Exhibit 15
SPARTAN MUNICIPAL INCOME FUND
FIDELITY ADIVSOR MUNICIPAL BOND FUND
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF NOVEMBER 30, 1997
(UNAUDITED)
SPARTAN FIDELITY ADVISOR PRO FORMA PRO FORMA
MUNICIPAL INCOME MUNICIPAL BOND COMBINED ADJUSTMENTS COMBINED
ASSETS
Investment in securities, at value
- See accompanying schedule $ 2,320,518,980 $ 943,928,008 $3,264,446,988 -
$3,264,446,988
Interest receivable 32,239,033 15,205,744 47,444,777 - 47,444,777
Receivable for daily variation on - 3,969 3,969 - 3,969
futures contracts
Receivable for Investments Sold 5,902,120 498,532 6,400,652 - 6,400,652
Prepaid Expenses - 5,221 5,221 - 5,221
Other receivables 18,516 22,483 40,999 - 40,999
TOTAL ASSETS 2,358,678,649 959,663,957 3,318,342,606 - 3,318,342,606
LIABILITIES
Payable for investments
purchased
Delayed Delivery $ 34,515,703 $ 18,444,500 $ 52,960,203 - $ 52,960,203
Payable for fund shares redeemed 1,103,162 1,269,789 2,372,951 - 2,372,951
Distributions payable 2,129,327 3,611,485 5,740,812 - 5,740,812
Accrued management fee 746,241 301,762 1,048,003 - 1,048,003
Other payables and accrued 357,712 179,029 536,741 - 536,741
expenses
TOTAL LIABILITIES 38,852,145 23,806,565 62,658,710 - 62,658,710
NET ASSETS $ 2,319,826,504 $ 935,857,392 $3,255,683,896 $ - $3,255,683,896
Net Assets consist of:
Paid in capital $ 2,234,547,486 $ 890,990,070 $3,125,537,556 - $3,125,537,556
Accumulated undistributed net
realized gain (loss)
on investments (12,735,104) (11,572,775) (24,307,879) - (24,307,879)
Net unrealized appreciation
(depreciation) on
investments 98,014,122 56,440,097 154,454,219 - 154,454,219
NET ASSETS $ 2,319,826,504 $ 935,857,392 $3,255,683,896 $ - $3,255,683,896
SPARTAN
MUNICIPAL INCOME COMBINED
$2,319,826,504 $935,857,392 $3,255,683,896 3,255,683,896
NET ASSET VALUE,offering price $12.61 $12.61
and redemption price per share
Shares outstanding 183,940,016 111,198,587 295,138,603 (36,983,092) 258,155,511
Class A:
Net Assets 737,804.70 8.42
Net Asset Value and 8.42
redemption price per share
Shares outstanding 87,671.77 58,509
Maximum offering price per 8.84
share (100/95.25 of $8.42)
Class T
Net Assets 7,007,719.84 8.41
Net Asset Value and 8.41
redemption price per share
Shares outstanding 833,239.90 555,727
Maximum offering price per 8.72
share (100/96.5 of $8.41)
Class B:
Net Assets 2,134,266.53 8.41
Net Asset Value and offering 8.41
price per share (A)
Shares outstanding 253,714.74 169,252
Class C:
Net Assets 1,208,175.77 8.41
Net Asset Value and offering 8.41
price per share (A)
Shares outstanding 143,650.46 95,811
Initial Class
Net Assets 924,769,425.62 8.42
Net Asset Value, offering price 8.42
and redemption price per
share
Shares outstanding 109,880,310.31 73,336,196
(A) Redemption price per share is equal to net asset value less any applicable contingent deferred
sales charge.
SPARTAN MUNICIPAL INCOME FUND
FIDELITY ADIVSOR MUNICIPAL BOND FUND
PRO FORMA COMBINING STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1997
(UNAUDITED)
SPARTAN FIDELITY ADVISOR PRO FORMA PRO FORMA
MUNICIPAL INCOME MUNICIPAL BOND COMBINED ADJUSTMENTS COMBINED
INTEREST INCOME $ 9,974,240 $ 53,986,048 $153,960,288 - $153,960,288
EXPENSES
Management fee 7,134,992 3,656,357 10,791,349 - 10,791,349
Transfer agent fees:
Class A - 3,992
Class T - 1,036,671
Class B - 491
Inital Class - 926
Institutional Class - 1,673
Total Transfer Agent Fees 2,086,376 1,043,753 3,130,129 (26,771) (c) 3,103,358
Distribution fees: -
Class T - 10,889
Class B - 7,201
Inital Class - 527
Total Distribution Fees - 18,617 18,617 (18,617) (f) -
Accounting fees and expenses 475,765 287,440 763,205 (93,226) (b) 669,979
Non-interested trustees' 5,646 200 5,846 - 5,846
compensation
Custodian fees and expenses 81,727 53,231 134,958 (11,340) (c) 123,618
Registration fees
Class A - 25,049
Class T - 30,010
Class B - 32,251
Inital Class - 24,448
Institutional Class - 34,819
Total Registration Fees 152,040 146,577 298,617 21,815 (d) 320,432
Audit 67,405 52,805 120,210 (50,305) (c) 69,905
Legal 49,066 29,939 79,005 (15,000) (c) 64,005
Miscellaneous - 6,015 6,015 - 6,015
Total expenses before reductions 10,053,017 5,294,934 15,347,951 (193,444) 15,154,507
Expense reductions (11,248) (122,375) (133,623) (366,850) (e) (500,473)
Total expenses 10,041,769 5,172,559 15,214,328 (560,294) 14,654,034
NET INTEREST INCOME 89,932,471 48,813,489 138,745,960 560,294 139,306,254
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities 15,819,996 7,881,503 23,701,499 - 23,701,499
Futures contracts 738,025 272,343 1,010,368 - 1,010,368
Change in net unrealized apprecation - - -
(depreciation) on:
Investment securities 19,310,613 4,851,786 24,162,399 - 24,162,399
Futures contracts 431,389 209,573 640,962 - 640,962
NET GAIN (LOSS) 36,300,023 13,215,205 49,515,228 - 49,515,228
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING
FROM OPERATIONS $126,232,494 62,028,694 188,261,188 $560,294 $188,821,482
Scenario 1
Merger of
37 and 12
and 13 does
not get
shareholder
approval
Net Assets Nav Per Shares o/s
Share
Advisor
Municipal
Bond
Class A $737,805 $8.42 87,672
Class T $7,007,720 $8.41 833,240
Class B $2,134,267 $8.41 253,715
Institutional $1,208,176 $8.41 143,650
Class
Initial Class $924,769,426 $8.42 109,880,310
Spartan $2,319,826,504 $12.61 183,940,016
Municipal
Income
Proforma $3,255,683,896 $12.61 258,155,511 74,215,495
Combined
Scenario 2
Both
Aggressive
and Insured
(12 and 13
are
approved by
shareholder
s)
Net Assets Nav Per Shares o/s
Share
Advisor
Municipal
Bond
Class A $737,805 $8.42 87,672
Class T $7,007,720 $8.41 833,240
Class B $2,134,267 $8.41 253,715
Institutional $1,208,176 $8.41 143,650
Class
Initial Class $924,769,426 $8.42 109,880,310
Spartan $3,594,458,286 $12.61 285,021,125
Municipal
Income
Proforma $4,530,315,678 $12.61 359,236,620 74,215,495
Combined
Scenario 3
Only
Aggressive
is approved
by
shareholder
s
Net Assets Nav Per Shares o/s
Share
Advisor
Municipal
Bond
Class A $737,805 $8.42 87,672
Class T $7,007,720 $8.41 833,240
Class B $2,134,267 $8.41 253,715
Institutional $1,208,176 $8.41 143,650
Class
Initial Class $924,769,426 $8.42 109,880,310
Spartan $3,267,818,514 $12.61 259,117,812
Municipal
Income
Proforma $4,203,675,906 $12.61 333,333,307 74,215,495
Combined
Scenario 4
Only Insured
is approved
by
shareholder
s
Net Assets Nav Per Shares o/s
Share
Advisor
Municipal
Bond
Class A $737,805 $8.42 87,672
Class T1 $7,007,720 $8.41 833,240
Class B $2,134,267 $8.41 253,715
Institutional $1,208,176 $8.41 143,650
Class
Initial Class $924,769,426 $8.42 109,880,310
Spartan $2,646,466,276 $12.61 209,843,329
Municipal
Income
Proforma $3,582,323,668 $12.61 284,058,824 74,215,495
Combined
SPARTAN MUNICIPAL INCOME FUND SPARTAN MUNICIPAL FIDELITY ADVISOR
INVESTMENTS AT NOVEMBER 30, 1997 (UNAUDITED) INCOME FUND MUNI. BOND FUND
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE ($) AMOUNT VALUE ($) AMOUNT VALUE ($)
MUNICIPAL
BONDS
Alabama Alabama Bldg. 3,000,000 3,296,250 3,000,000 3,296,250
Renovation
Fin. Auth.
Rev. 7.45%
9/1/11
Alabama Alabama 3,000,000 3,191,250 3,000,000 3,191,250
Mental Health
Fin. Auth.
Spl. Tax
7.375% 5/1/09
(Pre-Refunded
to 5/1/99 @
102)
Alabama Mobile Wtr. & 4,600,000 4,991,000 4,600,000 4,991,000
Swr.
Commissioners
Wtr. & Swr.
Rev. Rfdg.
6.50% 1/1/09
Alaska Alaska 4,200,000 4,520,250 4,200,000 4,520,250
Student Loan
Corp. Student
Loan Rev.
Series A,
7.30% 7/1/00
(AMBAC
Insured) AMT
Alaska Alaska 1,070,000 1,122,163 1,070,000 1,122,163
Student Ln.
Corp. Student
Ln. Rev.
Series A,
5.90% 7/1/03
(AMBAC
Insured)
Alaska Alaska 2,000,000 2,102,500 2,000,000 2,102,500
Student Loan
Corp. Student
Loan Rev.
(State
Assisted)
Series A, 6%
7/1/04(AMBAC
Insured)
(AMT)
Alaska Alaska 1,300,000 1,358,500 1,300,000 1,358,500
Student Loan
Corp. Student
Loan Rev.
Series A,
5.55% 7/1/03
(AMBAC
Insured) AMT
Alaska Alaska 1,300,000 1,366,625 1,300,000 1,366,625
Student Loan
Corp. Student
Loan Rev.
Series A,
5.65% 7/1/04
(AMBAC
Insured) AMT
Alaska Alaska 1,500,000 1,539,375 1,500,000 1,539,375
Student Loan
Rev. Series
A, 5.15%
7/1/05 (AMBAC
Insured)
(AMT)
Alaska North Slope 16,000,00 13,340,00 16,000,00 13,340,00
Borough Gen. 0 0 0 0
Oblig. (Cap.
Appreciation)
Series B, 0%
1/1/02 (MBIA
Insured)
Alaska North Slope 9,000,000 7,143,750 9,000,000 7,143,750
Borough Gen.
Oblig. (Cap.
Appreciation)
Series B, 0%
1/1/03 (MBIA
Insured)
Alaska North Slope 2,500,000 1,737,500 2,500,000 1,737,500
Borough Gen.
Oblig. (Cap.
Appreciation)
Series B, 0%
6/30/05 (Cap.
Guaranty
Insured)
Alaska North Slope 2,000,000 2,212,500 2,000,000 2,212,500
Borough Gen.
Oblig. Series
B, 7.50%
6/30/01 (FSA
Insured)
Alaska North Slope 5,000,000 4,281,250 5,000,000 4,281,250
Borough Gen.
Oblig. (Cap.
Appreciation)
Series A, 0%
6/30/01 (MBIA
Insured)
Alaska North Slope 1,400,000 1,198,750 1,400,000 1,198,750
Boro Alaska
Series A, 0%
6/30/01 (MBIA
Insured)
Arizona Chandler Gen. 5,700,000 4,004,250 16,700,000 2,421,500 22,400,00 6,425,750
Oblig. Rfdg. 0
(Cap.
Appreciation)
0% 7/1/05
(FGIC
Insured)
Arizona Chandler Gen. 5,700,000 3,811,875 2,000,000 2,140,000 7,700,000 5,951,875
Oblig. Rfdg.
(Cap.
Appreciation)
0% 7/1/06
(FGIC
Insured)
Arizona Chandler Gen. 5,700,000 3,619,500 5,700,000 3,619,500
Oblig. Rfdg.
(Cap.
Appreciation)
0% 7/1/07
(FGIC
Insured)
Arizona Chandler Gen. 1,700,000 1,020,000 1,700,000 1,020,000
Oblig. Rfdg.
(Cap.
Appreciation)
0% 7/1/08
(FGIC
Insured)
Arizona Chandler 1,000,000 1,237,500 1,000,000 1,237,500
7.375%
7/1/09, (FGIC
Insured)
Arizona Chandler 1,000,000 926,250 16,820,000 18,523,025 17,820,00 19,449,27
4.375% 7/1/12 0 5
(FGIC
Insured)
Arizona Maricopa 3,950,000 4,236,375 3,950,000 4,236,375
County Series
C, 8.90%
7/1/99
Arizona Maricopa 2,435,000 2,483,700 2,435,000 2,483,700
County Hosp.
Rev. Rfdg.
(Sun Health
Corp.) 5.40%
4/1/05
Arizona Maricopa 2,000,000 2,437,500 2,000,000 2,437,500
County Ind.
Dev. Auth.
Hosp. Facs.
Rev. Rfdg.
(Samaritan
Health
Svcs.)Series
A, 7% 12/1/16
(MBIA
Insured)
Arizona Phoenix Gen. 1,840,000 1,971,100 3,900,000 3,178,500 5,740,000 5,149,600
Oblig. Rfdg.
6% 7/1/02
Arizona Pima County 2,060,000 2,098,625 3,430,000 4,017,387 5,490,000 6,116,012
Ctfs. Prtn.
4.75% 1/1/04
(MBIA
Insured)
Arizona Pima County 2,000,000 2,047,500 2,000,000 2,047,500
Ctfs. Prtn.
4.90% 1/1/06
(MBIA
Insured)
Arizona Pima Cnty. 2,000,000 2,417,500 2,000,000 2,417,500
Unified
School Dist.
Tucson Proj.
of 1989
Series G, 8%
7/1/04 (MBIA
Insured)
Arizona Tucson Ltd. 2,525,000 2,796,438 2,000,000 2,365,000 4,525,000 5,161,438
Tax Rfdg.
7.50% 7/1/01
Arizona Tucson Wtr. 500,000 694,375 8,665,000 4,408,319 9,165,000 5,102,694
Rev. Series
D, 9.75%
7/1/07
Arizona Tucson Wtr. 500,000 709,375 500,000 709,375
Rev. Series
D, 9.75%
7/1/08
Arizona Tucson Wtr. 750,000 1,082,813 750,000 1,082,813
Rev. Series
D, 9.75%
7/1/09
Arkansas Arkansas 1,280,000 1,000,000 1,280,000 1,000,000
State College
Savings (Cap.
Appreciation)
Series A, 0%
6/1/03
Arkansas Arkansas 1,110,000 824,175 1,110,000 824,175
State College
Savings (Cap.
Appreciation)
Series A, 0%
6/1/04
Arkansas Arkansas Dev. 4,500,000 4,905,000 4,500,000 4,905,000
Fin. Auth.
Rev. (Cap.
Asset) Series
B, 7.10%
3/1/08
Arkansas North Little 3,840,000 4,483,200 3,840,000 4,483,200
Rock Elec.
Rev. Rfdg.
Series A,
6.50% 7/1/10
(MBIA
Insured)
Arkansas Pulaski 1,750,000 1,951,250 1,750,000 1,951,250
County Health
Facs. Board
Rev. Rfdg.
(Sisters
Charity
Nazareth-St.
VincentsInfir
mary) 6.05%
11/1/09 (MBIA
Insured)
Arkansas Rogers Sales 2,000,000 2,037,500 2,000,000 2,037,500
& Use Tax
Rev. 5%
11/1/15
California California 5,400,000 5,379,750 5,400,000 5,379,750
Edl. Facs.
Auth. Rev.
(Standford
Univ.) Series
N, 5.20%
12/1/27
California California 187,000 36,933 187,000 36,933
Hsg. Fin.
Agcy. Rev.
(Home Mtg.
Single
Family) (Cap.
Appreciation)
Series 1983
A, 0% 2/1/15
California California 1,000,000 1,053,750 2,775,000 2,847,844 3,775,000 3,901,594
Hsg. Fin.
Agcy. Rev.
(Home Mtg.)
Series G,
5.90% 2/1/09
(MBIA
Insured) AMT
California California 2,000,000 2,107,500 2,000,000 2,107,500
Hsg. Fin.
Agcy. Rev.
(Home Mtg.)
Series G,
5.90% 8/1/09
(MBIA
Insured) AMT
California California 870,000 893,925 1,975,000 2,029,313 2,845,000 2,923,238
Hsg. Fin.
Agcy. Rev.
Rfdg. (Home
Mtg.) Series
A, 5.30%
8/1/14 (MBIA
Insured)
California California 2,100,000 2,155,125 2,100,000 2,155,125
Hsg. Fin.
Agcy. Rev.
Rfdg. (Home
Mtg.) Series
A, 5.70%
8/1/16 (MBIA
Insured)
California California 3,000,000 3,157,500 4,875,000 4,929,844 7,875,000 8,087,344
Hsg. Fin.
Agcy. Rev.
(Home Mtg.)
Series R,
6.15% 8/1/27
(MBIA
Insured) AMT
California California 5,235,000 5,699,606 5,235,000 5,699,606
Poll. Cont.
