-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EnhnETdvz8Ck8LfO8hk7XFGPZ05Oqt1twE4GOJHGUfgoS9ln6nvlikqmCOfFxp0l XEc8G/tJEVhzCZ8+bctimg== 0001047469-05-001775.txt : 20050128 0001047469-05-001775.hdr.sgml : 20050128 20050128115835 ACCESSION NUMBER: 0001047469-05-001775 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041130 FILED AS OF DATE: 20050128 DATE AS OF CHANGE: 20050128 EFFECTIVENESS DATE: 20050128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JP MORGAN MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 IRS NUMBER: 161408763 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08358 FILM NUMBER: 05556745 BUSINESS ADDRESS: STREET 1: C/O J.P. MORGAN FUND DISTRIBUTORS, INC. STREET 2: 522 FIFTH AVENUE, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-837-1968 MAIL ADDRESS: STREET 1: C/O J.P. MORGAN FUND DISTRIBUTORS, INC. STREET 2: 522 FIFTH AVENUE, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: MUTUAL FUND TRUST DATE OF NAME CHANGE: 19940215 N-Q 1 a2148419zn-q.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08358 -------------------------------------------- J.P. Morgan Mutual Fund Trust - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 522 Fifth Avenue, New York, NY 10036 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-800-348-4782 ----------------------------- Date of fiscal year end: August 31, 2004 -------------------------------------------------------- Date of reporting period: November 30, 2004 ------------------------------------------------------- ITEM 1. SCHEDULE OF INVESTMENTS. JPMORGAN CALIFORNIA TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 1 JPMORGAN CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 99.8% - ------------------------------------------------------------------------------------------------------------------------- STATE AND MUNICIPAL OBLIGATIONS -- 99.8% CALIFORNIA -- 91.0% 1,500 ABAG Finance Authority for Nonprofit Corporations, $ 1,500 Point Loma Nazarene University, Rev., FRDO, 1.76%, 12/06/04 2,000 ABN AMRO Munitops Certificate Trust, Ser. 2002-9, 2,000 GO, FRDO, MBIA, 1.91%, 01/01/05 1,500 ABN AMRO Munitops Certificate Trust, Ser. 2003-1, 1,500 GO, FRDO, AMBAC, 1.69%, 12/03/04 1,000 Alameda County IDA, Scientific Technology Project, 1,000 Ser. A, Rev., FRDO, 1.73%, 12/07/04 2,700 Albany Unified School District, GO, 3.00%, 2,721 06/30/05 1,000 Alvord Unified School District, Food Services Bridge 1,000 Funding Program, COP, FRDO, FSA, 1.62%, 12/06/04 800 Anaheim Union High School District, School 800 Facilities Bridge Funding Project, COP, FRDO, FSA, 1.62%, 12/03/04 2,300 Anaheim, California, 1993 Projects, COP, FRDO, 2,300 AMBAC, 1.62%, 12/01/04 7,135 Auburn Union School District, COP, FRDO, FSA, 7,135 1.67%, 12/06/04 2,200 Azusa Unified School District, School Facility Bridge 2,200 Funding Program, COP, FRDO, FSA, 1.62%, 12/03/04 1,050 California Communities Housing Finance Agency, 1,050 Subordinated, Ser. B, Rev., FRDO, 1.78%, 12/01/04 95 California Economic Development Financing 95 Authority, IDR, Standard Abrasives Manufacturing Project, Rev., FRDO, 1.70%, 12/01/04 150 California Educational Facilities Authority, Stanford 150 University, FLOATS, Ser. PA-542, Rev., FRDO, 1.69%, 12/01/04 400 California Educational Facilities Authority, Stanford 400 University, Ser. L-4, Rev., 1.58%, 12/03/04 400 California Educational Facilities Authority, 400 University of San Francisco, Rev., FRDO, 1.67%, 12/02/04 100 California Health Facilities Financing Authority, Ser. 100 B, Rev., FRDO, AMBAC, 1.63%, 12/01/04 100 California Housing Finance Agency, Home 100 Mortgage, Ser. J, Rev., FRDO, MBIA, 1.70%, 12/01/04 585 California Housing Finance Agency, Home 585 Mortgage, Ser. M, Rev., FRDO, 1.66%, 12/01/04 100 California Housing Finance Agency, Home 100 Mortgage, Ser. M, Rev., FRDO, 1.70%, 12/01/04 900 California Housing Finance Agency, Ser. D, Rev., 900 FRDO, FSA, 1.70%, 12/03/04 1,000 California Infrastructure & Economic Development 1,000 Bank, IDR, Adams Rite Manufacturing Co. Project, Ser. A, Rev., FRDO, 1.70%, 12/06/04 1,400 California PCFA, PCR, ExxonMobil Project, Rev., 1,400 FRDO, 1.47%, 12/01/04
2 1,000 California PCFA, PCR, Sierra Pacific Industries 1,000 Project, Rev., FRDO, 1.68%, 12/01/04 2,210 California PCFA, PCR, U.S. Borax, Inc. Project, 2,210 Ser. A, Rev., FRDO, 1.66%, 12/03/04 495 California School Facilities Financing Corp., Capital 495 Improvement Financing Project, COP, Ser. B, FRDO, 1.64%, 12/01/04 1,000 California State Department of Water Resources, 1,000 Power Supply, EAGLE, Ser. 2002-6017, Class A, Rev., FRDO, AMBAC, 1.70%, 12/02/04 900 California State Department of Water Resources, 900 Power Supply, Ser. B-2, Rev., FRDO, 1.74%, 12/01/04 200 California State Department of Water Resources, 200 Power Supply, Ser. B-3, Rev., FRDO, 1.66%, 12/01/04 150 California State Department of Water Resources, 150 Power Supply, Ser. C-12, Rev., FRDO, 1.62%, 12/02/04 700 California State Department of Water Resources, 700 Power Supply, Ser. C-13, Rev., FRDO, FSA, 1.64%, 12/02/04 200 California State Economic Recovery, Ser. C-7, 200 Rev., FRDO, 1.63%, 12/01/04 615 California State Municipal Securities Trust 615 Certificates, Ser. 1998-47, Class A, Rev., FRDO, AMBAC, #, 1.69%, 12/01/04 500 California State University Channel Islands 500 Financing Authority, Rental Housing, Rev., FRDO, 1.60%, 02/02/05 2,000 California State, Economic Recovery, FLOATS, 2,000 Ser. 927, GO, FRDO, MBIA, 1.70%, 01/01/05 550 California State, Economic Recovery, Ser. C-2, 550 Rev., FRDO, 1.62%, 12/01/04 100 California State, Economic Recovery, Ser. C-8, 100 Rev., FRDO, 1.66%, 12/01/04 2,100 California State, Floating Rate, Ser. C-2, GO, 2,100 FRDO, 1.63%, 12/02/04 1,675 California State, Kindergarten, Ser. B-1, GO, FRDO, 1,675 1.66%, 12/01/04 300 California State, Municipal Securities Trust Receipts, 300 Ser. SGA-40, GO, FRDO, FGIC, 1.69%, 12/01/04 300 California State, Municipal Securities Trust Receipts, 300 Ser. SGA-55, GO, FRDO, FGIC, 1.69%, 12/07/04 5,700 California State, Ser. A, Rev., RAN, 3.00%, 5,741 06/30/05 3,000 California State, Ser. B, Rev., RAN, 4.50%, 3,046 06/30/05 3,120 California State, Ser. C-26, GO, FRDO, FSA, 3,120 1.70%, 05/01/05 3,420 California Statewide Communities Development 3,420 Authority, Multi-Family Housing, Breezewood Apartments, Ser. F-1, Rev. FRDO, 1.68%, 12/02/04 2,000 California Statewide Communities Development 2,000 Authority, Cathedral High School Project, Rev., FRDO, 1.71%, 12/06/04 300 California Statewide Communities Development 300 Authority, COP, FLOATS, Ser. 909, FRDO, MBIA, 1.69%, 12/02/04 700 California Statewide Communities Development 700 Authority, Kaiser Permanente, Ser. A, Rev., FRDO, 1.68%, 12/01/04 3,000 California Statewide Communities Development 3,000 Authority, Kaiser Permanente, Ser. A, Rev., FRDO, 1.25%, 01/03/05 1,700 California Statewide Communities Development 1,700 Authority, Kaiser Permanente, Ser. B, Rev., FRDO,
3 1.68%, 12/06/04 1,000 California Statewide Communities Development 1,000 Authority, Kaiser Permanente, Ser. B, Rev., FRDO, 1.75%, 01/01/05 4,000 California Statewide Communities Development 4,042 Authority, Kaiser Permanente, Ser. C, Adj., Rev., 3.70%, 05/01/05 1,000 California Statewide Communities Development 1,000 Authority, Multi-Family Housing, Canyon Springs Apartments, Ser. KK, Rev., FRDO, 1.62%, 12/01/04 2,200 Charter Mac Floater Certificate Trust I, Ser. CAL-1, 2,200 MBIA, 1.74%, 12/06/04 1,800 Charter Mac Floater Certificate Trust I, Ser. CAL-2, 1,800 Rev., FRDO, MBIA, 1.74%, 12/06/04 800 Colton Redevelopment Agency, Multi-Family 800 Housing, 1985 Issue A, Rev., FRDO, 1.68%, 12/07/04 4,600 East Bay Municipal Utility District, Water Systems, 4,600 Sub Ser. A, Rev., FRDO, FSA, 1.62%, 12/01/04 25 East Bay Municipal Utility District, Water Systems, 25 Sub Ser. B, Rev., FRDO, FSA, 1.62%, 12/01/04 1,600 Elsinore Valley Municipal Water District, COP, Ser. 1,600 A, FRDO, FGIC, 1.63%, 12/02/04 600 Fremont, California, Multi-Family Housing, 600 Creekside Village Apartments, Ser. D, Rev., FRDO, 1.62%, 12/07/04 4,500 Garden Grove, California, Multi-Family Housing, 4,500 Malabar Apartments, Ser. A, Rev., FRDO, 1.62%, 12/02/04 2,592 Glendale, California, Hospital, FLOATS, Ser. 590, 2,592 Rev., FRDO, MBIA, 1.72%, 01/18/05 3,000 Grant Joint Union High School District, Bridge 3,000 Funding Program, COP, FRDO, FSA, 1.62%, 12/06/04 2,000 Hayward, California, Multi-Family Housing, 2,000 Shorewoood, Ser. A, Rev., FRDO, 1.69%, 12/06/04 100 Irvine Ranch Water District, Consolidated Bonds, 100 Rev., FRDO, 1.64%, 12/01/04 700 Irvine Unified School District, Community Facilities 700 District No. 01-1, Special Tax, FRDO, 1.63%, 12/01/04 37 Irvine, California, Improvement Bond Act of 1915, 37 Assessment District No. 00-18, Ser. A, Special Assessment, FRDO, 1.63%, 12/01/04 200 Irvine, California, Improvement Bond Act of 1915, 200 Assessment District No. 03-19, Ser. A, Special Assessment, FRDO, 1.63%, 12/01/04 500 Irvine, California, Improvement Bond Act of 1915, 500 Assessment District No. 87-8, Special Assessment, FRDO, 1.64%, 12/01/04 800 Kern County, Kern Public Facilities Project, Ser. A, 800 COP, FRDO, 1.63%, 12/01/04 2,400 Las Virgenes Unified School District, COP, FRDO, 2,400 FSA, 1.62%, 12/06/04 200 Lodi, California, Electric Systems, COP, Ser. A, 200 FRDO, MBIA, 1.62%, 12/01/04 700 Los Angeles Community Redevelopment Agency, 700 Multi-Family Housing, Security Building Project, Ser. A, Rev., FRDO, 1.67%, 12/06/04 300 Los Angeles County Housing Authority, Multi-Family 300 Housing, Malibu Meadows II, Ser. C, Rev., FRDO, 1.65%, 12/03/04 2,100 Los Angeles County Housing Authority, Multi-Family 2,100 Housing, Sand Canyon, Ser. F, Rev., FRDO, 1.66%, 12/06/04 100 Los Angeles County Metropolitan Transportation 100 Authority, Proposition C, Second Ser., Ser. A, Rev.,
4 FRDO, MBIA, 1.62%, 12/01/04 900 Los Angeles County, Pension Obligation, Ser. C, 900 Rev., FRDO, AMBAC, 1.62%, 12/06/04 2,000 Los Angeles Department of Water & Power, 2,000 Waterworks, Sub Ser. B-2, Rev., FRDO, 1.42%, 12/02/04 200 Los Angeles Department of Water & Power, 200 Waterworks, Sub Ser. B-2, Rev., FRDO, 1.63%, 12/01/04 3,000 Los Angeles Unified School District, FLOATS, Ser. 3,000 PA-1115, GO, FRDO, FSA, 1.69%, 12/02/04 1,000 Los Angeles, California, 1.85%, 04/07/05 1,000 1,000 Metropolitan Water District of Southern California, 1,000 Waterworks, Ser. B-1, Rev., FRDO, 1.63%, 12/01/04 1,000 Metropolitan Water District of Southern California, 1,000 Waterworks, Ser. B-2, Rev., FRDO, 1.60%, 12/01/04 200 Metropolitan Water District of Southern California, 200 Waterworks, Ser. C-1, Rev., FRDO, 1.62%, 12/02/04 1,000 Monrovia Unified School District, Municipal 1,000 Securities Trust Receipts, Ser. SGA-70, GO, FRDO, MBIA, 1.69%, 12/01/04 2,000 Municipal Securities Trust Certificates, Ser. 2000-96, 2,000 Class A, GO, FRDO, AMBAC, #, 1.69%, 12/06/04 3,000 Oceanside, California, Multi-Family Housing, 3,000 Lakeridge Apartments Project, Rev., FRDO, 1.65%, 12/01/04 300 Ontario Redevelopment Agency, Multi-Family 300 Housing, Seasons at Gateway, Sub Ser. B, Rev., FRDO, 1.71%, 12/02/04 100 Orange County Sanitation District, COP, Ser. A, 100 FRDO, 1.64%, 12/01/04 2,300 Orange County Sanitation District, COP, Ser. B, 2,300 FRDO, 1.64%, 12/01/04 3,000 Orange County, Apartment Development, Bluffs 3,000 Apartments, Ser C, Rev., FRDO, 1.65%, 12/07/04 1,500 Orange County, Apartment Development, 1,500 Riverbend Apartments, Ser. B, Rev., FRDO, 1.65%, 12/07/04 949 Orange County, Apartment Development Corp., 949 Multi-Family Housing, Niguel Summit 2, Ser. B, Rev., FRDO, 1.57%, 12/07/04 1,000 Orange County, Apartment Development Corp., 1,000 Multi-Family Housing, Pointe Niguel Project, Ser. C, Rev., FRDO, 1.60%, 12/07/04 600 Orange County, Apartment Development, Harbor 600 Pointe, Issue D, Rev., FRDO, 1.65%, 12/06/04 1,920 Pasadena, California, Rose Bowl Improvements 1,920 Project, COP, FRDO, 1.67%, 12/06/04 1,500 Perris Union High School District, School Financing 1,500 Project, COP, FRDO, FSA, 1.62%, 12/03/04 1,000 Pleasant Hill Redevelopment Agency, Multi-Family 1,000 Housing, Chateau III, Ser. A, Rev., FRDO, 1.70%, 12/01/04 2,400 Port of Oakland, Trust Receipts, Ser. 5, Class F, 2,400 Rev., FRDO, FGIC, 1.68%, 12/01/04 900 Rancho Water District Financing Authority, Ser. A, 900 Rev., FRDO, FGIC, 1.60%, 12/01/04 2,100 Sacramento County Housing Authority, Multi-Family 2,100 Housing, Ashford, Ser. D, Rev., FRDO, 1.65%, 12/01/04 1,000 San Diego County & School District, Ser. A, GO, 1,011 TRAN, 3.25%, 07/25/05 1,700 San Diego Housing Authority, Multi-Family Housing, 1,700 Paseo, Ser. A, Rev., FRDO, 1.60%, 12/06/04
5 1,000 San Diego, California, 1.30%, 12/09/04 1,000 2,000 San Diego, California, 1.85%, 02/10/05 2,000 370 San Francisco City & County Airports Commission, 370 International Airport, Municipal Securities Trust Receipts, Ser. SG-110, Rev., FRDO, FGIC, 1.73%, 12/01/04 1,000 San Francisco City & County Airports Commission, 1,000 International Airport, Municipal Securities Trust Receipts, Ser. SGA-50, Rev., FRDO, MBIA, 1.73%, 12/01/04 300 San Jacinto Unified School District, School Facilities 300 Bridge Funding Program, COP, FRDO, FSA, 1.62%, 12/02/04 990 San Jose, California, Airport, Ser. II-R-2004, Rev., 990 FRDO, FSA, 1.70%, 12/02/04 700 San Jose, California, Multi-Family Housing, Villa 700 Monterey Apartments, Ser. F, Rev., FRDO, 1.70%, 12/06/04 500 Santa Ana Housing Authority, Multi-Family Housing, 500 Vintage Apartments, Ser. A, Rev., FRDO, 1.70%, 12/03/04 453 Santa Ana Unified School District, COP, FRDO, 453 1.65%, 12/01/04 1,000 Santa Cruz County Board of Education, GO, TRAN, 1,005 2.50%, 06/30/05 1,000 Santa Cruz County, Ser. A, GO, TRAN, 3.00%, 1,008 07/06/05 3,300 Santa Margarita-Dana Point Authority, FLOATS, Ser. 3,300 PT-2348, Rev., FRDO, AMBAC, 1.69%, 02/01/05 1,990 Southern California Home Financing Authority, 1,990 Single Family Housing, Ser. A, Rev., FRDO, 1.70%, 02/02/05 1,000 Southern California Home Financing Authority, 1,000 Single Family Mortgage, Ser. B, Rev., FRDO, 1.45%, 02/01/05 2,200 Southern California Public Power Authority, Southern 2,200 Transmission Project, Rev., FRDO, AMBAC, 1.62%, 12/06/04 600 Three Valleys Municipal Water District, Miramar 600 Water Treatment, COP, FRDO, 1.67%, 12/01/04 425 Upland Community Redevelopment Agency, 425 Multi-Family Housing, Northwoods Project, Ser. 168-A, Rev., FRDO, 1.63%, 12/01/04 ------------------ 160,775 PUERTO RICO -- 8.8% 2,000 Municipal Securities Trust Certificates, Ser. 7005, 2,000 Class A, Special Obligation, FRDO, (p), 1.67%, 12/01/04 1,000 Puerto Rico Commonwealth, 1.45%, 01/12/05 1,000 2,100 Puerto Rico Commonwealth, Floating Rate Trust 2,100 Receipts, Ser. M-4J, GO, FRDO, FSA, 1.70%, 12/02/04 1,235 Puerto Rico Commonwealth, FLOATS, Ser. PT-1226, 1,235 1.67%, 12/01/04 5,500 Puerto Rico Commonwealth, TRAN, 3.00%, 07/29/05 5,543 1,700 Puerto Rico Electric Power Authority, Municipal 1,700 Securities Trust Receipts, Ser. SGA-43, Rev., FRDO, MBIA, 1.67%, 12/03/04 448 Puerto Rico Highway & Transportation Authority, 448 FLOATS, Ser. 815-D, Rev., FRDO, MBIA, 1.69%, 12/07/04 170 Puerto Rico Highway & Transportation Authority, 170 Trust Receipts, Ser. B, Class F, Rev., FRDO, MBIA, 1.65%, 12/02/04 1,300 TICS/TOCS Trust, Commonwealth of Puerto Rico, 1,300 Ser. 2001-2, GO, FRDO, FSA, 1.70%, 12/07/04
6 ------------------ 15,496 ---------------------------------------------------------------------------------------------------------- Total State and Municipal Obligations 176,271 (Cost $176,271) ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 99.8% $ 176,271 (COST $176,271) OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 310 - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 176,581 - ------------------------------------------------------------------------------------------------------------------------- Percentages indicated are based on net assets of $176,581.
