated securities, at value based on amortized cost | $ | 409,389,445 | $ | 1,471,366,479 | $ | 88,417,194 | |||||||
Repurchase agreements, at value based on amortized cost—unaffiliated issuers | 52,200,000 | 139,400,000 | 31,700,000 | ||||||||||
Repurchase agreements, at value based on amortized cost—affiliated issuers | — | — | — | ||||||||||
Cash | 120,244 | 54,765 | 58,658 | ||||||||||
Receivables: | |||||||||||||
Interest | 476,845 | 2,458,958 | 253,232 | ||||||||||
Fund shares sold | — | 771,439 | — | ||||||||||
Reimbursement from investment adviser | — | — | — | ||||||||||
Other | 15,751 | 13,670 | 5,735 | ||||||||||
Total assets | 462,202,285 | 1,614,065,311 | 120,434,819 | ||||||||||
Liabilities: | |||||||||||||
Payables: | |||||||||||||
Investment securities purchased | — | — | — | ||||||||||
Income distribution | 15,506 | 42,012 | 2,237 | ||||||||||
Fund shares repurchased | 64,732 | 984,256 | 10,000 | ||||||||||
Amounts owed to affiliates | 243,970 | 683,212 | 53,736 | ||||||||||
Accrued expenses and other liabilities | 85,909 | 190,711 | 78,214 | ||||||||||
Total liabilities | 410,117 | 1,900,191 | 144,187 | ||||||||||
Net Assets: | |||||||||||||
Paid-in capital | 461,792,168 | 1,612,165,120 | 120,290,632 | ||||||||||
Accumulated net realized loss on investment transactions | — | — | — | ||||||||||
Net assets | $ | 461,792,168 | $ | 1,612,165,120 | $ | 120,290,632 | |||||||
Net asset value, offering and redemption price per unit/share | $1.00 | $1.00 | $1.00 | ||||||||||
Units/ Shares outstanding: | |||||||||||||
ILA Units | 175,540,600 | 476,412,367 | 53,755,218 | ||||||||||
ILA Administration Units | 78,907,996 | 681,222,552 | 12,713,004 | ||||||||||
ILA Service Units | 164,591,366 | 265,626,186 | 49,784,772 | ||||||||||
ILA Class B Units | 22,771,993 | — | — | ||||||||||
ILA Class C Units | 16,020,271 | — | — | ||||||||||
ILA Cash Management Shares | 3,959,942 | 188,904,015 | 3,982,004 | ||||||||||
Total units/shares of beneficial interest outstanding, $0.001 par value (unlimited number of units/shares authorized) | 461,792,168 | 1,612,165,120 | 120,234,998 | ||||||||||
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||
$ | 176,024,820 | $ | 987,532,672 | $ | 2,709,856,687 | $ | 2,100,916,207 | $ | 439,637,076 | $ | 315,265,859 | |||||||||||
583,600,000 | — | — | — | — | — | |||||||||||||||||
25,000,000 | — | — | — | — | — | |||||||||||||||||
86,087 | 20,895 | 13,426 | 7,536,047 | 1,599,763 | 75,722 | |||||||||||||||||
1,503,209 | — | 2,976,333 | 5,820,066 | 1,095,784 | 793,926 | |||||||||||||||||
— | — | — | 4,441 | — | — | |||||||||||||||||
— | — | — | — | 7,913 | — | |||||||||||||||||
— | 10,553 | 23,050 | 5,259 | 7,978 | 5,430 | |||||||||||||||||
786,214,116 | 987,564,120 | 2,712,869,496 | 2,114,282,020 | 442,348,514 | 316,140,937 | |||||||||||||||||
— | 424,619,570 | — | 21,225,115 | 13,997,510 | 7,516,605 | |||||||||||||||||
131,714 | 48,890 | 105,229 | 65,498 | 8,390 | 7,601 | |||||||||||||||||
1,261 | 266,881 | 2,684 | — | — | — | |||||||||||||||||
280,820 | 195,992 | 1,165,959 | 904,428 | 168,011 | 155,821 | |||||||||||||||||
351,703 | 244,697 | 200,311 | 89,926 | 47,277 | 69,520 | |||||||||||||||||
765,498 | 425,376,030 | 1,474,183 | 22,284,967 | 14,221,188 | 7,749,547 | |||||||||||||||||
785,448,618 | 562,188,090 | 2,711,395,313 | 2,092,002,805 | 428,162,866 | 308,392,408 | |||||||||||||||||
— | — | — | (5,752 | ) | (35,540 | ) | (1,018 | ) | ||||||||||||||
$ | 785,448,618 | $ | 562,188,090 | $ | 2,711,395,313 | $ | 2,091,997,053 | $ | 428,127,326 | $ | 308,391,390 | |||||||||||
$1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||||||||||||||
142,265,131 | 38,662,301 | 980,019,402 | 752,701,118 | 196,182,550 | 84,349,017 | |||||||||||||||||
15,810,275 | 33,281,792 | 1,158,820,457 | 1,107,377,006 | 197,445,833 | 156,362,650 | |||||||||||||||||
621,160,973 | 477,249,471 | 253,018,011 | 14,707,900 | 1,672 | 105,735 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
6,212,239 | 12,994,526 | 319,537,443 | 217,006,683 | 34,451,824 | 67,566,898 | |||||||||||||||||
785,448,618 | 562,188,090 | 2,711,395,313 | 2,091,792,707 | 428,081,879 | 308,384,300 | |||||||||||||||||
Prime | Money | ||||||||||||
Obligations | Market | Government | |||||||||||
Portfolio | Portfolio | Portfolio | |||||||||||
Investment income: | |||||||||||||
Interest income—unaffiliated | $ | 2,588,366 | $ | 9,646,607 | $ | 740,247 | |||||||
Interest income—affiliated | — | — | 13,000 | ||||||||||
Total income | 2,588,366 | 9,646,607 | 753,247 | ||||||||||
Expenses: | |||||||||||||
Non-Class Specific Expenses: | |||||||||||||
Management fees | 812,050 | 2,993,924 | 243,298 | ||||||||||
Transfer Agent fees(a) | 92,806 | 342,163 | 27,806 | ||||||||||
Custody and accounting fees | 44,970 | 100,404 | 29,477 | ||||||||||
Professional fees | 28,596 | 35,792 | 26,364 | ||||||||||
Registration fees | 20,068 | 39,232 | 31,321 | ||||||||||
Printing fees | 21,494 | 12,063 | 12,063 | ||||||||||
Trustee fees | 4,612 | 4,612 | 4,612 | ||||||||||
Other | 11,331 | 43,351 | 3,365 | ||||||||||
Subtotal | 1,035,927 | 3,571,541 | 378,306 | ||||||||||
Class Specific Expenses: | |||||||||||||
Service Share fees | 333,215 | 563,435 | 97,343 | ||||||||||
Distribution and Service fees(b) | 217,575 | 641,084 | 15,970 | ||||||||||
Cash Management Share fees | 19,368 | 641,084 | 15,970 | ||||||||||
Administration Share fees | 53,284 | 492,265 | 9,691 | ||||||||||
Total expenses | 1,659,369 | 5,909,409 | 517,280 | ||||||||||
Less—expense reductions | (142,909 | ) | (615,648 | ) | (93,744 | ) | |||||||
Net expenses | 1,516,460 | 5,293,761 | 423,536 | ||||||||||
Net investment income | 1,071,906 | 4,352,846 | 329,711 | ||||||||||
Net realized gain (loss) on investment transactions | 6,222 | 19,015 | — | ||||||||||
Net increase in net assets resulting from operations | $ | 1,078,128 | $ | 4,371,861 | $ | 329,711 | |||||||
(a) | The following Portfolios had Transfer Agent fees of: |
ILA | ILA | ILA Cash | ||||||||||||||
ILA | Administration | Service | Management | |||||||||||||
Portfolio | Units | Units | Units | Shares | ||||||||||||
Prime Obligations^ | $ | 35,797 | $ | 14,209 | $ | 33,322 | $ | 1,550 | ||||||||
Money Market | 103,262 | 131,271 | 56,343 | 51,287 | ||||||||||||
Government | 14,210 | 2,584 | 9,734 | 1,278 | ||||||||||||
Treasury Obligations | 29,859 | 3,187 | 133,620 | 4,569 | ||||||||||||
Treasury Instruments | 9,375 | 6,259 | 100,001 | 4,372 | ||||||||||||
Federal | 227,540 | 231,757 | 53,487 | 92,654 | ||||||||||||
Tax-Exempt Diversified | 160,669 | 205,263 | 2,448 | 56,624 | ||||||||||||
Tax-Exempt California | 46,759 | 42,261 | — | 9,255 | ||||||||||||
Tax-Exempt New York | 19,814 | 27,359 | 22 | 16,462 | ||||||||||||
^ | Prime Obligations Class B and Class C had Transfer Agent fees of $4,713 and $3,215, respectively. |
(b) | Amounts relate to Distribution (12b-1) and Service fees for the Cash Management Shares, except for the Prime Obligations Portfolio, which also includes Class B and Class C Unit Distribution and Service (12b-1) and Service fees. The Cash Management Share Class, Class B and Class C Units had Distribution (12b-1) and Service fees of $19,368, $117,826 and $80,381, respectively. |
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||