Fing. Auth.
Resource
Recovery Rev.
(Waste Mgmt.,
Inc.) Series
A, 7.15%
2/1/11 (AMT)
California California 9,000,000 9,101,250 9,000,000 9,101,250
Rural Home
Mtg. Fin.
Auth. Lease
Rev. (Rural
Lease Purp.)
Series A,
4.45%8/1/01
(MBIA
Insured)
California California 2,000,000 2,282,500 2,000,000 2,282,500
Gen. Oblig.
7% 8/1/04
California California 1,365,000 1,590,225 1,365,000 1,590,225
Gen. Oblig.
7% 3/1/06
California California 8,975,000 10,545,62 10,500,000 11,431,875 19,475,00 21,977,50
Gen. Oblig. 5 0 0
7% 10/1/06
California California 1,000,000 1,195,000 1,000,000 1,195,000
Gen. Oblig.
7% 10/1/09
California California 4,000,000 4,540,000 4,000,000 4,540,000
Gen. Oblig.
6.30% 9/1/10
California California 16,060,00 17,485,32 16,060,00 17,485,32
Gen. Oblig. 0 5 0 5
(Various
Purp.) 6.25%
10/1/19
California California 4,040,000 3,757,200 5,250,000 5,807,813 9,290,000 9,565,013
Gen. Oblig.
4.75% 9/1/18
(FSA Insured)
California California 5,000,000 5,050,000 5,000,000 5,050,000
Gen. Oblig.
5.25% 10/1/13
California California 1,500,000 1,500,000 1,500,000 1,500,000
Gen. Oblig.
5.25% 10/1/17
California California 4,650,000 4,522,125 4,650,000 4,522,125
Gen. Oblig.
5.125%
10/1/27
California California 2,500,000 2,540,625 2,500,000 2,540,625
Pub. Wks
Board Lease
Rev. Rfdg.
(Dept. of
Corrections
State Prison,
Montery
County
Soledad II)
Series D,
5.375%
11/1/13
California California 3,000,000 3,071,250 1,150,000 1,221,875 4,150,000 4,293,125
Pub. Wks.
Board Lease
Rev. Rfdg.
(California
Commty.
Colleges)
Series
D,5.375%
3/1/11
California California 1,500,000 1,530,000 1,500,000 1,530,000
Pub. Wks.
Board Lease
Rev. Rfdg.
(California
Commty.
Colleges)
Series D,
5.375% 3/1/12
California California 5,000,000 5,156,250 5,000,000 5,156,250
Pub. Wks.
Board Lease
Rev. Rfdg.
(State
Archives
Bldg.
Complex)
Series
A,5.375%
12/1/10
California California Pub. 2,250,000 2,376,563 2,250,000 2,376,563
Wks. Board
Lease Rev.
(Franchise Tax
Board-PH II)
Series A,
6.25%9/1/11
California California 3,500,000 3,696,875 3,500,000 3,696,875
St. Pub. Wks.
Board Lease
Rev.
(Secretary of
State) Series
A, 6% 5/1/13
California California 5,500,000 5,761,250 5,500,000 5,761,250
Pub. Wks.
Board Lease
Rev. (Various
California
State Univ.
Projs.)
Series A,
5.50% 6/1/14
California California 18,250,00 19,276,56 2,500,000 2,578,125 20,750,00 21,854,68
Pub. Wks. 0 3 0 8
Board Lease
Rev. Rfdg.
(Various
California
State Univ.
Projs.)Series
A, 5.50%
6/1/10
California California 3,750,000 3,754,688 3,750,000 3,754,688
Pub. Wks.
Board Lease
Rev. (Various
California
Univ. Proj.)
Series A,
5.25% 12/1/13
California California 1,500,000 1,492,500 1,500,000 1,492,500
Pub. Wks.
Board Lease
Rev. (Dept.
of
Corrections
State Prison
D-Susanville)
5.375% 6/1/18
California California Pub. 2,750,000 2,677,813 2,750,000 2,677,813
Wks. Board
Lease Rev. (Dept.
of Corrections
State Prison,
Medera)Series E,
5.50% 6/1/15
California California 5,000,000 5,312,500 5,000,000 5,312,500
Pub. Wks.
Board Lease
Rev. (Commty.
College
Proj.) Series
A, 6% 10/1/14
California California 5,195,000 4,948,238 5,195,000 4,948,238
Statewide
Commtys. Dev.
Corp. Ctfs.
of Prtn. (J.
Paul Getty
Trust) 5%
10/1/23
California California 1,475,000 1,770,000 1,475,000 1,770,000
Statewide
Commtys. Dev.
Auth. Rev. Ctfs. of
Prtn. (Sisters of
CharityLeavenwor
th Sys.) 5%
12/1/14
California Castaic lake 1,800,000 2,187,000 1,800,000 2,187,000
Wtr. Agcy.
Ctfs. of
Prtn. Rfdg.
(Wtr. Sys.
Impt. Proj.)
Series A,
7.25%8/1/09
(MBIA
Insured)
California Duarte Ctfs. 15,750,00 16,498,12 15,750,00 16,498,12
of Prtn. 0 5 0 5
(City of Hope
Med. Ctr.)
6.25% 4/1/23
California East Bay 1,250,000 1,348,438 1,250,000 1,348,438
Muni. Util.
Dist. Wtr.
Sys. Rev.
Rfdg. 6.10%
6/1/07
California Encintas 1,500,000 1,059,375 1,500,000 1,059,375
School Dist.
0% 8/1/05
(MBIA
Insured)
California Encinitas 1,000,000 670,000 1,000,000 670,000
Union School
Dist. (Cap.
Appreciation)
0% 8/1/06
(MBIA
Insured)
California Encinitas 1,500,000 950,625 2,500,000 2,684,375 4,000,000 3,635,000
Union School
Dist. (Cap.
Appreciation)
0% 8/1/07
(MBIA
Insured)
California Encinitas 1,250,000 746,875 1,250,000 746,875
Union School
Dist. (Cap.
Appreciation)
0% 8/1/08
(MBIA
Insured)
California Fresno Swr. Rev. 10,000,000 11,037,500 10,000,00 11,037,50
Series A, 4.75% 0 0
9/1/26 (MBIA
Insured)
California Long Beach 5,000,000 4,831,250 2,300,000 2,299,353 7,300,000 7,130,603
Hbr. Rev.
5.125%
5/15/18 (AMT)
California Long Beach 6,235,000 7,435,238 6,235,000 7,435,238
Hbr. Rev.
8.50% 5/15/03
(MBIA
Insured)
(AMT)
California Long Beach 6,305,000 7,518,713 6,305,000 7,518,713
Hbr. Rev. 8%
5/15/04 (MBIA
Insured)
(AMT)
California Long Beach 3,000,000 3,288,750 3,000,000 3,288,750
Hbr. Rev. 6%
5/15/06 (MBIA
Insured)
(AMT)
California Long Beach 4,700,000 5,093,625 4,700,000 5,093,625
Harbor Rev.
Refdg. Series
A, 6% 5/15/13
(FGIC
Insured)
California Los Angeles 3,380,000 3,523,650 3,380,000 3,523,650
County
Metropolitan
Trans. Auth.
Sales Tax
Rev. Rfdg.
(Prop. A-2nd
Tier)5.625%
7/1/13 (MBIA
Insured)
California Los Angeles 4,355,000 4,409,438 4,355,000 4,409,438
County
Metropolitan
Trans. Auth.
Rev. Rfdg.
(Gen. Union
Station)
Series
A,5.20%
7/1/12 (FSA
Insured)
California Los Angeles 6,000,000 5,850,000 6,000,000 5,850,000
County Pub.
Wks. Fing.
Auth. Lease
Rev.
(Multiple
Cap. Facs.
Proj.
#4)4.75%
2/1/10 (MBIA
Insured)
California Metropolitan 2,000,000 2,075,000 2,000,000 2,075,000
Wtr. Dist.
Southern
California
Wtrwks. Rev.
Series A,
5.75% 7/1/21
(MBIAInsured)
California Metropolitan 8,770,000 8,112,250 8,770,000 8,112,250
Wtr. Dist.
Southern
California
Wtrwks. Rev.
Rfdg. Series
B, 4.75%
7/1/21(MBIA
Insured)
California Northern 6,000,000 6,547,500 3,000,000 3,288,750 9,000,000 9,836,250
California
Pwr. Agcy.
Pub. Pwr.
Rev. Rfdg.
(Geothermal
Proj. #3)
Series
A,5.80%
7/1/09 (AMBAC
Insured)
California Placer County 3,200,000 3,480,000 3,200,000 3,480,000
Wtr. Agcy. Rev.
(Middle Fork
Proj.) Series A,
3.75% 1/1/13
California San Diego 1,100,000 1,186,625 1,380,000 1,542,150 2,480,000 2,728,775
County Reg'l.
Trans.
Commission
Sales Tax
Rev. Second
Sr. Series A,
6.25%4/1/02
(FGIC
Insured)
California San Francisco 2,330,000 2,536,788 2,330,000 2,536,788
City & County
Arpts.
Commission
Int'l. Arpt.
Rev. Rfdg.
Second Series
Issue 1,
6.20% 5/1/05
(AMBAC
Insured)
California San Francisco 5,955,000 6,051,769 4,500,000 4,708,125 10,455,00 10,759,89
City & County 0 4
Arpt.
Commission
Int'l. Arpt.
Rev. 2nd
Series Issue
10A,5.50%
5/1/13 (MBIA
Insured)
(AMT)
California San Fransicso 5,875,000 5,970,469 5,875,000 5,970,469
City & County
Arpt.
Commission
Int'l. Aprt.
Rev. 2nd
Series Issue
10A,5.55%
5/1/14 (MBIA
Insured)
(AMT)
California San Francisco 10,000,00 10,700,00 2,245,000 2,691,194 12,245,00 13,391,19
City & County 0 0 0 4
Swr. Rev.
Rfdg.5.90%
10/1/08
(AMBAC
Insured)
California San Francisco 5,500,000 5,369,375 7,000,000 7,875,000 12,500,00 13,244,37
Bldg. Auth. 0 5
Lease Rev.
(Dept. Gen.
Svcs. Lease)
Series A, 5%
10/1/13
California San Jaoquin 8,000,000 6,690,000 6,665,000 7,064,900 14,665,00 13,754,90
Hills Trans. 0 0
Corridor
Agcy. Toll
Road Rev.
Refdg. Series
A, 0% 1/15/02
(MBIA
Insured)
California Santa Clara 5,000,000 5,212,500 5,000,000 5,212,500
Redev. Agcy. Tax
Allocation Rfdg.
(Bayshore North
Proj.) 7% 7/1/10
(AMBACInsured)
California Santa 1,770,000 2,150,550 1,770,000 2,150,550
Margarita/Dan
a Point Auth.
Rev. Rfdg.
(Impt. Dist.
3&3A,4&4A)
Series B,
7.25%8/1/08
(MBIA
Insured)
California Santa Rosa 4,000,000 3,745,000 4,000,000 4,520,000 8,000,000 8,265,000
Wastewtr.
Rev. Rfdg. &
Sub-Reg'l.
Wastewtr.
Proj. Series
A, 4.75%
9/1/16(FGIC
Insured)
California South Orange 3,490,000 4,192,363 3,490,000 4,192,363
County Pub.
Fing. Auth.
Spl. Tax Rev.
Rfdg. (Sr.
Lien) Series
A, 7%9/1/11
(MBIA
Insured)
California South Orange 2,500,000 3,059,375 10,000,000 10,637,500 12,500,00 13,696,87
County Pub. 0 5
Fing. Auth.
Spl. Tax Rev.
(Foothill
Area) Series
C,
7.50%8/15/07
(FGIC
Insured)
California South Orange 2,500,000 3,184,375 2,500,000 3,184,375
County Pub.
Fing. Auth.
Spl. Tax Rev.
(Foothill
Area) Series
C, 8%8/15/08
(FGIC
Insured)
California Southern 1,500,000 1,393,125 1,500,000 1,393,125
California
Pub. Pwr.
Auth. Pwr.
Proj. Rev.
Rfdg. (Mead
Adelanto
Proj.) Series
A, 4.875%
7/1/20 (AMBAC
Insured)
California Southern 4,640,000 4,309,400 4,640,000 4,309,400
California
Pub. Pwr.
Auth. Pwr.
Proj. Rev.
Rfdg. (Mead
Phoenix
Proj.)Series
A, 4.875%
7/1/20 (AMBAC
Insured)
California California 2,000,000 2,190,000 2,000,000 2,190,000
Univ. Rev.
(Multiple
Purp. Projs.)
Series D,
6.10% 9/1/10
(MBIA
Insured)
California Upland Ctfs. 3,000,000 2,816,250 3,000,000 2,816,250
of Prtn.
Rfdg. (San
Antonio
Commty.
Hosp.) 5%
1/1/18
California West & 5,800,000 6,032,000 5,800,000 6,032,000
Central Basin
Fin. Auth.
Series C,
5.20% 8/1/07
(AMBAC
Insured)
California West & 6,100,000 6,305,875 6,100,000 6,305,875
Central Basin
Fin. Auth.
Series C
5.25% 8/1/08
(AMBAC
Insured)
Colorado Arapahoe 13,000,00 4,387,500 13,000,00 4,387,500
County Cap. 0 0
Impt. Trust
Fund Hwy.
Rev. Series
C, 0% 8/31/15
(Pre-Refunded
to8/31/05 @
48.618)
Colorado Arapahoe 170,700,0 24,751,50 1,950,000 2,147,438 172,650,0 26,898,93
County Cap. 00 0 00 8
Impt. Tr.
Fed. Hwy.
Rev. (Cap.
Appreciation)
Series E, 0%,
8/31/26(Pre-R
efunded to
8/31/05@
20.8626
Colorado Aurora Gen. 3,040,000 2,891,800 3,040,000 2,891,800
Oblig. Rfdg.
4.75% 11/1/14
Colorado Colorado 5,725,000 6.38E+06 5,725,000 6,376,219
Univ. Rev.
(Research
Bldg.
Revolving
Fund)
(Biomedical
Research
Bldg.
Proj.)7%
6/1/09
Colorado Colorado 2,500,000 2,653,125 2,500,000 2,653,125
Health Facs.
Auth. Rev.
Rfdg. (Rocky
Mountain
Adventist)
6.25% 2/1/04
Colorado Colorado 4,700,000 4,958,500 4,700,000 4,958,500
Health Facs.
Auth. Rev.
Rfdg. (Rocky
Mountain
Adventist)
6.625% 2/1/22
Colorado Colorado 6,500,000 6,914,375 6,500,000 6,914,375
Health Facs.
Auth. Rev.
Rfdg. (Rocky
Mountain
Adventist)
6.625% 2/1/13
Colorado Colorado 1,000,000 1,098,750 1,000,000 1,098,750
Health Facs.
Auth. Rev.
(Hosp.
Sys.-Swedish
Med. Ctr.)
Series A,
7.25%10/1/08
(Pre-Refunded
to 10/1/00 @
102)
Colorado Colorado 1,550,000 1,300,063 1,550,000 1,300,063
Springs Arpt.
Rev. (Cap.
Appreciation)
Series C, 0%
1/1/02 (MBIA
Insured)
Colorado Colorado 1,530,000 1,162,800 1,530,000 1,162,800
Springs Arpt.
Rev. (Cap.
Appreciation)
Series C, 0%
1/1/04 (MBIA
Insured)
Colorado Colorado 1,655,000 964,038 1,655,000 964,038
Springs Arpt.
Rev. (Cap.
Appreciation)
Series C, 0%
1/1/09 (MBIA
Insured)
Colorado Colorado 1,500,000 823,125 1,000,000 1,165,000 2,500,000 1,988,125
Springs Arpt.
Rev. (Cap.
Appreciation)
Series C, 0%
1/1/10 (MBIA
Insured)
Colorado Denver City & 4,900,000 3,907,750 4,900,000 3,907,750
County Arpt.
Rev. (Cap.
Appreciation)
Series A, 0%
11/15/02
(MBIA
Insured)
(AMT)
Colorado Denver City & 7,250,000 7,432,193 7,250,000 7,432,193
County Arpt.
Rev. Series
A, 6.90%
11/15/98
(AMT)
Colorado Denver City & 3,000,000 3,142,500 3,000,000 3,142,500
County Arpt.
Rev. Series
A, 7%
11/15/99
(AMT)
Colorado Denver City & 3,000,000 2,040,000 2,500,000 2,337,500 5,500,000 4,377,500
County Arpt.
Rev. (Cap.
Appreciation)
Series A, 0%
11/15/05
(MBIA
Insured)
Colorado Denver City & 7,500,000 5,390,625 7,500,000 5,390,625
County Arpt.
Rev. (Cap.
Appreciation)
Series D, 0%
11/15/04
(MBIAInsured)
Colorado Denver City & 3,000,000 2,040,000 3,000,000 2,040,000
County Arpt.
Rev. (Cap.
Appreciation)
Series D, 0%
11/15/05
(MBIAInsured)
Colorado Denver City & 5,000,000 3,793,750 5,000,000 3,793,750
County Arpt.
Rev. (Cap.
Appreciation)
Series D, 0%
10/15/03
(MBIAInsured)
Colorado Denver City & 6,700,000 6,751,054 6,700,000 6,751,054
County Arpt.
Rev. Rfdg.
Series D, 5%
11/15/98
(AMT)
Colorado Denver City & 520,000 567,450 3,500,000 3,583,125 4,020,000 4,150,575
County Arpt.