ABBREVIATIONS: # - All or a portion of this security is a 144A or private placement security and can only be sold to qualified institutional buyers. (p) - Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date and the date of the prerefunded call. Adj. - Adjustable. Maturity date shown is actual maturity date. The interest rate shown is the rate in effect at November 30, 2004. AMBAC American Municipal Bond Assurance Corp. COP - Certificates of Participation. FGIC - Financial Guaranty Insurance Co. FLOATS - Floating Auction Tax Exempts. FRDO - Floating Rate Demand Obligation. The maturity date shown is the next interest reset date. The interest rate shown is the rate in effect at November 30, 2004. FSA - Financial Security Assurance. GO - General Obligation Bond. IDA - Industrial Development Authority. IDR - Industrial Development Revenue. MBIA - Municipal Bond Investors Assurance Corporation. PCFA - Pollution Control Financing Authority. PCR - Pollution Control Revenue. RAN - Revenue Anticipation Note. Rev. - Revenue Bond. Ser. - Series. TRAN - Tax & Revenue Anticipation Note. 7 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 8 JPMORGAN FEDERAL MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. 1 JPMORGAN FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 102.5% - ------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY SECURITY-- 0.7% $ 20,000 U.S. Treasury Notes & Bonds, 1.63%, 04/30/05 $ 20,000 (Cost $20,000) U.S. GOVERNMENT AGENCY SECURITIES -- 64.6% Federal Farm Credit Bank, 25,000 1.15%, 12/13/04, DN 24,990 150,000 1.85%, 07/01/05, FRN 150,000 150,000 2.00%, 09/30/05, FRN 149,975 150,000 1.99%, 10/14/05, FRN 149,948 75,000 2.04%, 04/26/06, FRN 74,999 100,000 2.03%, 05/22/06, FRN 99,985 70,000 2.13%, 06/28/06, FRN 69,988 Federal Home Loan Bank, 262,203 1.96%, 12/01/04, DN 262,203 150,000 1.95%, 12/02/04, DN 149,992 24,254 1.83%, 12/15/04, DN 24,237 330,000 1.96%, 12/17/04, DN 329,713 33,150 2.04%, 01/05/05, DN 33,084 33,365 1.84%, 02/02/05, DN 33,258 150,000 1.84%, 02/04/05, DN 149,502 11,675 1.89%, 02/11/05, DN 11,631 100,000 2.20%, 02/16/05, DN 99,529 136,122 1.89%, 02/25/05, DN 135,506 20,000 1.90%, 03/18/05, DN 19,887 125,000 1.30%, 04/06/05, FRN 125,000 190,000 2.05%, 04/07/05, Ser. 435, FRN 190,018 32,000 2.28%, 06/15/05 31,984 125,000 2.26%, 08/26/05, FRN 124,959 270,000 1.73%, 09/08/05, FRN 269,885 200,000 1.75%, 09/12/05, FRN 199,922 75,000 1.00%, 06/02/06, FRN 74,927 Tennessee Valley Authority, 51,000 1.88%, 12/09/04, DN 50,979 75,000 1.98%, 12/27/04, DN 74,893 ---------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Securities 3,110,994 (Cost $3,110,994) - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 102.5% $ 3,130,994 (COST $3,130,994)* LIABILITIES IN EXCESS OF OTHER ASSETS -- (2.5)% (75,389) - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% 3,055,605 - ------------------------------------------------------------------------------------------------------------------------- Percentages indicated are based on net assets of $3,055,605.
ABBREVIATIONS: * - The cost of securities is substantially the same for federal income tax purposes. DN - Discount Note: The rate shown is the effective yield at the date of purchase. 2 FRN - Floating Rate Note. The maturity date shown is the actual maturity date. The rate shown is the rate in effect at November 30, 2004. Ser. - Series. FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. 3 JPMORGAN LIQUID ASSETS MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. 1 JPMORGAN LIQUID ASSETS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT (USD) ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 100.0% - ------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY SECURITIES -- 10.0% $ 60,000 Federal Home Loan Bank, 1.30%, 04/06/05, FRN $ 60,000 55,000 Federal Home Loan Mortgage Corp., 1.50%, 55,000 02/14/05, Ser. 1, MTN, FRN Federal National Mortgage Association, 75,000 7.13%, 02/15/05 75,771 25,000 1.88%, 10/03/05, FRN 24,986 75,000 2.08%, 12/29/05, FRN 74,952 ---------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Securities 290,709 (Cost $290,709) ---------------------------------------------------------------------------------------------------------- SUPRANATIONAL NOTES & BONDS -- 1.7% 50,000 Corp. Andina de Fomento, 2.44%, 02/13/09, MTN, FRN 50,000 (Cost $50,000) CORPORATE NOTES & BONDS -- 23.5% BANKING -- 2.6% 75,000 Natexis Banques Populaires (France), 1.89%, 75,032 09/08/05, Ser. E, MTN, FRN DIVERSIFIED -- 0.2% 6,000 General Electric Capital Corp., 2.17%, 12/09/04, 6,000 FRN FINANCIAL SERVICES -- 20.7% 30,000 Beta Finance, Inc., 1.80%, 06/13/05, Ser. 1, MTN, 29,997 FRN, # 30,000 CC USA, Inc., 2.06%, 05/10/05, MTN, FRN, # 29,997 25,000 Citigroup Global Markets Holdings, Inc., 1.88%, 25,014 06/06/05 75,000 Dorada Finance, Inc., 2.05%, 05/17/05, MTN, FRN, 74,993 # 82,000 Five Finance, Inc., 2.05%, 11/10/05, MTN, FRN, # 81,993 30,000 HBOS Treasury Services PLC (United Kingdom), 30,000 1.98%, 12/01/04, MTN, FRN, # 25,000 K2 (USA) LLC, 1.86%, 12/15/05, MTN, FRN, # 24,994 75,000 Links Finance LLC, 2.06%, 06/10/05, Ser. 1, MTN, 74,992 FRN, # Merrill Lynch & Co., Inc., 24,000 2.08%, 03/23/05, MTN, FRN 24,013 40,000 2.04%, 12/06/04, MTN, FRN 40,000 67,000 Money Market Trust, 2.18%, 08/09/05, Ser. A-2, 67,000 FRN, # 15,000 Restructured Asset Securities with Enhanced 15,000 Returns (RACERS), 2.16%, 05/13/05, Ser. 2004-1-MM, # (i)
2 Tango Finance Corp., 64,000 2.14%, 10/28/05, MTN, FRN, # 63,996 20,000 2.06%, 11/15/05, MTN, FRN, # 19,999 ------------------ 601,988 ---------------------------------------------------------------------------------------------------------- Total Corporate Notes & Bonds 683,020 (Cost $683,020) ---------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 3.6% 30,000 Davis Square Funding LTD (Cayman Islands), 30,000 2.09%, 12/06/04, Ser. 2004-2A, Class AMMB, FRN, # (i) 60,000 Wachovia Asset Securitization, Inc., 2.13%, 60,000 12/27/04, Ser. 2004-HM1A, Class A, FRN, # (i) 15,000 Whitehawk Funding, LTD. (Cayman Islands), 1.81%, 15,000 06/15/05, Ser. 2004-1A, Class AMMB, FRN, # (i) ---------------------------------------------------------------------------------------------------------- Total Asset Backed Securities 105,000 (Cost $105,000) ---------------------------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 33.2% ASSET BACKED SECURITIES -- 22.2% Ajax Bambino Funding, 85,000 1.97%, 12/01/04 + 84,999 30,000 2.24%, 02/08/05 + 29,871 50,000 Aquinas Funding LLC, 2.43%, 05/05/05 49,477 ASAP Funding LTD, 75,000 2.24%, 02/02/05 74,706 40,000 2.30%, 02/10/05 39,819 25,000 Atlantis One Funding Corp., 1.95%, 12/20/04 24,974 50,000 Dorada Finance, Inc., 2.33%, 02/25/05 49,722 35,000 Edison Asset Securitization LLC, 1.95%, 12/22/04 34,960 25,000 Grampian Funding LLC, 2.32%, 02/28/05 24,857 30,000 Hatteras Funding Corp., 1.98%, 12/28/04 29,955 Lexington Parker Capital Corp., 20,000 2.07%, 01/18/05 19,945 40,000 2.06%, 01/25/05 39,874 35,000 2.05%, 04/14/05 34,997 30,000 Paradigm Funding LLC, 2.27%, 02/18/05 29,851 25,000 Silver Tower U.S. Funding LLC, 2.43%, 05/13/05 24,725 50,000 Tulip Funding Corp., 2.10%, 12/13/04 49,965 ------------------ 642,697 BANKING -- 5.0% 100,000 Bradford & Bingley PLC (United Kingdom), 2.03%, 100,000 01/07/05, Floating Rate 25,000 Citibank Credit Card Issuance Trust, 2.03%, 24,990 12/08/04 5,000 Macquarie Bank (Australia), 1.91%, 12/15/04 4,996 14,668 St. George Bank LTD (Australia), 1.90%, 12/06/04 14,664 ------------------ 144,650 CONSUMER PRODUCTS -- 0.5% 14,000 The Clorox Co., 2.14%, 12/07/04 13,995 FINANCIAL SERVICES -- 4.3% 45,000 Beta Finance, Inc., 2.06%, 01/28/05 44,851 50,000 Discover Card Master Trust, 1.91%, 12/13/04 49,968
3 30,000 Goldman Sachs Group, Inc., 1.99%, 02/24/05 30,000 ------------------ 124,819 TRANSPORTATION -- 1.2% 35,000 Network Rail LTD (United Kingdom), 1.90%, 34,874 02/07/05 ---------------------------------------------------------------------------------------------------------- Total Commercial Paper 961,035 (Cost $961,035) ---------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT -- 14.5% 25,000 Alliance & Leicester PLC (United Kingdom) 25,000 (Yankee), 2.46%, 05/18/05 25,000 Barclays Bank PLC/New York (Yankee), 2.05%, 25,000 12/01/04 10,000 Canadian Imperial Bank of Commerce/New York 10,000 (Yankee), 1.58%, 12/08/04, Floating Rate 25,000 Credit Suisse First Boston (Yankee), 1.60%, 25,000 12/13/04 30,000 Norddeutsche Landesbank Girozentrale (Germany) 30,000 (Yankee), 1.74%, 05/04/05 100,000 Nordea Bank Finland PLC (Finland) (Yankee), 99,987 2.30%, 06/14/05 50,000 Royal Bank Scotland (United Kingdom), 1.80%, 49,996 06/01/05 Societe Generale (France) (Yankee), 50,000 1.92%, 12/20/04 50,000 30,000 2.49%, 07/15/05 29,995 75,000 UniCredito Italiano SPA (Italy) (Yankee), 2.00%, 75,000 01/10/05 ---------------------------------------------------------------------------------------------------------- Total Certificates of Deposit 419,978 (Cost $419,978) ---------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 13.4% 389,697 Greenwich Capital Markets, Inc. 2.08%, dated 389,697 11/30/04, due 12/01/04, proceeds 389,720, collateralized by U.S. Government Agency Securities (Cost $389,697) ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 99.9% 2,899,439 (COST $ 2,899,439) * OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 2,719 ---------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 2,902,158 ---------------------------------------------------------------------------------------------------------- Percentages indicated are based on net assets of $2,902,158.
ABBREVIATIONS: * - The cost of securities is substantially the same for frederal income tax purposes. # - All or a portion of this security is a 144A or private placement FRN - Floating Rate Note. The rate shown is the rate in effect as of November 30, 2004. MTN - Medium Term Note. Ser. - Series. 4 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 5 JPMORGAN NEW YORK TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. JPMORGAN NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 99.7% - ------------------------------------------------------------------------------------------------------------------------- STATE AND MUNICIPAL OBLIGATIONS -- 99.7% NEW YORK -- 93.2% $ 8,985 ABN AMRO Munitops Certificate Trust, Ser. $ 8,985 2004-33, Rev., FRDO, AMBAC, 1.68%, 01/01/05 12,000 ABN AMRO Munitops Certificates Trust, Ser. 12,000 1999-13, FRDO, FGIC, 1.66%, 12/01/04 385 Albany IDA, IDR, Newkirk Productions, Inc. Project, 385 Ser. A, Rev., FRDO, 1.72%, 12/02/04 2,300 Allegany County, IDA, Environmental Facilities, 2,300 Atlantic Richfield Project, Rev., FRDO, 1.73%, 12/01/04 850 Babylon IDA, IDR, Edwin Berger/Lambro Industries, 850 Rev., FRDO, 1.68%, 12/01/04 8,000 Binghamton, New York, Various Purposes, GO, 8,062 BAN, 2.63%, 09/22/05 7,950 Board of Cooperative Educational Services Sole 7,955 Supervisory District Oswego County, Rev., RAN, 2.00%, 12/30/04 9,900 Board of Cooperative Educational Services Sole 9,953 Supervisory District, Oswego County, Rev., RAN, 2.63%, 06/29/05 9,000 Board of Cooperative Educational Services Sole 9,055 Supervisory District, Oswego County, Rev., RAN, 3.00%, 06/29/05 5,000 Board of Cooperative Educational Services Sole 5,030 Supervisory District, Oswego County, St. Lawrence, GO, 2.88%, 06/24/05 5,000 Brookhaven-Comsewogue Union Free School 5,044 District, GO, BAN, 3.00%, 07/20/05 15,000 Chautauqua County, GO, TAN, 2.00%, 01/20/05 15,016 9,898 Corning City School District, GO, BAN, 2.65%, 9,955 06/30/05 6,700 Dutchess County IDA, Civic Facilities, Marist 6,700 College, Ser. A, Rev., FRDO, 1.67%, 12/06/04 1,600 Dutchess County IDA, Civic Facilities, Marist 1,600 College, Ser. A, Rev., FRDO, 1.67%, 12/07/04 4,000 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 4,000 2002-6003, Class A, COP, Rev., FRDO, FSA, 1.69%, 12/03/04 5,990 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 5,990 3C-7, Class A, FRDO, #, 1.69%, 12/01/04 3,300 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 3,300 3C-7, Class A, FRDO, #, 1.69%, 12/02/04 12,085 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 12,085 94-3203, Class A, FRDO, #, 1.69%, 12/03/04 8,805 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 8,805 94-3205, Class A, FRDO, #, 1.69%, 12/03/04 12,155 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 12,155 96-3207, Class A, FRDO, #, 1.69%, 12/07/04 14,850 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 14,850 96C-3208, Class A, FRDO, #, 1.69%, 12/07/04 8,135 Eagle Tax Exempt Trust, Weekly Partner 8,135 Certificate, Class A, Rev., FRDO, AMBAC, #, 1.69%, 12/01/04 7,700 Erie County Water Authority, Ser. A, Rev., FRDO, 7,700
AMBAC, 1.61%, 12/07/04 1,400 Erie County Water Authority, Ser. B, Rev., FRDO, 1,400 AMBAC, 1.61%, 12/07/04 2,700 Franklin County IDA, Civic Facilities, Trudeau 2,700 Institute, Inc. Project, Rev., FRDO, 1.65%, 12/03/04 530 Glens Falls IDA, IDR, Broad Street Center Project, 530 Rev., FRDO, 1.66%, 12/07/04 3,540 Great Neck North Water Authority, Water System, 3,540 Ser. A, Rev., FRDO, FGIC, 1.67%, 12/06/04 14,000 Guilderland Central School District, GO, BAN, 14,062 2.50%, 05/26/05 1,000 Guilderland IDA, IDR, Northeastern Industrial Park, 1,000 Ser. A, Rev., FRDO, 1.65%, 12/06/04 7,500 Harborfields Central School District, Greenlawn, GO, 7,514 BAN, 2.50%, 03/04/05 20,004 Haverstraw-Stony Point Central School District, GO, 20,025 BAN, 2.00%, 01/21/05 2,000 Islip IDA, Brentwood Distribution Co. Facility, Rev., 2,000 FRDO, 1.70%, 12/01/04 1,550 Jay Street Development Corp., New York City Jay 1,550 Street Project, CTS Facilities Lease, Ser. A-4, Rev., FRDO, 1.64%, 12/01/04 5,000 Johnson City Central School District, GO, BAN, 5,027 2.75%, 06/17/05 5,000 Johnson City Central School District, GO, BAN, 5,033 3.00%, 06/17/05 8,780 Long Island Power Authority, Electric Systems, 8,780 Floating Rate Receipts, Ser. SG-125, 1.70%, 12/01/04 12,710 Long Island Power Authority, Electric Systems, 12,710 FLOATS, Ser. PA-1051, Rev., FRDO, FSA, 1.69%, 12/03/04 4,360 Long Island Power Authority, Electric Systems, 4,360 FLOATS, Ser. PA-841, Rev., FRDO, FSA, 1.70%, 12/02/04 2,695 Long Island Power Authority, Electric Systems, 2,695 FLOATS, Ser. PT-386, Rev., 1.69%, 12/03/04 2,662 Long Island Power Authority, Electric Systems, Ser. 2,662 7, Sub Ser. 7-A, Rev., FRDO, MBIA, 1.58%, 12/06/04 2,000 Long Island Power Authority, Electric Systems, Ser. 2,000 7, Sub Ser. 7-B, Rev., FRDO, MBIA, 1.63%, 12/06/04 300 Long Island Power Authority, Electric Systems, Ser. 300 D, Rev., FRDO, FSA, 1.64%, 12/06/04 3,500 Long Island Power Authority, Electric Systems, Ser. 3,500 G, Rev, FRDO, FSA, 1.62%, 12/06/04 1,500 Long Island Power Authority, Electric Systems, Sub 1,500 Ser. 2-B, Ser. 2, Rev., FRDO, 1.64%, 12/01/04 10,800 Metropolitan Transportation Authority, 1.68%, 10,800 02/08/05 10,000 Metropolitan Transportation Authority, 1.83%, 10,000 03/10/05 7,650 Metropolitan Transportation Authority, Dedicated Tax 7,650 Fund, FLOATS, Ser. PT-2290, Rev., FRDO, FSA, 1.70%, 12/06/04 290 Metropolitan Transportation Authority, Dedicated Tax 290 Fund, Ser. B, Rev., FRDO, FSA, 1.65%, 12/07/04 3,300 Metropolitan Transportation Authority, EAGLE, Ser. 3,300 2002-6021, Class A, Rev., FRDO, MBIA, 1.69%, 12/02/04 5,000 Metropolitan Transportation Authority, EAGLE, Ser. 5,000 2002-6028, Class A, Rev., FRDO, MBIA, 1.69%, 12/02/04 5,970 Metropolitan Transportation Authority, FLOATS, Ser. 5,970 PT-1547, Rev., FRDO, FGIC, 1.70%, 12/03/04