$ | 4,312,393 | $ | 2,832,457 | $ | 16,028,316 | $ | 10,811,114 | $ | 2,404,892 | $ | 1,583,653 | |||||||||||
107,593 | — | — | — | — | — | |||||||||||||||||
4,419,986 | 2,832,457 | 16,028,316 | 10,811,114 | 2,404,892 | 1,583,653 | |||||||||||||||||
1,498,301 | 1,050,063 | 5,297,583 | 3,718,782 | 859,908 | 556,989 | |||||||||||||||||
171,235 | 120,007 | 605,438 | 425,004 | 98,275 | 63,657 | |||||||||||||||||
70,543 | 59,875 | 142,899 | 112,256 | 48,599 | 45,628 | |||||||||||||||||
31,783 | 28,006 | 35,915 | 30,296 | 26,461 | 28,086 | |||||||||||||||||
24,159 | 19,330 | 21,807 | 24,971 | 17,948 | 6,669 | |||||||||||||||||
12,063 | 12,063 | 12,063 | 13,058 | 12,063 | 12,063 | |||||||||||||||||
4,612 | 4,612 | 4,612 | 4,612 | 4,612 | 4,612 | |||||||||||||||||
42,186 | 11,896 | 86,605 | 52,792 | 11,481 | 229 | |||||||||||||||||
1,854,882 | 1,305,852 | 6,206,922 | 4,381,771 | 1,079,347 | 717,933 | |||||||||||||||||
1,336,201 | 1,000,007 | 534,873 | 24,474 | 3 | 211 | |||||||||||||||||
57,108 | 54,650 | 1,158,172 | 707,803 | 115,682 | 205,772 | |||||||||||||||||
57,108 | 54,650 | 1,158,172 | 707,803 | 115,682 | 205,772 | |||||||||||||||||
11,950 | 23,470 | 869,087 | 769,737 | 158,478 | 102,597 | |||||||||||||||||
3,317,249 | 2,438,629 | 9,927,226 | 6,591,588 | 1,469,192 | 1,232,285 | |||||||||||||||||
(61,277 | ) | (69,503 | ) | (1,112,053 | ) | (882,252 | ) | (176,003 | ) | (296,566 | ) | |||||||||||
3,255,972 | 2,369,126 | 8,815,173 | 5,709,336 | 1,293,189 | 935,719 | |||||||||||||||||
1,164,014 | 463,331 | 7,213,143 | 5,101,778 | 1,111,703 | 647,934 | |||||||||||||||||
22,971 | 92,343 | 69,031 | 6,188 | (1,169 | ) | (1,018 | ) | |||||||||||||||
$ | 1,186,985 | $ | 555,674 | $ | 7,282,174 | $ | 5,107,966 | $ | 1,110,534 | $ | 646,916 | |||||||||||
Prime | |||||||||||||
Obligations | Money Market | Government | |||||||||||
Portfolio | Portfolio | Portfolio | |||||||||||
From operations: | |||||||||||||
Net investment income | $ | 1,071,906 | $ | 4,352,846 | $ | 329,711 | |||||||
Net realized gain (loss) on investment transactions | 6,222 | 19,015 | — | ||||||||||
Net increase in net assets resulting from operations | 1,078,128 | 4,371,861 | 329,711 | ||||||||||
Distributions to unit/shareholders: | |||||||||||||
From net investment income | |||||||||||||
ILA Units | (612,388 | ) | (1,839,130 | ) | (230,113 | ) | |||||||
ILA Administration Units | (190,006 | ) | (1,848,853 | ) | (32,293 | ) | |||||||
ILA Service Units | (236,983 | ) | (439,954 | ) | (61,662 | ) | |||||||
ILA Class B Units | (19,327 | ) | — | — | |||||||||
ILA Class C Units | (13,198 | ) | — | — | |||||||||
ILA Cash Management Shares | (6,226 | ) | (243,924 | ) | (5,643 | ) | |||||||
Total distributions to unit/shareholders | (1,078,128 | ) | (4,371,861 | ) | (329,711 | ) | |||||||
From units/share transactions (at $1.00 per unit/share): | |||||||||||||
Proceeds from sales of units/shares | 650,662,885 | 5,766,441,058 | 126,870,345 | ||||||||||
Reinvestment of dividends and distributions | 916,204 | 4,144,138 | 310,726 | ||||||||||
Cost of units/shares repurchased | (648,666,270 | ) | (5,877,366,694 | ) | (166,570,316 | ) | |||||||
Net increase (decrease) in net assets resulting from unit/share transactions | 2,912,819 | (106,781,498 | ) | (39,389,245 | ) | ||||||||
Total increase (decrease) | 2,912,819 | (106,781,498 | ) | (39,389,245 | ) | ||||||||
Net assets: | |||||||||||||
Beginning of period | 458,879,349 | 1,718,946,618 | 159,679,877 | ||||||||||
End of period | $ | 461,792,168 | $ | 1,612,165,120 | $ | 120,290,632 | |||||||
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||
$ | 1,164,014 | $ | 463,331 | $ | 7,213,143 | $ | 5,101,778 | $ | 1,111,703 | $ | 647,934 | |||||||||||
22,971 | 92,343 | 69,031 | 6,188 | (1,169 | ) | (1,018 | ) | |||||||||||||||
1,186,985 | 555,674 | 7,282,174 | 5,107,966 | 1,110,534 | 646,916 | |||||||||||||||||
(451,248 | ) | (126,405 | ) | (3,716,196 | ) | (2,450,669 | ) | (645,404 | ) | (280,409 | ) | |||||||||||
(36,215 | ) | (60,972 | ) | (2,923,386 | ) | (2,373,704 | ) | (424,861 | ) | (287,738 | ) | |||||||||||
(683,605 | ) | (352,899 | ) | (339,560 | ) | (13,229 | ) | (2 | ) | (106 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
(15,917 | ) | (15,398 | ) | (303,032 | ) | (264,176 | ) | (41,436 | ) | (79,681 | ) | |||||||||||
(1,186,985 | ) | (555,674 | ) | (7,282,174 | ) | (5,101,778 | ) | (1,111,703 | ) | (647,934 | ) | |||||||||||
762,232,826 | 917,591,147 | 8,933,947,233 | 7,264,525,990 | 1,326,748,391 | 845,403,811 | |||||||||||||||||
399,009 | 195,638 | 6,678,515 | 4,752,064 | 1,054,023 | 617,124 | |||||||||||||||||
(884,206,106 | ) | (830,229,718 | ) | (9,256,462,165 | ) | (7,068,723,453 | ) | (1,440,369,475 | ) | (817,682,088 | ) | |||||||||||
(121,574,271 | ) | 87,557,067 | (315,836,417 | ) | 200,554,601 | (112,567,061 | ) | 28,338,847 | ||||||||||||||
(121,574,271 | ) | 87,557,067 | (315,836,417 | ) | 200,560,789 | (112,568,230 | ) | 28,337,829 | ||||||||||||||
907,022,889 | 474,631,023 | 3,027,231,730 | 1,891,436,264 | 540,695,556 | 280,053,561 | |||||||||||||||||
$ | 785,448,618 | $ | 562,188,090 | $ | 2,711,395,313 | $ | 2,091,997,053 | $ | 428,127,326 | $ | 308,391,390 | |||||||||||
Prime | Money | ||||||||||||
Obligations | Market | Government | |||||||||||
Portfolio | Portfolio | Portfolio | |||||||||||
From operations: | |||||||||||||
Net investment income | $ | 5,203,552 | $ | 11,297,685 | $ | 959,497 | |||||||
Net realized gain (loss) on investment transactions | 9,074 | 21,862 | 1,108 | ||||||||||
Net increase in net assets resulting from operations | 5,212,626 | 11,319,547 | 960,605 | ||||||||||
Distributions to unit/shareholders: | |||||||||||||
From net investment income | |||||||||||||
ILA Units | (3,817,155 | ) | (5,598,341 | ) | (622,734 | ) | |||||||
ILA Administration Units | (468,313 | ) | (3,506,435 | ) | (70,715 | ) | |||||||
ILA Service Units | (761,368 | ) | (1,311,080 | ) | (234,972 | ) | |||||||
ILA Class B Units | (86,830 | ) | — | — | |||||||||
ILA Class C Units | (45,540 | ) | — | — | |||||||||
ILA Cash Management Shares | (33,420 | ) | (903,691 | ) | (32,184 | ) | |||||||
Total distributions to unit/shareholders | (5,212,626 | ) | (11,319,547 | ) | (960,605 | ) | |||||||
From units/ share transactions (at $1.00 per unit/share): | |||||||||||||
Proceeds from sales of units/ shares | 4,095,803,510 | 10,575,746,635 | 464,490,143 | ||||||||||
Reinvestment of dividends and distributions | 4,658,925 | 10,808,744 | 884,220 | ||||||||||
Cost of units/ shares repurchased | (4,540,858,373 | ) | (10,675,679,960 | ) | (498,668,091 | ) | |||||||
Net increase (decrease) in net assets resulting from unit/share transactions | (440,395,938 | ) | (89,124,581 | ) | (33,293,728 | ) | |||||||
Total increase (decrease) | (440,395,938 | ) | (89,124,581 | ) | (33,293,728 | ) | |||||||
Net assets: | |||||||||||||
Beginning of year | 899,275,287 | 1,808,071,199 | 192,973,605 | ||||||||||
End of year | $ | 458,879,349 | $ | 1,718,946,618 | $ | 159,679,877 | |||||||
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||
$ | 6,593,039 | $ | 1,456,128 | $ | 20,021,559 | $ | 10,135,389 | $ | 3,036,091 | $ | 1,396,358 | |||||||||||
877,478 | 247,414 | 467,619 | (11,940 | ) | (25,018 | ) | — | |||||||||||||||