Rev. Series
D, 7%
11/15/25
(Pre-Refunded
11/15/01 @
100)
Colorado Denver City & 1,980,000 2,126,025 3,800,000 4,018,500 5,780,000 6,144,525
County Arpt.
Rev. Series
D, 7%
11/15/25
Colorado Highlands 1,725,000 1,781,063 1,725,000 1,781,063
Ranch
Metropolitan
Dist. #2
Rfdg. 5.50%
6/15/00 (FSA
Insured)
Colorado Highlands 2,050,000 2,219,125 2,050,000 2,219,125
Ranch
Metropolitan
Dist. #2
Rfdg. 6%
6/15/03 (FSA
Insured)
Colorado Jefferson 3,000,000 3,330,000 3,000,000 3,330,000
County Ctfs.
of Prtn.
Rfdg. 6.65%
12/1/08 (MBIA
Insured)
Colorado Jefferson 185,000 198,181 185,000 198,181
County Single
Family Mtg.
Rev. Rfdg.
Series
1991-A,
8.875%
10/1/13
(MBIAInsured)
Connecticut Connecticut 250,000 255,313 250,000 255,313
Health & Edl.
Facs. Auth.
Rev. Rfdg.
(Quinnipiac
College)
Series D, 6%
7/1/13
Connecticut Connecticut 4,345,000 4,806,656 4,345,000 4,806,656
Health & Edl.
Facs. Auth.
Rev. (New
Britain Mem.
Hosp.) Series
A,
7.50%7/1/06
Connecticut Connecticut 2,990,000 3,098,388 2,600,000 2,619,812 5,590,000 5,718,200
Health & Ed.
Facs. Auth.
Rev. (St.
Raphael
Hosp.) 5.30%
7/1/10,
(AMBAC
Insured)
District of District of 2,635,000 2,826,038 2,635,000 2,826,038
Columbia Columbia Gen.
Oblig. Rfdg.
Series A,
5.875% 6/1/05
(AMBAC
Insured)
District of District of 2,000,000 2,175,000 2,000,000 2,175,000
Columbia Columbia Gen.
Oblig. Rfdg.
Series A-1,
6% 6/1/11
(MBIA
Insured)
District of District of 1,000,000 1,015,000 1,000,000 1,015,000
Columbia Columbia Gen.
Oblig. Rfdg.
Series A, 5.625%
6/1/02 (MBIA
Insured)
District of District of 3,350,000 3,496,563 1,000,000 1,087,500 4,350,000 4,584,063
Columbia Columbia Gen.
Oblig. Rfdg.
Series B-1,
5.40% 6/1/06
(AMBAC
Insured)
District of District of 9,105,000 9,969,975 1,500,000 1,565,625 10,605,00 11,535,60
Columbia Columbia 0 0
Hosp. Rev.
(Hosp. for
Sick
Children)
Series A,
8.875% 1/1/21
District of District of 1,000,000 1,018,750 3,000,000 3,217,500 4,000,000 4,236,250
Columbia Columbia
Redev. Land
Agcy.
Washington
D.C. Sports
Arena Spl.
Tax Rev.5.40%
11/1/00
District of District of 5,955,000 6,051,769 5,955,000 6,051,769
Columbia Columbia
Redev. Land
Agcy.
Washington
D.C. Sports
Arena Spl.
Tax
Rev.5.625%
11/1/10
District of District of 8,335,000 8,595,469 8,335,000 8,595,469
Columbia Columbia Rev.
Rfdg.
(Georgetown
Univ.) Series
A, 6% 4/1/18
(MBIA
Insured)
District of Metropolitan 3,000,000 3,277,500 3,000,000 3,277,500
Columbia Washington
Arpt. Auth.
Gen. Arpt.
Rev. Series
A, 7.25%
10/1/10 (FGIC
Insured)
(AMT)
Florida Broward 12,655,00 13,762,31 5,810,000 5,904,413 18,465,00 19,666,72
County 0 3 0 6
Resource
Recovery Rev.
(SES Broward
Co. LP South
Proj.) 7.95%
12/1/08
Florida Dade County 3,750,000 3,984,375 3,300,000 3,403,125 7,050,000 7,387,500
Aviation Rev.
(Miami Int'l
Arpt.) Series
B, 6% 10/1/24
(MBIA
Insured)
Florida Florida Board 5,605,000 5,282,713 5,605,000 5,282,713
of Ed. Cap.
Outlay Rfdg.
(Pub. Ed.)
Series D,
4.75% 6/1/17
Florida Florida 4,750,000 5,135,938 4,750,000 5,135,938
Division Fin.
Dept. Gen.
Svcs. Rev.
(Dept. of
Natural
Resources-Pre
servation2000
) Series A,
6.25% 7/1/10
(MBIA
Insured)
Florida Florida Muni. 3,000,000 2,737,500 3,000,000 2,737,500
Pwr. Agcy.
Rev. Rfdg.
(Stanton II
Proj.) 4.50%
10/1/16
(AMBAC
Insured)
Florida Florida Muni. 6,000,000 5,280,000 6,000,000 5,280,000
Pwr. Agcy.
Rev. Rfdg.
(Stanton II
Proj.) 4.50%
10/1/27
(AMBAC
Insured)
Florida Jacksonville 4,145,000 4,305,619 3,000,000 2,786,250 7,145,000 7,091,869
Elec. Auth.
Rev. 6%
7/1/01
(Escrowed to
Maturity)
Florida Jacksonville 3,000,000 3,435,000 2,600,000 1,579,500 5,600,000 5,014,500
Elec. Auth.
Rev. Series
73, 6.80%
7/1/12
(Escrowed to
Maturity)
Florida Jacksonville 2,000,000 2,200,000 2,000,000 2,200,000
Health Facs.
Auth. Ind.
Dev. Rev.
Rfdg.
(Cypress
Village
Proj.)
(Nat'l.Benevo
lent Assoc.)
7% 12/1/22
Florida Jacksonville 1,000,000 1,077,500 1,000,000 1,077,500
Port Auth.
Rev. Rfdg.
(Port Facs.)
5.75% 11/1/09
(MBIA
Insured)
(AMT)
Florida Lakeland 5,000,000 5,668,750 5,000,000 5,668,750
Elec. & Wtr.
Rev. Rfdg.
(Jr.
Sub-Lien)
6.50% 10/1/05
(FGIC
Insured)
Florida Orange County 5,000,000 5,525,000 5,000,000 5,525,000
Tourist Dev.
Tax Rev.
Rfdg. Series
A, 6.50%
10/1/10
(AMBAC
Insured)
Florida Orlando Util. 5,465,000 5,362,531 5,465,000 5,362,531
Commission
Wtr. & Elec.
Rev. Series
B, 5.25%
10/1/23
Florida Pasco County 5,000,000 5,362,500 5,000,000 5,362,500
Solid Waste
Disp. &
Resource
Recovery Sys.
Rev. 6%
4/1/08 (AMBAC
Insured)
(AMT)
Florida Pasco County 5,090,000 5,452,663 5,090,000 5,452,663
Solid Waste
Disp. &
Resource
Recovery Sys.
Rev. 6%
4/1/09 (AMBAC
Insured)
(AMT)
Florida Tampa Cap. 10,000,00 10,299,50 10,000,00 10,299,50
Impt. Prog. 0 0 0 0
Rev. Series
A, 8.25%
10/1/18
Georgia Atlanta Arpt. 21,727,782 21,727,782 21,727,78 21,727,78
Facs. Rev. Rfdg. 2 2
6.25% 1/1/05
(AMBAC Insured)
Georgia Atlanta 2,500,000 2,668,750 2,500,000 2,668,750
Downtown Dev.
Auth. Rev.
Rfdg.
(Underground
Atlanta
Proj.) 6.25%
10/1/12
Georgia Atlanta 3,000,000 3,187,500 3,000,000 3,187,500
Downtown Dev.
Auth. Rev.
Rfdg.
(Underground
Atlanta
Proj.) 6.25%
10/1/16
Georgia Fulton County 2,000,000 2,305,000 2,000,000 2,305,000
School Dist.
Rfdg. 6.375%
5/1/14
Georgia Georgia Gen. 4,000,000 2,840,000 4,000,000 2,840,000
Oblig. Series A,
6.25% 4/1/06
Georgia Georgia 6,305,000 5,769,075 6,305,000 5,769,075
Gen.Oblig. Series
B Impt. 7.20%
3/1/04
Georgia Georgia Gen. 3,000,000 3,495,000 2,500,000 2,881,250 5,500,000 6,376,250
Oblig. Impt.
Series B,
7.20% 3/1/05
Georgia Georgia Gen. 2,000,000 2,205,000 4,000,000 4,375,000 6,000,000 6,580,000
Oblig. Series
B, 6.10%
3/1/05
Georgia Georgia Gen. 5,500,000 6,022,500 4,500,000 5,180,625 10,000,00 11,203,12
Oblig. Series 0 5
B, 6.25%
4/1/03
Georgia Georgia Muni. 12,200,000 13,664,000 12,200,00 13,664,00
Elec. Auth. Pwr. 0 0
Rev. Series B,
6.20% 1/1/10
(AMBAC Insured)
Georgia Georgia 13,615,00 1,900,109 7,625,000 8,835,469 21,240,00 10,735,57
Residential 0 0 8
Fin. Auth.
Home
Ownership
Mtg. (Cap.
Appreciation)
Series 1984
B,0% 12/1/15
Hawaii Hawaii Gen. 4,860,000 4,969,350 4,860,000 4,969,350
Oblig. Series
CM, 5%
12/1/00 (FGIC
Insured)
Hawaii Hawaii Gen. 2,625,000 2,762,813 2,625,000 2,762,813
Oblig. Series
CM, 5.50%
12/1/02 (FGIC
Insured)
Hawaii Hawaii Arpts. 1,500,000 1,636,875 1,500,000 1,636,875
Sys. Rev. 2nd
Series, 7.50%
7/1/20 (FGIC
Insured)*
Hawaii Hawaii Hsg. 3,500,000 3,535,000 4,400,000 4,961,000 7,900,000 8,496,000
Fin. & Dev.
Corp. Single
Family Mtg.
Rev. Series
A, 4.90%
7/1/28 (AMT)
Hawaii Honolulu 7,135,000 7,554,181 5,000,000 5,625,000 12,135,00 13,179,18
Hawaii City 0 1
and County
Rfdg. Series
C, 5.50%
11/01/04
(FGIC
Insured)
Idaho Boise Urban 2,600,000 2,685,124 2,600,000 2,685,124
Renewal
Parking Agcy.
Rev. (Tax
Increment)
Series A, B,
C, 8.125%
9/1/15
Idaho Idaho Falls 2,000,000 1,365,000 2,000,000 1,365,000
Rfdg. Elec.
0% 4/1/06
(FGIC
Insured)
Idaho Idaho Falls 2,500,000 1,621,875 3,825,000 3,839,344 6,325,000 5,461,219
Elec. Rfdg.
0% 4/1/07,
(FGIC
Insured)
Idaho Idaho Falls 1,500,000 690,000 4,500,000 4,426,875 6,000,000 5,116,875
Rfdg. Elec.
0% 4/1/13
(FGIC
Insured)
Idaho Idaho Housing 1,785,000 1,892,100 2,640,000 3,075,600 4,425,000 4,967,700
Agcy. Single
Family Mtg.
Series 1991
B, 7.50%
7/1/24
Illinois Chicago Gen. 2,200,000 2,191,750 2,865,000 3,384,281 5,065,000 5,576,031
Oblig. Rfdg.
Series B, 5%
1/1/11 (AMBAC
Insured)
Illinois Chicago Ill 2,250,000 2,235,938 2,000,000 2,402,500 4,250,000 4,638,438
FGIC Rfdg.
Series B,
5.125% 1/1/15
(AMBAC
Insured)
Illinois Chicago Oblig. 4,245,000 2,822,925 4,245,000 2,822,925
Rfdg. Series A-2,
6.125% 1/1/12
(AMBAC Insured)
Illinois Chicago Board 4,750,000 5,367,500 8,005,000 4,752,969 12,755,00 10,120,46
of Ed. 0 9
(Chicago
School
Reform) 6.25%
12/1/09 (MBIA
Insured)
Illinois Chicago Board 1,000,000 1,121,250 3,000,000 3,615,000 4,000,000 4,736,250
of Ed.
(Chicago
School
Reform) 6.25%
12/1/11 (MBIA
Insured)
Illinois Chicago 2,170,000 2,343,600 2,170,000 2,343,600
Midway Arpt.
Rev. Series
B, 6% 1/1/08
(MBIA
Insured)
(AMT)
Illinois Chicago 2,435,000 2,593,275 2,435,000 2,593,275
Midway Arpt.
Rev. Series
B, 6% 1/1/10
(MBIA
Insured)
(AMT)
Illinois Chicago 2,580,000 2,760,600 2,580,000 2,760,600
Midway Arpt.
Rev. Series
B, 6.125%
1/1/11 (MBIA
Insured)
(AMT)
Illinois Chicago 2,910,000 2,884,538 2,910,000 2,884,538
Midway Arpt.
Rev. Series
B, 5.25%
1/1/13 (MBIA
Insured)
(AMT)
Illinois Chicago 3,060,000 3,021,750 2,455,000 2,884,625 5,515,000 5,906,375
Midway Arpt.
Rev. Series
B, 5.25%
1/1/14 (MBIA
Insured)
(AMT)
Illinois Chicago Motor 4,000,000 4,090,000 2,590,000 3,088,575 6,590,000 7,178,575
Fuel Tax Rev.
Rfdg. Series
A, 5.375%
1/1/14 (AMBAC
Insured)
Illinois Chicago 4,500,000 4,803,750 4,500,000 4,803,750
O'Hare Int'l.
Arpt. Spl.
facs. Rev.
Rfdg. (Int'l.
Term.) Series
A,
7.50%1/1/17
(AMT)
Illinois Chicago 1,970,000 2,056,188 1,970,000 2,056,188
O'Hare Int'l.
Arpt. Spl.
Facs. Rev.
(United
Airlines,
Inc.) 8.25%
5/1/99 (AMT)
Illinois Chicago 8,200,000 8,917,500 8,200,000 8,917,500
O'Hare Int'l.
Arpt. Rev.
Rfdg. (Gen.
Arpt. Proj.)
(2nd Lien)
Series A,
6.375% 1/1/15
(MBIA
Insured)
Illinois Chicago 10,000,00 10,075,00 10,000,00 10,075,00
O'Hare Int'l. 0 0 0 0
Arpt. Rev.
Rfdg. (Gen.
Arpt. 2nd
Lien) Series
A, 5.50%
1/1/16(AMBAC
Insured)
Illinois Chicago Park 3,000,000 3,352,500 5,000,000 5,206,250 8,000,000 8,558,750
Dist. Rfdg.
6.25% 1/1/09
(FGIC
Insured)
Illinois Chicago 4,760,000 2,100,350 4,760,000 2,100,350
Residential
Mtg. Rev.
Rfdg. (Cap.
Appreciation)
Series B, 0%
10/1/09
(MBIAInsured)
Illinois Chicago Wtr. 1,960,000 1,653,750 3,620,000 1,796,425 5,580,000 3,450,175
Rev. 0%
11/1/01 (FGIC
Insured)
Illinois DeKalb Single 1,485,000 1,637,213 5,105,000 2,392,969 6,590,000 4,030,182
Family Mtg.
Rev. 7.45%
12/1/09,
(GNMA Coll.)*
Illinois Illinois 5,000,000 5,231,250 3,610,000 1,592,912 8,610,000 6,824,162
Health Facs.
Auth. Rev.
Rfdg. (OSF
Healthcare
Sys.) 6%
11/15/13
Illinois Illinois 900,000 927,000 900,000 927,000
Health Facs.
Auth. Rev.
(Mem. Hosp.)
6.875% 5/1/00
Illinois Illinois 4,000,000 4,270,000 4,000,000 4,270,000
Health Facs.
Auth. Rev.
(Mem. Hosp.)
7.125% 5/1/10
Illinois Illinois 1,500,000 1,756,875 1,500,000 1,756,875
Health Facs.
Auth. Rev.
Rfdg.
(Lutheran
Gen. Health
Care Sys.)
Series C,
7%4/1/14
Illinois Illinois 3,000,000 3,180,000 3,000,000 3,180,000
Health Facs.
Auth. Rev.
Rfdg.
(Lutheran
Gen. Health
Care Sys.)
Series C,
6%4/1/18
Illinois Illinois Dedicated 2,300,000 2,300,000 2,300,000 2,300,000
Tax Rev. (Civic
Ctr.) Series A, 7%
12/15/13 (AMBAC
Insured)
Illinois Lake County 10,440,00 6,511,950 10,440,00 6,511,950
Forest 0 0
Preserve
Dist. Unltd.
Tax (Cap.
Appreciation)
0% 12/1/07
Illinois Lake County 12,505,00 7,346,688 12,505,00 7,346,688
Forest 0 0
Preserve
Dist. Unltd.
Tax (Cap.
Appreciation)
0% 12/1/08
Illinois Metropolitan 2,700,000 2,416,500 2,700,000 2,416,500
Pier &
Exposition
Auth.
Dedicated Tax
Rev. 0%
6/15/00
(AMBAC
Insured)
Illinois Metropolitan 12,175,00 6,863,656 12,175,00 6,863,656
Pier & 0 0
Exposition
Auth.
Dedicated Tax
Rev.
(McCormick
Place
ExpansionProj
.) (Cap.
Appreciation)
Series A, 0%
6/15/09 (FGIC
Insured)
Illinois Metropolitan 7,250,000 3,842,500 2,500,000 2,721,875 9,750,000 6,564,375
Pier &
Exposition
Auth.