9,840 Metropolitan Transportation Authority, Ser. 848-D, 9,840 Rev., FRDO, FGIC, 1.69%, 12/02/04 14,900 Metropolitan Transportation Authority, Ser. B-16, 14,900 Rev., FRDO, FGIC-MBIA, 1.71%, 12/06/04 600 Metropolitan Transportation Authority, Ser. D-2, 600 Rev., FRDO, FSA, 1.62%, 12/02/04 4,200 Metropolitan Transportation Authority, Ser. G-1, 4,200 Rev., FRDO, AMBAC, 1.62%, 12/06/04 1,700 Metropolitan Transportation Authority, Ser. G-2, 1,700 Rev., FRDO, AMBAC, 1.62%, 12/06/04 9,995 Metropolitan Transportation Authority, Service 9,995 Contract, FLOATS, Ser. PA-1042R, Rev., FRDO, MBIA, 1.70%, 12/01/04 5,405 Metropolitan Transportation Authority, Service 5,405 Contract, FLOATS, Ser. PA-1105, Rev., FRDO, 1.70%, 12/01/04 7,000 Metropolitan Transportation Authority, Sub Ser. A-2, 7,000 GO, FRDO, 1.65%, 12/06/04 9,540 Monroe County IDA, Rochester Institute Project, 9,540 Ser. A, Rev., FRDO, 1.68%, 12/07/04 3,370 Monroe County, GO, AMBAC, 3.00%, 03/01/05 3,382 15,000 Monroe County, GO, RAN, 2.50%, 04/15/05 15,057 10,000 Municipal Securities Trust Certificates, Ser. 10,000 2001-116, Class A, Rev., FRDO, 1.69%, 12/03/04 1,820 Nassau County Interim Finance Authority, FLOATS, 1,820 Ser. PA-901, Rev., FRDO, AMBAC, 1.70%, 12/03/04 1,250 Nassau County Interim Finance Authority, Municipal 1,250 Securities Trust Receipts, Special Tax, Ser. SGA-108, FRDO, 1.69%, 12/07/04 6,090 Nassau County Interim Finance Authority, Sales 6,090 Tax Secured, Ser. A, Rev., FRDO, FSA, 1.65%, 12/02/04 5,000 Nassau Health Care Corp., Sub Ser. 2004-C3, 5,000 Rev., FRDO, FSA, 1.62%, 12/06/04 1,800 New York City Housing Development Corp., 1,800 Multi-Family Housing, 2 Gold Street, Ser. A, Rev., FRDO, 1.66%, 12/01/04 5,400 New York City Housing Development Corp., 5,400 Multi-Family Housing, 55 Pierrepont Development, Ser. A, Rev., FRDO, 1.64%, 12/07/04 4,200 New York City Housing Development Corp., 4,200 Multi-Family Housing, 90 West Street, Ser. A, Rev., FRDO, 1.66%, 12/02/04 3,400 New York City Housing Development Corp., 3,400 Multi-Family Rental Housing, 100 Jane Street Development, Ser. A, Rev., FRDO, 1.67%, 12/03/04 15,000 New York City Housing Development Corp., 15,000 Multi-Family Rental Housing, Brittany Development, Ser. A, Rev., FRDO, 1.67%, 12/02/04 3,300 New York City Housing Development Corp., 3,300 Multi-Family Rental Housing, Columbus Green, Ser. A, Rev., FRDO, 1.63%, 12/03/04 200 New York City Housing Development Corp., 200 Multi-Family Rental Housing, Lyric Development, Ser. A, Rev., FRDO, 1.68%, 12/02/04 10,900 New York City Housing Development Corp., 10,900 Multi-Family Rental Housing, Ser. A, Rev., FRDO, 1.66%, 12/01/04 300 New York City Housing Development Corp., 300 Multi-Family Rental Housing, Tribeca Tower, Ser. A, Rev., FRDO, 1.65%, 12/03/04 3,300 New York City Housing Development Corp., 3,300 Multi-Family Rental Housing, West 43rd Street Development, Ser. A, Rev., FRDO, 1.66%, 12/07/04
2,400 New York City Housing Development Corp., 2,400 Multi-Family Rental Housing, West 89th Street Development, Ser. A, Rev., FRDO, 1.65%, 12/02/04 3,000 New York City IDA, Ahava Food Corp. Project, 3,000 Rev., FRDO, 1.75%, 12/02/04 2,000 New York City IDA, Civic Facilities, Abraham 2,000 Joshua Heschel Project, Rev., FRDO, 1.70%, 12/02/04 3,200 New York City IDA, Civic Facilities, 3,200 Allen-Stevenson School, Rev., FRDO, 1.70%, 12/02/04 13,435 New York City IDA, Civic Facilities, Columbia 13,435 Grammar & Prep School, Rev., FRDO, 1.70%, 12/02/04 3,200 New York City IDA, Civic Facilities, Hewitt School 3,200 Project, Rev., FRDO, 1.70%, 12/02/04 4,610 New York City IDA, Civic Facilities, Jamaica First 4,610 Packaging LLC Project, Rev., FRDO, 1.68%, 12/07/04 580 New York City IDA, Civic Facilities, Municipal 580 Securities Trust Receipts, Ser. SGA-110, Rev., FRDO, 1.69%, 12/02/04 5,400 New York City IDA, Special Facilities, Korean 5,400 Airlines Co., Ser. C, Rev., FRDO, 1.66%, 12/01/04 8,000 New York City Municipal Water Finance Authority, 8,000 Water & Sewer System, Ser. F, Sub Ser. F-1, Rev., FRDO, 1.63%, 12/02/04 300 New York City Municipal Water Finance Authority, 300 Water & Sewer Systems, Fiscal Year 2003, Sub Ser. C-3, Rev., FRDO, 1.64%, 12/01/04 2,900 New York City Municipal Water Finance Authority, 2,900 Water & Sewer Systems, FLOATS, Ser. PA-1076, Rev., FRDO, 1.72%, 12/03/04 5,100 New York City Municipal Water Finance Authority, 5,100 Water & Sewer Systems, FLOATS, Ser. PA-1085, Rev., FRDO, FGIC, 1.70%, 12/03/04 8,410 New York City Municipal Water Finance Authority, 8,410 Water & Sewer Systems, FLOATS, Ser. PA-447, Rev., FRDO, FGIC, 1.69%, 12/07/04 6,495 New York City Municipal Water Finance Authority, 6,495 Water & Sewer Systems, FLOATS, Ser. PA-900, Rev., FRDO, 1.72%, 12/03/04 2,390 New York City Municipal Water Finance Authority, 2,390 Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGB-25, Rev., FRDO, MBIA, 1.69%, 12/07/04 5,150 New York City Municipal Water Finance Authority, 5,150 Water & Sewer Systems, Ser. A, Rev., FRDO, FGIC, 1.67%, 12/01/04 1,000 New York City Municipal Water Finance Authority, 1,000 Water & Sewer Systems, Ser. C, Rev., FRDO, FGIC, 1.62%, 12/01/04 3,100 New York City Municipal Water Finance Authority, 3,100 Water & Sewer Systems, Ser. C, Rev., FRDO, FGIC, 1.62%, 12/01/04 4,900 New York City Transit Authority, Metropolitan 4,900 Transportation Authority, Floating Rate Trust Receipts, Triborough, COP, Ser. PMD-10, FRDO, AMBAC, 1.77%, 12/06/04 20,000 New York City Transitional Finance Authority, 20,000 Floating Rate Receipts, Ser. L-21, Regulation D, Rev., FRDO, 1.72%, 12/01/04 600 New York City Transitional Finance Authority, 600 Future Tax Secured, Ser. A-2, Rev., FRDO, 1.67%, 12/01/04 2,300 New York City Transitional Finance Authority, 2,300
Future Tax Secured, Sub Ser. C-5, Rev., FRDO, 1.65%, 12/01/04 5,000 New York City Transitional Finance Authority, New 5,000 York City Recovery, Ser. 1, Sub Ser. 1-A, Rev., FRDO, 1.64%, 12/02/04 2,900 New York City Transitional Finance Authority, 2,900 Recovery, Ser. 3, Sub Ser. 3-C, Rev., FRDO, 1.63%, 12/02/04 5,000 New York City Transitional Finance Authority, 5,000 Recovery, Ser. 3, Sub Ser. 3-D, Rev., FRDO, 1.63%, 12/02/04 2,480 New York City Transitional Finance Authority, Ser. 2,480 2003-7, Rev., FRDO, 1.70%, 12/03/04 10,000 New York City Transitional Finance Authority, Ser. 10,000 48, Rev., FRDO, 1.70%, 12/03/04 22,080 New York City Transitional Finance Authority, Ser. 22,080 A-40, Rev., FRDO, MBIA-IBC, 1.71%, 12/03/04 4,975 New York City Transitional Finance Authority, Ser. 4,975 RR-II-R-4052, Rev., FRDO, 1.69%, 12/02/04 1,900 New York City Trust for Cultural Resources, Alvin 1,900 Ailey Dance Foundation, Rev., FRDO, 1.59%, 12/01/04 10,210 New York City Trust for Cultural Resources, 10,210 Floating Certificates, Ser. 162, Rev., FRDO, AMBAC, 1.69%, 12/01/04 1,500 New York City Trust for Cultural Resources, 1,500 Municipal Securities Trust Receipts, Ser. SGA-91, Rev., FRDO, AMBAC, 1.72%, 12/01/04 15,000 New York City, New York, 1.70%, 02/10/05 15,000 14,500 New York City, New York, 1.80%, 01/10/05 14,500 20,000 New York City, New York, 1.81%, 02/10/05 20,000 14,600 New York City, New York, 1.86%, 02/14/05 14,600 9,245 New York City, New York, FLOATS, Ser. PT-405, 9,245 1.70%, 12/07/04 1,500 New York City, New York, Sub Ser. H-2, GO, 1,500 FRDO, 1.63%, 12/02/04 1,300 New York City, New York, Municipal Securities 1,300 Trust Receipts, Ser. SG-109, 1.70%, 12/06/04 1,000 New York City, New York, Municipal Securities 1,000 Trust Receipts, Ser. SGA-51, FRDO, AMBAC, 1.69%, 12/07/04 60 New York City, New York, Municipal Securities 60 Trust Receipts, Ser. SGB-33, GO, FRDO, FSA, 1.67%, 12/06/04 500 New York City, New York, Municipal Water Finance 500 Authority, Water & Sewer Systems, Ser. G, Rev., FRDO, FGIC, 1.64%, 12/01/04 9,635 New York City, New York, Ser. A-36, GO, FRDO, 9,635 AMBAC, 1.75%, 12/01/04 1,500 New York City, New York, Ser. B, Sub Ser. B-4, 1,500 GO, FRDO, MBIA, 1.62%, 12/01/04 10,000 New York City, New York, Ser. B, Sub Ser. B-6, 10,000 GO, FRDO, MBIA, 1.64%, 12/01/04 1,800 New York City, New York, Ser. B-2, Sub Ser. B-5, 1,800 GO, FRDO, MBIA, 1.64%, 12/01/04 310 New York City, New York, Ser. B-2, Sub Ser. B-5, 310 GO, FRDO, MBIA, 1.64%, 12/01/04 3,000 New York City, New York, Ser. F-2, GO, FRDO, 3,000 1.62%, 12/01/04 2,800 New York City, New York, Ser. F-4, GO, FRDO, 2,800 1.67%, 12/01/04 200 New York City, New York, Ser. H, Sub Ser. H-2, 200 GO, FRDO, MBIA, 1.64%, 12/01/04 2,100 New York City, New York, Ser. H, Sub Ser. H-2, 2,100 GO, FRDO, MBIA, 1.67%, 12/01/04 100 New York City, New York, Ser. H, Sub Ser. H-3, 100 GO, FRDO, FSA, 1.64%, 12/01/04
500 New York City, New York, Ser. H, Sub Ser. H-3, 500 GO, FRDO, FSA, 1.64%, 12/01/04 1,300 New York City, New York, Ser. H, Sub Ser. H-3, 1,300 GO, FRDO, FSA, 8/1/19, 1.64%, 12/01/04 100 New York City, New York, Ser. H, Sub Ser. H-3, 100 GO, FRDO, FSA, 1.64%, 12/01/04 700 New York City, New York, Ser. H, Sub Ser. H-6, 700 GO, FRDO, MBIA, 1.61%, 12/01/04 2,800 New York City, New York, Ser. H, Sub Ser. H-6, 2,800 GO, FRDO, MBIA, 1.61%, 12/01/04 2,800 New York City, New York, Ser. H, Sub Ser. H-6, 2,800 GO, FRDO, MBIA, 1.61%, 12/06/04 5,400 New York City, New York, Sub Ser. A-4, GO, 5,400 FRDO, 1.61%, 12/03/04 1,425 New York City, New York, Sub Ser. A-4, GO, 1,425 FRDO, 1.67%, 12/01/04 1,500 New York City, New York, Sub Ser. A-4, GO, 1,500 FRDO, 1.67%, 12/01/04 4,100 New York City, New York, Sub Ser. A-5, GO, 4,100 FRDO, 1.62%, 12/01/04 5,950 New York City, New York, Sub Ser. A-6, GO, 5,950 FRDO, 1.61%, 12/03/04 7,800 New York City, New York, Sub Ser. A-6, GO, 7,800 FRDO, 1.63%, 12/01/04 5,000 New York City, New York, Sub Ser. C-2, GO, 5,000 FRDO, 1.67%, 12/01/04 4,200 New York City, New York, Sub Ser. C-4, GO, 4,200 FRDO, 1.61%, 12/06/04 1,700 New York City, New York, Sub Ser. C-5, GO, 1,700 FRDO, 1.63%, 12/01/04 1,100 New York City, New York, Sub Ser. E-3, GO, 1,100 FRDO, 1.64%, 12/01/04 1,500 New York City, New York, Sub Ser. E-4, GO, 1,500 FRDO, 1.64%, 12/01/04 10,000 New York City, New York, Sub Ser. G-2, GO, 10,000 FRDO, 1.61%, 12/06/04 5,300 New York City, New York, Sub Ser. G-3, GO, 5,300 FRDO, 1.61%, 12/06/04 3,000 New York City, New York, Sub Ser. H-1, GO, 3,000 FRDO, 1.67%, 12/01/04 2,500 New York City, New York, Housing Development 2,500 Corp., Multi-Family Housing, Carnegie Park, Ser. A, Rev., FRDO, 1.63%, 12/06/04 13,000 New York City, New York, Sub Ser. H-3, GO, 13,000 FRDO, 1.64%, 12/02/04 3,000 New York City, New York, Sub Ser. H-4, GO, 3,000 FRDO, 1.64%, 12/01/04 3,100 New York City, New York, Sub Ser. H-7, GO, 3,100 FRDO, 1.64%, 12/01/04 120 New York Local Government Assistance Corp., 120 Floating Rate Receipts, Ser. SG-100, Rev., FRDO, MBIA-IBC, 1.69%, 12/02/04 1,195 New York Local Government Assistance Corp., 1,195 Floating Rate Receipts, Ser. SG-99, Rev., FRDO, AMBAC, 1.69%, 12/01/04 600 New York Local Government Assistance Corp., 600 Municipal Securities Trust Receipts, Ser. SGA-59, Rev., FRDO, 1.72%, 12/01/04 900 New York Local Government Assistance Corp., Ser. 900 A, Rev., FRDO, 1.63%, 12/06/04 14,800 New York Local Government Assistance Corp., Ser. 14,800 B, Rev., FRDO, 1.64%, 12/07/04 1,250 New York Local Government Assistance Corp., Ser. 1,250 C, Rev., FRDO, 1.64%, 12/07/04 4,700 New York Local Government Assistance Corp., Ser. 4,700 D, Rev., FRDO, 1.57%, 12/07/04 7,600 New York Local Government Assistance Corp., Ser. 7,600