7,470,517 | 1,703,542 | 20,489,178 | 10,123,449 | 3,011,073 | 1,396,358 | |||||||||||||||||
(1,401,740 | ) | (478,964 | ) | (11,790,795 | ) | (5,822,219 | ) | (1,961,774 | ) | (696,228 | ) | |||||||||||
(102,638 | ) | (150,170 | ) | (5,769,250 | ) | (3,186,213 | ) | (840,115 | ) | (464,596 | ) | |||||||||||
(5,835,332 | ) | (1,027,283 | ) | (1,051,375 | ) | (63,737 | ) | (191 | ) | (391 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
(130,807 | ) | (47,125 | ) | (1,877,758 | ) | (1,063,220 | ) | (234,011 | ) | (235,143 | ) | |||||||||||
(7,470,517 | ) | (1,703,542 | ) | (20,489,178 | ) | (10,135,389 | ) | (3,036,091 | ) | (1,396,358 | ) | |||||||||||
1,980,502,951 | 1,466,159,284 | 16,504,780,699 | 9,976,764,206 | 2,492,740,912 | 1,160,531,257 | |||||||||||||||||
1,229,979 | 599,846 | 18,609,601 | 9,239,024 | 2,892,841 | 1,356,587 | |||||||||||||||||
(3,705,155,751 | ) | (1,563,898,695 | ) | (17,255,681,397 | ) | (9,813,374,514 | ) | (2,466,056,324 | ) | (1,166,426,660 | ) | |||||||||||
(1,723,422,821 | ) | (97,139,565 | ) | (732,291,097 | ) | 172,628,716 | 29,577,429 | (4,538,816 | ) | |||||||||||||
(1,723,422,821 | ) | (97,139,565 | ) | (732,291,097 | ) | 172,616,776 | 29,552,411 | (4,538,816 | ) | |||||||||||||
2,630,445,710 | 571,770,588 | 3,759,522,827 | 1,718,819,488 | 511,143,145 | 284,592,377 | |||||||||||||||||
$ | 907,022,889 | $ | 474,631,023 | $ | 3,027,231,730 | $ | 1,891,436,264 | $ | 540,695,556 | $ | 280,053,561 | |||||||||||
2. Significant Accounting Policies
A. Investment Valuation—
B. Security Transactions and Interest Income—
C. Federal Taxes—
Tax-Exempt | Tax-Exempt | |||||||
Year | California | Diversified | ||||||
2007 | $ | 5,000 | — | |||||
2008 | 4,400 | — | ||||||
2011 | 14,300 | $ | 11,900 | |||||
Total | $ | 23,700 | $ | 11,900 | ||||
Expiration occurs on December 31 of the year indicated. This amount is available to be carried forward to offset future capital gains to the extent permitted by applicable laws or regulations.
D. Expenses—
E. Forward Commitment Transactions—
F. Repurchase Agreements—
3. Agreements
CMS | ||||||||||||||||||||||||
Other | B&C Units | CMS | Share | |||||||||||||||||||||
Expense | Custody | Distribution | Share | Service | ||||||||||||||||||||
Reimburse- | Fee | and Service | Distribution | Fee | ||||||||||||||||||||
Portfolio | ments | Reductions | Fee Waiver | Fee Waiver | Waiver | Total | ||||||||||||||||||
Prime Obligations | $ | 29 | $ | — | $ | 95 | $ | 17 | $ | 2 | $ | 143 | ||||||||||||
Money Market | — | — | N/A | 552 | 64 | 616 | ||||||||||||||||||
Government | 77 | — | N/A | 14 | 3 | 94 | ||||||||||||||||||
Treasury Obligations | — | — | N/A | 49 | 12 | 61 | ||||||||||||||||||
Treasury Instruments | 4 | — | N/A | 47 | 19 | 70 | ||||||||||||||||||
Federal | — | — | N/A | 996 | 116 | 1,112 | ||||||||||||||||||
Tax-Exempt Diversified | — | 54 | N/A | 609 | 219 | 882 | ||||||||||||||||||
Tax-Exempt California | 13 | 15 | N/A | 100 | 48 | 176 | ||||||||||||||||||
Tax-Exempt New York | 27 | 10 | N/A | 177 | 83 | 297 | ||||||||||||||||||
+ | Only amounts greater than $500 are disclosed. |
The Trust, on behalf of each Portfolio that offers Class B Units and Class C Units, has adopted a Distribution and Service Plan. Under the respective Distribution and Service Plan, Goldman Sachs and/or Authorized Dealers are entitled to a monthly fee from each Portfolio for distribution services and personal and account maintenance fees equal to, on an annual basis, 0.75% and 0.25%, respectively, of the average daily net assets attributable to Class B and Class C Units. The table detailing fee waivers on the Distribution and Service Fees for the Class B and C Units is on the following page.
Weighted Average | ||||||||||||||||||||
Fee Waivers for the | ||||||||||||||||||||
Six Months Ended | Fee Waivers as of | |||||||||||||||||||
June 30, 2004 | June 30, 2004 | |||||||||||||||||||
CMS | Service | CMS | ||||||||||||||||||
B&C | Share | Unit | B&C Units | Share | ||||||||||||||||
Distribution | Service | Service | Distribution | Service | ||||||||||||||||
and Service | Fee | Fee | and Service | Fee | ||||||||||||||||
Portfolio | Fee Waiver | Waiver | Waiver | Fee Waiver | Waiver | |||||||||||||||
Prime Obligations | 0.48 | % | 0.05 | % | — | % | 0.48 | % | 0.05 | % | ||||||||||
Money Market | N/A | 0.05 | — | N/A | 0.05 | |||||||||||||||
Government | N/A | 0.10 | — | N/A | 0.10 | |||||||||||||||
Treasury Obligations | N/A | 0.10 | — | N/A | 0.15 | |||||||||||||||
Treasury Instruments | N/A | 0.17 | — | N/A | 0.17 | |||||||||||||||
Federal | N/A | 0.05 | — | N/A | 0.05 | |||||||||||||||
Tax-Exempt Diversified | N/A | 0.15 | 0.01 | N/A | 0.10 | |||||||||||||||
Tax-Exempt California | N/A | 0.21 | 0.03 | N/A | 0.15 | |||||||||||||||
Tax-Exempt New York | N/A | 0.20 | 0.03 | N/A | 0.15 | |||||||||||||||
Over | ||||||||||||||||||||||||
Reimburse- | ||||||||||||||||||||||||
ment | ||||||||||||||||||||||||
Distribution | Transfer | of “Other | Affiliated | |||||||||||||||||||||
Portfolio | Management | and Service | Agent | Expense” | Dealers | Total | ||||||||||||||||||
Prime Obligations | $ | 131 | $ | 17 | $ | 15 | $ | 23 | $ | 58 | $ | 244 | ||||||||||||
Money Market | 469 | 11 | 53 | — | 150 | 683 | ||||||||||||||||||
Government | 37 | — | 5 | 10 | 2 | 54 | ||||||||||||||||||
Treasury Obligations | 225 | — | 26 | 29 | 1 | 281 | ||||||||||||||||||
Treasury Instruments | 166 | 1 | 19 | 7 | 3 | 196 | ||||||||||||||||||
Federal | 795 | 19 | 91 | — | 261 | 1,166 | ||||||||||||||||||
Tax-Exempt Diversified | 613 | 13 | 70 | — | 208 | 904 | ||||||||||||||||||
Tax-Exempt California | 120 | 2 | 14 | — | 32 | 168 | ||||||||||||||||||
Tax-Exempt New York | 91 | 4 | 10 | 21 | 30 | 156 | ||||||||||||||||||
4. Line of Credit Facility
5. Joint Repurchase Agreement Accounts
Joint Repurchase Agreement Account I
Repurchase | Principal | Interest | Maturity | Maturity | ||||||||||||||
Agreements | Amount | Rate | Date | Value | ||||||||||||||
ABN AMRO, Inc. | ||||||||||||||||||
$ | 960,000,000 | 1.30 | % | 07/01/2004 | $ | 960,034,667 | ||||||||||||
Barclays Capital, PLC | ||||||||||||||||||
300,000,000 | 1.30 | 07/01/2004 | 300,010,833 | |||||||||||||||
Deutsche Bank Securities, Inc. | ||||||||||||||||||
250,000,000 | 1.30 | 07/01/2004 | 250,009,028 | |||||||||||||||
Greenwich Capital Markets | ||||||||||||||||||
400,000,000 | 1.28 | 07/01/2004 | 400,014,222 | |||||||||||||||
J.P. Morgan Chase & Co. | ||||||||||||||||||
905,000,000 | 1.30 | 07/01/2004 | 905,032,680 | |||||||||||||||
Morgan Stanley & Co. | ||||||||||||||||||
500,000,000 | 1.28 | 07/01/2004 | 500,017,778 | |||||||||||||||
UBS LLC | ||||||||||||||||||
514,800,000 | 1.28 | 07/01/2004 | 514,818,304 | |||||||||||||||
Westdeutsche Landesbank AG | ||||||||||||||||||
400,000,000 | 1.25 | 07/01/2004 | 400,013,889 | |||||||||||||||
TOTAL | $ | 4,229,800,000 | $ | 4,229,951,401 | ||||||||||||||
At June 30, 2004, the Prime Obligations, Money Market and Government Portfolios had undivided interests in the following Joint Repurchase Agreement Account II, which equaled $20,000,000, $100,000,000, and $15,000,000, respectively, in principal amount. At June 30, 2004, the following repurchase agreements held in Joint Repurchase Agreement Account II were fully collateralized by Federal Agency obligations.