Dedicated Tax
Rev.
(McCormick
Place
ExpansionProj
.) (Cap.
Appreciation)
Series A, 0%
6/15/10 (FGIC
Insured)
Illinois Metropolitan Pier & Exposition 1,500,000 1,721,250 1,500,000 1,721,250
Auth. Dedicated Tax Rev.
(McCormick Place
ExpansionProj.) (Cap.
Appreciation) Series A, 0%
6/15/15 (FGIC Insured)
Illinois Metropolitan 7,450,000 7,617,625 7,450,000 7,617,625
Pier &
Exposition
Auth.
Dedicated Tax
Rev. Refdg.
(McCormick
PlaceExpansio
n Proj.)
Series A,
5.25%
12/15/10
Illinois Metropolitan 11,570,00 9,863,425 11,570,00 9,863,425
Pier & 0 0
Exposition
Auth.
Dedicated Tax
Rev.
(McCormick
Plain
Expansion
Proj.) (Cap.
Appreciation)
Series A, 0%
6/15/12 (FGIC
Insured)
Illinois Metropolitan 95,000 105,450 3,000,000 3,435,000 3,095,000 3,540,450
Pier &
Exposition
Auth.
Dedicated Tax
Rev.
(McCormick
Place
ExpansionProj
.) Series A,
6.50% 6/15/07
(FGIC
Insured)
Illinois Metropolitan 250,000 203,750 250,000 203,750
Pier &
Exposition
Auth.
Dedicated Tax
Rev.
(McCormick
Plane
ExpansionProj
.) (Cap.
Appreciatiion
) Series A,
0% 6/15/12
(FGIC
Insured)
Illinois Northern 1,000,000 1,057,500 1,000,000 1,057,500
Univ. Rev.
Auxiliary
Facs. Sys.
Rfdg. 6%
4/1/02 (FGIC
Insured)
Illinois Illinois Reg'l. 3,000,000 3,337,500 3,000,000 3,337,500
Trans. Auth.
Series A, 8%
6/1/17 (AMBAC
Insured)
Illinois Illinois Reg'l. 2,800,000 3,223,500 2,800,000 3,223,500
Trans. Auth.
Series D, 7.75%
6/1/04 (FGIC
Insured)
Illinois Illinois Reg'l. 10,000,000 10,662,500 10,000,00 10,662,50
Tran. Auth. Series 0 0
D, 7.75% 6/1/05
(FGIC Insured)
Indiana Indiana Bond 2,500,000 2,412,500 2,500,000 2,412,500
Bank Rev. (State
Revolving Fund
Prog.) Series A,
7% 2/1/05
Indiana Indiana 500,000 591,250 500,000 591,250
Health Facs.
Fing. Auth.
Hosp. Rev.
Rfdg.
(Columbus
Reg'l. Hosp.)
7%
8/15/15(FSA
Insured)
Indiana Indianapolis 3,000,000 3,352,500 1,635,000 1,882,294 4,635,000 5,234,794
Econ. Dev.
Rev. Rfdg. &
Impt. (Nat'l.
Benevolent
Assoc.)
7.625%
10/1/22
Indiana Indianapolis 1,000,000 1,145,000 10,345,000 11,069,150 11,345,00 12,214,15
Resource 0 0
Recovery Rev.
Rfdg. (Ogden
Martin Sys.
Inc. Proj.)
6.75%
12/1/06(AMBAC
Insured)
Kansas Johnson 1,015,000 1,204,044 1,015,000 1,204,044
County
Unified
School Dist.
#512 (Shawnee
Mission) 8%
10/1/03
Kansas Johnson 1,225,000 1,482,250 1,225,000 1,482,250
County
Unified
School Dist
#512 (Shawnee
Mission) 8%
10/1/04
Kansas Johnson 1,250,000 1,535,938 1,250,000 1,535,938
County
Unified
School Dist.
#512 (Shawnee
Mission) 8%
10/1/05
Kansas Kansas City 3,825,000 2,022,469 3,825,000 2,022,469
Util. Sys.
Rev. (Cap.
Appreciation)
0% 9/1/10
(AMBAC
Insured)
(Escrowed to
Maturity)
Kansas Kansas City 2,865,000 1,511,288 2,865,000 1,511,288
Util. Sys.
Rev. (Cap.
Appreciation)
0% 9/1/10
(AMBAC
Insured)
Kansas Kansas Dept. 4,750,000 5,551,563 4,750,000 5,551,563
Trans. Hwy.
Rev. 7.25%
3/1/05
Kansas Reno County 575,000 622,438 575,000 622,438
Mtg. Rev.
Rfdg. (Single
Family)
Series B,
8.70% 9/1/11
Kentucky Jefferson 5,250,000 2,546,250 5,250,000 2,546,250
County Cap.
Projs. Corp.
Rev. (Muni.
Multiple
Rfdg. Lease)
Series A,
0%8/15/11
Kentucky Kentucky Tpk. 7,760,000 6,489,300 7,760,000 6,489,300
Auth. Econ.
Dev. Road
Rev. Rfdg.
(Revitalizati
on) (Cap.
Appreciation)
0% 1/1/02
(FGIC
Insured)
Kentucky Owensboro 10,000,00 6,500,000 10,000,00 6,500,000
Elec. Lt. & 0 0
Pwr. Rev.
Series B, 0%
1/1/07 (AMBAC
Insured)
Kentucky Owensboro 4,000,000 2,180,000 4,000,000 2,180,000
Elec. Lt. &
Pwr. Rev.
Series B, 0%
1/1/10 (AMBAC
Insured)
Kentucky Owensboro 600,000 369,000 600,000 369,000
Elec. Lt. &
Pwr. Rev.
Rfdg. Series
B, 0% 1/1/08,
(AMBAC
Insured)
Louisiana Louisiana 4,000,000 4,460,000 4,000,000 4,460,000
Gen. Oblig.
Series A,
6.75% 5/15/03
(MBIA
Insured)
Louisiana Louisiana 5,865,000 6,612,788 2,000,000 2,395,000 7,865,000 9,007,788
Gen. Oblig.
Series A,
6.75%
5/15/04,
(MBIA
Insured)
Louisiana Lousianna 1,205,000 1,328,513 3,975,000 2,280,656 5,180,000 3,609,169
Offshore Term
Auth. Series
E, 7.60%
9/1/10
(Pre-Refunded
9/1/00 @ 102)
Louisiana Louisianna 1,095,000 1,196,288 1,095,000 1,196,288
Offshore Term
Auth. Series
B, 7.60%
9/1/10
Louisiana Monroe-West 9,000,000 3,566,250 9,000,000 3,566,250
Monroe Pub.
Trust Fing.
Auth. Mtg.
Rev. Rfdg.
(Cap.
Appreciation)
Series C, 0%
8/20/14
Louisiana St. John 2,700,000 2,926,125 2,700,000 2,926,125
Baptist
Parish Sales
Tax Dist.
Rfdg. Series
1989-ST,
7.80% 12/1/14
Maryland Baltimore 3,100,000 3,665,750 3,100,000 3,665,750
Consolidated
Pub. Impt.
Series A,
7.25%
10/15/05
(FGIC
Insured)
Maryland Howard County 250,000 269,688 250,000 269,688
Mtg. Rev.
(Heartlands
Elderly Apts.
Proj.) 8.875%
12/1/10 (MBIA
Insured) (FHA
Guaranteed)
Maryland Maryland 2,500,000 2,543,750 2,500,000 2,543,750
Commmty. Dev.
Admin. Dept.
of Hsg. &
Commty. Dev.
(Single
Family
Housing)
Series B,
5.05% 9/1/19
Maryland Maryland Health 2,000,000 2,255,000 2,000,000 2,255,000
& Higher Edl.
Facs. Auth. Rev.
Rfdg. (Good
Samaritan Hosp.)
5.75%7/1/13
Maryland Maryland 3,000,000 2,970,000 2,660,000 3,205,300 5,660,000 6,175,300
Health &
Higher Edl.
Facs. Auth.
Rev. Rfdg.
(Johns
Hopkins
Univ.) 5.25%
7/1/19
Maryland Maryland 3,000,000 2,951,250 3,000,000 2,951,250
Health &
Higher Edl.
Facs. Auth.
REv. Refdg.
(John Hopkins
Univ.) 5.25%
7/1/17
Maryland Prince 1,500,000 1,515,000 1,500,000 1,515,000
George's
County Solid
Waste Mgmt.
Sys. Rev.
Rfdg. 5.25%
6/15/13 (FSA
Insured)
Maryland Washington D.C. 3,000,000 3,371,250 3,000,000 3,371,250
Metropolitan Area
Trans. Auth.
Gross Rev. Rfdg.
6% 7/1/09 (FGIC
Insured)
Massachusetts Boston Rev. 7,000,000 7,743,750 7,000,000 7,743,750
(Boston City
Hosp.) Series
A, 7.625%
2/15/21 (FHA
Guaranteed)
(Pre-Refunded
to 8/15/00 @
102)
Massachusetts Boston Rev. 1,500,000 1,640,625 1,500,000 1,640,625
Rfdg. (Boston
City Hosp.)
7.15% 8/15/01
(FHA
Guaranteed)
(Pre-Refunded
to8/15/00 @
102)
Massachusetts Massachusetts 5,000,000 5,231,250 5,000,000 5,231,250
Bay Trans.
Auth. Rfdg.
(Gen. Trans.
Sys.) Series
A, 5.50%
3/1/12
Massachusetts Massachusetts 3,090,000 3,298,575 3,090,000 3,298,575
Edl. Loan
Auth. (Edl.
Loan Rev.)
Issue E,
Series B,
5.75% 7/1/05
(AMBACInsured
)
Massachusetts Massachusetts 3,680,000 3,951,400 3,680,000 3,951,400
Edl. Loan
Auth. (Edl.
Loan Rev)
Issue E,
Series B
5.85% 7/1/06
(AMBAC
Insured)
Massachusetts Massachusetts 3,980,000 4,273,525 3,980,000 4,273,525
Educational
Laoan Auth.
(Edl.Loan
Rev.) Issue E
Series B,
5.95% 7/1/07
(AMBAC
Insured)
Massachusetts Massachusetts 4,115,000 4,403,050 4,115,000 4,403,050
Ed. Loan
Auth. Ed.
Loan Rev.
Rfdg. Issue E
Series B,
6.05% 7/1/08
(AMBACInsured
) (AMT)
Massachusetts Massachusetts 1,650,000 1,753,125 1,650,000 1,753,125
Ed. Loan
Auth. Ed.
Loan Rev.
Rfdg. Issue E
Series B,
6.15% 7/1/10
(AMBAC
Insured)
(AMT)
Massachusetts Massachusetts 1,000,000 1,062,500 1,000,000 1,062,500
Ed. Loan
Auth. Ed.
Loan Rev.
Rfdg. Issue E
Series B,
6.25% 7/1/11
(AMBAC
Insured)
(AMT)
Massachusetts Massachusetts 1,000,000 1,058,750 1,000,000 1,058,750
Ed. Loan
Auth. Ed.
Loan Rev.
Rfdg. Issue E
Series B,
6.30% 7/1/12
(AMBAC
Insured)
(AMT)
Massachusetts Massachusetts 3,000,000 3,011,250 3,000,000 3,011,250
Muni.
Wholesale
Elec. Co.
Pwr. Supply
Sys. Rev.
Rfdg. 5%
7/1/10
(AMBACInsured
)
Massachusetts Massachusetts 21,685,000 5,177,294 21,685,00 5,177,294
Muni. Wholesale 0
Elec. Co. Pwr.
Supply Sys. Rev.
Series A, 6.75%
7/1/08(MBIA
Insured)
Massachusetts Massachusetts 11,095,00 11,427,85 11,095,00 11,427,85
Gen. Oblig. 0 0 0 0
Rfdg. Series
A, 5.50%
2/1/11 (MBIA
Insured)
Massachusetts Massachusetts 1,400,000 1,480,500 1,400,000 1,480,500
Gen. Oblig.
Consolidated
LoanSeries A,
6% 6/1/11
(Pre-Refunded
to
6/1/01@100)
Massachusetts Massachusetts 4,000,000 3,965,000 4,000,000 3,965,000
Gen. Oblig.
Consolidated
Loan Series
A, 5% 1/1/12
Massachusetts Massachusetts 9,800,000 10,706,50 9,800,000 10,706,50
Gen. Oblig. 0 0
Rfdg. Series
A, 6.25%
7/1/03
Massachusetts Massachusetts 6,000,000 6,600,000 6,000,000 6,600,000
Gen. Oblig.
Rfdg. Series
A, 6.25%
7/1/04
Massachusetts Massachusetts 12,000,00 12,225,00 12,000,00 12,225,00
Gen. Oblig. 0 0 0 0
Consolidated
LoanSeries C,
5.375% 9/1/14
(MBIA
Insured)
Massachusetts Massachusetts 2,660,000 1,878,625 2,660,000 1,878,625
Health & Edl.
Facs. Auth. Rev.
(Univ. Hosp.)
Series C, 7.25%
7/1/19(MBIA
Insured)
Massachusetts Massachusetts 2,000,000 1,997,500 3,050,000 1,932,938 5,050,000 3,930,438
Health & Edl.
Facs. Auth.
Rev. (New
England Med.
Ctr. Hosp.)
Series
G,5.375%
7/1/24 (MBIA
Insured)
Massachusetts Massachusetts 3,000,000 2,966,250 2,600,000 2,765,750 5,600,000 5,732,000
Health & Edl.
Facs. Auth.
Rev. Rfdg.
(Baystate
Med. Ctr.)
Series D,
5%7/1/12
(FGIC
Insured)
Massachusetts Massachusetts 1,100,000 1,236,125 1,100,000 1,236,125
Health & Edl.
Facs. Auth.
Rev. Rfdg.
(Harvard
Univ.) Series
P,
6.50%11/1/03
Massachusetts Massachusetts 2,500,000 2,437,500 2,500,000 2,437,500
Ind. Fin. Agcy.
Rev. Rfdg.
(Harvard
Commty. Health
Plan) Series
B,8.125% 10/1/17
Massachusetts Massachusetts 23,300,00 17,941,00 23,300,00 17,941,00
Ind. Fin. 0 0 0 0
Agcy. Rev.
(Cap.
Appreciation)
(Massachusett
s
BiomedicalRes
earch) Series
A-2, 0%
8/1/03
Massachusetts Massachusetts 225,000 234,281 225,000 234,281
Ind. Fin.
Agcy. Rev.
(Massachusett
s Biomedical
Research)
Series
A-1,7.10%
8/1/99
Massachusetts Massachusetts 5,000,000 3,662,500 2,000,000 2,242,500 7,000,000 5,905,000
Ind. Fin.
Agcy. Rev.
(Cap.
Appreciation)
(Massachusett
s Biomedical
Research)
Series A-2,
0% 8/1/04
Massachusetts Massachusetts 26,800,00 17,587,50 26,800,00 17,587,50
Ind. Fin. 0 0 0 0
Agcy. Rev.
(Cap.
Appreciation)
(Massachusett
s Biomedical
Research)
Series A-2,
0% 8/1/06
Massachusetts Massachusetts 15,800,00 8,650,500 15,800,00 8,650,500
Ind. Fin. 0 0
Agcy. Rev.
(Cap.
Appreciation)
(Massachusett
s Biomedical
Research)
Series A-2,
0% 8/1/09
Massachusetts Massachusetts 11,000,00 5,651,250 11,000,00 5,651,250
Ind. Fin. 0 0
Agcy. Rev.
(Cap.
Appreciation)
(Massachusett
s Biomedical
Research)
Series A-2,
0% 8/1/10
Massachusetts Massachusetts 6,600,000 7,053,750 6,600,000 7,053,750
Ind. Fin.
Agcy. Rev.
Rfdg.
(Atlanticare
Med. Ctr.)
Series A,
10.125%11/1/1
4
Massachusetts Massachusetts 2,000,000 2,150,000 2,000,000 2,150,000
Hsg. Fin.
Agcy. Hsg.
Rev. Rfdg.
(Rental)
Series A,
6.65% 7/1/19
(AMBACInsured
) (AMT)
Massachusetts Massachusetts 2,500,000 2,453,125 2,500,000 2,453,125
Tpk. Auth.
Metropolitan
Hwy. Sys.
Rev. Series
A, 5.125%
1/1/23 (MBIA
Insured)
Massachusetts Massachusetts 7,000,000 6,685,000 7,000,000 6,685,000
Tpk. Auth.
Metropolitan
Hwy. Sys.
Rev. Series
A, 5% 1/1/27
(MBIA
Insured)
Massachusetts Massachusetts 9,500,000 9,500,000 2,715,000 2,670,881 12,215,00 12,170,88
Tpk. Auth. 0 1
Metropolitan
Hwy. Sys.
Rev. Series
B, 5.25%
1/1/17 (MBIA
Insured)
Massachusetts Massachusetts 9,150,000 9,317,171 2,500,000 2,750,000 11,650,00 12,067,17
Tpk. Auth. 0 1
Western Tpk.
Rev. Series
A, 5.55%
01/1/17 (MBIA
Insured)
Massachusetts New England 18,500,00 19,309,37 5,995,000 6,594,500 24,495,00 25,903,87
Ed. Loan 0 5 0 5
Marketing
Corp. Rev.
Rfdg.
(Student
Loan) Series
A, 5.70%
7/1/05(AMT)
Massachusetts New England 2,500,000 2,562,500 2,500,000 2,562,500
Ed. Loan
Marketing
Corp. Rev.
Rfdg.