G, Rev., FRDO, 1.60%, 12/07/04 7,900 New York Local Government Assistance Corp., Sub 7,900 Lien, Ser. A-6V, Rev., FRDO, FSA, 1.64%, 12/06/04 2,855 New York Mortgage Agency, FLOATS, Ser. 2,855 PT-1190, Rev., FRDO, 1.72%, 12/03/04 11,800 New York State, 1.70%, 02/11/05 11,800 3,660 New York State Dorm Authority, Beverwyck, Inc., 3,660 Rev., FRDO, 1.66%, 12/01/04 4,415 New York State Dorm Authority, FLOATS, Ser. 4,415 PA-409, Rev., FRDO, AMBAC, 1.69%, 12/06/04 2,670 New York State Dorm Authority, FLOATS, Ser. 2,670 PA-419, Rev., FRDO, 1.69%, 12/06/04 3,545 New York State Dorm Authority, FLOATS, Ser. 3,545 PA-449, Rev., 1.69%, 12/03/04 9,340 New York State Dorm Authority, FLOATS, Ser. 9,340 PA-541, Rev., 1.69%, 12/03/04 800 New York State Dorm Authority, FLOATS, Ser. 800 PA-784, Rev., FRDO, MBIA-IBC, 1.69%, 12/02/04 860 New York State Dorm Authority, FLOATS, Ser. 860 PT-130, Rev., 1.69%, 12/03/04 5,795 New York State Dorm Authority, FLOATS, Ser. 5,795 PT-1447, Rev., FRDO, MBIA, 1.69%, 12/07/04 4,150 New York State Dorm Authority, FLOATS, Ser. 4,150 PT-1621, Rev., FRDO, MBIA, 1.69%, 12/07/04 4,850 New York State Dorm Authority, FLOATS, Ser. 4,850 PT-1742, Rev., FRDO, MBIA, 1.69%, 12/07/04 8,140 New York State Dorm Authority, FLOATS, Ser. 8,140 PT-407, Rev., FRDO, AMBAC, 1.35%, 12/01/04 3,400 New York State Dorm Authority, Mental Health 3,400 Services, Sub Ser. D-2E, Rev., FRDO, 1.62%, 12/03/04 4,000 New York State Dorm Authority, Municipal 4,000 Securities Trust Receipts, Ser. SGA-132, Rev., FRDO, 1.69%, 12/02/04 430 New York State Dorm Authority, New York Public 430 Library, Ser. A, Rev., FRDO, MBIA, 1.63%, 12/07/04 2,375 New York State Dorm Authority, Oxford University 2,375 Press, Inc., Rev., FRDO, 1.68%, 12/01/04 1,600 New York State Dormitory Authority, Mental Health 1,600 Services, Sub Ser. D-2C, Rev., FRDO, MBIA, 1.60%, 12/03/04 25,000 New York State Eagle Trust, FRDO, 1.69%, 25,000 12/01/04 1,600 New York State Energy Research & Development 1,600 Authority, PCR, Orange & Rockland Project, Ser. A, Rev., FRDO, FGIC, 1.61%, 12/06/04 16,385 New York State Environmental Facilities Corp., 16,385 PCR, FLOATS, Ser. PA-1261, Rev., FRDO, MBIA, 1.65%, 12/07/04 3,900 New York State Housing Finance Agency, 10 3,900 Liberty Street, Rev., FRDO, 1.63%, 12/07/04 8,600 New York State Housing Finance Agency, 101 West 8,600 End, Rev., FRDO, 1.66%, 12/03/04 1,150 New York State Housing Finance Agency, 101 West 1,150 End, Rev., FRDO, 1.66%, 12/03/04 3,000 New York State Housing Finance Agency, 150 East 3,000 44th Street Housing, Ser. A, Rev., FRDO, 1.66%, 12/06/04 3,400 New York State Housing Finance Agency, 150 East 3,400 44th Street Housing, Ser. A, Rev., FRDO, 1.66%, 12/06/04 4,400 New York State Housing Finance Agency, 345 East 4,400 94th Street Housing, Ser. A, Rev., FRDO, 1.66%, 12/01/04 6,800 New York State Housing Finance Agency, 350 West 6,800
43rd Street Housing, Ser. A, Rev., FRDO, 1.66%, 12/02/04 5,000 New York State Housing Finance Agency, 360 West 5,000 43rd Street, Rev., FRDO, 1.68%, 12/02/04 10,000 New York State Housing Finance Agency, Avalon 10,000 Chrystie Place I Housing, Ser. A, Rev., FRDO, 1.68%, 12/06/04 4,400 New York State Housing Finance Agency, 4,400 Bennington Hills Housing, Ser. A, Rev., FRDO, 1.68%, 12/01/04 8,100 New York State Housing Finance Agency, East 84th 8,100 Street Housing, Ser. A, Rev., FRDO, 1.65%, 12/06/04 8,410 New York State Housing Finance Agency, FLOATS, 8,410 Ser. PA-423, Rev., 1.69%, 12/03/04 5,395 New York State Housing Finance Agency, FLOATS, 5,395 Ser. PA-805, Rev., FRDO, FSA, 1.69%, 12/02/04 14,500 New York State Housing Finance Agency, Helena 14,500 Housing, Ser. A, Rev., FRDO, 1.65%, 12/03/04 4,600 New York State Housing Finance Agency, 4,600 Multi-Family Housing, Secured Mortgage, Ser. A, Rev., FRDO, 1.66%, 12/07/04 200 New York State Housing Finance Agency, 200 Multi-Family Housing, Ser. A, Rev., FRDO, 1.65%, 12/01/04 3,400 New York State Housing Finance Agency, 3,400 Normandie Court I Project, Rev., FRDO, 1.62%, 12/03/04 1,800 New York State Housing Finance Agency, Ser. A, 1,800 Rev., FRDO, 1.63%, 12/02/04 10,000 New York State Housing Finance Agency, Ser. A, 10,000 Rev., FRDO, 1.66%, 12/01/04 1,100 New York State Housing Finance Agency, Ser. A, 1,100 Rev., FRDO, 1.68%, 12/01/04 10,500 New York State Housing Finance Agency, Tallyrand 10,500 Crescent, Rev., FRDO, 1.70%, 12/02/04 4,200 New York State Housing Finance Agency, Union 4,200 Square South Housing, Rev., FRDO, 1.65%, 12/02/04 900 New York State Housing Finance Agency, West 900 23rd Street, Ser. A, Rev., FRDO, 1.66%, 12/01/04 7,700 New York State Housing Finance Agency, West 7,700 33rd Street Housing, Ser. A, Rev., FRDO, 1.67%, 12/07/04 8,400 New York State Medical Care Facilities Finance 8,400 Agency, FLOATS, Ser. PA-113, Rev., FRDO, 1.69%, 12/02/04 5,625 New York State Medical Care Facilities Finance 5,625 Agency, FLOATS, Ser. PA-61, Rev., FRDO, 1.72%, 12/02/04 3,125 New York State Medical Care Facilities Finance 3,125 Agency, FLOATS, Ser. PA-72, Rev., 1.72%, 12/06/04 8,140 New York State Medical Care Facilities Finance 8,140 Agency, FLOATS, Ser. PA-82, Rev., 1.72%, 12/02/04 11,125 New York State Medical Care Facilities Finance 11,463 Agency, New York Hospital, Ser. A, Rev., AMBAC, (p), 6.50%, 02/15/05 13,100 New York State Thruway Authority, Floating Rate 13,100 Receipts, Ser. SG-121, Rev., FRDO, 1.72%, 12/02/04 13,675 New York State Thruway Authority, Floating Rate 13,675 Trust Receipts, Ser. SG-119, Rev., FRDO, 1.73%, 12/01/04 1,685 New York State Thruway Authority, Municipal 1,685 Securities Trust Receipts, Ser. SGA-66, Rev., FRDO,
1.69%, 12/03/04 9,100 New York State Urban Development Corp., Floating 9,100 Rate Trust Receipts, Ser. SG-163, Rev., 1.69%, 12/06/04 4,115 New York State Urban Development Corp., 4,115 FLOATS, Ser. PT-1669, Rev., FRDO, FGIC, 1.69%, 12/03/04 5,400 New York State, Environmental Quality, Ser. G, 5,400 GO, FRDO, 1.75%, 12/21/04 2,000 New York State, Housing Finance Agency, Saxony 2,000 Housing, 240 E. 39th St. Housing, Rev., FRDO, 1.66%, 12/02/04 900 New York State, Local Government Assistance 900 Corp., Ser. B, Rev., FRDO, 1.60%, 12/03/04 2,200 New York State, Local Government Assistance 2,200 Corp., Ser. F, Rev., FRDO, 1.60%, 12/07/04 10,000 New York State, Power Authority, General Purpose, 10,000 GO, FRDO, 1.35%, 03/01/05 10,000 New York State, Ser. A, GO, FRDO, 1.80%, 10,000 02/07/05 4,995 Niagara Falls Bridge Commission, Tolls, FLOATS, 4,995 Ser. PA-530, 1.69%, 12/03/04 6,820 Oneida County IDA, Champion Home, Rev., 6,820 FRDO, 1.69%, 12/02/04 2,995 Oneida County IDA, Rev., FRDO, 1.82%, 2,995 12/03/04 16,400 Oneida Indian Nation, Rev., FRDO, 1.67%, 16,400 12/02/04 5,050 Onondaga County IDA, IDR, Albany Molecular 5,050 Research Project, Rev., FRDO, 1.68%, 12/07/04 14,250 Onondaga County IDA, Solid Waste Disposal 14,250 Facilities, Solvay Paperboard Project, Ser. A, Rev., FRDO, 1.77%, 12/01/04 18,050 Onondaga County IDA, Solid Waste Disposal 18,050 Facility, Solvay Paperboard Project, Rev., FRDO, 1.77%, 12/01/04 9,550 Onondaga County IDA, Solid Waste Disposal 9,550 Facility, Solvay Paperboard Project, Rev., FRDO, 1.77%, 12/06/04 6,843 Oswego City School District, GO, BAN, 2.75%, 6,897 08/11/05 8,500 Oyster Bay, New York, Ser. A, GO, BAN, 2.00%, 8,510 01/21/05 4,000 Oyster Bay, New York, Ser. A, GO, TAN, 2.00%, 4,004 01/21/05 4,000 Plainedge Union Free School District, GO, TAN, 4,032 3.00%, 06/30/05 4,500 Port Authority of New York & New Jersey, FLOATS, 4,500 Ser. PA-1205, Rev., FRDO, 1.72%, 12/06/04 8,085 Port Authority of New York & New Jersey, FLOATS, 8,085 Ser. PT-2263, Rev., FRDO, FGIC, 1.69%, 12/01/04 12,655 Port Authority of New York & New Jersey, Trust 12,655 Receipts, Ser. 10, Class F, Rev., FRDO, FSA, 1.65%, 12/02/04 1,050 Port Jervis IDA, The Future Home Tech, Inc., Rev., 1,050 FRDO, 1.77%, 12/07/04 6,360 Poughkeepsie IDA, Senior Living Facility, Manor at 6,360 Woodside Project, Rev., FRDO, 1.72%, 12/01/04 525 Rockland County IDA, IDR, X Products Corp. 525 Project, Rev., FRDO, 1.72%, 12/07/04 1,555 Rockland County IDA, Shock Tech, Inc. Project, 1,555 Rev., FRDO, 1.82%, 12/01/04 5,000 Rome City School District, GO, BAN, 2.88%, 5,030 06/24/05 10,000 Rome City School District, GO, RAN, 2.88%, 10,060 06/24/05 4,690 Roosevelt Union Free School District, RAN, 2.63%, 4,715
06/23/05 3,430 Suffolk County IDA, Civic Facilities, Guide Dog 3,430 Foundation, Inc., Rev., FRDO, 1.67%, 12/02/04 300 Suffolk County Water Authority, Rev., BAN, 300 FRDO, 1.63%, 12/01/04 4,900 Suffolk County Water Authority, Rev., BAN, 4,900 FRDO, 1.63%, 12/01/04 1,875 Syracuse, New York, Ser. B, GO, BAN, 2.25%, 1,880 05/27/05 10,425 Tobacco Settlement Financing Authority, Ser. 10,425 RR-II-R-1066, Rev., FRDO, AMBAC, 1.71%, 12/07/04 7,495 Tobacco Settlement Financing Authority, Ser. 7,495 TOCS-2003, Rev., FRDO, 1.82%, 12/07/04 7,400 Tompkins-Seneca-Tioga Board of Cooperative 7,443 Educational Services, Sole Supervisory, GO, RAN, 2.63%, 06/30/05 2,500 Triborough Bridge & Tunnel Authority, EAGLE Ser. 2,500 2003-2004, Class A, Rev., FRDO, FGIC, 1.69%, 12/03/04 6,000 Triborough Bridge & Tunnel Authority, FLOATER, 6,000 Ser. M1J, Regulation D, Rev., FRDO, MBIA-IBC, 1.72%, 12/02/04 7,675 Triborough Bridge & Tunnel Authority, FLOATS, Ser. 7,675 PA-1080, Rev., FRDO, 1.72%, 12/02/04 360 Triborough Bridge & Tunnel Authority, FLOATS, Ser. 360 PA-1090, Rev., FRDO, MBIA-IBC, 1.69%, 12/01/04 4,995 Triborough Bridge & Tunnel Authority, FLOATS, Ser. 4,995 PA-665, Rev., 1.72%, 12/03/04 100 Triborough Bridge & Tunnel Authority, General 100 Purpose, Ser. B, Rev., FRDO, AMBAC, 1.62%, 12/07/04 1,690 Triborough Bridge & Tunnel Authority, Special 1,690 Obligation, Ser. B, Rev., FRDO, FSA, 1.64%, 12/06/04 2,400 Triborough Bridge & Tunnel Authority, Special 2,400 Obligation, Ser. D, Rev., FRDO, FSA, 1.62%, 12/01/04 4,235 Ulster County IDA, IDR, Hunter Panels LLC 4,235 Project, Ser. A, Rev., FRDO, 1.68%, 12/06/04 10,000 Utica City School District, Ser. A, GO, RAN, 3.50%, 10,077 06/24/05 9,870 Walton Central School District, Ser. A, GO, BAN, 9,924 2.75%, 06/16/05 10,000 Waterloo Central School District, GO, BAN, 2.63%, 10,052 06/20/05 10,387 Watertown, New York, GO, BAN, 2.25%, 01/27/05 10,400 19,090 Webutuck Central School District, GO, BAN, 2.00%, 19,091 12/17/04 4,590 Westchester County IDA, Civic Facilities, 4,590 Community Housing Innovations, Inc., Rev., FRDO, 1.66%, 12/02/04 2,630 Westchester County IDA, Civic Facilities, The 2,630 Masters School, Rev., FRDO, 1.70%, 12/02/04 500 Westchester County IDA, IDR, Levister 500 Redevelopment Co., LLC, Ser. A, Rev., FRDO, 1.65%, 12/07/04 ------------------ 1,537,125 PUERTO RICO -- 6.5% 10,045 Municipal Securities Trust Certificates, Ser. 7005, 10,045 Class A, Special Obligation, FRDO, (p), 1.67%, 12/01/04 13,812 Puerto Rico Commonwealth, 1.45%, 01/12/05 13,812 4,700 Puerto Rico Commonwealth, 1.68%, 01/25/05 4,700 13,112 Puerto Rico Commonwealth, 1.73%, 02/11/05 13,112 10,000 Puerto Rico Commonwealth, 1.80%, 02/11/05 10,000
6,000 Puerto Rico Commonwealth, 1.87%, 01/27/05 6,000 6,000 Puerto Rico Commonwealth, Floating Rate Trust 6,000 Receipts, Ser. M-4J, GO, FRDO, FSA, 1.70%, 12/02/04 360 Puerto Rico Commonwealth, FLOATS, Ser. PA-625, 360 GO, FRDO, AMBAC, 1.67%, 12/02/04 20,000 Puerto Rico Commonwealth, TRAN, 3.00%, 20,155 07/29/05 150 Puerto Rico Commonwealth, Trust Receipts, Ser. 3, 150 Class F, GO, FRDO, MBIA, 1.65%, 12/02/04 1,294 Puerto Rico Highway & Transportation Authority, 1,294 FLOATS, Ser. 815-D, Rev., FRDO, MBIA, 1.69%, 12/07/04 21,330 Puerto Rico Infrastructure Financing Authority, 21,330 Special Obligation, Ser. 2, FRDO, 1.67%, 12/02/04 ------------------ 106,958 - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 99.7% $ 1,644,083 (COST $1,644,083)* OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 4,623 - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 1,648,706 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $1,648,706. ABBREVIATIONS: * - The cost of securities is substantially the same for federal income tax purposes. # - All or a portion of this security is a 144A or private placement security and can only be sold to qualified institutional buyers. (p) - Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date and the date of the prerefunded call. AMBAC American Municipal Bond Assurance Corp. BAN - Bond Anticipation Note. COP - Certificates of Participation. EAGLE - Earnings of accrual generated on local tax-exempt securities. FGIC - Financial Guaranty Insurance Co. FLOATS - Floating Auction Tax Exempts. FRDO - Floating Rate Demand Obligation. The maturity date shown is the next interest reset date. The interest rate shown is the rate in effect at November 30, 2004. FSA - Financial Security Assurance. GO - General Obligation Bond. IBC - Insured Bond Certificates. IDA - Industrial Development Authority. IDR - Industrial Development Revenue. MBIA - Municipal Bond Investors Assurance Corporation. MTN - Medium Term Note. PCR - Pollution Control Revenue. RAN - Revenue Anticipation Note. Rev. - Revenue Bond. Ser. - Series. TAN - Tax Anticipation Note. TRAN - Tax & Revenue Anticipation Note. FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. JPMORGAN PRIME MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. JPMORGAN PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 100.0% - ------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY SECURITIES -- 4.7% Federal Home Loan Bank, 37,797 1.96%, 12/01/04, DN $ 37,797 400,000 1.91%, 10/05/05, FRN 399,822 Federal National Mortgage Association, 165,000 7.13%, 02/15/05 166,695 56,780 1.87%, 02/23/05, DN 56,532 675,000 1.88%, 10/03/05, FRN 674,630 500,000 1.96%, 10/21/05, FRN 499,710 500,000 2.08%, 12/29/05, FRN 499,683 ---------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Securities 2,334,869 (Cost $2,334,869) ---------------------------------------------------------------------------------------------------------- CORPORATE NOTES & BONDS -- 18.2% BANKING -- 5.2% 300,000 Bayerische Landesbank/New York, 2.15%, 300,000 11/23/05, FRN 200,000 Fifth Third Bancorp, 2.11%, 11/23/05, FRN, # 200,000 Links Finance LLC, 75,000 2.05%, 03/15/05 74,998 120,000 2.05%, 03/15/05 119,997 100,000 2.05%, 03/22/05 99,997 200,000 2.05%, 04/15/05, Ser. 1, MTN, FRN, # 199,989 100,000 2.07%, 05/13/05, Ser. 1, MTN, FRN, # 99,998 Wells Fargo Bank N.A., 543,670 2.04%, 02/14/05, FRN 543,670 769,980 2.17%, 09/14/05, MTN, FRN 769,979 160,000 Westpac Banking Corp./New York, 1.85%, 03/11/05, 160,000 MTN, FRN ------------------ 2,568,628 CONSUMER PRODUCTS -- 0.6% 300,000 Procter & Gamble Co., 1.83%, 03/09/05, FRN, # 300,000 DIVERSIFIED -- 1.7% General Electric Capital Corp., 468,000 2.17%, 01/10/05, FRN 468,000 400,000 2.23%, 01/17/05, MTN, FRN 400,000 ------------------ 868,000 FINANCIAL SERVICES -- 10.7% 75,000 Associates Corp. N.A., 2.05%, 06/27/05, FRN 75,000 Beta Finance, Inc., 100,000 1.32%, 02/09/05, MTN, # 100,000 40,000 1.54%, 04/29/05, MTN, # 39,968 80,000 2.06%, 05/06/05, MTN, # 79,993 90,000 2.06%, 05/17/05, MTN, # 89,992 110,000 1.80%, 06/13/05, Ser. 1, MTN, FRN, # 109,988 CC USA, Inc., 154,000 2.04%, 03/22/05 153,991 119,000 2.06%, 04/25/05, Ser. 1, MTN, FRN, # 118,990