Joint Repurchase Agreement Account II
Repurchase | Principal | Interest | Maturity | Maturity | ||||||||||||||
Agreements | Amount | Rate | Date | Value | ||||||||||||||
Banc of America Securities LLC | ||||||||||||||||||
$ | 750,000,000 | 1.55 | % | 07/01/2004 | $ | 750,032,292 | ||||||||||||
Bear Stearns & Co. | ||||||||||||||||||
675,000,000 | 1.55 | 07/01/2004 | 675,029,063 | |||||||||||||||
Greenwich Capital Markets | ||||||||||||||||||
400,000,000 | 1.53 | 07/01/2004 | 400,017,000 | |||||||||||||||
J.P. Morgan Chase & Co. | ||||||||||||||||||
700,000,000 | 1.55 | 07/01/2004 | 700,030,139 | |||||||||||||||
Morgan Stanley & Co. | ||||||||||||||||||
775,000,000 | 1.55 | 07/01/2004 | 775,033,368 | |||||||||||||||
UBS LLC | ||||||||||||||||||
950,500,000 | 1.55 | 07/01/2004 | 950,540,924 | |||||||||||||||
Westdeutsche Landesbank AG | ||||||||||||||||||
500,000,000 | 1.52 | 07/01/2004 | 500,021,111 | |||||||||||||||
TOTAL | $ | 4,750,500,000 | $ | 4,750,703,897 | ||||||||||||||
6. Portfolio Concentrations
7. Other Matters
Legal Proceedings—Purported class and derivative action lawsuits were filed in April and May 2004 in the United States District Court for the Southern District of New York against GSAM and certain related parties, including certain Goldman Sachs Funds and the Trustees and Officers of the Trust. The actions allege violations of the Act and the Investment Advisers Act of 1940 and common law breach of fiduciary duty. The complaints allege, among other things, that between April 2, 1999 and January 9, 2004 (the “Class Period”), GSAM charged the Goldman Sachs Funds improper Rule 12b-1 fees; made improper brokerage commission and other payments to brokers that sold shares of the Goldman Sachs Funds; and made untrue statements of material fact in registration statements and reports filed pursuant to the Act. Based on currently available information, GSAM believes that the likelihood that the purported class action lawsuits will have a material adverse financial impact on the Funds is remote, and the pending actions are not likely to materially affect its ability to provide investment management services to its clients, including the Goldman Sachs Funds.
8. Subsequent Events
B&C Units | CMS Share | |||||||
Distribution and | Service Fee | |||||||
Portfolio | Service Fee Waiver | Waiver | ||||||
Prime Obligations | 0.33% | — | % | |||||
Treasury Instruments | N/A | 0.07 | ||||||
Tax-Exempt Diversified | N/A | 0.05 | ||||||
Tax-Exempt California | N/A | 0.10 | ||||||
Tax-Exempt New York | N/A | 0.10 | ||||||
9. Summary of Unit/ Share Transactions (at $1.00 per unit/share)
Prime | Money | |||||||||||
Obligations | Market | Government | ||||||||||
Portfolio | Portfolio | Portfolio | ||||||||||
ILA Units: | ||||||||||||
Units sold | 325,398,732 | 876,029,507 | 53,941,395 | |||||||||
Reinvestment of dividends and distributions | 469,577 | 1,755,583 | 215,489 | |||||||||
Units repurchased | (318,863,479 | ) | (903,777,476 | ) | (86,068,114 | ) | ||||||
7,004,830 | (25,992,386 | ) | (31,911,230 | ) | ||||||||
ILA Administration Units: | ||||||||||||
Units sold | 161,836,028 | 2,398,191,033 | 24,715,827 | |||||||||
Reinvestment of dividends and distributions | 184,951 | 1,735,899 | 32,187 | |||||||||
Units repurchased | (149,348,157 | ) | (2,316,917,577 | ) | (24,898,615 | ) | ||||||
12,672,822 | 83,009,355 | (150,601 | ) | |||||||||
ILA Service Units: | ||||||||||||
Units sold | 118,657,371 | 1,855,492,356 | 23,424,830 | |||||||||
Reinvestment of dividends and distributions | 225,911 | 435,974 | 59,245 | |||||||||
Units converted from ILA Class B(a) | 1,234 | — | — | |||||||||
Units repurchased | (126,447,127 | ) | (1,884,327,418 | ) | (25,857,852 | ) | ||||||
(7,562,611 | ) | (28,399,088 | ) | (2,373,777 | ) | |||||||
ILA Class B Units: | ||||||||||||
Units sold | 9,403,073 | — | — | |||||||||
Reinvestment of dividends and distributions | 17,288 | — | — | |||||||||
Units converted to ILA Service(a) | (1,234 | ) | — | — | ||||||||
Units repurchased | (13,005,887 | ) | — | — | ||||||||
(3,586,760 | ) | — | — | |||||||||
ILA Class C Units: | ||||||||||||
Units sold | 11,045,245 | — | — | |||||||||
Reinvestment of dividends and distributions | 12,724 | — | — | |||||||||
Units repurchased | (11,382,982 | ) | — | — | ||||||||
(325,013 | ) | — | — | |||||||||
ILA Cash Management Shares: | ||||||||||||
Shares sold | 24,322,436 | 636,728,162 | 24,788,293 | |||||||||
Reinvestment of dividends and distributions | 5,753 | 216,682 | 3,805 | |||||||||
Shares repurchased | (29,618,638 | ) | (772,344,223 | ) | (29,745,735 | ) | ||||||
(5,290,449 | ) | (135,399,379 | ) | (4,953,637 | ) | |||||||
Net increase (decrease) in units/ shares | 2,912,819 | (106,781,498 | ) | (39,389,245 | ) | |||||||
(a) | Class B units will automatically convert into Service Units at the end of the calendar quarter that is eight years after the initial purchase date of either the Portfolio or another Goldman Sachs Fund. |
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||||
332,118,766 | 77,456,502 | 2,145,313,171 | 1,912,001,249 | 393,372,405 | 213,125,292 | |||||||||||||||||||
363,319 | 119,999 | 3,333,048 | 2,262,429 | 607,459 | 260,285 | |||||||||||||||||||
(327,895,977 | ) | (90,178,143 | ) | (2,315,761,022 | ) | (1,883,475,012 | ) | (441,877,226 | ) | (218,552,180 | ) | |||||||||||||
4,586,108 | (12,601,642 | ) | (167,114,803 | ) | 30,788,666 | (47,897,362 | ) | (5,166,603 | ) | |||||||||||||||
37,380,647 | 128,725,150 | 4,238,833,291 | 4,346,802,503 | 808,424,730 | 461,886,852 | |||||||||||||||||||
33,127 | 58,568 | 2,792,915 | 2,237,568 | 410,917 | 280,599 | |||||||||||||||||||
(39,326,632 | ) | (126,777,250 | ) | (4,111,917,871 | ) | (4,033,833,933 | ) | (844,750,919 | ) | (429,914,378 | ) | |||||||||||||
(1,912,858 | ) | 2,006,468 | 129,708,335 | 315,206,138 | (35,915,272 | ) | 32,253,073 | |||||||||||||||||
373,892,773 | 693,641,923 | 1,311,882,584 | 10,832,591 | — | — | |||||||||||||||||||
1,930 | 1,834 | 278,024 | 12,255 | 2 | 106 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
(462,602,622 | ) | (578,830,524 | ) | (1,344,431,804 | ) | (10,414,688 | ) | — | (18,000 | ) | ||||||||||||||
(88,707,919 | ) | 114,813,233 | (32,271,196 | ) | 430,158 | 2 | (17,894 | ) | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
18,840,640 | 17,767,572 | 1,237,918,187 | 994,889,647 | 124,951,256 | 170,391,667 | |||||||||||||||||||
633 | 15,237 | 274,528 | 239,812 | 35,645 | 76,134 | |||||||||||||||||||
(54,380,875 | ) | (34,443,801 | ) | (1,484,351,468 | ) | (1,140,999,820 | ) | (153,741,330 | ) | (169,197,530 | ) | |||||||||||||
(35,539,602 | ) | (16,660,992 | ) | (246,158,753 | ) | (145,870,361 | ) | (28,754,429 | ) | 1,270,271 | ||||||||||||||
(121,574,271 | ) | 87,557,067 | (315,836,417 | ) | 200,554,601 | (112,567,061 | ) | 28,338,847 | ||||||||||||||||
9. Summary of Unit/ Share Transactions (at $1.00 per unit/share) (continued)
Prime | Money | |||||||||||
Obligations | Market | Government | ||||||||||
Portfolio | Portfolio | Portfolio | ||||||||||
ILA Units: | ||||||||||||
Units sold | 3,032,547,248 | 1,791,481,859 | 242,730,918 | |||||||||
Reinvestment of dividends and distributions | 3,352,256 | 5,322,389 | 568,420 | |||||||||
Units repurchased | (3,440,643,671 | ) | (2,119,606,264 | ) | (239,379,918 | ) | ||||||
(404,744,167 | ) | (322,802,016 | ) | 3,919,420 | ||||||||
ILA Administration Units: | ||||||||||||
Units sold | 342,102,096 | 2,928,090,273 | 74,390,777 | |||||||||
Reinvestment of dividends and distributions | 458,731 | 3,336,023 | 69,363 | |||||||||
Units repurchased | (354,313,446 | ) | (2,762,964,252 | ) | (72,994,154 | ) | ||||||
(11,752,619 | ) | 168,462,044 | 1,465,986 | |||||||||
ILA Service Units: | ||||||||||||
Units sold | 584,447,318 | 3,364,047,767 | 78,236,088 | |||||||||
Reinvestment of dividends and distributions | 697,616 | 1,301,605 | 227,578 | |||||||||
Units repurchased | (592,936,291 | ) | (3,373,678,279 | ) | (107,470,059 | ) | ||||||
(7,791,357 | ) | (8,328,907 | ) | (29,006,393 | ) | |||||||
ILA Class B Units: | ||||||||||||
Units sold | 15,447,664 | — | — | |||||||||
Reinvestment of dividends and distributions | 80,451 | — | — | |||||||||