(Student
Loan) Series
B, 5.40%
6/1/00
Massachusetts New England 2,500,000 2,540,625 2,500,000 2,540,625
Ed. Loan
Marketing
Corp. Rev.
Rfdg.
(Student
Loan) Series
G, 5% 8/1/00
Massachusetts New England 2,000,000 2,052,500 3,270,000 3,785,025 5,270,000 5,837,525
Ed. Loan
Marketing
Corp. Rev.
Rfdg.
(Student
Loan) Series
G, 5.20%
8/1/02
Michigan Detroit 3,000,000 3,011,250 2,500,000 2,440,625 5,500,000 5,451,875
Convention
Facs. Rev.
Rfdg. (Cobo
Hall
Expansion
Proj.) 5.25%
9/30/12
Michigan Detroit Hosp. 36,710,00 6,607,800 36,710,00 6,607,800
Fin. Auth. 0 0
Hosp. Facs.
Rev. Rfdg.
(Michigan
Health Care
Corp. Proj.)
0%12/1/20
Michigan Michigan Muni. 2,750,000 3,007,813 2,750,000 3,007,813
Auth. Rev. Rfdg.
(Local Gov't.
Loan Prog.) 7%
11/1/02 (AMBAC
Insured)
Michigan Michigan Muni. 3,500,000 3,810,625 3,500,000 3,810,625
Auth. Rev. Rfdg.
(Local Gov't.
Loan Prog.) 7%
11/1/03 (AMBAC
Insured)
Michigan Michigan Hsg. 1,475,000 1,535,844 800,000 799,000 2,275,000 2,334,844
Dev. Auth.
Single Family
Mtg. Rev.
Series A,
7.70% 12/1/16
Michigan Michigan Hsg. 470,000 492,325 4,790,000 5,203,138 5,260,000 5,695,463
Dev. Auth.
Single Family
Mtg. Rev.
Series A,
7.50% 6/1/15
Michigan Michigan 1,000,000 1,115,000 1,000,000 1,115,000
Hosp. Fin.
Auth. Rev.
Rfdg. (Bay
Med. Ctr.)
Series A,
8.25% 7/1/12
Michigan Michigan Hosp. 2,000,000 2,104,200 2,000,000 2,104,200
Fin. Auth. Rev.
Rfdg. (Sisters of
Mercy Health
Corp.) 5.375%
8/15/14(MBIA
Insured)
Michigan Royal Oak 3,695,000 3,791,994 3,695,000 3,791,994
Hosp. Fin.
Auth. Hosp.
Rev. Rfdg.
(William
Beaumont
Hosp.) 5.50%
1/1/14
Michigan Michigan 7,750,000 8,021,250 5,000,000 2,912,500 12,750,00 10,933,75
Univ. Rev. 0 0
Rfdg. (Univ.
Hosp. Proj.)
Series A,
5.75% 12/1/12
Michigan Western 2,000,000 2,112,820 2,000,000 2,112,820
Townships
Util. Auth.
Swr. Disp.
Sys. Ltd. Tax
8.20% 1/1/18
Michigan Western 2,810,000 2,026,713 2,810,000 2,026,713
Townships
Util. Auth.
Swr. Disp.
Sys. Rfdg.
(Cap.
Appreciation)
0% 1/1/05
(FSAInsured)
Minnesota Centennial 2,610,000 2,554,538 2,610,000 2,554,538
Independant
School Dist.
#12 Rfdg.
Series B,
4.875% 2/1/12
(FGIC
Insured)
Minnesota Maplewood 1,000,000 1,036,250 1,000,000 1,036,250
Health Care
Facs. Rev.
(Healtheast
Proj.) 5.80%
11/15/03
Minnesota Minneapolis & 7,000,000 6,571,250 4,500,000 4,415,625 11,500,00 10,986,87
St. Paul Hsg. 0 5
& Redev.
Auth. Health
Care Sys.
Rev. Rfdg.
(HealthspanHe
alth Sys.
Corp.) Series
A, 4.75%
11/15/18
(AMBAC
Insured)
Minnesota Minneapolis 1,175,000 904,750 2,000,000 1,910,000 3,175,000 2,814,750
Gen. Oblig.
(Cap.
Appreciation)
Series B, 0%
12/1/03
Minnesota Minnesota Gen. 8,700,000 8,858,949 8,700,000 8,858,949
Oblig. Unltd. Tax
5.75% 8/1/05
Minnesota Minnesota Hsg. 1,000,000 1,078,750 1,000,000 1,078,750
Fin. Agcy. Single
Family Mtg.
Series K, 6.40%
1/1/15
Minnesota Minnesota 5,750,000 5,857,813 1,500,000 1,668,750 7,250,000 7,526,563
Hsg. Fin.
Agcy. (Single
Family Mtg.)
Series B,
5.80% 7/1/25
(AMT)
Minnesota Minnesota Hsg. 1,000,000 1,111,250 1,000,000 1,111,250
Fin. Agcy. Single
Family Mtg.
Series I, 6.25%
1/1/15
Minnesota Northern 1,700,000 1,790,202 1,700,000 1,790,202
Muni. Pwr.
Agcy. Elec.
Sys. Rev.
Rfdg. Series
A, 7.25%
1/1/16
Minnesota Rochester 2,000,000 2,200,000 2,000,000 2,200,000
Health Care
Facs. Rev.
Rfdg. (Mayo
Foundation/Ma
yo Med. Ctr.)
Series
I,5.90%
11/15/09
Minnesota Rochester 2,250,000 2,466,563 2,250,000 2,466,563
Health Care
Facs. Rev.
Rfdg. (Mayo
Foundation/My
ao Med. Ctr.)
Series
I,5.90%
11/15/10
Minnesota Minnesota 10,000,00 10,200,00 10,000,00 10,200,00
Univ. Rfdg. 0 0 0 0
4.80% 8/15/03
Minnesota Western 3,525,000 3,674,813 3,890,000 2,329,138 7,415,000 6,003,951
Minnesota
Muni. Pwr.
Agcy. Wtr.
Supply Rev.
Rfdg. Series
A, 5.50%
1/1/11 (AMBAC
Insured)
Minnesota Western 1,750,000 1,826,563 1,750,000 1,826,563
Minnesota
Muni. Pwr.
Agncy. Pwr.
Supply Rev.
Rfdg. Series
A, 5.50%
1/1/12 (AMBAC
Insured)
Mississippi Hinds County 1,095,000 1,164,806 8,100,000 4,293,000 9,195,000 5,457,806
Ctfs. of
Prtn. (Hinds
County
Welfare Dept.
Proj.) 7.75%
3/1/09(Pre-Re
funded to
3/1/99 @ 102)
Mississippi Hinds County 4,000,000 4,220,000 3,100,000 1,224,500 7,100,000 5,444,500
Rev. Rfdg.
(Mississipi
Methodist
Hosp. &
Rehabilitatio
n) 5.60%
5/1/12(AMBAC
Insured)
Mississippi Mississippi 275,000 296,313 7,000,000 7,157,500 7,275,000 7,453,813
Home Corp.
Single Family
Rev. Rfdg.
Series
1990-A, 9.25%
3/1/12
(FGICInsured)
Missouri Missouri Higher 75,000 83,250 75,000 83,250
Ed. Loan Auth.
Student Loan
Rev. (Sr. Lien)
Series A, 5.625%
2/15/01
Montana Montana Coal 2,000,000 2,102,500 2,000,000 2,102,500
Severance Tax
Rfdg.
(Broadwater
Pwr. Proj.)
Series A,
6.875%
12/1/11*
Montana Montana Board 6,200,000 7,068,000 6,200,000 7,068,000
of Investment
Payroll Tax
(Workers
Compensation)
Series 1991,
6.875%
6/1/11(MBIA
Insured)
(Escrowed to
Maturity)
Montana Montana Board 2,005,000 2,187,956 2,005,000 2,187,956
of Investment
Payroll Tax
(Workers
Compensation)
6.875% 6/1/20
(MBIA
Insured)
(Escrowed to
Maturity)
Montana Montana Board 1,255,000 1,369,519 1,255,000 1,369,519
of Investment
Payroll Tax
(Workers
Compensation)
6.875% 6/1/20
(MBIA
Insured)
(Escrowed to
Maturity)
Montana Montana Board 3,870,000 4,223,138 3,870,000 4,223,138
of Investment
Payroll Tax
(Workers
Compensation)
6.875% 6/1/20
(MBIA
Insured)
(Escrowed to
Maturity)
Nebraska Douglas 3,250,000 3,599,375 3,250,000 3,599,375
County Hosp.
Auth. #1 Rev.
Rfdg.
(Immanuel
Med. Ctr.,
Inc.) 6.90%
9/1/11(AMBAC
Insured)
Nebraska Nebraska Pub. 6,065,000 6,087,744 1,420,000 1,560,225 7,485,000 7,647,969
Pwr. Dist.
Rev. Rfdg.
(Pwr. Supply
Sys.) Series
B, 5.25%
1/1/13
(MBIAInsured)
Nebraska Nebraska Pub. 5,880,000 5,902,050 4,255,000 4,308,187 10,135,00 10,210,23
Pwr. Dist. 0 7
Rev. Rfdg.
(Pwr. Supply
Sys.) Series
C, 5% 1/1/10
(MBIA
Insured)
Nebraska Scotts Bluff 3,000,000 3,258,750 3,450,000 3,475,875 6,450,000 6,734,625
County Hosp.
Auth. #1
Hosp. Rev.
Rfdg. (Reg'l.
West Med.
Ctr.
Proj.)6.45%
12/15/04
Nevada Clark County Ind. 4,920,000 5,036,850 4,920,000 5,036,850
Dev. Rev. Rfdg.
(Neveda Pwr. Co.
Proj. C) 7.20%
10/1/22
(AMBACInsured)
New Hampshire New Hampshire 2,500,000 2,934,375 2,500,000 2,934,375
Tpk. Sys.
Rev. Rfdg.
Series A, 7%
11/1/06 (FGIC
Insured)
New Jersey Camden County 1,060,000 1,171,300 1,060,000 1,171,300
Muni. Util.
Auth. Swr.
Rev. Rfdg. 6%
7/15/06 (FGIC
Insured)
New Jersey New Jersey 1,345,000 1,400,481 1,345,000 1,400,481
Transit Corp.
Series A,
5.40% 9/1/02
(FSA Insured)
New Jersey New Jersey 7,800,000 8,521,500 7,800,000 8,521,500
Trans. Trust
Fund Auth.
Rfdg. (Trans.
Sys.) Series
A, 6% 6/15/04
(AMBACInsured
)
New Jersey New Jersey 3,000,000 3,525,000 3,000,000 3,525,000
Trans. Trust
Fund Auth.
Rfdg. (Trans.
Sys.) Series
B, 6.50%
6/15/10
(MBIAInsured)
New Jersey New Jersey Tpk. 2,425,000 2,688,719 2,425,000 2,688,719
Auth. Tpk. Rev.
Rfdg. 10.375%
1/1/03 (Escrowed
to Maturity)
New Jersey New Jersey 3,475,000 3,831,188 1,465,000 1,640,800 4,940,000 5,471,988
Wastewtr.
Treatment
Trust Ref.
Series C,
6.25% 5/15/04
(MBIA
Insured)
New Jersey Passaic 3,580,000 3,119,075 2,700,000 3,040,875 6,280,000 6,159,950
County Util.
Auth. Solid
Waste Disp.
Rev. Rfdg.
(Cap.
Appreciation)
0% 3/1/01
(MBIA
Insured)
New Mexico Albuquerque 2,375,000 2,588,750 1,570,000 1,783,913 3,945,000 4,372,663
Arpt. Rev.
Series A,
6.60% 7/1/16
(AMBAC
Insured)
New Mexico Albuquerque 1,100,000 1,190,750 1,100,000 1,190,750
Arpt. Rev.
Rfdg. 6.25%
7/1/03 (AMBAC
Insured)
(AMT)
New Mexico Albuquerque 1,700,000 1,963,500 1,700,000 1,963,500
Arpt. Rev.
Rdfg. 6.75%
7/1/10 (AMBAC
Insured)
(AMT)
New Mexico Albuquerque 1,935,000 2,242,181 5,000,000 5,368,750 6,935,000 7,610,931
Arpt. Rev.
Rfdg. 6.75%
7/1/12 (AMBAC
Insured)
(AMT)
New Mexico New Mexico 5,020,000 5,120,400 5,020,000 5,120,400
Edl.
Assistance
Foundation
Student Loan
Rev. Series
B, 5.25%
4/1/05
(AMBACInsured
)
New Mexico New Mexico 3,400,000 3,761,250 3,000,000 3,082,500 6,400,000 6,843,750
Univ. Rev.
Rfdg. Series
A, 6% 6/1/21
New York Metropolitan 2,000,000 2,150,000 6,000,000 6,465,000 8,000,000 8,615,000
Trans. Auth.
Facs. Rev.
SeriesA, 6%
7/1/16 (FGIC
Insured)
New York Metropolitan 2,890,000 3,074,238 3,750,000 3,881,250 6,640,000 6,955,488
Trans. Auth.
Commuter
Facs. Rev.
Series A, 6%
7/1/21 (FGIC
Insured)
New York Metropolitan 5,000,000 5,137,500 8,010,000 4,475,588 13,010,00 9,613,088
Trans. Auth. 0
Commuter
Facs. Rev.
Series A,
5.625% 7/1/27
(MBIA
Insured)
New York Metropolitan 1,000,000 1,062,500 7,750,000 9,009,375 8,750,000 10,071,87
Trans. Auth. 5
Svc. Contract
Commuter
Facs. Series
O, 5.75%
7/1/08
New York Metropolitan 3,840,000 4,080,000 3,840,000 4,080,000
Trans. Auth.
Svc. Contract
Commuter
Facs. Series
O, 5.75%
7/1/08
New York Metropolitan 7,650,000 8,051,625 1,970,000 1,130,287 9,620,000 9,181,912
Trans. Auth.
Svc. Contract
Commuter
Facs. Series
O, 5.75%
7/1/13
New York Metropolitan 1,800,000 1,320,750 1,800,000 1,320,750
Trans. Auth.
Trans. Facs. Rev.
(Svc. Contract)
Series R, 5.50%
7/1/07
New York Metropolitan 5,000,000 5,612,500 3,315,000 3,600,919 8,315,000 9,213,419
Trans. Auth.
Transport
Facs. Rev.
Rfdg. Series
K, 6.30%
7/1/07
(MBIAInsured)
New York Metropolitan 3,500,000 3,911,250 3,305,000 3,519,825 6,805,000 7,431,075
Trans. Auth.
Transport
Facs. Rev.
Rfdg. Series
K, 6.30%
7/1/06
(MBIAInsured)
New York Metropolitan 5,000,000 5,362,500 5,000,000 5,362,500
Trans. Auth.
Transport
Facs. Rev.
Series A,
6.10% 7/1/21
(FSA Insured)
New York Metropolitan 3,430,000 3,580,063 1,915,000 2,010,750 5,345,000 5,590,813
Trans. Auth.
Transit Facs.
Rev. Series
A, 5.75%
7/1/21 (MBIA
Insured)
New York New York City 18,750,00 20,367,18 455,000 490,262 19,205,00 20,857,45
Muni. 0 8 0 0
Assistance
Corp. Rfdg.
Series E, 6%
7/1/04
New York New York City 2,140,000 2,324,575 4,000,000 4,130,000 6,140,000 6,454,575
Muni.
Assistance
Corp. Rfdg.
Series J, 6%
7/1/04
New York Nassau County 2,465,000 2,625,225 2,465,000 2,625,225
Gen. Impt. Rfdg.
Series A, 6.50%
5/1/04 (FGIC
Insured)
New York Nassau County 4,390,000 5,772,850 4,390,000 5,772,850
Gen. Impt. Rfdg.
series A, 6.50%
5/1/06 (FGIC
Insured)
New York New York City 4,940,000 5,384,600 4,940,000 5,384,600
Gen. Oblig.
Rfdg. Series
H, 7.875%
8/1/00
New York New York City 2,000,000 2,150,000 2,000,000 2,150,000
Gen. Oblig.
Series F,
8.10%
11/15/99
New York New York City 2,000,000 2,100,000 2,000,000 2,100,000
Gen. Oblig.
Rfdg. Series
B, 5.70%
8/15/02
New York New York City 2,000,000 2,222,500 2,000,000 2,222,500
Gen. Oblig.
Series B,
7.50% 2/1/02
New York New York City 5,000,000 5,187,500 5,000,000 5,187,500
Gen. Oblig.
Rfdg. Series
H, 5.50%
8/1/01
New York New York City 5,000,000 5,587,500 2,325,000 2,673,750 7,325,000 8,261,250
Gen. Oblig.
Series B,
7.50% 2/1/03
New York New York City 1,500,000 1,670,625 2,540,000 2,959,100 4,040,000 4,629,725
Gen. Oblig.
Series B,
7.50% 2/1/04
New York New York City 4,120,000 4,459,900 4,120,000 4,459,900
Gen. Oblig.
Series C,
6.40% 8/1/03
New York New York City 2,000,000 2,235,000 7,425,000 8,288,156 9,425,000 10,523,15
Gen. Oblig. 6
Rfdg. Series
A, 7% 8/1/03
New York New York City 5,000,000 5,375,000 4,490,000 5,034,412 9,490,000 10,409,41
Gen. Oblig. 2
Rfdg. Series
A, 6.375%
8/1/05
New York New York City 4,000,000 4,515,000 4,000,000 4,515,000
Gen. Oblig. Rfdg.
Series D, 8%
2/1/05
New York New York City 3,000,000 3,217,500 3,000,000 3,217,500
Gen. Oblig.