2 200,000 2.17%, 05/09/05, MTN, FRN, # 200,083 70,000 2.06%, 05/10/05, MTN, FRN, # 69,994 167,250 2.21%, 08/09/05, MTN, FRN, # 167,259 75,000 Citigroup Global Markets Holdings, Inc., 1.88%, 75,043 06/06/05 28,000 Dorada Finance, Inc., 2.05%, 05/17/05, MTN, FRN, 27,997 # HBOS Treasury Services PLC (United Kingdom), 310,000 1.98%, 01/04/05, MTN, FRN, # 310,000 80,250 1.92%, 03/14/05, MTN, FRN, # 80,274 300,000 1.96%, 10/24/05, MTN, FRN, # 300,000 455,000 2.39%, 12/20/05, MTN, FRN, # 455,000 250,000 Lehman Brothers Holdings, Inc., 2.14%, 05/22/05, 250,000 Ser. G, MTN, FRN 345,000 Merrill Lynch & Co., Inc., 2.04%, 12/02/05, MTN, 345,000 FRN Money Market Trust, 60,000 2.07%, 06/03/05, Ser. 2004, FRN 60,000 263,000 2.18%, 08/09/05, Ser. A-2, FRN, #, (i) 263,000 310,000 Morgan Stanley, 2.22%, 08/15/05, Ser. 1, MTN, 310,051 FRN Restructured Asset Securities with Enhanced Returns (RACERS), 160,000 2.30%, 12/15/04, Ser. 2000-7-ZCM, Class A-3, 160,000 FRN, # (i) 475,000 2.30%, 01/17/05, Ser. 2001-8-MM, Class A-1, FRN, 475,000 # (i) 185,000 2.16%, 05/13/05, Ser. 2004-1-MM, #, (i) 185,000 760,000 Special Purpose Accounts Receivable Cooperative 760,001 Corp. (SPARCS), 2.14%, 01/26/05, Ser. 2004-3 60,000 Tango Finance Corp., 2.07%, 10/17/05, Ser. 1, MTN, 59,995 FRN, # ------------------ 5,321,619 ---------------------------------------------------------------------------------------------------------- Total Corporate Notes & Bonds 9,058,247 (Cost $9,058,247) ---------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 1.7% Blue Heron Funding LTD, 260,000 2.17%, 03/18/05, Ser. 2-A, Class A, FRN, # 260,000 175,000 2.24%, 05/27/05, Ser. 7-A, Class A1, FRN, # 175,000 Davis Square Funding LTD (Cayman Islands), 120,000 2.09%, 01/05/05, Ser. 2004-2A, Class AMMB, FRN, (i) # 120,000 48,000 2.11%, 01/05/05, Ser. 2004-2A, Class AMMA, FRN, (i) # 48,000 100,000 Newcastle CDO LTD (Cayman Islands), 2.19%, 100,000 12/23/04, Ser. 3-A, Class 1-MM, FRN, (i) 48,187 TIAA Retail Commercial Trust, 2.22%, 12/29/04, 48,187 Ser. 2003-1A, Class A1-MM, FRN 85,000 Whitehawk Funding, LTD. (Cayman Islands), 1.81%, 85,000 06/15/05, Ser. 2004-1A, Class AMMB, FRN, (i) # ---------------------------------------------------------------------------------------------------------- Total Asset Backed Securities 836,187 (Cost $836,187) ---------------------------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 26.4% ASSET BACKED SECURITIES -- 16.5% 655,000 Amsterdam Funding Corp., 2.10%, 12/20/04 654,273 Aquinas Funding LLC, 90,000 2.05%, 01/21/05 89,739 75,000 1.88%, 02/14/05 74,706
3 37,000 Aspen Funding Corp., 1.82%, 12/13/04 36,978 Atlantis One Funding Corp., 78,900 1.95%, 12/20/04 78,819 107,673 1.79%, 01/10/05 107,459 120,239 1.87%, 02/01/05 119,852 50,890 1.88%, 02/02/05 50,723 98,105 2.43%, 05/16/05 97,006 77,148 Cancara Asset Securitization LTD (Channel Islands), 77,094 1.81%, 12/15/04 100,000 Cantabric Finance LLC (United Kingdom), 2.28%, 99,506 02/17/05 Charta Corp., 58,000 1.81%, 12/07/04 57,983 60,000 1.81%, 12/09/04 59,976 16,961 Ciesco LP, 1.89%, 12/13/04 16,950 188,670 Compass Securitization LLC, 2.10%, 12/22/04 188,439 100,000 Crown Point Capital Co., LLC, 2.31%, 02/22/05 99,467 125,000 Dakota Certificate Program (Citibank Credit Card 124,921 Master Trust I), 1.90%, 12/13/04 250,000 Descartes Funding Trust, 2.10%, 11/15/05 250,000 57,500 Dorada Finance, Inc., 2.33%, 02/22/05 57,191 Edison Asset Securitization LLC, 491,757 1.88%, 02/01/05 490,164 175,000 2.23%, 02/10/05 174,230 66,006 Fairway Finance Corp., 2.10%, 12/20/04 65,933 FCAR Owner Trust, 100,000 1.81%, 12/09/04 99,960 99,200 2.41%, 05/03/05 98,184 86,000 Galaxy Funding, Inc., 2.06%, 01/27/05 85,719 Gemini Funding Corp., 39,125 1.82%, 12/13/04 39,101 115,000 2.05%, 01/25/05 114,640 106,734 Giro Balanced Funding Corp., 2.30%, 02/22/05 106,168 74,820 Giro Funding U.S. Corp., 1.96%, 12/22/04 74,734 266,500 Giro Multi-Funding Corp., 2.08%, 12/20/04 266,207 Grampian Funding LLC, 290,000 1.81%, 12/16/04 289,781 570,071 2.06%, 01/28/05 568,178 102,479 2.28%, 02/22/05 101,940 350,000 2.32%, 02/28/05 347,992 200,000 2.37%, 03/28/05 198,460 128,250 2.37%, 03/29/05 127,254 Greyhawk Funding LLC, 100,000 2.28%, 02/18/05 99,500 129,000 2.43%, 05/17/05 127,546 125,100 K2 (USA) LLC, 1.88%, 02/08/05 124,649 108,512 Kitty Hawk Funding Corp., 2.06%, 01/27/05 108,158 152,269 Liberty Street Funding Corp., 2.08%, 12/20/04 152,102 35,000 Links Finance LLC, 2.27%, 02/15/05 34,832 64,893 Mont Blanc Capital Corp., 1.81%, 12/13/04 64,854 19,700 Name Funding, Inc., 1.96%, 12/20/04 19,680 94,700 Newport Funding Corp., 2.06%, 01/24/05 94,407 Paradigm Funding LLC, 122,302 1.81%, 12/13/04 122,228 100,000 2.27%, 02/18/05 99,502 35,000 2.28%, 02/22/05 34,816 Scaldis Capital LLC, 98,887 2.09%, 01/31/05 98,537 100,553 2.11%, 02/01/05 100,188 Sigma Finance, Inc., 100,000 1.81%, 12/10/04 99,955
4 100,000 2.08%, 02/04/05 99,624 Silver Tower U.S. Funding LLC, 69,000 1.82%, 12/06/04 68,983 45,000 1.82%, 12/09/04 44,982 200,000 2.07%, 01/25/05 199,368 145,000 2.07%, 01/26/05 144,533 93,000 2.43%, 05/13/05 91,977 85,000 2.43%, 05/19/05 84,030 Tango Finance Corp., 33,600 2.08%, 02/01/05 33,480 11,100 2.12%, 02/02/05 11,059 Thames Asset Global Securitization (TAGS), 407,000 2.09%, 12/20/04 406,549 45,205 2.12%, 12/23/04 45,146 75,000 Tulip Funding Corp., 2.28%, 01/28/05 74,725 ------------------ 8,275,137 BANKING -- 3.2% 400,000 Abbey National North America Corp., 1.91%, 399,596 12/20/04 100,000 Australia & New Zealand Banking Group LTD + 99,681 (Australia), 2.05%, 01/26/05 193,600 Barclays U.S. Funding Corp., 2.05%, 12/20/04 193,391 38,061 Citibank Credit Card Issuance Trust, 2.10%, 37,986 01/04/05 127,000 DNB NOR Bank ASA (Norway), 2.21%, 02/11/05 126,440 24,250 Santander Central Hispano SA (Spain), 1.50%, 24,250 12/01/04 46,650 Spintab AB (Sweeden), 1.96%, 12/20/04 46,602 100,000 Swiss Re Financial Products Corp. (Switzerland), 99,939 1.83%, 12/13/04 Westdeutsche Landesbank Girozentrale (Germany), 90,000 1.81%, 12/10/04 89,959 100,000 2.12%, 01/14/05 99,740 90,000 2.43%, 05/16/05 88,992 Westpac Capital Corp. (Australia), 200,000 2.05%, 01/25/05 199,374 80,000 2.37%, 03/22/05 79,415 ------------------ 1,585,365 DIVERSIFIED -- 2.4% General Electric Capital Corp., 164,000 1.81%, 12/09/04 163,934 485,000 1.81%, 12/10/04 484,781 250,000 1.69%, 12/17/04 249,812 97,000 1.88%, 02/01/05 96,686 200,000 2.08%, 12/07/09 200,000 ------------------ 1,195,213 FINANCIAL SERVICES -- 4.1% 165,000 Bank of Ireland (Ireland), 2.30%, 02/24/05 164,104 Beta Finance, Inc., 27,900 2.06%, 01/27/05 27,809 66,000 2.05%, 01/28/05 65,782 Cafco LLC, 124,000 1.81%, 12/08/04 123,956 22,700 1.89%, 12/10/04 22,689 74,000 1.81%, 12/14/04 73,952 23,500 1.99%, 01/10/05 23,448 50,000 Caisse D'Amortissement De La Dette Sociale 49,987 (France), 1.92%, 12/06/04 55,510 CC USA, Inc., 2.06%, 01/25/05 55,335 150,000 CGD North America Finance LLC, 2.10%, 12/20/04 149,834 257,000 Citigroup Global Markets Holdings, Inc., 1.54%, 257,000
5 12/01/04 CRC Funding LLC, 128,000 1.81%, 12/07/04 127,961 83,000 1.81%, 12/09/04 82,967 36,700 1.89%, 12/15/04 36,673 20,000 2.03%, 01/04/05 19,962 72,500 1.99%, 01/10/05 72,340 CXC, Inc., 86,000 1.81%, 12/14/04 85,944 53,422 1.99%, 01/07/05 53,313 100,000 Discover Card Master Trust, 1.91%, 12/13/04 99,936 370,000 Goldman Sachs Group, Inc., 1.99%, 02/24/05 369,999 Govco, Inc., 41,813 1.81%, 12/08/04 41,798 38,711 1.81%, 12/13/04 38,688 ------------------ 2,043,477 INSURANCE -- 0.1% 56,000 Irish Life & Permanent PLC (Ireland), 2.45%, 55,356 05/19/05 TELECOMMUNICATIONS -- 0.1% 50,000 BellSouth Corp., 1.92%, 12/16/04 49,960 ---------------------------------------------------------------------------------------------------------- Total Commercial Paper 13,204,508 (Cost $13,204,508) ---------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT -- 22.7% 100,000 Alliance & Leicester PLC (United Kingdom) 100,000 (Yankee), 2.45%, 05/17/05 625,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 625,001 (Yankee), 1.70%, 12/21/04 300,000 Banque Nationale de Paris/New York (Yankee), 299,999 1.52%, 12/08/04 405,000 Barclays Bank PLC/New York (Yankee), 2.05%, 405,000 12/01/04 Bayerische Landesbank/New York (Yankee), 75,000 2.09%, 12/20/04, Floating Rate 74,999 128,000 2.21%, 05/09/05, Floating Rate 128,023 BNP Paribas (France) (Yankee), 250,000 1.70%, 12/21/04 250,000 100,000 1.92%, 12/29/04 100,000 300,000 2.23%, 02/14/05 300,000 300,000 2.05%, 04/29/05 299,976 Canadian Imperial Bank of Commerce/New York (Yankee), 30,000 1.58%, 12/08/04 30,000 100,000 2.13%, 05/31/05 99,987 Citibank N.A., 241,000 1.92%, 12/29/04 241,000 344,000 2.30%, 02/22/05 344,000 301,000 2.31%, 02/24/05 301,000 200,000 DEPFA Bank PLC (Ireland) (Yankee), 2.06%, 199,998 01/27/05 Deutsche Bank AG (Germany) (Yankee), 441,000 1.90%, 12/15/04 441,000 300,000 1.70%, 12/22/04 300,000 185,000 1.96%, 12/29/04 185,001 250,000 1.96%, 12/30/04 250,002 150,000 DNB NOR Bank ASA (Norway) (Yankee), 2.46%, 150,003 05/17/05 150,000 Fortis Bank/New York (Yankee), 1.53%, 12/08/04 149,999 HBOS Treasury Services PLC (United Kingdom) (Yankee),
6 142,000 1.90%, 12/15/04 142,000 385,000 1.90%, 02/09/05 385,000 HBOS Treasury Services PLC/New York (Yankee), 25,000 1.98%, 03/14/05 24,972 40,000 2.10%, 03/31/05 39,959 139,000 HSBC Bank PLC (United Kingdom) (Yankee), 138,999 2.07%, 01/28/05 441,000 ING Bank N.V. (The Netherlands) (Yankee), 1.90%, 441,000 12/15/04 300,000 Landesbank Hessen-Thuringen Girozentrale 300,000 (Germany) (Yankee), 1.71%, 12/22/04 100,000 Natexis Banques Populaires (France) (Yankee), 99,982 1.94%, 07/01/05 200,000 Natexis Banques Populaires/New York (Yankee), 200,000 2.05%, 02/02/05 260,000 Nordea Bank AB (Sweden) (Yankee), 1.90%, 260,003 02/09/05 175,000 Royal Bank of Canada/New York (Yankee), 1.50%, 175,000 12/07/04 Royal Bank of Scotland (United Kingdom) (Yankee), 100,000 1.51%, 12/08/04 100,000 65,000 2.06%, 02/02/05 64,999 375,000 1.70%, 05/04/05 374,976 478,700 2.47%, 07/15/05 478,649 Societe Generale (France) (Yankee), 265,000 1.92%, 12/20/04 265,000 150,000 1.12%, 12/23/04 149,909 460,000 2.49%, 07/15/05 459,916 500,000 Societe Generale/New York (Yankee), 2.04%, 499,951 05/10/05 83,000 Svenska Handelsbanken (Sweden) (Yankee), 82,984 1.12%, Yankee CD12/10/04 Toronto Dominion Bank (Canada) (Yankee), 100,000 1.92%, 12/20/04 100,000 38,000 2.31%, 05/12/05 37,999 500,000 UniCredito Italiano SPA (Italy) (Yankee), 2.07%, 500,000 01/28/05 Washington Mutual, Inc., 100,000 1.89%, 12/09/04 100,000 200,000 1.95%, 12/28/04 200,000 300,000 Wells Fargo & Co., 1.92%, 12/20/04 300,000 100,000 Westdeutsche Landesbank Girozentrale (Germany) 100,000 (Yankee), 1.51%, 12/07/04 ---------------------------------------------------------------------------------------------------------- Total Certificates of Deposit 11,296,286 (Cost $11,296,286) ---------------------------------------------------------------------------------------------------------- TIME DEPOSITS -- 11.5% 600,000 Bank of America Corp., 1.99%, 12/01/04 600,000 265,315 Branch Banking & Trust Co., 1.94%, 12/01/04 265,315 496,787 Calyon (France), 2.09%, 12/01/04 496,787 400,000 CDC IXIS (France), 2.08%, 12/01/04 400,000 750,000 Credit Suisse First Boston (Switzerland), 1.99%, 750,000 12/01/04 520,000 Fifth Third Bank, 2.05%, 12/01/04 520,000 1,200,000 National Australia Bank LTD (Australia), 2.08%, 1,200,000 12/01/04 Societe Generale (France), 400,000 1.95%, 12/01/04 400,000 580,669 2.00%, 12/01/04 580,669
7 300,000 State Street Bank & Trust Co., 2.00%, 12/01/04 300,000 209,396 Westdeutsche Landesbank Girozentrale (Germany), 209,396 2.09%, 12/01/04 ---------------------------------------------------------------------------------------------------------- Total Time Deposits 5,722,167 (Cost $5,722,167) ---------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 14.8% 400,000 Bear Stearns Securities, Inc., 2.08%, dated 11/30/04, due 12/01/04, 400,000 repurchase price $400,023, collateralized by U.S. Government Agency Securities 900,000 Citigroup, Inc., 2.11%, dated 11/30/04, due 12/01/04, 900,000 repurchase price $900,052, collateralized by U.S. Government Agency Securities 600,000 Credit Suisse First Boston, Inc., 2.08%, dated 600,000 11/30/04, due 12/01/04, repurchase price $600,034, collateralized by U.S. Government Agency Securities 800,000 Deutsche Bank Securities, Inc., 2.12%, dated 11/30/04, due 12/01/04, 800,000 repurchase price $800,046, collaterized by U.S. Government Agency Securities 75,483 Goldman Sachs & Co.,2.07%, dated 11/30/04, due 12/01/04, 75,483 repurchase price $75,487, collateralized by U.S. Government Agency Securities 2,400,000 Goldman Sachs & Co.,2.07%, dated 11/30/04, due 12/01/04, 2,400,000 repurchase price $2,400,136, collateralized by U.S. Government Agency Securities 500,000 Greenwich Capital Markets, Inc., 2.08%, dated 11/30/04, due 12/01/04, 500,000 repurchase price $500,028, collateralized by U.S. Government Agency Securities 47,082 Greenwich Capital Markets, Inc., 2.08%, dated 11/30/04, due 12/01/04, 47,082 repurchase price $47,085, collateralized by U.S. Government Agency Securities 250,000 Merrill Lynch & Co., 2.08%, dated 11/30/04, due 12/01/04, 250,000 repurchase price $250,014, collateralized by U.S. Government Agency Securities 500,000 Merrill Lynch & Co., 2.11%, dated 11/30/04, due 12/01/04, 500,000 repurchase price $500,029, collateralized by U.S. Government Agency Securities 500,000 Morgan Stanley & Co., 2.08%, dated 11/30/04, due 12/01/04, 500,000 repurchase price $500,029, collateralized by U.S. Government Agency Securities 419,168 UBS Warburg LLC, 2.08%, dated 11/30/04, due 419,168 12/01/04, repurchase price $419,192, collateralized by U.S. Government Agency Securities ---------------------------------------------------------------------------------------------------------- Total Repurchase Agreement 7,391,733 (Cost $7,391,733) ---------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% $ 49,843,997 (COST $49,843,997) OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%^ 4,762 - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 49,848,759 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $49,848,759. 