Units repurchased | (29,073,405 | ) | — | — | ||||||||
(13,545,290 | ) | — | — | |||||||||
ILA Class C Units: | ||||||||||||
Units sold | 44,300,568 | — | — | |||||||||
Reinvestment of dividends and distributions | 41,305 | — | — | |||||||||
Units repurchased | (46,238,147 | ) | — | — | ||||||||
(1,896,274 | ) | — | — | |||||||||
ILA Cash Management Shares: | ||||||||||||
Shares sold | 76,958,616 | 2,492,126,736 | 69,132,360 | |||||||||
Reinvestment of dividends and distributions | 28,566 | 848,727 | 18,859 | |||||||||
Shares repurchased | (77,653,413 | ) | (2,419,431,165 | ) | (78,823,960 | ) | ||||||
(666,231 | ) | 73,544,298 | (9,672,741 | ) | ||||||||
Net increase (decrease) in units/ shares | (440,395,938 | ) | (89,124,581 | ) | (33,293,728 | ) | ||||||
Treasury | Treasury | Tax-Exempt | Tax-Exempt | Tax-Exempt | ||||||||||||||||||||
Obligations | Instruments | Federal | Diversified | California | New York | |||||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||||
746,499,112 | 356,538,803 | 4,756,979,851 | 3,388,235,789 | 1,082,167,774 | 332,040,185 | |||||||||||||||||||
1,103,003 | 404,009 | 10,424,285 | 5,222,192 | 1,850,825 | 660,196 | |||||||||||||||||||
(907,781,482 | ) | (409,336,785 | ) | (5,435,180,862 | ) | (3,693,481,803 | ) | (1,199,041,959 | ) | (372,141,529 | ) | |||||||||||||
(160,179,367 | ) | (52,393,973 | ) | (667,776,726 | ) | (300,023,822 | ) | (115,023,360 | ) | (39,441,148 | ) | |||||||||||||
99,101,117 | 233,086,421 | 5,630,211,537 | 4,401,025,941 | 1,104,304,502 | 601,685,494 | |||||||||||||||||||
95,580 | 143,884 | 5,526,318 | 2,976,164 | 816,464 | 463,398 | |||||||||||||||||||
(101,040,247 | ) | (227,864,400 | ) | (5,571,137,354 | ) | (4,013,324,947 | ) | (970,399,062 | ) | (577,442,033 | ) | |||||||||||||
(1,843,550 | ) | 5,365,905 | 64,600,501 | 390,677,158 | 134,721,904 | 24,706,859 | ||||||||||||||||||
1,017,716,680 | 825,307,774 | 2,496,824,287 | 77,543,075 | 62,595 | — | |||||||||||||||||||
16,578 | 5,750 | 871,314 | 46,537 | 6 | 390 | |||||||||||||||||||
(2,530,204,098 | ) | (893,478,391 | ) | (2,492,322,917 | ) | (97,487,572 | ) | (344,991 | ) | — | ||||||||||||||
(1,512,470,840 | ) | (68,164,867 | ) | 5,372,684 | (19,897,960 | ) | (282,390 | ) | 390 | |||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
117,186,042 | 51,226,286 | 3,620,765,024 | 2,109,959,401 | 306,206,041 | 226,805,578 | |||||||||||||||||||
14,818 | 46,203 | 1,787,684 | 994,131 | 225,546 | 232,603 | |||||||||||||||||||
(166,129,924 | ) | (33,219,119 | ) | (3,757,040,264 | ) | (2,009,080,192 | ) | (296,270,312 | ) | (216,843,098 | ) | |||||||||||||
(48,929,064 | ) | 18,053,370 | (134,487,556 | ) | 101,873,340 | 10,161,275 | 10,195,083 | |||||||||||||||||
(1,723,422,821 | ) | (97,139,565 | ) | (732,291,097 | ) | 172,628,716 | 29,577,429 | (4,538,816 | ) | |||||||||||||||
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | net assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004- ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.34 | % | $ | 175,541 | 0.43 | %(d) | 0.68 | %(d) | 0.44 | %(d) | 0.67 | %(d) | |||||||||||||||||||
2004- ILA Administration Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.27 | 78,908 | 0.58 | (d) | 0.53 | (d) | 0.59 | (d) | 0.52 | (d) | |||||||||||||||||||||||||
2004- ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.14 | 164,591 | 0.83 | (d) | 0.28 | (d) | 0.84 | (d) | 0.27 | (d) | |||||||||||||||||||||||||
2004- ILA B Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.08 | 22,772 | 0.95 | (d) | 0.16 | (d) | 1.44 | (d) | (0.33 | )(d) | |||||||||||||||||||||||||
2004- ILA C Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.08 | 16,020 | 0.95 | (d) | 0.16 | (d) | 1.44 | (d) | (0.33 | )(d) | |||||||||||||||||||||||||
2004- ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.08 | 3,960 | 0.95 | (d) | 0.16 | (d) | 1.44 | (d) | (0.33 | )(d) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003- ILA Units | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | 168,536 | 0.44 | 0.81 | 0.44 | 0.81 | |||||||||||||||||||||||||||||
2003- ILA Administration Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.64 | 66,235 | 0.59 | 0.65 | 0.59 | 0.65 | |||||||||||||||||||||||||||||
2003- ILA Service Units | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.39 | 172,154 | 0.84 | 0.39 | 0.84 | 0.39 | |||||||||||||||||||||||||||||
2003- ILA B Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.24 | 26,359 | 0.99 | 0.24 | 1.44 | (0.21 | ) | ||||||||||||||||||||||||||||
2003- ILA C Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.24 | 16,345 | 0.99 | 0.24 | 1.44 | (0.21 | ) | ||||||||||||||||||||||||||||
2003- ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.27 | 9,250 | 0.96 | 0.26 | 1.44 | (0.22 | ) | ||||||||||||||||||||||||||||
2002- ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.45 | 573,280 | 0.43 | 1.42 | 0.44 | 1.41 | ||||||||||||||||||||||||||||||
2002- ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.30 | 77,988 | 0.58 | 1.29 | 0.59 | 1.28 | ||||||||||||||||||||||||||||||
2002- ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.05 | 179,945 | 0.83 | 1.03 | 0.84 | 1.02 | ||||||||||||||||||||||||||||||
2002- ILA B Units | 1.00 | — | (c) | — | (c) | 1.00 | 0.48 | 39,904 | 1.39 | 0.46 | 1.44 | 0.41 | ||||||||||||||||||||||||||||
2002- ILA C Units | 1.00 | — | (c) | — | (c) | 1.00 | 0.48 | 18,241 | 1.39 | 0.47 | 1.44 | 0.42 | ||||||||||||||||||||||||||||
2002- ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.87 | 9,917 | 1.00 | 0.90 | 1.44 | 0.46 | ||||||||||||||||||||||||||||||
2001- ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.79 | 443,213 | 0.43 | 3.70 | 0.43 | 3.70 | ||||||||||||||||||||||||||||||
2001- ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.63 | 123,869 | 0.58 | 3.38 | 0.58 | 3.38 | ||||||||||||||||||||||||||||||
2001- ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.38 | 152,735 | 0.83 | 3.25 | 0.83 | 3.25 | ||||||||||||||||||||||||||||||
2001- ILA B Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.76 | 32,731 | 1.43 | 2.51 | 1.43 | 2.51 | ||||||||||||||||||||||||||||||
2001- ILA C Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.76 | 15,396 | 1.43 | 2.56 | 1.43 | 2.56 | ||||||||||||||||||||||||||||||
2001- ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.20 | 24,547 | 1.00 | 3.34 | 1.43 | 2.91 | ||||||||||||||||||||||||||||||
2000- ILA Units | 1.00 | 0.06 | (0.06) | 1.00 | 6.14 | 584,448 | 0.43 | 5.94 | 0.43 | 5.94 | ||||||||||||||||||||||||||||||
2000- ILA Administration Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.98 | 71,230 | 0.58 | 5.87 | 0.58 | 5.87 | ||||||||||||||||||||||||||||||
2000- ILA Service Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.72 | 170,446 | 0.83 | 5.63 | 0.83 | 5.63 | ||||||||||||||||||||||||||||||
2000- ILA B Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.09 | 20,333 | 1.43 | 4.97 | 1.43 | 4.97 | ||||||||||||||||||||||||||||||
2000- ILA C Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.09 | 10,806 | 1.43 | 5.02 | 1.43 | 5.02 | ||||||||||||||||||||||||||||||
2000- ILA Cash Management Shares | 1.00 | 0.05 | (0.05) | 1.00 | 5.54 | 39,081 | 1.00 | 5.46 | 1.43 | 5.03 | ||||||||||||||||||||||||||||||
1999- ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.90 | 1,095,109 | 0.43 | 4.79 | 0.43 | 4.79 | ||||||||||||||||||||||||||||||
1999- ILA Administration Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.74 | 40,850 | 0.58 | 4.65 | 0.58 | 4.65 | ||||||||||||||||||||||||||||||
1999- ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.48 | 92,975 | 0.83 | 4.33 | 0.83 | 4.33 | ||||||||||||||||||||||||||||||
1999- ILA B Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.86 | 19,444 | 1.43 | 3.83 | 1.43 | 3.83 | ||||||||||||||||||||||||||||||
1999- ILA C Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.86 | 7,436 | 1.43 | 3.76 | 1.43 | 3.76 | ||||||||||||||||||||||||||||||
1999- ILA Cash Management Shares | 1.00 | 0.04 | (0.04) | 1.00 | 4.30 | 1 | 1.00 | 4.44 | 1.43 | 4.01 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Less than $0.005 per unit. |
(d) | Annualized. |
52