Rfdg. Series
C, 6.50%
8/1/07
New York New York City 4,900,000 4,911,564 4,900,000 4,911,564
Gen. Oblig.
Series A, 6%
8/1/18 (FSA
Insured)
(Escrowed to
Maturity)
New York New York City 10,285,00 10,657,83 10,285,00 10,657,83
Gen. Oblig. 0 1 0 1
Rfdg. Series
E, 5.40%
2/15/03
New York New York City 3,000,000 3,090,000 3,000,000 3,090,000
Gen. Oblig.
Series G,
5.40% 2/1/01
New York New York City 12,595,00 13,098,80 12,595,00 13,098,80
Gen. Oblig. 0 0 0 0
Series G,
5.60% 2/1/02
New York New York City 3,000,000 3,206,250 3,000,000 3,206,250
Gen. Oblig.
Series J, 6%
2/15/04
New York New York City 3,580,000 3,718,725 3,580,000 3,718,725
Gen. Oblig.
Rfdg. Series
H, 5.40%
8/1/04
New York New York City 1,640,000 1,771,200 1,640,000 1,771,200
Gen. Oblig.
Series H,
6.90% 2/1/01
(Escrowed to
Maturity)
New York New York City 245,000 263,069 245,000 263,069
Gen. Oblig.
Series H,
6.90% 2/1/01
New York New York Gen. 250,000 279,063 250,000 279,063
Oblig. Series
A, 7.75%
8/17/07
New York New York City 1,495,000 1,597,781 6,500,000 7,345,000 7,995,000 8,942,781
Gen. Oblig.
Series F,
6.10% 2/15/02
(Escrowed to
Maturity)
New York New York City 995,000 1,054,700 2,000,000 2,350,000 2,995,000 3,404,700
Gen. Oblig.
Series F,
6.10% 2/15/02
New York New York City 5,000 5,225 1,200,000 1,401,000 1,205,000 1,406,225
Rfdg. Series
B, 5.50%
8/15/01(Escro
wed to
Maturity)
New York New York Gen. 395,000 409,813 395,000 409,813
Oblig. Series
B, 5.5%
8/15/01
New York New York City 11,900,00 11,969,37 11,900,00 11,969,37
Gen. Oblig. 0 7 0 7
Series L,
4.75% 8/1/98
New York New York City 1,325,000 1,376,344 1,500,000 1,668,750 2,825,000 3,045,094
Muni. Wtr.
Fin. Auth.
Wtr. & Swr.
Sys. Rev.
Series B,
5.875%
6/15/26
New York New York City 4,550,000 4,680,813 4,550,000 4,680,813
Trust
Cultural
Resources
Rev.
(American
Museum of
Nat'l.
History)Serie
s A, 5.65%
4/1/27 (MBIA
Insured)
New York New York State 7,450,000 7,934,250 7,450,000 7,934,250
Dorm. Auth. Rev.
(City Univ. Sys.
Consolidated)
Series D, 7%
7/1/09
New York New York 7,000,000 8,172,990 10,000,000 11,175,000 17,000,00 19,347,99
State Dorm. 0 0
Auth. Rev.
(Suffolk
County
Judicial
Facs.) Series
A, 9.50%
4/15/14
New York New York 3,500,000 3,696,875 3,500,000 3,696,875
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
A, 5.50%
5/15/08
New York New York 7,000,000 7,560,000 7,000,000 7,560,000
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
A, 5.875%
5/15/11
New York New York 19,100,00 19,649,12 4,375,000 4,943,750 23,475,00 24,592,87
State Dorm. 0 5 0 5
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
A, 5.50%
5/15/13
New York New York 3,565,000 3,836,831 3,565,000 3,836,831
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
A,5.875%
5/15/17
New York New York 1,000,000 1,036,250 2,550,000 3,037,687 3,550,000 4,073,937
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
B, 5.25%
5/15/05
New York New York 8,000,000 8,110,000 8,000,000 8,110,000
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
B, 5.25%
5/15/11
New York New York 3,000,000 3,322,500 3,000,000 3,322,500
State Dorm.
Auth. Rev.
Rfdg. (State
Univ. Edl.
Facs.) Series
A, 6.50%
5/15/04
New York New York 2,465,000 2,622,144 2,465,000 2,622,144
State Dorm.
Auth. Rev.
(State Univ.
Edl. Facs.)
5.75% 5/15/09
New York New York State 6,000,000 6,180,000 6,000,000 6,180,000
Dorm. Auth. Rev.
Rfdg. (Mental
Health Svcs.
Facs.) Series B,
6% 2/15/03
New York New York 2,000,000 2,155,000 14,120,000 14,684,800 16,120,00 16,839,80
State Envir. 0 0
Facs. Corp.
Poll. Cont.
Rev. Rfdg.
(State Wtr.
Revolving
Fund)(New
York City
Muni. Wtr.)
Series A,
5.75% 6/15/12
New York New York 2,000,000 1,202,500 2,000,000 1,202,500
State Local
Gov't.
Assistance
Corp. (Cap.
Appreciation)
Series A, 0%
4/1/08
New York New York 5,000,000 3,006,250 5,000,000 3,006,250
State Local
Gov't.
Assistance
Corp. (Cap.
Appreciation)
Series B, 0%
4/1/08
New York New York 4,600,000 4,922,000 4,600,000 4,922,000
State Local
Gov't.
Assistance
Corp. Series
C, 6.50%
4/1/15
New York New York 18,140,00 18,752,22 18,140,00 18,752,22
State Local 0 5 0 5
Gov't.
Assistance
Corp. Series
B, 6% 4/1/18
New York New York 31,600,00 32,311,00 31,600,00 32,311,00
State Local 0 0 0 0
Gov't.
Assistance
Corp. Rfdg.
Series C,
5.50% 4/1/17
New York New York 8,335,000 9,085,150 8,335,000 9,085,150
State Local
Gov't.
Assistance
Corp. Rfdg.
Series E, 6%
4/1/14
New York New York 15,575,00 15,555,53 15,575,00 15,555,53
State Local 0 1 0 1
Gov't.
Assistance
Corp. Rfdg.
Series E,
5.25% 4/1/16
New York New York 11,000,00 11,013,75 11,000,00 11,013,75
State Local 0 0 0 0
Gov't.
Assistance
Corp. Rfdg.
Series A,
5.375% 4/1/16
New York New York 8,500,000 5,896,875 8,500,000 5,896,875
State Tollway
Auth. Gen.
Rev. (Spl.
Oblig.) (Cap.
Appreciation)
Series A,
0%1/1/05
New York New York 2,345,000 2,588,294 2,500,000 2,721,875 4,845,000 5,310,169
State Thruway
Auth. Hwy. &
Bridge Trust
Fund Series
A, 6.25%
4/1/04
(MBIAInsured)
New York New York State 3,500,000 3,561,250 3,500,000 3,561,250
Thruway Auth.
Svc. Contract
Rev. (Local Hwy.
& Bridge) 7.25%
1/1/10(Pre-Refun
ded to 1/1/01 @
102)
New York New York State 3,000,000 3,637,500 3,000,000 3,637,500
Tollway Auth. Svc.
Contract Rev.
(Local Hwy. &
Bridge) Series A,
6%1/1/05 (MBIA
Insured)
New York New York 2,300,000 2,423,625 2,000,000 2,332,500 4,300,000 4,756,125
State Urban
Dev. Corp.
Rev. Rfdg.
(State Facs.)
5.75% 4/1/11
New York New York State 3,780,000 4,502,925 3,780,000 4,502,925
Urban Dev. Corp.
Rev.
Rfdg.(Correctiona
l Cap. Facs.)
Series A,
6.30%1/1/03
New York Niagara Falls 500,000 642,500 500,000 642,500
Pub. Impt.
7.50% 3/1/18
(MBIA
Insured)
New York Suffolk 3,000,000 3,078,750 3,000,000 3,078,750
County Wtr.
Auth.
Waterwks.
Rev. Rfdg.
(Sr, Lien)
5.10% 6/1/09
(MBIA
Insured)
New York Triborough 2,325,000 2,752,219 2,325,000 2,752,219
Bridge &
Tunnel Auth.
Rev.
(Convention
Ctr. Proj.)
Series E,
7.25% 1/1/10
New York Triborough 3,155,000 2,906,544 3,155,000 2,906,544
Bridge &
Tunnel Auth.
Rev. (Gen.
Purp.) Series
A, 4.75%
1/1/19
New York Triborough 2,075,000 2,023,125 2,075,000 2,023,125
Bridge &
Tunnel Auth.
Rev. Series
A, 5.125%
1/1/22
New York Triborough 10,100,00 10,554,50 4,370,000 4,621,275 14,470,00 15,175,77
Bridge & 0 0 0 5
Tunnel Auth.
Rev. Rfdg.
(Gen. Purp.)
Series Y,
5.50% 1/1/17
North North 2,000,000 2,120,000 2,000,000 2,120,000
Carolina Caroline
Eastern Muni.
Pwr. Agcy.
Pwr. Sys.
Rev. Rfdg.
Series A,
6.25% 1/1/03
North North 9,000,000 9,483,750 9,000,000 9,483,750
Carolina Carolina
Eastern Muni.
Pwr. Agcy.
Pwr. Sys.
Rev. Series
B, 6% 1/1/05
North Carolina North Carolina 8,035,000 8,547,231 8,035,000 8,547,231
Eastern Muni.
Pwr. Agcy. Pwr.
Sys. Rev. Rfdg.
Series B, 7.25%
1/1/07
North North 20,000,00 22,875,00 20,000,00 22,875,00
Carolina Carolina 0 0 0 0
Eastern Muni.
Pwr. Agcy.
Pwr. Sys.
Rev. Rfdg.
Series B, 7%
1/1/08
North North 5,000,000 5,693,750 2,500,000 2,687,500 7,500,000 8,381,250
Carolina Carolina
Eastern Muni.
Pwr. Agcy.
Pwr. Sys.
Rev. Rfdg.
Series C, 7%
1/1/07
North North 5,950,000 6,128,500 5,950,000 6,128,500
Carolina Carolina
Eastern Muni.
Pwr. Agcy.
Pwr. Sys.
Rev. Rfdg.
Series C,
5.50% 1/1/07
North North 4,655,000 4,841,200 4,655,000 4,841,200
Carolina Carolina
Muni. Pwr.
Agcy. #1
Catawba Elec.
Rev. 5.25%
1/1/09 (MBIA
Insured)
North Dakota Mercer County 3,750,000 4,110,938 2,500,000 2,556,250 6,250,000 6,667,188
Poll. Cont.
Rev. Rfdg.
(Montana-Dako
ta Utils. Co.
Proj.) 6.65%
6/1/22(FGIC
Insured)
North Dakota Mercer County 5,000,000 6,106,250 5,250,000 5,722,500 10,250,00 11,828,75
Poll. Cont. 0 0
Rev. Rfdg.
(Antelope
Valley
Station/Basin
Elec. Pwr.
Cooper) 7.20%
6/30/13
(AMBAC
Insured)
Ohio Bedford Hosp. 935,000 1,024,994 8,425,000 8,414,469 9,360,000 9,439,463
Impt. Rev.
Rfdg.
(Bedford
Commty.
Hosp.) Series
1990, 8.50%
5/15/09(Pre-R
efunded to
5/15/00 @
102)
Ohio Cleveland 2,000,000 2,180,000 2,000,000 2,180,000
Wtrwks. Rev.
Rfdg. (First Mtg.)
Series G, 5.50%
1/1/21 (MBIA
Insured)
Ohio Euclid City 1,265,000 1,019,906 1,265,000 1,019,906
School Dist.
(Cap.
Appreciation)
0% 12/1/02,
(AMBAC
Insured)
Ohio Euclid City 1,265,000 972,469 1,265,000 972,469
School Dist.
(Cap.
Appreciation)
0% 12/1/03,
(AMBAC
Insured)
Ohio Ohio Hsg. 7,000,000 7,122,500 5,000,000 5,518,750 12,000,00 12,641,25
Fin. Agcy. 0 0
Mtg. Rev.
4.95% 9/1/20
(AMT)
Ohio Ohio Hsg. 1,570,000 1,813,350 2,500,000 2,659,375 4,070,000 4,472,725
Fin. Agcy.
Mtg. Rev.
(Oakleaf-Tole
do Apts.
Proj.) 10.25%
12/20/25,
(GNMA Coll.)
Ohio Ohio Bldg. 8,500,000 8,000,625 2,500,000 2,725,000 11,000,00 10,725,62
Auth. Workers 0 5
Compensation
(W. Green
Bldg. A)
4.75% 4/1/14
Ohio Ohio Bldg. 4,000,000 4,180,000 4,000,000 4,180,000
Auth. State
Facs. (Adult
Correctional)
Series A,
5.95% 10/1/14
(MBIA
Insured)
Ohio Ohio Bldg. Auth. 6,000,000 6,457,500 6,000,000 6,457,500
Facs.
(Administration
Bldg. Fund)
Series A, 6%
10/1/06
Ohio Ohio Tpk. 1,250,000 1,295,313 1,250,000 1,295,313
Commission
Tpk. Rev.
Series A,
5.60% 2/15/12
(MBIA
Insured)
Ohio Ohio Tpk. 2,750,000 2,866,875 2,750,000 2,866,875
Commission
Tpk. Rev.
Series A,
5.70% 2/15/13
(MBIA
Insured)
Ohio Ohio Tpk. 5,000,000 5,187,500 5,000,000 5,187,500
Commission
Tpk. Rev.
Series A,
5.70% 2/15/17
(MBIA
Insured)
Ohio Ohio Wtr. 1,000,000 1,067,500 2,375,000 2,746,094 3,375,000 3,813,594
Dev. Auth.
Rev. Rfdg.
(Impt. Pure
Wtr. 5.75%
6/1/06 (MBIA
Insured)
Ohio Ohio Wtr. Dev. 3,650,000 4,174,687 3,650,000 4,174,687
Auth. Rev. Fresh
Wtr. Series,
6.25% 6/1/02
(AMBAC Insured)
Ohio Ohio Wtr. Dev. 10,000,000 10,162,500 10,000,00 10,162,50
Auth. Poll. Cont. 0 0
Facs. Rev. (Wtr.
Cont. Loan Fund)
State Match
Series, 6.50%
6/1/03 (MBIA
Insured)
Oregon Multnomah 10,000,000 10,037,500 10,000,00 10,037,50
County School 0 0
Dist. #3 (Park
Rose) 7% 12/1/04
(FGIC Insured)
Oregon Oregon Health 1,750,000 1,885,625 3,245,000 3,557,331 4,995,000 5,442,956
Hsg. Edl. &
Cultural
Facs. Auth.
Rev. Rfdg.
(Lewis &
Clark
College)Serie
s A, 6%
10/1/13 (MBIA
Insured)
Oregon Oregon Health 1,000,000 1,068,750 1,000,000 1,068,750
Hsg. Edl. &
Cultural
Facs. Auth.
Rev. Rfdg.
(Lewis &
Clark
College)Serie
s A, 6.125%
10/1/24 (MBIA
Insured)
Oregon Port Morrow 385,000 437,456 385,000 437,456
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/11
Oregon Port Morrow 155,000 158,891 155,000 158,891
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/98
Oregon Port Morrow 175,000 185,719 175,000 185,719
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/99
Oregon Port Morrow 385,000 437,456 385,000 437,456
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/06
Oregon Port Morrow 430,000 488,588 430,000 488,588
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/07
Oregon Port Morrow 480,000 545,400 480,000 545,400
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/08
Oregon Port Morrow 540,000 613,575 540,000 613,575
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/09
Oregon Port Morrow 605,000 687,431 605,000 687,431
Poll. Cont.
Rev. Rfdg.
(Pacific
Northwest)
Series A, 8%
7/15/10
Oregon Portland 1,385,000 1,483,681 1,385,000 1,483,681
Series B, 7%
6/1/00
Oregon Portland 1,480,000 1,620,600 1,480,000 1,620,600
Series B, 7%
6/1/01
Oregon Portland Swr. 2,000,000 2,032,500 3,250,000 3,306,875 5,250,000 5,339,375
Sys. Rev.
Rfdg. Series
A, 5.25%
3/1/10
Oregon Portland Swr. 1,875,000 2,071,875 1,875,000 2,071,875
Sys. Rev.
Series A,
6.25% 6/1/15
(Pre-Refunded
to 6/1/04 @
101)
Pennsylvania Allegheny 10,040,00 9,688,600 6,500,000 6,118,125 16,540,00 15,806,72
County Hosp. 0 0 5
Dev. Auth.
(Univ. of
Pittsburg
Med. Ctr.)
Series B,
5.125% 7/1/22
(MBIA
Insured)
Pennsylvania Butler County 5,000,000 5,493,750 5,000,000 5,493,750
Hosp. Auth.
Hosp. Rev.
(North Hills
Passavant
Hosp.) Series
A,
6.80%6/1/06
(FSA Insured)
(Pre-Refunded
to 6/1/01 @
102)
Pennsylvania Cumberland 4,600,000 4,950,750 1,750,000 1,922,812 6,350,000 6,873,562
County Muni.
Auth. Rev.
Rfdg. (1st.
Mtg.-Carlisle
Hosp. &
Health)
6.80%11/15/23
Pennsylvania Delaware 9,050,000 9,570,375 9,050,000 9,570,375
County Ind.
Dev. Auth.
Rev. Rfdg.
(Resource
Recovery
Fac.) Series
A,
6.10%7/1/13
Pennsylvania Northumberlan 11,830,00 5,190,413 11,830,00 5,190,413
d County 0 0
Auth.
Commonwealth
Lease Rev.