8 ABBREVIATIONS: # - All or a portion of this security is a 144A or private placement security and can only be sold to qualified institutional buyers. + - All or a portion of this security is segregated with the custodian for TBA, when issued, delayed delivery securities and reverse repurchase agreements. (i) - Security is illiquid and may be difficult to sell. DN - Discount Note: The rate shown is the effective yield at the date of purchase. FRN - Floating Rate Note. The maturity date shown is the actual maturity date. The rate shown is the rate in effect MTN - Medium Term Note. Ser. - Series. FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 9 JPMORGAN TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 1 JPMORGAN TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS -100.0% - ------------------------------------------------------------------------------------------------------------------------- STATE AND MUNICIPAL OBLIGATIONS -- 100.0% ALABAMA -- 0.9% $ 20,900 ABN AMRO Munitops Certificate Trust, Ser. $ 20,900 2002-21, Rev., FRDO, MBIA, #, 1.40%, 01/01/05 900 Alabama Special Care Facilities Financing Authority, 900 Montgomery Hospital, Rev., FRDO, FGIC, 1.57%, 12/01/04 5,000 Birmingham Airport Authority, Municipal Securities 5,000 Trust Receipts, Ser. SGA-47, Rev., FRDO, MBIA, #, 1.72%, 12/03/04 15,000 DCH Health Care Authority, Alabama Healthcare 15,000 Facilities, Rev., FRDO, 1.67%, 12/02/04 10,000 Houston County Health Care Authority, FLOATS, 10,000 Ser. PT-879, Rev., FRDO, MBIA, 2.15%, 12/02/04 2,385 Infirmary Health System Special Care Facilities 2,385 Financing Authority, Ser. A, Rev., FRDO, 1.67%, 12/07/04 5,735 Jefferson County, Sewer, EAGLE, Ser. 2002-6016, 5,735 Class A, Rev., FRDO, FGIC, 1.72%, 12/04/04 1,300 Mobile County, IDA, PCR, ExxonMobil Project, 1,300 Rev., FRDO, 1.60%, 12/01/04 5,800 Montgomery BMC Special Care Facilities Financing 5,800 Authority, Hospital, VHA Alabama, Inc., Ser. C, Rev., FRDO, AMBAC, 1.68%, 12/05/04 9,000 Montgomery BMC Special Care Facilities Financing 9,000 Authority, Hospital, VHA Alabama, Inc., Ser. F, Rev., FRDO, AMBAC, 1.68%, 12/01/04 11,500 Phenix City, Alabama, IDB, Environmental 11,500 Improvement, Mead Coated Board Project, Ser. A, Rev., FRDO, 1.66%, 12/01/04 4,000 Selma IDB, IDR, Specialty Minerals Project, Rev., 4,000 FRDO, 1.78%, 12/02/04 4,800 St. Clair County IDB, IDR, National Cement Co., 4,800 Inc. Project II, Rev., FRDO, 2.25%, 12/03/04 6,035 Tuscaloosa County Board of Education, Special 6,035 Tax, TAW, FRDO, 1.70%, 12/03/04 33,000 University of Alabama, Hospital, Ser. B, Rev., 33,000 FRDO, AMBAC, 1.60%, 12/01/04 ------------------ 135,355 ALASKA -- 0.4% 1,600 Alaska Housing Finance Corp., Floating Rate Trust 1,600 Receipts, Ser. L-25, Regulation D, Rev., FRDO, MBIA, 1.75%, 12/06/04 9,535 Alaska Housing Finance Corp., Government 9,535 Purpose, Ser. B, Rev., FRDO, MBIA, 1.64%, 12/04/04 25,460 Alaska Housing Finance Corp., Housing 25,460 Development, Ser. D, Rev., FRDO, MBIA, 1.64%, 12/07/04 10,000 Alaska Housing Finance Corp., State Capital 10,000 Project, Ser. C, Rev., FRDO, MBIA, 1.67%, 12/07/04 2,700 Valdez, Alaska, Marine Terminal, Exxon Pipeline Co. 2,700 Project, Ser. A, Rev., FRDO, 1.60%, 12/01/04
2 4,900 Valdez, Alaska, Marine Terminal, Exxon Pipeline Co. 4,900 Project, Ser. B, Rev., FRDO, 1.60%, 12/01/04 1,250 Valdez, Alaska, Marine Terminal, Exxon Pipeline Co. 1,250 Project, Ser. C, Rev., FRDO, 1.60%, 12/01/04 ------------------ 55,445 ARIZONA -- 1.4% 42,500 Apache County IDA, IDR, Tucson Electric Power 42,500 Co., Ser. 83-B, Rev., FRDO, 1.68%, 12/05/04 7,700 Apache County IDA, IDR, Tucson Electric Power 7,700 Co., Springerville, Rev., FRDO, 1.72%, 12/01/04 4,200 Apache County IDA, IDR, Tuscon Electric Power 4,200 Co., Floating Rate Trust Receipts, Ser. 83-A, Rev., FRDO, 1.72%, 12/02/04 10,000 Arizona State University, Ser. A, Rev., FRDO, 10,000 AMBAC, 1.65%, 12/06/04 5,000 Arizona State University, Ser. B, Rev., FRDO, 5,000 AMBAC, 1.64%, 12/06/04 7,600 Coconino County Pollution Control Corp., Arizona 7,600 Public Service Co. Project, Rev., FRDO, 1.68%, 12/01/04 7,000 Eagle Tax Exempt Trust, Weekly Option Mode, Salt 7,000 River Project, FRDO, 1.72%, 12/06/04 3,840 Maricopa County Public Finance Corp., Floating 3,840 Rate Certificates, Ser. 511, Rev., FRDO, AMBAC, 1.71%, 12/07/04 5,330 Phoenix IDA, Multi-Family Housing, CenterTree 5,330 Apartments Project, Ser. A, Rev., FRDO, 1.72%, 12/03/04 12,500 Phoenix, Arizona, 1.15%, 01/12/05 12,500 12,500 Phoenix, Arizona, 1.70%, 03/11/05 12,500 12,500 Phoenix, Arizona, 1.77%, 12/13/04 12,500 25,000 Phoenix, Arizona, 1.80%, 01/18/05 25,000 19,200 Pima County IDA, Tucscon Electric, Rev., FRDO, 19,200 1.68%, 12/01/04 25,000 Salt River Project Agricultural Improvement & Power 25,000 District, Electric Systems, Floating Rate Receipts, Ser. SG-160, Rev., FRDO, 1.71%, 12/07/04 16,200 University of Arizona, Main Campus & Research, 16,200 COP, Ser. A, Rev., FRDO, AMBAC, 1.66%, 12/03/04 4,100 University of Arizona, Student Union Bookstore, 4,100 COP, Ser. B, FRDO, AMBAC, 1.66%, 12/02/04 ------------------ 220,170 ARKANSAS -- 0.0% 5,500 Columbia County, Solid Waste Disposal, Albemarle 5,500 Corp. Project, Rev., FRDO, 1.76%, 12/02/04 CALIFORNIA -- 10.2% 15,930 Abag Finance Authority for Nonprofit Corps, Lucile 15,930 Salter Packard Project, COP, FRDO, 1.65%, 12/03/04 5,000 ABN AMRO Munitops Certificate Trust, Ser. 2002-9, 5,000 GO, FRDO, MBIA, 1.91%, 01/01/05 6,995 ABN AMRO Munitops Certificate Trust, Ser. 6,995 2003-11, GO, FRDO, FSA, 1.69%, 12/05/04 13,300 Access to Loans for Learning Student Loan Corp., 13,300 Ser. II-A-7, Rev., FRDO, 1.80%, 09/01/05 2,000 Alvord Unified School District, Food Services Bridge 2,000 Funding Program, COP, FRDO, FSA, 1.62%, 12/06/04 4,000 Auburn Union School District, COP, FRDO, FSA, 4,000 1.67%, 12/06/04 21,200 Azusa Unified School District, School Facility Bridge 21,200 Funding Program, COP, FRDO, FSA, 1.62%, 12/03/04 18,600 Bay Area Toll Authority, Toll Bridge, San Francisco 18,600
3 Bay Area, Ser. C, Rev., FRDO, AMBAC, 1.64%, 12/06/04 2,705 California Economic Development Financing 2,705 Authority, IDR, Standard Abrasives Manufacturing Project, Rev., FRDO, 1.70%, 12/01/04 17,790 California Educational Facilities Authority, University 17,790 of San Francisco, Rev., FRDO, 1.67%, 12/07/04 20,000 California Housing Finance Agency, FLOATS, Ser. 20,000 MT-036, Rev., FRDO, 1.75%, 12/01/04 1,405 California Housing Finance Agency, Home 1,405 Mortgage, Ser. M, Rev., FRDO, 1.66%, 12/01/04 20,700 California Housing Finance Agency, Home 20,700 Mortgage, Ser. M, Rev., FRDO, 1.70%, 12/01/04 20,000 California Housing Finance Agency, Home 20,000 Mortgage, Ser. M, Rev., FRDO, 1.70%, 12/01/04 2,990 California Housing Finance Agency, Home 2,990 Mortgage, Ser. U, Rev., FRDO, FSA, 1.70%, 12/01/04 18,000 California Housing Finance Agency, Housing 18,000 Program, Ser. A, Rev., FRDO, 1.67%, 02/01/05 6,000 California Infrastructure & Economic Development 6,000 Bank, IDR, Elite Leather Co. Project, Rev., FRDO, 1.77%, 12/01/04 1,610 California Infrastructure & Economic Development 1,610 Bank, IDR, Pleasant Mattress, Inc. Project, Ser. A, Rev., FRDO, 1.70%, 12/04/04 1,710 California Infrastructure & Economic Development 1,710 Bank, IDR, Standard Abrasive Manufacturing Project, Ser. A, Rev., FRDO, 1.70%, 12/06/04 4,100 California PCFA, Authorized Exempt Facilities, 4,100 ExxonMobil Project, Rev., FRDO, 1.52%, 12/01/04 400 California PCFA, PCR, ExxonMobil Project, Rev., 400 FRDO, 1.47%, 12/01/04 2,750 California PCFA, PCR, U.S. Borax, Inc. Project, 2,750 Ser. A, Rev., FRDO, 1.66%, 12/03/04 4,900 California State Department of Water Resources, 4,900 Power Supply, Ser. B-5, Rev., FRDO, 1.62%, 12/01/04 5,300 California State Department of Water Resources, 5,300 Power Supply, Ser. B-3, Rev., FRDO, 1.66%, 12/01/04 22,500 California State Department of Water Resources, 22,500 Power Supply, Ser. B-4, Rev., FRDO, 1.63%, 12/01/04 2,700 California State Department of Water Resources, 2,700 Power Supply, Ser. B-6, Rev., FRDO, 1.64%, 12/01/04 27,205 California State Department of Water Resources, 27,205 Power Supply, Ser. C-10, Rev., FRDO, 1.64%, 12/02/04 2,950 California State Department of Water Resources, 2,950 Power Supply, Ser. C-12, Rev., FRDO, 1.62%, 12/02/04 28,545 California State Department of Water Resources, 28,545 Power Supply, Ser. C-9, Rev., FRDO, 1.62%, 12/02/04 12,300 California State Economic Recovery, Ser. C-6, 12,300 Rev., FRDO, 1.63%, 12/01/04 19,730 California State Economic Recovery, Ser. C-7, 19,730 Rev., FRDO, 1.63%, 12/01/04 1,275 California State Public Works Board, FLOATS, Ser. 1,275 PA-814, Rev., FRDO, MBIA, 1.69%, 12/02/04 7,920 California State, Economic Recovery, FLOATS, 7,920 Ser. 927, GO, FRDO, MBIA, 1.70%, 01/01/05 12,000 California State, Economic Recovery, FLOATS, 12,000 Ser. 932, Rev., FRDO, MBIA, 1.70%, 01/01/05 18,745 California State, Economic Recovery, FLOATS, 18,745
4 Ser. 933, GO, FRDO, 1.73%, 01/01/05 5,450 California State, Economic Recovery, FLOATS, 5,450 Ser. L20J, Regulation D, Rev., FRDO, 1.72%, 01/01/05 20,000 California State, Economic Recovery, Ser. C-10, 20,000 Rev., FRDO, 1.67%, 12/02/04 20,800 California State, Economic Recovery, Ser. C-11, 20,800 Rev., FRDO, 1.64%, 12/02/04 25,000 California State, Economic Recovery, Ser. C-16, 25,000 Rev., FRDO, 1.65%, 12/02/04 37,995 California State, Economic Recovery, Ser. C-19, 37,995 Rev., FRDO, 1.65%, 12/02/04 10,200 California State, Economic Recovery, Ser. C-3, 10,200 Rev., FRDO, 1.62%, 12/01/04 10,625 California State, Economic Recovery, Ser. C-8, 10,625 Rev., FRDO, 1.66%, 12/01/04 33,400 California State, Economic Recovery, Ser. C-9, 33,400 Rev., FRDO, 1.66%, 12/01/04 16,800 California State, Floating Rate, Ser. C-2, GO, 16,800 FRDO, 1.63%, 12/02/04 5,000 California State, FLOATS, Ser. PA-594, GO, FRDO, 5,000 1.69%, 12/04/04 21,445 California State, FLOATS, Ser. PT-990, GO, FRDO, 21,445 MBIA-IBC, 1.69%, 12/05/04 2,000 California State, Kindergarten, Ser. A-5, GO, FRDO, 2,000 1.63%, 12/01/04 25,000 California State, Kindergarten, Ser. A-7, GO, FRDO, 25,000 1.68%, 12/06/04 56,400 California State, Kindergarten, Ser. B-2, GO, FRDO, 56,400 1.66%, 12/01/04 11,200 California State, Municipal Securities Trust Receipts, 11,200 Ser. SGA-135, GO, FRDO, AMBAC, 1.72%, 12/01/04 4,200 California State, Municipal Securities Trust Receipts, 4,200 Ser. SGA-58, Rev., FRDO, FGIC, 1.69%, 12/07/04 183,200 California State, Ser. A, Rev., RAN, 3.00%, 184,530 06/30/05 22,000 California State, Ser. B, Rev., RAN, 4.50%, 22,339 06/30/05 1,700 California Statewide Communities Development 1,700 Authority, COP, FLOATS, Ser. 909, FRDO, MBIA, 1.69%, 12/05/04 20,905 California Statewide Communities Development 20,905 Authority, Multi-Family Housing, Arbor Ridge Apartments, Ser. X, Rev., FRDO, 1.65%, 12/04/04 12,000 California Statewide Communities Development 12,000 Authority, Museum of Art Project, Ser. C, Rev., FRDO, FGIC, 1.62%, 12/01/04 7,300 Camarillo, California, Multi-Family Housing, Heritage 7,300 Park, Ser. A, Rev., FRDO, 1.65%, 12/04/04 18,800 Charter Mac Floater Certificate Trust I, Ser. CAL-1, 18,800 MBIA, 1.74%, 12/06/04 7,300 Charter Mac Floater Certificate Trust I, Ser. CAL-2, 7,300 Rev., FRDO, MBIA, 1.74%, 12/06/04 3,200 Chino Basin Regional Financing Authority, Inland 3,200 Empire Utilities, Ser. A, Rev., FRDO, AMBAC, 1.62%, 12/01/04 2,300 Colton Redevelopment Agency, Multi-Family 2,300 Housing, 1985 Issue A, Rev., FRDO, 1.68%, 12/07/04 600 East Bay Municipal Utility District, Water Systems, 600 Sub Ser. A, Rev., FRDO, FSA, 1.62%, 12/05/04 3,155 East Bay Municipal Utility District, Water Systems, 3,155 Sub Ser. B, Rev., FRDO, FSA, 1.62%, 12/05/04 2,600 Eastern Municipal Water District, Water & Sewer, 2,600 COP, Ser. B, FRDO, MBIA, 1.62%, 12/01/04 1,800 Fremont, California, Multi-Family Housing, 1,800
5 Creekside Village Apartments, Ser. D, Rev., FRDO, 1.62%, 12/07/04 4,004 Glendale, California, Hospital, FLOATS, Ser. 590, 4,004 Rev., FRDO, MBIA, 1.72%, 12/05/04 6,360 Huntington Beach Union High School District, 6,360 School Bridge Funding Program, COP, FRDO, FSA, 1.64%, 12/01/04 1,200 Irvine Ranch Water District, Consolidated Bonds, 1,200 Rev., FRDO, 1.64%, 12/01/04 400 Irvine Ranch Water District, Improvement District 400 No. 282, Ser. A, GO, FRDO, 1.62%, 12/01/04 200 Irvine Ranch Water District, No. 102, 103, 105 & 200 106, GO, FRDO, 1.63%, 12/01/04 750 Irvine Unified School District, Community Facilities 750 District No. 01-1, Special Tax, FRDO, 1.63%, 12/01/04 541 Irvine, California, Improvement Bond Act of 1915, 541 Assessment District No. 00-18, Ser. A, Special Assessment, FRDO, 1.63%, 12/01/04 200 Irvine, California, Improvement Bond Act of 1915, 200 Assessment District No. 03-19, Ser. A, Special Assessment, FRDO, 1.63%, 12/01/04 660 Irvine, California, Improvement Bond Act of 1915, 660 Assessment District No. 87-8, Special Assessment, FRDO, 1.64%, 12/01/04 600 Irvine, California, Improvement Bond Act of 1915, 600 Assessment District No. 94-15, Special Assessment, Rev., FRDO, 1.63%, 12/01/04 100 Lodi, California, Electric Systems, COP, Ser. A, 100 FRDO, MBIA, 1.62%, 12/01/04 27,045 Long Beach Bond Finance Authority, Tax Allocation, 27,045 FLOATS, Ser. 812, Class D, FRDO, AMBAC, 1.69%, 12/02/04 17,400 Long Beach, California, Ser. A, Rev., MBIA, 1.67%, 17,400 12/03/04 6,660 Los Angeles Community College District, Ser. 6,660 II-R-71, GO, FRDO, MBIA, 1.70%, 02/01/05 5,300 Los Angeles Community Redevelopment Agency, 5,300 Multi-Family Housing, Second & Central Apartments Project, Ser. A, Rev., FRDO, 1.65%, 12/03/04 3,200 Los Angeles Community Redevelopment Agency, 3,200 Multi-Family Housing, Security Building Project, Ser. A, Rev., FRDO, 1.67%, 12/06/04 15,000 Los Angeles Convention & Exhibit Center Authority, 15,000 Ser. D, Rev., FRDO, AMBAC, 1.64%, 12/05/04 4,000 Los Angeles County Housing Authority, Multi-Family 4,000 Housing, Malibu Meadows II, Ser. C, Rev., FRDO, 1.65%, 12/03/04 12,910 Los Angeles County, Pension Obligation, Ser. A, 12,910 Rev., FRDO, AMBAC, 1.62%, 12/06/04 10,525 Los Angeles County, Pension Obligation, Ser. B, 10,525 Rev., FRDO, AMBAC, 1.62%, 12/06/04 3,100 Los Angeles County, Pension Obligation, Ser. C, 3,100 Rev., FRDO, AMBAC, 1.62%, 12/06/04 2,500 Los Angeles County, Ser. A, TRAN, 3.00%, 2,520 06/30/05 185 Los Angeles Department of Water & Power, 185 FLOATS, Ser. PT-1949, Rev., 1.69%, 12/02/04 3,000 Los Angeles Department of Water & Power, 3,000 Waterworks, Sub Ser. B-2, Rev., FRDO, 1.63%, 12/01/04 1,000 Los Angeles Department of Water & Power, 1,000 Waterworks, Sub Ser. B-4, Rev., FRDO, 1.62%, 12/02/04 10,100 Los Angeles Harbor Department, 1.80%, 12/07/04 10,100 1,995 Los Angeles Unified School District, FLOATS, Ser. 1,995 PA-1115, GO, FRDO, FSA, 1.69%, 12/02/04