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average net | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.004 | $ | (0.004 | ) | $ | 1.00 | 0.36 | % | $ | 476,412 | 0.42 | %(c) | 0.71 | %(c) | 0.42 | %(c) | 0.71 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.28 | 681,223 | 0.57 | (c) | 0.56 | (c) | 0.57 | (c) | 0.56 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.16 | 265,626 | 0.82 | (c) | 0.31 | (c) | 0.82 | (c) | 0.31 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | 188,904 | 0.94 | (c) | 0.19 | (c) | 1.42 | (c) | (0.29 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.84 | 502,405 | 0.41 | 0.85 | 0.41 | 0.85 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.69 | 598,213 | 0.56 | 0.67 | 0.56 | 0.67 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.44 | 294,025 | 0.81 | 0.44 | 0.81 | 0.44 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.32 | 324,304 | 0.93 | 0.31 | 1.41 | (0.17 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.02 | (0.02) | 1.00 | 1.53 | 825,207 | 0.41 | 1.53 | 0.41 | 1.53 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.37 | 429,751 | 0.56 | 1.36 | 0.56 | 1.36 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.12 | 302,354 | 0.81 | 1.12 | 0.81 | 1.12 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.95 | 250,759 | 0.98 | 0.98 | 1.41 | 0.55 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.02 | 1,156,176 | 0.41 | 4.13 | 0.41 | 4.13 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.87 | 394,078 | 0.56 | 3.73 | 0.56 | 3.73 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.61 | 312,776 | 0.81 | 3.55 | 0.81 | 3.55 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.43 | 419,362 | 0.98 | 3.33 | 1.41 | 2.90 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.06 | (0.06) | 1.00 | 6.18 | 1,753,668 | 0.41 | 6.05 | 0.41 | 6.05 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.06 | (0.06) | 1.00 | 6.02 | 321,440 | 0.56 | 6.12 | 0.56 | 6.12 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.76 | 346,427 | 0.81 | 5.63 | 0.81 | 5.63 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares | 1.00 | 0.06 | (0.06) | 1.00 | 5.60 | 315,194 | 0.98 | 5.72 | 1.41 | �� | 5.29 | |||||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.92 | 1,346,765 | 0.41 | 4.80 | 0.41 | 4.80 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.76 | 6,961 | 0.56 | 4.64 | 0.56 | 4.64 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.50 | 383,932 | 0.81 | 4.42 | 0.81 | 4.42 | ||||||||||||||||||||||||||||||
1999-ILA Cash Management Shares | 1.00 | 0.04 | (0.04) | 1.00 | 4.32 | 2 | 0.98 | 4.37 | 1.41 | 3.94 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
53
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | net assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.32 | % | $ | 53,798 | 0.43 | %(c) | 0.65 | %(c) | 0.54 | %(c) | 0.54 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.25 | 12,713 | 0.58 | (c) | 0.50 | (c) | 0.69 | (c) | 0.39 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.12 | 49,798 | 0.83 | (c) | 0.25 | (c) | 0.94 | (c) | 0.14 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.09 | 3,982 | 0.90 | (c) | 0.18 | (c) | 1.54 | (c) | (0.46 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.73 | 85,709 | 0.44 | 0.72 | 0.53 | 0.63 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.58 | 12,864 | 0.59 | 0.56 | 0.68 | 0.47 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.33 | 52,171 | 0.84 | 0.34 | 0.93 | 0.25 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.26 | 8,936 | 0.92 | 0.28 | 1.53 | (0.33 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.33 | 81,790 | 0.43 | 1.34 | 0.53 | 1.24 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.18 | 11,398 | 0.58 | 1.15 | 0.68 | 1.05 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.93 | 81,178 | 0.83 | 0.91 | 0.93 | 0.81 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.76 | 18,608 | 1.00 | 0.76 | 1.53 | 0.23 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.69 | 124,757 | 0.43 | 3.61 | 0.49 | 3.55 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.53 | 6,027 | 0.58 | 2.84 | 0.64 | 2.78 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.28 | 57,800 | 0.83 | 3.15 | 0.89 | 3.09 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.10 | 22,106 | 1.00 | 3.24 | 1.49 | 2.75 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.06 | (0.06) | 1.00 | 6.05 | 126,034 | 0.43 | 5.84 | 0.48 | 5.79 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.89 | 562 | 0.58 | 5.57 | 0.63 | 5.52 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.63 | 50,733 | 0.83 | 5.42 | 0.88 | 5.37 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares | 1.00 | 0.05 | (0.05) | 1.00 | 5.50 | 44,533 | 1.00 | 5.60 | 1.48 | 5.12 | ||||||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.77 | 205,244 | 0.43 | 4.64 | 0.45 | 4.62 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.61 | 3,265 | 0.58 | 4.42 | 0.60 | 4.40 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.35 | 79,847 | 0.83 | 4.24 | 0.85 | 4.22 | ||||||||||||||||||||||||||||||
1999-ILA Cash Management Shares | 1.00 | 0.04 | (0.04) | 1.00 | 4.18 | 153 | 1.00 | 4.68 | 1.45 | 4.23 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
54
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | net assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.30 | % | $ | 142,265 | 0.43 | %(c) | 0.60 | %(c) | 0.43 | %(c) | 0.60 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.23 | 15,811 | 0.58 | (c) | 0.45 | (c) | 0.58 | (c) | 0.45 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | 621,161 | 0.83 | (c) | 0.20 | (c) | 0.83 | (c) | 0.20 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | 6,212 | 0.90 | (c) | 0.13 | (c) | 1.43 | (c) | (0.40 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.74 | 137,679 | 0.42 | 0.73 | 0.42 | 0.73 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.59 | 17,723 | 0.57 | 0.55 | 0.57 | 0.55 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.34 | 709,869 | 0.82 | 0.36 | 0.82 | 0.36 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.26 | 41,752 | 0.91 | 0.23 | 1.42 | (0.28 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.42 | 297,858 | 0.41 | 1.36 | 0.41 | 1.36 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.27 | 19,567 | 0.56 | 1.19 | 0.56 | 1.19 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.02 | 2,222,340 | 0.81 | 0.93 | 0.81 | 0.93 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.85 | 90,681 | 0.98 | 0.77 | 1.41 | 0.34 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.61 | 423,561 | 0.43 | 3.43 | 0.44 | 3.42 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.46 | 16,595 | 0.58 | 3.39 | 0.59 | 3.38 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.20 | 1,379,621 | 0.83 | 2.70 | 0.84 | 2.69 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.03 | 2,532 | 1.00 | 3.09 | 1.44 | 2.65 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.95 | 384,023 | 0.42 | 5.77 | 0.42 | 5.77 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.79 | 15,095 | 0.57 | 5.51 | 0.57 | 5.51 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.52 | 493,259 | 0.82 | 5.49 | 0.82 | 5.49 | ||||||||||||||||||||||||||||||
2000- ILA Cash Management Shares (commenced August 1) | 1.00 | 0.02 | (0.02) | 1.00 | 2.33 | 2,598 | 0.99 | (c) | 5.53 | (c) | 1.42 | (c) | 5.10 | (c) | ||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.63 | 404,299 | 0.42 | 4.50 | 0.42 | 4.50 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.48 | 42,334 | 0.57 | 4.35 | 0.57 | 4.35 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.22 | 264,787 | 0.82 | 4.19 | 0.82 | 4.19 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
55