(Correctional
Facs.)
(Cap.Apprecia
tion) 0%
10/15/13
(MBIA
Insured)
Pennsylvania Pennsylvania 10,000,00 10,775,00 10,000,00 10,775,00
Hsg. Fin. 0 0 0 0
Agcy. Single
Family Mtg.
Series 44C,
6.65% 10/1/21
(AMT)
Pennsylvania Pennsylvania 1,860,000 2,011,125 1,860,000 2,011,125
Hsg. Fin. Agcy.
Rev. Rfdg. (Single
Family Mtg.)
Series 54A,
5.375%10/1/28
(AMT)
Pennsylvania Philadelphia 7,670,000 8,236,569 7,670,000 8,236,569
Graduated Hlth.
7% 7/1/05
Pennsylvania Philadelphia 3,000,000 2,966,250 1,975,000 2,157,687 4,975,000 5,123,937
Wtr. &
Wastewtr.
Rev. Rfdg. 5%
6/15/12 (FGIC
Insured)
Pennsylvania Philadelphia 2,000,000 2,257,500 2,790,000 3,348,000 4,790,000 5,605,500
Wtr. &
Wastewtr.
Rev. 6.75%
8/1/04 (MBIA
Insured)
Pennsylvania Philadelphia 1,500,000 1,706,250 2,940,000 3,248,700 4,440,000 4,954,950
Wtr. &
Wastewtr.
Rev. 6.75%
8/1/05 (MBIA
Insured)
Pennsylvania Philadelphia 5,500,000 5,396,875 5,500,000 5,396,875
Hosp. & Higher
Ed. Facs. Auth.
Hosp. Rev. Rfdg.
(Pennsylvania
Hosp.)5.35%
7/1/99
Pennsylvania Philadelphia 4,405,000 4,531,644 4,405,000 4,531,644
Hosp. &
Higher Ed.
Facs.
Auth.Hosp.
Rev. Rfdg.
(Pennsylvania
Hosp.) 5.70%
7/1/01
Pennsylvania Philadelphia 250,000 261,563 250,000 261,563
Muni. Auth.
Rev. Rfdg.
Lease Series
D, 6% 7/15/03
Pennsylvania Philadelphia 4,000,000 4,220,000 4,000,000 4,220,000
Muni. Auth.
Rev. Rfdg.
Series D,
6.125%
7/15/08
Pennsylvania Pittsburgh 3,900,000 2,851,875 3,900,000 2,851,875
Wtr. & Swr.
Auth. Wtr. &
Swr. Sys.
Rev. Rfdg.
(Cap.
Appreciation)
Series A,0%
9/1/04 (FGIC
Insured)
(Escrowed to
Maturity)
Pennsylvania Pittsburgh 10,000,00 9,387,500 10,000,00 9,387,500
Wtr. & Swr. 0 0
Auth. Wtr. &
Swr. Sys.
Rev. Rfdg.
Series A,
4.75% 9/1/16
(FGICInsured)
Pennsylvania Wyoming Ind. 4,300,000 4,558,000 4,300,000 4,558,000
Dev. Auth.
Poll. Cont.
Rev. Rfdg.
(Proctor &
Gamble Paper
Proj.)
5.55%5/1/10
Rhode Island Rhode Island 2,645,000 2,820,231 2,645,000 2,820,231
Depositors
Econ.
Protection
Corp. Spl.
Oblig. Rfdg.
Series A,
5.75%8/1/12
(MBIA
Insured)
South Carolina Charlston County 980,000 1,008,175 980,000 1,008,175
Gen. Oblig. Unltd.
Tax 6% 6/1/13
South Piedmont 1,135,000 1,201,681 1,135,000 1,201,681
Carolina Muni. Pwr.
Agcy. Elec.
Rev. Rfdg.
5.50% 1/1/10
(MBIA
Insured)
(Escrowed
toMaturity)
South Piedmont 1,455,000 1,531,388 1,455,000 1,531,388
Carolina Muni. Pwr.
Agcy. Elec.
Rev. Rfdg.
5.50% 1/1/10
(MBIA
Insured)
South Piedmont 2,295,000 2,461,388 2,295,000 2,461,388
Carolina Muni. Pwr.
Agcy. Elec.
Rev. Rfdg.
5.60% 1/1/09
(MBIA
Insured)
(Escrowed
toMaturity)
South Piedmont 2,945,000 3,140,106 2,000,000 2,252,500 4,945,000 5,392,606
Carolina Muni. Pwr.
Agcy. Elec.
Rev. Rfdg.
5.60% 1/1/09
(MBIA
Insured)
South Piedmont 4,625,000 4,711,719 2,000,000 2,247,500 6,625,000 6,959,219
Carolina Muni. Pwr.
Agcy. Elec.
Rev. Rfdg.
Series B,
5.25% 1/1/11
(MBIA
Insured)
South South 8,775,000 9,455,063 1,200,000 1,205,652 9,975,000 10,660,71
Carolina Carolina Ed. 5
Assistance
Auth. Rev.
(Student
Loan) 6.625%
9/1/06 (AMT)
South South 3,750,000 3,984,375 1,335,000 1,353,356 5,085,000 5,337,731
Carolina Carolina Pub.
Svc. Auth.
Rev. Rfdg.
Series A,
6.375% 7/1/21
(AMBAC
Insured)
South South 3,665,000 4,068,150 3,665,000 4,068,150
Carolina Carolina Pub.
Svc. Auth.
Rev. Rfdg.
Series A,
6.25% 2/1/06
(MBIA
Insured)
South South 200,000 227,000 200,000 227,000
Carolina Carolina Pub.
Svc. Auth.
Rev. Rfdg.
Series A,
6.50% 1/1/08
(MBIA
Insured)
South Dakota Spearfish 1,500,000 1,670,625 1,500,000 1,670,625
School Dist.
#40-2 Unltd.
Tax (Lawrence
County) 7.30%
7/1/11
(Pre-Refunded
to 7/1/01 @
102)
Tennessee Johnson City 5,335,000 5,274,981 5,335,000 5,274,981
Elec. Rev.
5.15% 5/1/23
(MBIA
Insured)
Tennessee Memphis-Shelb 1,415,000 1,574,188 1,415,000 1,574,188
y County
Arpt. Auth.
Arpt. Rev.
Rfdg. Series
A, 6.25%
2/15/11 (MBIA
Insured)
Tennessee Shelby County 3,000,000 3,371,250 3,000,000 3,371,250
Gen. Oblig.
Rfdg. Series
A, 6.75%
4/1/04
Tennessee Tennessee 2,355,000 2,658,206 2,355,000 2,658,206
Gen. Oblig.
Series A, 7%
3/1/03
Texas Allen 2,120,000 1,597,950 3,000,000 3,195,000 5,120,000 4,792,950
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/04
(PSF
Guaranteed)
Texas Allen 2,120,000 1,515,800 2,120,000 1,515,800
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/05
(PSF
Guaranteed)
Texas Austin Gen. 2,000,000 1,943,720 2,000,000 1,943,720
Oblig. Rfdg.
(Pub. Impt.)
(Cap.
Appreciation)
Series B, 0%
9/1/98
(MBIAInsured)
Texas Austin 500,000 565,625 1,500,000 1,291,875 2,000,000 1,857,500
Independent
School Dist.
School Bldg.
8.125% 8/1/01
(PSF
Guaranteed)
(Escrowedto
Maturity)
Texas Austin 2,100,000 1,711,500 7,820,000 6,871,825 9,920,000 8,583,325
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 8/1/02
(PSF
Guaranteed)
Texas Austin Util. 4,000,000 3,375,000 4,000,000 3,375,000
Sys. Rev.
Rfdg. (Cap.
Appreciation)
Series A, 0%
11/15/01
(MBIA
Insured)
Texas Austin Util. 3,895,000 2,283,444 3,895,000 2,283,444
Sys. Rev.
Rfdg. Series
A, 0%
11/15/08,
(MBIA
Insured)
Texas Austin Util. 4,000,000 2,210,000 4,000,000 2,210,000
Sys. Rev.
(Capital
Appreciation)
0% 11/15/09,
(AMBAC
Insured)
Texas Brazos River 6,400,000 6,604,992 6,400,000 6,604,992
Auth. Poll.
Cont. Rev.
(Texas Utils.
Elec. Co.)
Series A,
9.25%
3/1/18(AMT)
Texas Cedar Hill 1,575,000 876,094 1,575,000 876,094
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 8/15/09
(PSFGuarantee
d)
Texas Conroe 1,360,000 875,500 1,360,000 875,500
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/07
(PSF
Guaranteed)
Texas Conroe 3,000,000 1,826,250 3,000,000 1,826,250
Independent
School Dist.
Rfdg. (Cap.
Appreication)
0% 2/15/08
(PSF
Guaranteed)
Texas Conroe 1,805,000 972,444 1,805,000 972,444
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/10
(PSF
Guaranteed)
Texas Conroe 1,500,000 763,125 1,500,000 763,125
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/11
(PSF
Guaranteed)
Texas Corpus 1,535,000 1,310,506 1,535,000 1,310,506
Christi
Independent.
School Dist.
Rfdg. (Cap.
Appreciation)
0% 8/15/01
(PSF
Guanteed)
Texas Corpus 2,165,000 1,761,769 2,165,000 1,761,769
Christi
Independent.
School Dist.
Rfdg. 0%
8/15/02 (PSF
Guaranteed)
Texas Cypress-Fairb 4,250,000 3,208,750 4,250,000 3,208,750
anks
Independent
School Dist.
Rfdg. Unltd.
Tax (Cap.
Appreciation)
0%2/1/04 (PSF
Guaranteed)
Texas Cypress-Fairb 5,000,000 2,400,000 5,000,000 2,400,000
anks
Independent
School Dist.
Rfdg. Unltd.
Tax (Cap.
Appreciation)
Series A, 0%
2/15/12 (PSF
Guaranteed)
Texas Dallas-Fort 2,295,000 2,590,481 2,295,000 2,590,481
Worth Reg'l.
Arpt. Rev.
Rfdg. (Joint
Dallas/Fort
Worth Int'l.
Arpt.)
6.50%11/1/05
(FGIC
Insured)
Texas Dallas Gen. 5,115,000 4,072,819 3,125,000 3,024,250 8,240,000 7,097,069
Oblig. Rfdg.
(Cap.
Appreciation)
0% 2/15/03
Texas Dallas Gen. 2,500,000 2,759,375 2,500,000 2,759,375
Oblig. Ref.
(Dallas
Denton &
Collin Co.)
6.50% 2/15/03
Texas Dallas Gen. 2,400,000 2,244,000 2,400,000 2,244,000
Oblig. 4.50%
2/15/14
Texas Dallas Hsg. 1,100,000 1,157,750 3,000,000 4,046,250 4,100,000 5,204,000
Corp. Cap.
Prog. Rev.
Rfdg.
(Section 8
Assorted
Projs.) 7.70%
8/1/05
Texas Dallas Hsg. 1,000,000 1,056,250 1,115,000 1,319,881 2,115,000 2,376,131
Corp. Cap.
Prog. Rev.
Rfdg.
(Section 8
Assorted
Projs.) 7.85%
8/1/13
Texas Dallas 3,300,000 2,074,875 2,405,000 2,889,006 5,705,000 4,963,881
Independent
School Dist.
Rfdg. (Cap.
Appreciation)
0% 8/15/07
(PSF
Guaranteed)
Texas El Paso 1,000,000 1,023,750 1,000,000 1,023,750
Int'l. Arpt.
Rev. 5.12%
8/15/04 (FGIC
Insured)
(AMT)
Texas El Paso Prop. 1,060,000 1,154,075 1,060,000 1,154,075
Fin. Auth.
Single Family
Mtg. Rev.
Series A,
8.70%
12/1/18,
(GNMA Coll.)
(AMT)
Texas Garland 5,000,000 4,193,750 5,000,000 4,193,750
Independent
School Dist.
Series A, 4%
2/15/17
Texas Grapevine-Col 2,580,000 1,715,700 2,580,000 1,715,700
leyville
Indpt. School
Dist. Rfdg.
(Cap.
Appreciation)
0%
8/15/06(PSF
Guaranteed)
Texas Houston Gen. 9,800,000 5,965,750 9,800,000 5,965,750
Oblig. Rfdg.
Series C, 5.75%
4/1/12
Texas Houston 6,400,000 3,176,000 6,400,000 3,176,000
Independent.
School Dist.
Rfdg. Series
A, 0% 8/15/11
(PSF
Guaranteed)
Texas Irving 5,520,000 4,816,200 2,975,000 3,681,563 8,495,000 8,497,763
Independent
School Dist.
0% 2/15/01
Texas Katy Indpt. 4,170,000 2,069,363 6,515,000 7,247,938 10,685,00 9,317,301
School Dist. 0
Rfdg. 0%
8/15/11 (PSF
Guaranteed)
Texas Katy 2,450,000 1,577,188 2,450,000 1,577,188
Independent
School Dist.
Rfdg. Ltd.
Tax (Cap.
Appreciation)
Series A, 0%
2/15/07(PSF
Guaranteed)
Texas Leander 300,000 370,875 12,285,000 8,768,419 12,585,00 9,139,294
Independant 0
School Dist.
Unltd. Tax
7.50%
8/15/08, (PSF
Guaranteed)
Texas Lower 6,000,000 6,187,500 10,000,000 6,450,000 16,000,00 12,637,50
Colorado 0 0
River Auth.
Rev. Refdg.
5.25% 1/1/05
Texas Lower 6,000,000 6,172,500 6,000,000 6,172,500
Colorado
River Auth.
Rev. Rfdg.
(Jr. Lien-4th
Supplement)
5.25% 1/1/15
(Escrowed to
Maturity)
Texas Lower 3,000,000 1,751,250 3,000,000 1,751,250
Colorado
River Auth.
Rev. Priority
Rfdg. (Cap.
Appreciation)
0% 1/1/09
(MBIAInsured)
(Escrowed to
Maturity)
Texas Lower Neches 9,500,000 10,260,00 5,000,000 5,606,250 14,500,00 15,866,25
Valley Auth. 0 0 0
Ind. Dev.
Corp. Envir.
Rev. (Mobil
Oil Refining
Corp. Proj.)
6.35% 4/1/26
(AMT)
Texas Lower Neches 35,455,00 38,380,03 6,000,000 6,487,500 41,455,00 44,867,53
Valley Auth. 0 8 0 8
Ind. Dev.
Corp. Swr.
Facs. Rev.
(Mobil Oil
Refining
Corp.Proj.)
6.40% 3/1/30
(AMT)
Texas Midlothian 1,935,000 1,245,656 1,935,000 1,245,656
Indpt. School
Dist. Rfdg.
(Cap.
Appreciation)
0% 2/15/07
(PSF
Guaranteed)
Texas Midlothian 1,525,000 821,594 1,525,000 821,594
Indpt. School
Dist. Rfdg.
(Cap.
Appreciation)
0% 2/15/10
(PSF
Guaranteed)
Texas Port Arthur 755,000 823,894 755,000 823,894
Hsg. Fin.
Corp. Single
Family Mtg.
Rev. Rfdg.
8.70% 3/1/12
Texas Port Dev. 1,000,000 1,055,000 3,000,000 3,266,250 4,000,000 4,321,250
Corp. Ind.
Dev. Rev.
Rfdg.
(Cargill,
Inc. Proj.)
7.70% 3/1/07
Texas Round Rock 5,000,000 2,625,000 5,000,000 2,625,000
Indpt. School
Dist. Rfdg. &
School Bldg.
0% 8/15/10
(MBIA
Insured)
Texas Round Rock 2,000,000 1,745,000 2,000,000 1,745,000
Independent
School Dist.
Rfdg. 0%
2/15/01 (PSF
Guaranteed)
Texas Round Rock 1,300,000 1,503,125 1,300,000 1,503,125
Independent
School Dist.
Series A,
7.50% 8/1/03
(PSF
Guaranteed)
Texas Round Rock 1,025,000 1,145,438 1,025,000 1,145,438
Independent
School Dist.
6.50% 8/1/04
(PSF
Guaranteed)
Texas San Antonio 5,850,000 4,175,438 5,850,000 4,175,438
Elec. & Gas
Rev. Rfdg.
(Cap.
Appreciation)
Series A, 0%
2/1/05
(AMBACInsured
)
Texas San Antonio Elec. 4,200,000 3,512,250 4,200,000 3,512,250
& Gas Rev. Rfdg.
(Cap.
Appreciation)
Series 1991 B,
0% 2/1/05
(FGICInsured)
Texas San Antonio Elec. 4,000,000 4,795,000 4,000,000 4,795,000
& Gas Rev. Rfdg.
(Cap.
Appreciation)
Series B, 0%
2/1/07
(FGICInsured)
Texas San Antonio 4,340,000 2,647,400 4,340,000 2,647,400
Elec. & Gas
Rev. Rfdg.
(Cap.
Appreciation)
Series B, 0%
2/1/08
(FGICInsured)
Texas San Antonio 2,000,000 1,150,000 2,000,000 1,150,000
Elec. & Gas
Rev. Rfdg.
(Cap.
Appreciation)
Series B, 0%
2/1/09, (FGIC
Insured)
Texas San Antonio 300,000 336,375 300,000 336,375
Elec. & Gas
Rev. Rfdg.
Series 95,
6.375% 2/1/06
Texas San Antonio 6,500,000 6,678,750 6,500,000 6,678,750
Elec. & Gas
Rev. Rfdg.