6 195 Los Angeles Unified School District, FLOATS, Ser. 195 PA-1118, GO, FRDO, MBIA, 1.69%, 12/02/04 10,000 Los Angeles, California, 1.85%, 04/07/05 10,000 8,800 Los Angeles, California, Multi-Family Housing, 8,800 Fountain Park Project, Ser. A, Rev., FRDO, 1.67%, 12/01/04 1,990 Los Angeles, California, Water & Power, Ser. 1,990 RR-II-R-4510, Rev., FRDO, MBIA, 1.70%, 12/02/04 4,000 Manteca Financing Authority, Municipal Securities 4,000 Trust Receipts, Ser. SGA-147, Rev., FRDO, MBIA, 1.69%, 12/06/04 37,100 Metropolitan Water District of Southern California, 37,100 Ser. B-1, Rev., FRDO, 1.62%, 12/07/04 30,700 Metropolitan Water District of Southern California, 30,700 Ser. B-2, Rev., FRDO, 1.62%, 12/07/04 1,500 Metropolitan Water District of Southern California, 1,500 Waterworks, Ser. B-1, Rev., FRDO, 1.63%, 12/01/04 10,400 Metropolitan Water District of Southern California, 10,400 Waterworks, Ser. B-2, Rev., FRDO, 1.60%, 12/01/04 15,700 Metropolitan Water District of Southern California, 15,700 Waterworks, Ser. B-3, Rev., FRDO, 1.62%, 12/01/04 4,000 Metropolitan Water District of Southern California, 4,000 Waterworks, Ser. B-4, Rev., FRDO, 1.62%, 12/06/04 2,900 Metropolitan Water District of Southern California, 2,900 Waterworks, Ser. C-1, Rev., FRDO, 1.62%, 12/02/04 28,300 Metropolitan Water District of Southern California, 28,300 Waterworks, Ser. C-2, Rev., FRDO, 1.60%, 12/01/04 710 Metropolitan Water District of Southern California, 710 Waterworks, Ser. C-2, Rev., FRDO, 1.62%, 12/03/04 10,000 Metropolitan Water District of Southern California, 10,000 Waterworks, Ser. C-3, Rev., FRDO, 1.60%, 12/02/04 5,600 Morgan Hill Unified School District, Floating Rate 5,600 Receipts, Ser. SG-145, GO, FRDO, FGIC, 1.69%, 12/02/04 22,495 Municipal Securities Trust Certificates, Ser. 2000-96, 22,495 Class A, GO, FRDO, AMBAC, #, 1.69%, 12/06/04 20,860 Municipal Securities Trust Certificates, Ser. 20,860 2001-118, Class A, GO, FRDO, FGIC, #, 1.72%, 12/01/04 7,700 Municipal Securities Trust Certificates, Ser. 7,700 2001-135, Class A, GO, FRDO, FGIC, #, 1.72%, 12/01/04 7,970 Municipal Securities Trust Certificates, Ser. 7,970 2001-136, Class A, Rev., FRDO, FGIC, #, 1.72%, 12/01/04 600 Orange County Sanitation District, COP, Ser. A, 600 FRDO, 1.64%, 12/01/04 960 Orange County Sanitation District, COP, Ser. B, 960 FRDO, 1.64%, 12/01/04 3,900 Orange County, Apartment Development Corp., 3,900 Bear Brand Apartments Project, Ser. Z, Rev., FRDO, 1.62%, 12/02/04 14,000 Orange County, Apartment Development Corp., 14,000 Seaside Meadow, Ser. C, Rev., FRDO, 1.62%, 12/06/04 10,900 Orange County, Apartment Development Corp., 10,900 Wood Canyon Villas, Issue E, Rev., FRDO, 1.62%, 12/04/04 2,150 Orange County, Improvement Bond Act of 1915, 2,150 Assessment District No. 1, Ser. A, Special
7 Assessment, FRDO, 1.64%, 12/01/04 18,515 Pasadena Community Development Commission, 18,515 Multi-Family Housing, Holly Street Apartments, Ser. A, Rev., FRDO, 1.65%, 12/06/04 4,600 Pittsburg, California, Multi-Family Mortgage, 4,600 Fountain, Ser. A, Rev., FRDO, 1.65%, 12/04/04 15,890 Port of Oakland, Trust Receipts, Ser. 5, Class F, 15,890 Rev., FRDO, FGIC, 1.68%, 12/02/04 27,300 Poway Unified School District, School Facilities 27,300 Funding Program, COP, FRDO, FSA, 1.62%, 12/02/04 10,600 Poway Unified School District, School Facilities 10,600 Funding Program, COP, FRDO, FSA, 1.62%, 12/02/04 9,000 Riverside County Asset Leasing Corp., Southwest 9,000 Justice Center, Ser. B, Rev., FRDO, MBIA, 1.62%, 12/01/04 3,000 Riverside County, California, Riverside County 3,000 Public Facilities, COP, Ser. B, FRDO, 1.50%, 12/02/04 1,200 Riverside Unified School District, School Facility 1,200 Bridge Program, COP, FRDO, FSA, 1.62%, 12/07/04 1,900 Sacramento County Housing Authority, Multi-Family 1,900 Housing, Ashford, Ser. D, Rev., FRDO, 1.65%, 12/02/04 14,000 San Diego County & School District, Ser. A, GO, 14,148 TRAN, 3.25%, 07/25/05 5,000 San Diego Unified School District, FLOATS, Ser. 5,000 964-D, GO, FRDO, MBIA, 1.69%, 01/01/05 7,000 San Diego, California, 1.30%, 12/09/04 7,000 13,300 San Francisco City & County Airports Commission, 13,300 International Airport, Municipal Securities Trust Receipts, Ser. SGA-50, Rev., FRDO, MBIA, 1.73%, 12/04/04 20,600 San Jose, California, Multi-Family Housing, Evans 20,600 Lane Apartments, Ser. H, Rev., FRDO, 1.65%, 12/07/04 1,800 San Jose, California, Multi-Family Housing, Villa 1,800 Monterey Apartments, Ser. F, Rev., FRDO, 1.70%, 12/06/04 500 San Leandro, California, Multi-Family Housing, 500 Parkside, Rev., FRDO, 1.63%, 12/02/04 16,055 San Mateo County Housing Authority, Multi-Family 16,055 Mortgage, FLOATS, Ser. PT-704, Rev., FRDO, 1.75%, 12/02/04 22,350 Santa Cruz County Board of Education, GO, TRAN, 22,464 2.50%, 06/30/05 8,500 Santa Cruz County, Ser. A, GO, TRAN, 3.00%, 8,569 07/06/05 4,735 Southern California Home Financing Authority, 4,735 Single Family Housing, Ser. A, Rev., FRDO, 1.70%, 12/05/04 9,000 Southern California Home Financing Authority, 9,000 Single Family Mortgage, Ser. B, Rev., FRDO, 1.45%, 12/05/04 6,200 Southern California Public Power Authority, Southern 6,200 Transmission Project, Rev., FRDO, AMBAC, 1.62%, 12/06/04 3,960 West Contra Costa Unified School District, 3,960 FLOATS, Ser. PT-1828, GO, FRDO, FGIC, 1.69%, 12/05/04 500 Western Riverside County, California, Regional 500 Wastewater Authority, Regional Wastewater Treatment, Rev., FRDO, 1.64%, 12/01/04 ------------------ 1,595,520
8 COLORADO -- 1.6% 6,750 Adams County Housing Authority, Multi-Family 6,750 Housing, Semper Village Apartments Project, Ser. A, Rev., FRDO, 1.72%, 12/02/04 7,100 Arapahoe County, Multi-Family Housing, Highline 7,100 Oaks Apartments, Rev., FRDO, 1.65%, 12/02/04 11,310 Arapahoe County, Multi-Family Housing, Rental 11,310 Housing, Hunters Run, Rev., FRDO, 1.68%, 12/07/04 2,670 Arvada, Colorado, Rev., FRDO, FSA, 1.85%, 2,670 12/01/04 9,850 Broomfield, Colorado, COP, FLOATS, Ser. PT-1643, 9,850 FRDO, AMBAC, 1.40%, 12/05/04 1,600 Colorado Housing & Finance Authority, Multi-Family 1,600 Housing, Diamond Project, Rev., FRDO, 1.69%, 12/07/04 4,880 Colorado Housing & Finance Authority, Ser. AA-3, 4,880 Class I, Rev., FRDO, 1.70%, 12/01/04 3,150 Colorado Springs, Colorado, The Colorado College, 3,150 Rev., FRDO, 1.67%, 12/07/04 690 Colorado Springs, Colorado, Utilities, FLOATS, Ser. 690 PT-367, FRDO, 1.72%, 12/01/04 16,000 Colorado State Education Loan Program, FLOATS, 16,000 Ser. L48J, Regulation D, Rev., FRDO, 1.75%, 12/05/04 45,000 Colorado State General Fund, Rev., TRAN, 3.00%, 45,356 06/27/05 2,500 Colorado Student Obligation Bond Authority, Student 2,500 Loans, Senior Lien, Ser. A-3, Rev., FRDO, AMBAC, 1.73%, 12/01/04 31,155 Denver City & County, Airport, Floating Rate 31,155 Certificates, Ser. 153, Rev., FRDO, MBIA, 1.15%, 12/02/04 5,000 Denver City & County, Airport, Floating Rate 5,000 Certificates, Ser. N-12, Regulation D, Rev., FRDO, FGIC, 1.80%, 12/07/04 4,985 Denver City & County, Airport, Ser. ROC-II-R-98, 4,985 Rev., FRDO, FSA, 1.76%, 12/02/04 5,000 Denver City & County, Wellington E. Web Project, 5,000 COP, Ser. C-3, FRDO, AMBAC, 1.68%, 12/03/04 12,500 Denver Urban Renewal Authority, Tax Increment, 12,500 FLOATS, Ser. PT-999, Tax Allocation, FRDO, 1.77%, 12/01/04 10,000 Douglas County, Multi-Family Housing, Autumn 10,000 Chase Project, Rev., FRDO, 1.68%, 12/06/04 3,615 Lower Colorado River Authority, FLOATS, Ser. 3,615 PT-1523, Rev., FRDO, MBIA, 1.71%, 12/02/04 8,670 Park Creek Metropolitan District, FLOATS, Ser. 8,670 PT-2321, GO, FRDO, 1.77%, 12/01/04 8,500 Regional Transportation District, 1.20%, 12/08/04 8,500 15,500 Regional Transportation District, 1.20%, 12/08/04 15,500 7,015 Thornton, Colorado, COP, Ser. RR-II-R-1052, 7,015 FRDO, AMBAC, 1.70%, 06/01/05 20,000 University of Colorado Hospital Authority, Ser. A, 20,000 Rev., FRDO, FSA, 1.65%, 12/01/04 ------------------ 243,796 CONNECTICUT -- 0.3% 1,190 Connecticut State Health & Educational Facilities 1,190 Authority, Community Renewal Team, Ser. A, Rev., FRDO, 1.67%, 12/06/04 30,785 Connecticut State Health & Educational Facilities 30,785 Authority, FLOATS, Ser. 891, Rev., FRDO, FGIC, 1.73%, 12/02/04 7,500 Connecticut State Health & Educational Facilities 7,500 Authority, Health Care Capital Asset, Ser. A-1, Rev., FRDO, 1.66%, 12/01/04
9 2,625 Connecticut State Housing Finance Authority, 2,625 Housing Mortgage Finance Program, Sub Ser. D-3, Rev., FRDO, AMBAC, 1.60%, 12/02/04 5,495 Connecticut State, FLOATS, Ser. PA-1056, GO, 5,495 FRDO, FSA, 1.68%, 12/03/04 4,945 Connecticut State, FLOATS, Ser. PA-879-R, GO, 4,945 FRDO, 1.68%, 12/04/04 ------------------ 52,540 DELAWARE -- 0.8% 7,000 Delaware River & Bay Authority, Ser. B, Rev., 7,000 FRDO, AMBAC, 1.63%, 12/03/04 45,000 Delaware State Economic Development Authority, 45,000 Hospital Billing & Collections, Ser. C, Rev., FRDO, AMBAC, 1.63%, 12/07/04 45,410 Delaware State Economic Development Authority, 45,410 Hospital Billing, Ser. B, Rev., FRDO, AMBAC, 1.63%, 12/07/04 12,300 Delaware State, Ser. A, GO, 3.00%, 01/01/05 12,317 8,285 University of Delaware, Ser. B, Rev., FRDO, 8,285 1.65%, 12/01/04 ------------------ 118,012 DISTRICT OF COLUMBIA -- 2.3% 5,500 District of Columbia, 1.83%, 02/02/05 5,500 525 District of Columbia Housing Finance Agency, 525 Floating Rate Receipts, Ser. L-1, Regulation D, Rev., FRDO, 1.75%, 12/03/04 7,180 District of Columbia Housing Finance Agency, 7,180 FLOATS, Ser. PT-1381, Rev., FRDO, 1.71%, 12/05/04 3,165 District of Columbia Housing Finance Agency, 3,165 Multi-Family Housing, Trenton Park Apartments Project, Rev., FRDO, 1.84%, 12/01/04 5,970 District of Columbia Water & Sewer Authority, 5,970 Public Utilities, FLOATS, Ser. PT-373, Rev., FRDO, FSA, 1.71%, 12/05/04 2,600 District of Columbia, American Psychology 2,600 Association, Rev., FRDO, 1.74%, 12/02/04 29,605 District of Columbia, American University Issue, 29,605 Rev., FRDO, AMBAC, 1.70%, 12/03/04 12,000 District of Columbia, American University Issue, 12,000 Ser. A, Rev., FRDO, AMBAC, 1.70%, 12/06/04 7,500 District of Columbia, Enterprise Zone, House on F 7,500 Street Project, Rev., FRDO, 1.78%, 12/03/04 23,685 District of Columbia, George Washington 23,685 University, Ser. C, Rev., FRDO, MBIA, 1.70%, 12/07/04 10,000 District of Columbia, Medstar University Hospital, 10,115 Ser. B, Rev., FRDO, (p), 6.63%, 02/15/05 2,255 District of Columbia, National Children's Center, 2,255 Inc., Rev., FRDO, 1.69%, 12/05/04 4,200 District of Columbia, National Geographic Society, 4,200 Rev., FRDO, 1.66%, 12/03/04 12,700 District of Columbia, Pooled Loan Program, Ser. A, 12,700 Rev., FRDO, 1.69%, 12/07/04 26,880 District of Columbia, Ser. A, GO, FRDO, FSA, 26,880 1.70%, 12/01/04 22,900 District of Columbia, Ser. B, GO, FRDO, FSA, 22,900 1.70%, 12/01/04 28,500 District of Columbia, Ser. C, GO, FRDO, FGIC, 28,500 1.67%, 12/04/04 9,935 District of Columbia, Ser. D, GO, FRDO, FGIC, 9,935 1.67%, 12/04/04 600 District of Columbia, Ser. D-1, GO, FRDO, 1.64%, 600 12/07/04 7,690 District of Columbia, Smithsonian Museum, Ser. B, 7,690
10 Rev., FRDO, 1.65%, 12/07/04 6,155 Eagle Tax Exempt Trust, Weekly Option Mode, 6,155 District of Columbia, Water & Sewer, Ser. 98-5202, FRDO, #, 1.72%, 12/02/04 46,500 Metropolitan Washington Airports Authority, 1.30%, 46,500 01/11/05 10,600 Metropolitan Washington Airports Authority, 1.81%, 10,600 12/09/04 10,000 Metropolitan Washington Airports Authority, 1.83%, 10,000 02/02/05 15,500 Metropolitan Washington Airports Authority, 1.86%, 15,500 03/01/05 45,000 Metropolitan Washington Airports Authority, 1.67%, 45,000 01/28/05 ------------------ 357,260 FLORIDA -- 3.4% 9,345 ABN AMRO Munitops Certificate Trust, Ser. 2003-6, 9,345 Rev., FRDO, MBIA, 1.02%, 04/01/05 25,530 Alachua County Health Facilities Authority, 25,530 FLOATS, Ser. PT-834, Rev., FRDO, MBIA, 1.70%, 12/06/04 10,520 Brevard County Health Facilities Authority, 10,520 Wuesthoff Memorial Hospital Project, Rev., FRDO, 1.68%, 12/06/04 5,000 Broward County, Professional Sports Facility, 5,000 Municipal Securities Trust Receipts, Ser. SGA-38, Rev., FRDO, MBIA, 1.69%, 12/07/04 10,000 Collier County, 1.65%, 12/08/04 10,000 6,885 Collier County, Health Facilities Authority, The 6,885 Moorings, Inc. Project, Rev., FRDO, 1.66%, 12/02/04 2,495 Dade County Housing Finance Authority, 2,495 Multi-Family Housing, Kendall Court Apartments, Ser. 4, Rev., FRDO, 1.73%, 12/04/04 4,310 Escambia County Housing Finance Authority, Single 4,310 Family Mortgage, FLOATS, Ser. PT-1228, Rev., FRDO, MBIA, 1.75%, 12/05/04 6,370 Florida Housing Finance Agency, Multi-Family 6,370 Housing, Banyon Bay Partners, Ser. L, Rev., FRDO, 1.67%, 12/07/04 5,135 Florida Housing Finance Agency, Multi-Family 5,135 Housing, Ser. AA, Rev., FRDO, 1.63%, 12/03/04 6,350 Florida Housing Finance Agency, Multi-Family 6,350 Housing, Ser. FF, Rev., FRDO, 1.65%, 12/02/04 19,963 Florida Municipal Power Authority, 1.78%, 12/01/04 19,963 7,000 Florida State Board of Education, Capital Outlay, 7,000 FLOATS, Ser. PT-1223, GO, FRDO, 1.70%, 12/02/04 16,800 Florida State Board of Public Education, Public 16,800 Education, Municipal Securities Trust Receipts, Ser. SGA-102, GO, FRDO, 1.75%, 12/01/04 11,000 Florida State Department of Environmental 11,000 Protection, Preservation, FLOATS, Ser. 722, Rev., FRDO, FGIC, 1.71%, 12/01/04 5,370 Florida State Division of Bond Finance, General 5,370 Services, FLOATS, Ser. PA-967, FRDO, 1.70%, 12/06/04 5,295 Florida State, FLOATS, Ser. PA-511, GO, FRDO, 5,295 1.70%, 12/02/04 2,765 Gulf Breeze, Florida, Local Government Loan 2,765 Program, Floating Rate Receipts, Ser. B, Rev., FRDO, FGIC, 1.67%, 12/05/04 11,705 Jacksonville Electric Authority, Municipal Securities 11,705 Trust Receipts, Ser. SGA-17, Rev., FRDO, 1.69%, 12/07/04 1,000 Jacksonville Health Facilities Authority, River 1,000