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | net assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.27 | % | $ | 38,662 | 0.43 | %(c) | 0.51 | %(c) | 0.43 | %(c) | 0.51 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.19 | 33,282 | 0.58 | (c) | 0.36 | (c) | 0.58 | (c) | 0.36 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | 477,249 | 0.83 | (c) | 0.11 | (c) | 0.83 | (c) | 0.11 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | 12,995 | 0.83 | (c) | 0.11 | (c) | 1.43 | (c) | (0.49 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.65 | 51,264 | 0.44 | 0.63 | 0.45 | 0.62 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.50 | 31,275 | 0.59 | 0.44 | 0.60 | 0.43 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.25 | 362,436 | 0.84 | 0.21 | 0.85 | 0.20 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.23 | 29,656 | 0.86 | 0.18 | 1.45 | (0.41 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.33 | 103,658 | 0.43 | 1.26 | 0.44 | 1.25 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.17 | 25,910 | 0.58 | 1.09 | 0.59 | 1.08 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.92 | 430,601 | 0.83 | 0.84 | 0.84 | 0.83 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.75 | 11,602 | 1.00 | 0.68 | 1.44 | 0.24 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.59 | 203,239 | 0.43 | 3.49 | 0.47 | 3.45 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.43 | 18,842 | 0.58 | 3.23 | 0.62 | 3.19 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.18 | 247,064 | 0.83 | 2.67 | 0.87 | 2.63 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.00 | 20,312 | 1.00 | 2.63 | 1.47 | 2.16 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.62 | 201,088 | 0.43 | 5.49 | 0.45 | 5.47 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.46 | 21,875 | 0.58 | 5.20 | 0.60 | 5.18 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.20 | 104,076 | 0.83 | 4.96 | 0.85 | 4.94 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares (commenced August 1) | 1.00 | 0.02 | (0.02) | 1.00 | 2.21 | 11,577 | 1.00 | (c) | 5.22 | (c) | 1.45 | (c) | 4.77 | (c) | ||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.38 | 224,609 | 0.43 | 4.29 | 0.43 | 4.29 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.22 | 32,162 | 0.58 | 4.09 | 0.58 | 4.09 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.96 | 306,483 | 0.83 | 3.90 | 0.83 | 3.90 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/ shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/ shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
56
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||
net | net | Ratio of net | ||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | expenses | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average net | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.33 | % | $ | 980,019 | 0.41 | %(c) | 0.65 | %(c) | 0.41 | %(c) | 0.65 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.25 | 1,158,821 | 0.56 | (c) | 0.50 | (c) | 0.56 | (c) | 0.50 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.13 | 253,018 | 0.81 | (c) | 0.25 | (c) | 0.81 | (c) | 0.25 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | 319,537 | 0.93 | (c) | 0.13 | (c) | 1.41 | (c) | (0.35 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | 1,147,134 | 0.41 | 0.79 | 0.41 | 0.79 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.64 | 1,029,112 | 0.56 | 0.62 | 0.56 | 0.62 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.39 | 285,290 | 0.81 | 0.37 | 0.81 | 0.37 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.27 | 565,696 | 0.93 | 0.26 | 1.41 | (0.22 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.47 | 1,814,911 | 0.41 | 1.47 | 0.41 | 1.47 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.32 | 964,512 | 0.56 | 1.31 | 0.56 | 1.31 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.06 | 279,916 | 0.81 | 1.05 | 0.81 | 1.05 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.89 | 700,184 | 0.98 | 0.90 | 1.41 | 0.47 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.90 | 3,095,942 | 0.41 | 3.96 | 0.41 | 3.96 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.74 | 1,044,722 | 0.56 | 3.45 | 0.56 | 3.45 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.48 | 291,750 | 0.81 | 3.38 | 0.81 | 3.38 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.31 | 1,176,092 | 0.98 | 3.23 | 1.41 | 2.80 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.06 | (0.06) | 1.00 | 6.03 | 4,221,684 | 0.40 | 5.90 | 0.40 | 5.90 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.06 | (0.06) | 1.00 | 5.87 | 620,138 | 0.55 | 6.01 | 0.55 | 6.01 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.05 | (0.05) | 1.00 | 5.61 | 278,002 | 0.80 | 5.48 | 0.80 | 5.48 | ||||||||||||||||||||||||||||||
2000- ILA Cash Management Shares (commenced August 1) | 1.00 | 0.02 | (0.02) | 1.00 | 2.36 | 778,826 | 1.00 | (c) | 5.59 | (c) | 1.43 | (c) | 5.16 | (c) | ||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.81 | 3,171,330 | 0.41 | 4.72 | 0.41 | 4.72 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.05 | (0.05) | 1.00 | 4.66 | 836 | 0.56 | 4.46 | 0.56 | 4.46 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.04 | (0.04) | 1.00 | 4.39 | 284,382 | 0.81 | 4.30 | 0.81 | 4.30 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
57
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | net assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.30 | % | $ | 752,799 | 0.41 | %(c) | 0.61 | %(c) | 0.42 | %(c) | 0.60 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.23 | 1,107,430 | 0.56 | (c) | 0.46 | (c) | 0.57 | (c) | 0.45 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.11 | 14,715 | 0.80 | (c) | 0.22 | (c) | 0.82 | (c) | 0.20 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.09 | 217,053 | 0.83 | (c) | 0.19 | (c) | 1.42 | (c) | (0.40 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.68 | 722,008 | 0.41 | 0.68 | 0.41 | 0.68 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.52 | 792,220 | 0.56 | 0.50 | 0.56 | 0.50 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.33 | 14,285 | 0.75 | 0.36 | 0.81 | 0.30 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.33 | 362,923 | 0.75 | 0.32 | 1.41 | (0.34 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.11 | 1,022,037 | 0.41 | 1.11 | 0.42 | 1.10 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.96 | 401,548 | 0.56 | 0.96 | 0.57 | 0.95 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.71 | 34,183 | 0.81 | 0.70 | 0.82 | 0.69 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.79 | 261,051 | 0.73 | 0.78 | 1.42 | 0.09 | ||||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.44 | 1,339,898 | 0.40 | 2.43 | 0.41 | 2.42 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.28 | 357,182 | 0.55 | 2.03 | 0.56 | 2.02 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.03 | 74,461 | 0.80 | 1.83 | 0.81 | 1.82 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.02 | (0.02) | 1.00 | 1.85 | 290,372 | 0.97 | 1.82 | 1.41 | 1.38 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.74 | 1,732,707 | 0.41 | 3.67 | 0.42 | 3.66 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.58 | 130,767 | 0.56 | 3.64 | 0.57 | 3.63 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.33 | 51,389 | 0.81 | 3.26 | 0.82 | 3.25 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.19 | 227,089 | 0.98 | 3.32 | 1.42 | 2.88 | ||||||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.89 | 1,734,623 | 0.42 | 2.85 | 0.42 | 2.85 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.73 | 28,084 | 0.57 | 2.66 | 0.57 | 2.66 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.48 | 20,991 | 0.82 | 2.41 | 0.82 | 2.41 | ||||||||||||||||||||||||||||||
1999-ILA Cash Management Shares | 1.00 | 0.02 | (0.02) | 1.00 | 2.30 | 2 | 0.99 | 2.51 | 1.42 | 2.08 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
58