5.25% 2/1/10
Texas San Antonio 585,000 598,894 585,000 598,894
Elec. & Gas
Rev. Series
B, 6% 2/1/14
Texas San Antonio 12,010,00 12,400,32 12,010,00 12,400,32
Elec. & Gas 0 5 0 5
Rev. 5.75%
2/1/11
Texas San Antonio 5,500,000 2,117,500 2,000,000 2,220,000 7,500,000 4,337,500
Wtr. Rev.
(Cap.
Appreciation)
0% 5/1/12
(AMBAC
Insured)
(Pre-Refunded
to5/1/00 @
42.652)
Texas Spring Branch 4,705,000 5,010,825 4,705,000 5,010,825
Independent
School Dist. Rev.
Rfdg. 6.50%
2/1/04 (PSF
Guaranteed)
Texas Spring Branch 5,725,000 4,100,531 5,725,000 4,100,531
Indpt. School
Dist. Rfdg.
0% 2/1/05
Texas Spring Branch 5,710,000 3,897,075 8,140,000 9,839,225 13,850,00 13,736,30
Independent 0 0
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/1/06
(PSFGuarantee
d)
Texas Spring 2,500,000 2,465,625 2,500,000 2,465,625
Independent
School Dist.
4.875%
8/15/10 (PSF
Guaranteed)
Texas Spring $3,000,00 $2,497,50 3,000,000 2,497,500
Independent 0 0
School Dist.
Rfdg. (Cap.
Appreciation)
0% 2/15/02
(PSF
Guaranteed)
Texas Texarkana 1,750,000 1,898,750 1,750,000 1,898,750
Health Facs.
Dev. Corp.
Hosp. Rev.
(Wadley
Reg'l. Med.
Ctr. Proj.)
7% 10/1/05
(MBIA
Insured)
Texas Texas A&M 3,850,000 4,100,250 3,850,000 4,100,250
Univ.
Permament
Univ. Fund
Rfdg. 5.50%
7/1/04
Texas Texas Muni. 1,000,000 733,750 5,000,000 5,550,000 6,000,000 6,283,750
Pwr. Agcy.
Rev. Rfdg.
(Cap.
Appreciation)
0% 9/1/04
(AMBAC
Insured)
Texas Texas Muni. 13,000,00 9,035,000 13,000,00 9,035,000
Pwr. Agcy. 0 0
Rev. Rfdg.
(Cap.
Appreciation)
0% 9/1/05
(AMBAC
Insured)
Texas Texas Gen. 2,500,000 2,740,625 2,500,000 2,740,625
Oblig. Rfdg.
(Veterans
Land) 7.40%
12/1/20
Texas Texas Gen. 3,000,000 3,026,250 3,000,000 3,026,250
Oblig. Series
B, 5.25%
10/1/13
Texas Texas Pub. 9,420,000 8,007,000 9,420,000 8,007,000
Fin. Auth.
Rfdg. (Cap.
Appreciation)
Series A, 0%
10/1/01
(AMBAC
Insured)
Texas Texas College 2,350,000 2,458,688 2,350,000 2,458,688
Student Loan
Gen. Oblig.
5.80% 8/1/05
(AMT)
Texas Texas Pub. 4,000,000 4,390,000 4,000,000 4,390,000
Fin. Auth.
Rfdg. Series
C, 6% 10/1/05
Texas Univ. of 1,170,000 1,278,225 1,170,000 1,278,225
Texas Univ.
Revs. Rfdg.
(Fing. Sys.)
Series A, 6%
8/15/04
Texas Univ. of 1,000,000 1,097,500 3,000,000 3,228,750 4,000,000 4,326,250
Texas Univ.
Revs. Rfdg.
(Fing. Sys.)
Series A, 6%
8/15/05
Texas Winters 500,000 600,000 4,900,000 3,595,375 5,400,000 4,195,375
Wtrwks. &
Swr. Sys.
Rev. Rfdg.
8.50% 8/1/17,
(Pre-Refunded
to 8/1/03 @
100)
Utah Intermountain 1,660,000 1,757,525 1,660,000 1,757,525
Pwr. Agcy.
Pwr. Supply
Sys. Rev.
Rfdg. Series
G, 0% 7/1/12
(Pre-Refunded
to1/1/03 @
101) stepped
coupon
Utah Intermountain 4,435,000 3,974,869 4,435,000 3,974,869
Pwr. Agcy.
Pwr. Supply
Sys. Rev.
Rfdg. (Cap.
Appreciation)
Series B, 0%
7/1/00 (MBIA
Insured)
Utah Intermountain 5,000,000 4,931,250 5,000,000 4,931,250
Pwr. Agcy. Pwr.
Supply Sys. Rev.
Rfdg. Spl. Oblig.
Sixth Series B,
6%7/1/16 (MBIA
Insured)
Utah Intermountain 6,200,000 5,983,000 3,000,000 3,138,750 9,200,000 9,121,750
Pwr. Agcy.
Pwr. Supply
Sys. Rev.
Rfdg. Series
D, 5% 7/1/21
(MBIA
Insured)
Utah Intermountain 3,100,000 3,561,125 3,100,000 3,561,125
Pwr. Agcy.
Pwr. Supply
Sys. Rev.
Rfdg. Series
A, 6.50%
7/1/08
(AMBACInsured
)
Utah Intermountain 5,000,000 5,350,000 6,150,000 6,649,687 11,150,00 11,999,68
Pwr. Agcy. 0 7
Pwr. Supply
Sys. Rev.
Rfdg. Series
A, 6% 7/1/16
(AMBAC
Insured)
Utah Intermountain 1,000,000 1,155,000 7,325,000 8,670,969 8,325,000 9,825,969
Pwr. Agcy.
Pwr. Supply
Sys. Rev.
Rfdg. Series
A, 6.50%
7/1/11,
(AMBAC
Insured)
Utah Intermountain 18,000,00 18,787,50 18,000,00 18,787,50
Pwr. Agcy. 0 0 0 0
Pwr. Supply
Sys. Rev.
Rfdg. Series
B, 5.75%
7/1/16
(MBIAInsured)
Utah Utah Hsg. 355,000 390,944 355,000 390,944
Fin. Agcy.
(Single
Family Mtg.)
Series G,
9.25% 7/1/19,
(FHA
Guaranteed)*
Vermont Vermont Ind. 2,350,000 2,564,438 4,230,000 4,795,763 6,580,000 7,360,201
Dev. Auth.
Ind. Dev.
Rev.
(Radisson
Hotel) Series
B-1, 7.75%
11/15/15
Vermont Vermont Muni. 3,000,000 3,232,500 3,000,000 3,232,500
Bond Bank
Series B,
7.20% 12/1/20
(Pre-Refunded
to 12/1/99 @
102)
Virginia Fairfax 3,700,000 3,945,125 3,700,000 3,945,125
County Econ.
Dev. Auth.
Resource
Recovery Rev.
(Ogden Martin
Sys. Proj.)
Series A,
7.75% 2/1/11
(AMT)
Virginia Lynchburg 3,000,000 3,124,920 3,000,000 3,124,920
Ind. Dev.
Auth. Hosp.
Facs. 1st.
Mtg. Rev.
Rfdg.
(Central
Health,
Inc.)8.125%
1/1/16
Virginia Peninsula 1,500,000 1,539,300 1,500,000 1,539,300
Ports Auth.
Hosp. Facs.
Rev. Rfdg.
(Whittaker
Mem. Proj.)
8.70% 8/1/23
(FHAGuarantee
d)
Virginia Richmond Gen. 1,725,000 1,834,969 1,725,000 1,834,969
Oblig. Rfdg.
Series B,
5.50% 1/15/04
(FGIC
Insured)
Virginia Richmond 750,000 757,755 750,000 757,755
Redev. & Hsg.
Auth. Mtg.
Rev.
(Multi-Family
Hsg.
Pinebrook
Proj.) 9.25%
10/1/20 (GNMA
Coll.)
Virginia Upper 8,000,000 8,010,000 8,000,000 8,010,000
Occoquan Swr.
Auth. Reg'l.
Swr. Rev.
Series A,
5.15% 7/1/20
(MBIA
Insured)
Virginia Virginia 3,100,000 3,072,875 3,100,000 3,072,875
Beach Dev.
Auth. Hosp.
Facs. Rev.
(Virginia
Beach Gen.
Hosp. Proj.)
5.125%2/15/18
(AMBAC
Insured)
Virginia Virginia 4,370,000 4,533,875 4,370,000 4,533,875
Commonwealth
Gen. Oblig.
5% 6/1/04
Virginia Virginia Hsg. 1,890,000 1,996,313 1,890,000 1,996,313
Dev. Auth.
Multi-Family
Hsg. Series
I, 5.95%
5/1/09 (AMT)
Virginia Virginia 180,000 189,614 180,000 189,614
Resources
Auth. Wtr. &
Swr. Sys.
Rev. Series
A, 7.70%
11/1/10
Washington Douglas 1,395,000 1,780,369 1,395,000 1,780,369
County Pub.
Util. Dist.
#1 Wells
Hydroelec.
Rev. Rfdg.
(Pacific Pwr.
& Lt. Co.)
Series A,
8.75% 9/1/18
Washington King County 2,000,000 2,135,000 4,255,000 4,643,269 6,255,000 6,778,269
Gen. Oblig.
Series D,
5.40% 12/1/06
Washington Port Seattle 4,010,000 4,155,363 4,010,000 4,155,363
Rev. Series
B, 5.50%
9/1/09 (FGIC
Insured)
(AMT)
Washington Port Seattle 4,230,000 4,383,338 5,500,000 6,091,250 9,730,000 10,474,58
Rev. Series 8
B, 5.60%
9/1/10 (FGIC
Insured)
(AMT)
Washington Snohomish 2,405,000 2,759,738 2,405,000 2,759,738
County School
Dist. #201,
6.75% 12/1/06
(AMBAC
Insured)
Washington Washington 2,655,000 3,079,800 2,655,000 3,079,800
Gen. Oblig.
(Motor
Vehicle Fuel
Tax) Series
B, 7% 9/1/05
Washington Washington 1,000,000 1,106,250 1,000,000 1,106,250
Gen Oblig.
Series C,
6.50% 7/1/03
Washington Washington 4,635,000 5,144,850 4,635,000 5,144,850
Motor Vehicle
Fuel Tax Gen.
Oblig. Series
B, 6.50%
9/1/03
Washington Washington 3,560,000 3,920,450 3,560,000 3,920,450
Gen. Oblig.
Series
1996-A, 6.75%
7/1/02
Washington Washington 2,000,000 2,177,500 2,000,000 2,177,500
Gen. Oblig.
Series R-96C,
6% 7/1/04
Washington Washington 500,000 590,000 500,000 590,000
State Pub.
Pwr. Supply
Sys. Nuclear
Proj. #1 Rev.
Series A, 7%
7/1/08
Washington Washington 16,080,00 11,075,10 16,080,00 11,075,10
Pub. Pwr. 0 0 0 0
Supply Sys.
Nuclear Proj.
#2 Rev. Rfdg.
Series C, 0%
7/1/05
Washington Washington 11,000,00 7,645,000 11,000,00 7,645,000
Pub. Pwr. 0 0
Supply Sys.
Nuclear Proj.
#2 Rev.
Series C, 0%
7/1/05, (MBIA
Insured)
Washington Washington 7,500,000 7,800,000 10,000,000 10,137,500 17,500,00 17,937,50
Pub. Pwr. 0 0
Supply Sys.
Nuclear Proj.
#2 Rev. 6.92%
7/1/10 (FGIC
Insured)(inve
rse floaters)
Washington Washington 33,950,00 34,416,77 33,950,00 34,416,77
Pub. Pwr. 0 1 0 1
Supply Sys.
Nuclear Proj.
#2 Rev. 5.40%
7/1/12
Washington Washington 3,565,000 3,859,113 3,565,000 3,859,113
Pub. Pwr.
Supply Sys.
Nuclear Proj.
#2 Rev.
Refdg. Series
A, 6% 7/1/05
(AMBAC
Insured)
Washington Washington 6,000,000 6,105,000 9,050,000 9,423,312 15,050,00 15,528,31
Pub. Pwr. 0 2
Supply Sys.
Nuclear Proj.
#2 Rev.
Refdg. Series
A, 5% 7/1/01
Washington Washington 1,000,000 1,092,500 5,000,000 3,300,000 6,000,000 4,392,500
Pub. Pwr.
Supply Sys.
Nuclear Proj.
#3 Rev. Rfdg.
Series B,
7.375% 7/1/04
Wyoming Natrona 4,500,000 4,848,750 4,500,000 4,848,750
County Hosp.
Rev. (Wyoming
Med. Ctr.
Proj.) 8.125%
9/15/10
Wyoming Wyoming Farm 3,995,000 2,926,338 3,995,000 2,926,338
Loan Board
Cap. Facs.
Rev. 0%
10/1/04
(Escrowed to
Maturity)
Wyoming Wyoming Farm 3,995,000 2,786,513 2,500,000 2,550,000 6,495,000 5,336,513
Loan Board
Cap. Facs.
Rev. 0%
10/1/05
(Escrowed to
Maturity)
Wyoming Wyoming Farm 3,695,000 2,461,794 12,890,000 14,952,400 16,585,00 17,414,19
Loan Board 0 4
Cap. Facs.
Rev. 0%
10/1/06
(Escrowed to
Maturity)
4,000,000 4,455,000 4,000,000 4,455,000
2,000,000 2,125,000 2,000,000 2,125,000
TOTAL 2,253,774 3,197,702
MUNICIPAL ,808 943,928,0 ,816
BONDS 08
MUNICIPAL
NOTES
Florida Florida Hsg. 6,200,000 6,200,000 6,200,000 6,200,000
Fin. Agcy.
Multi-Family
Hsg. Rev.
Rfdg.
(Brandon-Oxfo
rd) Series
90C,4.20%,
VRDN
Illinois Chicago Gen. 6,500,000 6,498,180 6,500,000 6,498,180
Oblig. Series
1997, 3.65%,
tender
2/5/98, LOC
Morgan
Guaranty
Trust Co.
Illinois Illinois Dev. 4,000,000 4,000,000 4,000,000 4,000,000
Fin. Auth.
Multi-Family
Hsg. Rev.
Rfdg. (Garden
Glen Apts.)
Series
93,4.10%,
VRDN
New York Erie County 760,000 760,000 0 0 760,000 760,000
Ind. Dev.
Auth. Ind.
Dev. Rev.
(The Holling
Press, Inc.)
Series 1989
F,4.10%, LOC
Marine
Midland Bank,
VRDN (AMT)
Texas Texas Gen. 21,500,00 21,643,62 - 21,500,00 21,643,62
Oblig. TRAN 0 0 0 0
Series A,
4.75% 8/31/98
TOTAL 0 39,101,80
MUNICIPAL 39,101,80 0
NOTES 0
CASH
EQUIVALENTS
Cash Municipal 27,642,37 27,642,37 0 27,642,37 27,642,37
Equivalents Central Cash 2 2 2 2
Fund 3.8690%
12/5/97
TOTAL $ $ $
INVESTMENTS 2,320,518 943,928,0 3,264,446
IN SECURITIES ,980 08 ,988
- - 100%
FUTURES UNDERLYIN UNREALIZE UNDERLYIN UNREALIZE
CONTRACTS G FACE D G FACE D
EXPIRATION AMOUNT AT GAIN/ AMOUNT AT GAIN/
DATE VALUE (LOSS) VALUE (LOSS)
PURCHASED 127 Municipal 209,573 15,739,29 209,573
Bond Future 15,739,29 2
Contracts 2
Dec. 97
TOTAL COST OF $ $ $
INVESTMENT 2,222,505 880,266,7 3,102,772
SECURITIES ,358 13 ,071
Spartan Municipal Income Fund
Fidelity Advisor Municipal Bond Fund
Notes to Pro Forma Combining Financial Statements
(Unaudited)
The accompanying unaudited Pro Forma Combining Schedule of
Investments and Statement of Assets and Liabilities as of November
30, 1997 and the unaudited Pro Forma Combining Statement of Operations
for the year ended November 30, 1997 are intended to present the
financial condition and related results of operations of Spartan
Municipal Income Fund as if the reorganization with Fidelity Advisor
Municipal Bond Fund, had been consummated at December 1, 1996. Had
the pro forma adjustments not included the effect of the expense
limitation, Pro Forma Combined Expense reductions would have been
$12,159, resulting in Pro Forma Combined Net Interest Income and Pro
Forma Combined Net Increase in Net Assets resulting from operations of
$138,817,940 and $188,333,168, respectively.
The pro forma adjustments to these pro forma financial statements are
comprised of:
(a) Reflects the exchange of the Fidelity Advisor Municipal Bond
Fund's shares for shares of Spartan Municipal Income Fund as of
November 30, 1997.
(b) Decrease in fees reflects contractual rates charged against
combined average net assets.
(c) Decrease in fees reflects elimination of duplicate services or
charges.
(d) Increase in fees reflects net increase in costs incurred as a
result of the reorganization offset with savings in duplicate charges.
(e) Reflects reduction in expenses due to FMR's agreement to
voluntarily limit the combined fund's expenses to 0.53% of average net
assets.
(f) Decrease reflects elimination of non applicable expense type.
The unaudited pro forma combining statements should be read in
conjunction with the separate annual audited financial statements as
of December 31, 1997 for Fidelity Advisor Municipal Bond Fund and
November 30, 1997 for Spartan Municipal Income Fund, which are
incorporated by reference in the Statement of Additional Information
to this Proxy Statement and Prospectus. The unaudited pro forma
combining financial statements do not include the effect of the merger
of Spartan Aggressive Municipal Income Fund and Spartan Insured
Municipal Income Fund with Spartan Municipal Income Fund which is
pending shareholder approval.