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average net | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.28 | % | $ | 196,211 | 0.43 | %(c) | 0.55 | %(c) | 0.44 | %(c) | 0.54 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.20 | 197,455 | 0.58 | (c) | 0.40 | (c) | 0.59 | (c) | 0.39 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.09 | 2 | 0.80 | (c) | 0.19 | (c) | 0.84 | (c) | 0.15 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.09 | 34,459 | 0.79 | (c) | 0.18 | (c) | 1.44 | (c) | (0.47 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.61 | 244,109 | 0.42 | 0.61 | 0.43 | 0.60 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.46 | 233,371 | 0.57 | 0.41 | 0.58 | 0.40 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.34 | 2 | 0.66 | 0.47 | 0.83 | 0.30 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.33 | 63,214 | 0.71 | 0.32 | 1.43 | (0.40 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 1.00 | 359,166 | 0.43 | 0.99 | 0.44 | 0.98 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.85 | 98,643 | 0.58 | 0.84 | 0.59 | 0.83 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.60 | 284 | 0.83 | 0.61 | 0.84 | 0.60 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.68 | 53,050 | 0.75 | 0.67 | 1.44 | (0.02 | ) | |||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.08 | 305,626 | 0.43 | 2.13 | 0.45 | 2.11 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.02 | (0.02) | 1.00 | 1.92 | 70,281 | 0.58 | 1.82 | 0.60 | 1.80 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 1.67 | 84 | 0.83 | 1.84 | 0.85 | 1.82 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 1.50 | 62,986 | 1.00 | 1.53 | 1.45 | 1.08 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.17 | 650,980 | 0.42 | 3.08 | 0.43 | 3.07 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.02 | 27,490 | 0.56 | 2.99 | 0.57 | 2.98 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.76 | 63 | 0.82 | 2.22 | 0.83 | 2.21 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 2.63 | 71,162 | 0.98 | 2.74 | 1.42 | 2.30 | ||||||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.60 | 895,469 | 0.42 | 2.58 | 0.42 | 2.58 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.45 | 8,910 | 0.57 | 2.38 | 0.57 | 2.38 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.19 | 27,229 | 0.82 | 2.39 | 0.82 | 2.39 | ||||||||||||||||||||||||||||||
1999-ILA Cash Management Shares | 1.00 | 0.02 | (0.02) | 1.00 | 2.02 | 1 | 0.99 | 2.15 | 1.42 | 1.72 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
59
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||||||||||||
Net asset | Net asset | Net assets, | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||||||||||
value, | Net | Distributions | value, | end of | expenses to | income to | expenses to | income (loss) | ||||||||||||||||||||||||||||||||
beginning | investment | to unit/ | end of | Total | period | average net | average net | average net | to average net | |||||||||||||||||||||||||||||||
of period | income(a) | shareholders | period | return(b) | (in 000’s) | assets | assets | assets | assets | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2004-ILA Units | $ | 1.00 | $ | 0.003 | $ | (0.003 | ) | $ | 1.00 | 0.28 | % | $ | 84,351 | 0.43 | %(c) | 0.57 | %(c) | 0.45 | %(c) | 0.55 | %(c) | |||||||||||||||||||
2004-ILA Administration Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.21 | 156,365 | 0.58 | (c) | 0.42 | (c) | 0.60 | (c) | 0.40 | (c) | |||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | 106 | 0.80 | (c) | 0.20 | (c) | 0.85 | (c) | 0.15 | (c) | |||||||||||||||||||||||||
2004-ILA Cash Management Shares | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | 67,569 | 0.80 | (c) | 0.19 | (c) | 1.45 | (c) | (0.46 | )(c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2003-ILA Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.62 | 89,518 | 0.44 | 0.62 | 0.47 | 0.59 | |||||||||||||||||||||||||||||
2003-ILA Administration Units | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.47 | 124,113 | 0.59 | 0.47 | 0.62 | 0.44 | |||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.32 | 124 | 0.74 | 0.32 | 0.87 | 0.19 | |||||||||||||||||||||||||||||
2003-ILA Cash Management Shares | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.31 | 66,299 | 0.75 | 0.31 | 1.47 | (0.41 | ) | ||||||||||||||||||||||||||||
2002-ILA Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.99 | 128,959 | 0.43 | 0.98 | 0.47 | 0.94 | ||||||||||||||||||||||||||||||
2002-ILA Administration Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.83 | 99,406 | 0.58 | 0.83 | 0.62 | 0.79 | ||||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01) | 1.00 | 0.59 | 123 | 0.83 | 0.58 | 0.87 | 0.54 | ||||||||||||||||||||||||||||||
2002-ILA Cash Management Shares | 1.00 | 0.01 | (0.01) | 1.00 | 0.66 | 56,104 | 0.75 | 0.66 | 1.47 | (0.06 | ) | |||||||||||||||||||||||||||||
2001-ILA Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.23 | 122,610 | 0.43 | 2.27 | 0.47 | 2.23 | ||||||||||||||||||||||||||||||
2001-ILA Administration Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.07 | 116,028 | 0.58 | 2.04 | 0.62 | 2.00 | ||||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 1.81 | 315 | 0.83 | 2.08 | 0.87 | 2.04 | ||||||||||||||||||||||||||||||
2001-ILA Cash Management Shares | 1.00 | 0.02 | (0.02) | 1.00 | 1.64 | 42,440 | 1.00 | 1.50 | 1.47 | 1.03 | ||||||||||||||||||||||||||||||
2000-ILA Units | 1.00 | 0.04 | (0.04) | 1.00 | 3.57 | 176,618 | 0.43 | 3.51 | 0.47 | 3.47 | ||||||||||||||||||||||||||||||
2000-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.41 | 82,019 | 0.58 | 3.44 | 0.62 | 3.40 | ||||||||||||||||||||||||||||||
2000-ILA Service Units | 1.00 | 0.03 | (0.03) | 1.00 | 3.15 | 303 | 0.83 | 3.33 | 0.87 | 3.29 | ||||||||||||||||||||||||||||||
2000-ILA Cash Management Shares | 1.00 | 0.03 | (0.03) | 1.00 | 3.02 | 13,758 | 1.00 | 3.15 | 1.47 | 2.68 | ||||||||||||||||||||||||||||||
1999-ILA Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.76 | 160,301 | 0.43 | 2.73 | 0.44 | 2.72 | ||||||||||||||||||||||||||||||
1999-ILA Administration Units | 1.00 | 0.03 | (0.03) | 1.00 | 2.60 | 37,836 | 0.58 | 2.61 | 0.59 | 2.60 | ||||||||||||||||||||||||||||||
1999-ILA Service Units | 1.00 | 0.02 | (0.02) | 1.00 | 2.35 | 2 | 0.83 | 2.29 | 0.84 | 2.28 | ||||||||||||||||||||||||||||||
1999-ILA Cash Management Shares | 1.00 | 0.02 | (0.02) | 1.00 | 2.17 | 2 | 1.00 | 2.34 | 1.44 | 1.90 | ||||||||||||||||||||||||||||||
(a) | Calculated based on the average units/shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns for periods less than one full year are not annualized. |
(c) | Annualized. |
60
A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http:/www.sec.gov.
This Semiannual Report is authorized for distribution to prospective investors only when preceded or accompanied by a Goldman Sachs Trust Institutional Liquid Assets Prospectus which contains facts concerning each Portfolio’s objectives and policies, management, expenses and other information.
TRUSTEES | |
Ashok N. Bakhru, Chairman | |
John P. Coblentz, Jr. | |
Patrick T. Harker | |
Mary Patterson McPherson | |
Alan A. Shuch | |
Wilma J. Smelcer | |
Richard P. Strubel | |
Kaysie P. Uniacke | |
OFFICERS | |
Kaysie P. Uniacke, President | |
James A. Fitzpatrick, Vice President | |
James A. McNamara, Vice President | |
John M. Perlowski, Treasurer | |
Howard B. Surloff, Secretary | |
GOLDMAN, SACHS & CO. | |
Distributor and Transfer Agent | |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. | |
Investment Adviser |
ILA/SAR 6/04 | Goldman Sachs Funds 32 Old Slip New York, NY 10005 |
ITEM 2. | CODE OF ETHICS. |
Not applicable to the semi-annual report for the period ending June 30, 2004. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to the semi-annual report for the period ending June 30, 2004. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to the semi-annual report for the period ended June 30, 2004. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS |
Not applicable to the semi-annual report for the period ended June 30, 2004. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable. |
ITEM 9. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
ITEM 10. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting. |
ITEM 11. | EXHIBITS. |
(a)(1) | Exhibit 99.CODE | Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrants's Form N-CSR filed on March 8, 2004 for its Real Estate Securites Fund (Accession Number 0000950123-04-0002984) | ||
(a)(2) | Exhibit 99.CERT Exhibit 99.906CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs Trust | ||
/s/ Kaysie Uniacke | ||
By: Kaysie Uniacke | ||
Chief Executive Officer of | ||
Goldman Sachs Trust | ||
Date: August 26, 2004 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
/s/ Kaysie Uniacke | ||
By: Kaysie Uniacke | ||
Chief Executive Officer of | ||
Goldman Sachs Trust | ||
Date: August 26, 2004 | ||
/s/ John M. Perlowski | ||
By: John M. Perlowski | ||
Chief Financial Officer of | ||
Goldman Sachs Trust | ||
Date: August 26, 2004 |