11 Garden Project, Rev., FRDO, 1.68%, 12/05/04 9,000 Jacksonville, Florida, 1.82%, 01/14/05 9,000 19,570 Jacksonville, Florida, 1.88%, 01/13/05 19,570 10,000 Jacksonville, Florida, Capital Project, Ser. 2002-1, 10,000 Rev., FRDO, FGIC, 1.64%, 12/03/04 6,000 Lakeland, Florida, Energy Systems, Rev., FRDO, 6,000 1.66%, 12/01/04 1,045 Lee County, Airport, FLOATS, Ser. PT-2269, Rev., 1,045 FRDO, FSA, 1.76%, 12/03/04 3,515 Lee County, Water & Sewer, Ser. RR-II-R-4021, 3,515 Rev., FRDO, MBIA, 1.72%, 12/01/04 2,590 Miami Health Facilities Authority, Mercy Hospital 2,590 Project, Rev., FRDO, 1.66%, 12/02/04 7,000 Miami-Dade County, Miami Aviation, Floating Rate 7,000 Receipts, Ser. SG-141, Rev., FRDO, FGIC, 1.70%, 12/05/04 6,700 Nassau County, PCR, Private Activity, Rayonier, 6,700 Inc. Project, Rev., FRDO, 1.69%, 12/06/04 1,000 Orange County Housing Finance Authority, 1,000 Homeowner, FLOATS, Ser. PT-918, Rev., FRDO, 1.77%, 12/02/04 10,416 Orange County Housing Finance Authority, 10,416 Multi-Family Housing, Regal Pointe Apartments, Ser. A, Rev., FRDO, 1.67%, 12/07/04 4,100 Orange County Housing Finance Authority, 4,100 Multi-Family Housing, Water View Club Apartments, Ser. D, Rev., FRDO, 1.67%, 12/06/04 18,700 Orlando & Orange County Expressway Authority, 18,700 Ser. C-1, Rev., FRDO, FSA, 1.63%, 12/02/04 1,800 Orlando & Orange County Expressway Authority, 1,800 Ser. C-2, Rev., FRDO, FSA, 1.63%, 12/02/04 10,000 Orlando & Orange County Expressway Authority, 10,000 Ser. D, Rev., FRDO, FSA, 1.63%, 12/05/04 4,000 Orlando Utilities Commission, Utilities System, 4,000 EAGLE, Ser. 2004-1015, Class A, Rev., FRDO, 1.72%, 01/01/05 15,000 Orlando Utilities Commission, Water & Electric, Ser. 15,000 A, Rev., FRDO, 1.64%, 12/06/04 4,630 Orlando Utilities Commission, Water & Electric, Ser. 4,630 RR-II-R-1040, Rev., FRDO, 1.70%, 04/01/05 5,475 Osceola County Housing Finance Authority, 5,475 Multi-Family Housing, Arrow Ridge Apartments, Ser. A, Rev., FRDO, 1.67%, 12/01/04 26,100 Palm Beach County School Board, COP, Ser. B, 26,100 FRDO, FSA, 1.65%, 12/02/04 6,250 Pinellas County Housing Finance Authority, Single 6,250 Family Mortgage, FLOATS, Ser. MT-009, Rev., FRDO, 1.77%, 12/01/04 10,320 Polk County School Board, Master Lease Program, 10,320 COP, Ser. A, FRDO, FSA, 1.65%, 12/02/04 700 St. Johns County IDA, Healthcare, Glenmoor St. 700 Johns Project, Ser. C, Rev., FRDO, 1.66%, 12/07/04 24,485 Sunshine State, 1.60%, 12/09/04 24,485 20,565 Sunshine State, 1.64%, 12/08/04 20,565 47,372 Sunshine State, 1.67%, 12/08/04 47,372 16,080 Sunshine State, 1.75%, 12/02/04 16,080 21,155 Sunshine State, 1.75%, 12/02/04 21,155 36,188 Sunshine State, 1.75%, 12/02/04 36,188 7,000 Tampa, Florida, Occupational License Tax, Ser. B, 7,000 Rev., FRDO, FGIC, 1.64%, 12/01/04 4,000 University of North Florida Foundation, Inc., 4,000 Parking System, Rev., FRDO, 1.73%, 12/03/04 3,600 West Orange Healthcare District, Ser. B, Rev., 3,600 FRDO, 1.65%, 12/03/04 ------------------ 537,194
12 GEORGIA -- 3.6% 16,610 ABN AMRO Munitops Certificate Trust, Ser. 2000-4, 16,610 Rev., FRDO, FGIC, #, 1.70%, 12/01/04 29,500 Albany-Dougherty County Hospital Authority, 29,500 Phoebe Hospital, Revenue Anticipation Certificates, Rev., FRDO, AMBAC, 1.68%, 12/01/04 5,835 Atlanta Urban Residential Finance Authority, 5,835 Multi-Family Housing, The Park at Lakewood, Rev., FRDO, 1.74%, 12/06/04 4,385 Atlanta, Georgia, Airport, FLOATS, Ser. PT-737, 4,385 Rev., FRDO, FGIC, 1.76%, 12/07/04 7,500 Atlanta, Georgia, Airport, Ser. B-3, Rev., FRDO, 7,500 MBIA, 1.67%, 12/03/04 20,000 Atlanta, Georgia, Airport, Ser. C-1, Rev., FRDO, 20,000 MBIA, 1.69%, 12/03/04 6,000 Atlanta, Georgia, Water & Wastewater, Municipal 6,000 Securities Trust Receipts, Ser. SGA-145, Rev., FRDO, MBIA, 1.72%, 12/04/04 32,150 Atlanta, Georgia, Water & Wastewater, Ser. B, 32,150 Rev., FRDO, FSA, 1.65%, 12/03/04 9,000 Augusta, Georgia, Water & Sewer, Municipal 9,000 Securities Trust Receipts, Ser. SGS-140, Rev., FRDO, FSA, 1.72%, 12/07/04 4,635 Bibb County, FLOATS, Ser. PT-1842, GO, FRDO, 4,635 1.71%, 12/03/04 7,160 Clayton County Housing Authority, Multi-Family 7,160 Housing, Chateau Forest Apartments, Ser. E, Rev., FRDO, FSA, 1.70%, 12/01/04 8,000 Cobb County Development Authority, Whitefield 8,000 Academy Project, Rev., FRDO, 1.68%, 12/07/04 3,400 Cobb County Housing Authority, Multi-Family 3,400 Housing, Greenhouse Frey Apartment Project, Rev., FRDO, 1.65%, 12/03/04 11,200 Cobb County Housing Authority, Multi-Family 11,200 Housing, Terrell Mill I Project, Rev., FRDO, #, 1.73%, 12/06/04 25,000 Cobb County Kennestone Hospital Authority, 25,000 Equipment Pool Project, Anticipation Certificates, Rev., FRDO, 1.69%, 12/01/04 17,700 De Kalb County Housing Authority, Multi-Family 17,700 Housing, Camden Brook Project, Rev., FRDO, 1.68%, 12/03/04 9,250 De Kalb County Housing Authority, Multi-Family 9,250 Housing, Chapel Run Apartments Project, Rev., FRDO, 1.73%, 12/07/04 12,545 De Kalb County Housing Authority, Multi-Family 12,545 Housing, Robins Landing Project, Rev., FRDO, 1.73%, 12/01/04 800 Fulton County Development Authority, Arthritis 800 Foundation, Inc. Project, Rev., FRDO, 1.68%, 12/01/04 1,610 Fulton County Development Authority, Morehouse 1,610 College Project, Rev., FRDO, 1.68%, 12/07/04 20,000 Fulton County Development Authority, Robert W. 20,000 Woodruff Arts, Ser. A, Rev., FRDO, 1.68%, 12/06/04 6,910 Georgia Local Government, COP, FLOATS, Ser. 6,910 PT-678, FRDO, 1.71%, 12/05/04 49,208 Georgia Municipal Association, Inc., Pooled Bond, 49,208 COP, FRDO, MBIA, 1.74%, 12/01/04 44,206 Georgia Municipal Electric Authority, 1.70%, 44,206 12/08/04 25,000 Georgia Municipal Electric Authority, 1.78%, 25,000 12/03/04 8,445 Georgia Municipal Electric Authority, FLOATS, Ser. 8,445 PA-1187, Rev., FRDO, MBIA-IBC, 1.71%, 12/02/04 9,555 Georgia Municipal Electric Authority, Ser. 9,555
13 RR-II-R-1016, Rev., FRDO, FSA, 1.72%, 12/07/04 5,010 Georgia State Road & Tollway Authority, FLOATS, 5,010 Ser. PT-2019, Rev., FRDO, 1.71%, 12/02/04 6,000 Georgia State, EAGLE, Ser. 2004-1004, Class A, 6,000 GO, FRDO, 1.72%, 12/01/04 10,095 Georgia State, FLOATS, Ser. PT-374, 1.69%, 10,095 12/03/04 1,600 Glynn-Brunswick Memorial Hospital Authority, 1,600 Anticipation Certificates, Southeast Georgia Project, Rev., FRDO, MBIA, 1.64%, 12/01/04 6,450 Griffin-Spalding County Development Authority, 6,450 IDA, Norcom, Inc. Project, Rev., FRDO, 1.74%, 12/06/04 6,000 Gwinnett County Development Authority, Civic & 6,000 Cultural Center Project, Rev., FRDO, 1.64%, 12/01/04 10,000 Gwinnett County Hospital Authority, Gwinnett 10,000 Hospital Systems, Inc. Project, Anticipation Certificates, Rev., RAN, FRDO, 1.68%, 12/01/04 32,050 Gwinnett County Water & Sewer Authority, Ser. A, 32,050 Rev., FRDO, 1.64%, 12/01/04 100 Hapeville Development Authority, IDR, 100 Tend-Hapeville Hotel LTD, Rev., FRDO, 1.62%, 12/01/04 9,225 Marietta Housing Authority, Multi-Family Housing, 9,225 Winterset Apartments Project, Rev., FRDO, 1.68%, 12/06/04 3,700 Municipal Electric Authority of Georgia, Project One, 3,700 Ser. C, Rev., FRDO, FSA, 1.60%, 12/01/04 25,000 Municipal Electric Authority of Georgia, Sub Ser. B, 25,000 Rev., FRDO, 1.60%, 12/01/04 30,175 Oglethorpe, Georgia, 1.78%, 12/10/04 30,175 4,200 Private Colleges & Universities Authority, Emory 4,200 University, Ser. B, Rev., FRDO, 1.61%, 12/02/04 1,120 Private Colleges & Universities Authority, Emory 1,120 University, Ser. B, Rev., FRDO, 1.61%, 12/03/04 15,705 Private Colleges & Universities Facilities Authority, 15,705 Emory University, Ser. B, Rev., FRDO, 1.61%, 12/03/04 5,200 Tift County Hospital Authority, Anticipation 5,200 Certificates, Ser. A, Rev., FRDO, AMBAC, 1.61%, 12/01/04 ------------------ 567,234 GUAM -- 0.1% 11,025 Guam Power Authority, FLOATS, Ser. PA-531, 11,025 Rev., 1.68%, 12/03/04 HAWAII -- 0.5% 20,825 ABN-AMRO Munitops Certificate Trust, Ser. 2004-1, 20,825 Rev., FRDO, 1.72%, 12/02/04 13,000 Hawaii State, Airport Systems, Rev., FRDO, 13,000 1.66%, 12/01/04 19,790 Hawaii State, Highway, FLOATS, Ser. PT-1058, 19,790 FRDO, 1.71%, 12/03/04 6,100 Honolulu, Hawaii, 1.60%, 12/08/04 6,100 20,000 Honolulu, Hawaii, 1.72%, 12/08/04 20,000 ------------------ 79,715 IDAHO -- 0.5% 10,500 Idaho Housing & Finance Association, Single Family 10,500 Mortgage, Ser. C, Class 1, Rev., FRDO, 1.75%, 12/07/04 3,750 Idaho Housing & Finance Association, Single Family 3,750 Mortgage, Ser. F-1, Class 1, Rev., FRDO, 1.75%, 12/06/04 69,675 Idaho State, GO, TAN, 3.00%, 06/30/05 70,232 ------------------
14 84,482 ILLINOIS -- 3.7% 9,850 ABN AMRO Munitops Certificate Trust, Ser. 9,850 2001-10, GO, FRDO, MBIA, 1.71%, 12/07/04 15,010 ABN AMRO Munitops Certificate Trust, Ser. 15,010 2001-21, GO, FRDO, MBIA, 1.71%, 12/03/04 10,655 ABN AMRO Munitops Certificate Trust, Ser. 10,655 2001-27, Rev., FRDO, FSA, 1.80%, 12/03/04 6,175 ABN AMRO Munitops Certificate Trust, Ser. 6,175 2002-23, GO, FRDO, MBIA, 1.93%, 04/01/05 9,995 ABN AMRO Munitops Certificate Trust, Ser. 2002-3, 9,995 Rev., FRDO, 1.80%, 12/02/04 34,950 Chicago Housing Authority, Capital Improvement 34,950 Program, Floating Rate Receipts, Ser. L-40, Regulation D, Rev., FRDO, 1.75%, 12/01/04 28,900 Chicago Metropolitan Water Reclamation District, 28,900 Ser. A, GO, FRDO, 1.64%, 12/01/04 2,900 Chicago Metropolitan Water Reclamation 2,900 District-Greater Chicago, Ser. B, Rev, FRDO, 1.64%, 12/01/04 10,570 Chicago O'Hare International Airport, ACES, General 10,570 Airport Second Lien, Ser. B, Rev., FRDO, 1.60%, 12/07/04 6,200 Chicago O'Hare International Airport, ACES, General 6,200 Airport Second Lien, Ser. B, Rev., FRDO, 1.67%, 12/07/04 2,500 Chicago O'Hare International Airport, Special 2,500 Facilities, Compagnie Natle Air France, Rev., FRDO, 1.71%, 12/02/04 19,540 Chicago, Illinois, Midway Airport, Floating Rate 19,540 Receipts, Ser. SG-97, Rev., FRDO, MBIA, 1.71%, 12/07/04 6,175 Chicago, Illinois, Multi-Family Housing, Barbara 6,175 Jean Wright Apartments, Ser. A, Rev., FRDO, 1.75%, 12/06/04 20,000 Chicago, Illinois, Municipal Securities Trust 20,000 Receipts, Ser. SGA-99, GO, FRDO, FGIC, 1.72%, 12/01/04 13,000 Chicago, Illinois, Ser. B, GO, FRDO, FGIC, 1.67%, 13,000 12/06/04 6,100 Chicago, Illinois, Water, Second Lien, Rev., FRDO, 6,100 MBIA, 1.66%, 12/06/04 4,503 Cook County, Floating Rate Certificates, Ser. 403, 4,503 GO, FRDO, FGIC, 1.71%, 12/01/04 7,345 Cook County, FLOATS, Ser. PT-1497, GO, FRDO, 7,345 FGIC, 1.71%, 12/03/04 5,400 Du Page County Community Unit School District 5,400 No. 200 Wheaton, Ser. RR-II-R-4013, GO, FRDO, FSA, 1.72%, 12/04/04 10,000 Eagle Tax Exempt Trust, Class A, Rev., FRDO, 10,000 MBIA, 1.72%, 12/05/04 3,335 Illinois Development Finance Authority, American 3,335 Youth Hostels Project, Rev., FRDO, 1.69%, 12/03/04 17,900 Illinois Development Finance Authority, Chicago 17,900 Symphony Orchestra, Rev., FRDO, 1.66%, 12/06/04 2,405 Illinois Development Finance Authority, IDR, CFC 2,405 International, Inc. Project, Rev., FRDO, 1.78%, 12/06/04 4,485 Illinois Development Finance Authority, IDR, CHS 4,485 Acquisition Corp. Project, Rev., FRDO, 1.70%, 12/07/04 1,500 Illinois Development Finance Authority, IDR, 1,500 Toughy LTD Partnership Project, Rev., FRDO, 1.75%, 12/06/04 13,400 Illinois Development Finance Authority, Multi-Family 13,400
15 Housing, FLOATS, Ser. PT-1795, Rev., FRDO, 1.72%, 12/07/04 10,000 Illinois Development Finance Authority, Residential 10,000 Rental, Rev., FRDO, 1.70%, 12/03/04 24,800 Illinois Development Finance Authority, Vincent De 24,800 Paul Project, Ser. A, Rev., FRDO, 1.64%, 12/01/04 6,895 Illinois Educational Facilities Authority, FLOATS, 6,895 Ser. PA-896, Rev., FRDO, 1.71%, 12/07/04 4,700 Illinois Educational Facilities Authority, St. Xavier 4,700 University Project, Ser. A, Rev., FRDO, 1.68%, 12/06/04 3,300 Illinois Finance Authority, Northwestern Memorial 3,300 Hospital, Ser. B-2, Rev., FRDO, 1.67%, 12/01/04 14,000 Illinois Finance Authority, Northwestern University, 14,000 Sub Ser. A, Rev., FRDO, 1.61%, 12/03/04 12,000 Illinois Finance Authority, University of Chicago, 12,000 Ser. B, Rev., FRDO, 1.65%, 12/01/04 2,105 Illinois Health Facilities Authority, Loyola University 2,105 Health System, Ser. B, Rev., FRDO, MBIA, 1.64%, 12/01/04 20,000 Illinois Health Facilities Authority, Revolving Pooled 20,000 Funds, Ser. B, Rev., FRDO, 1.67%, 12/06/04 13,300 Illinois Health Facilities Authority, Swedish 13,300 Covenant Hospital Project, Rev., FRDO, AMBAC, 1.64%, 12/02/04 1,800 Illinois Health Facilities Authority, The Carle 1,800 Foundation, Ser. B, Rev., FRDO, AMBAC, 1.67%, 12/01/04 1,855 Illinois Housing Development Authority, Floating 1,855 Rate Trust Receipts, Ser. L-19, Regulation D, Rev., FRDO, 1.80%, 12/02/04 10,175 Illinois Housing Development Authority, Homeowner 10,175 Mortgage, Ser. A-3, Rev., FRDO, 1.71%, 12/01/04 7,500 Illinois Housing Development Authority, Homeowner 7,500 Mortgage, Ser. C-3, Rev., FRDO, 1.75%, 12/01/04 14,405 Illinois Housing Development Authority, Homeowner 14,405 Mortgage, Ser. D, Rev., FRDO, 1.68%, 02/01/05 10,000 Illinois Housing Development Authority, Southern 10,000 Hills/Orlando, Ser. B, Rev., FRDO, FSA, 1.69%, 12/06/04 14,000 Illinois State Toll Highway Authority, Ser. B, Rev., 14,000 FRDO, MBIA, 1.64%, 12/02/04 2,075 Illinois State, Municipal Securities Trust Receipts, 2,075 Ser. SGA-103, GO, FRDO, 1.75%, 12/01/04 3,255 Illinois State, Sales Tax, Municipal Securities Trust 3,255 Certificates, Ser. SG-9, FRDO, 1.71%, 12/04/04 13,185 Illinois State, Ser. 2003-33, GO, FRDO, FGIC, 13,185 1.71%, 12/04/04 11,555 Illinois State, Ser. 42, GO, FRDO, MBIA, 1.71%, 11,555 12/02/04 10,000 Illinois State, Ser. B, GO, FRDO, 1.70%, 12/06/04 10,000 2,570 Lake County, IDR, A.L. Hansen Manufacturing Co. 2,570 Project, Rev., FRDO, 1.77%, 12/07/04 1,320 Libertyville, Illinois, IDR, Libertyville Manor Project, 1,320 Rev., FRDO, 1.71%, 12/06/04 7,000 Metropolitan Pier & Exposition Authority, Dedicated 7,000 State Tax, EAGLE, Ser. 04-0030, Class A, Rev., FRDO, MBIA, 1.72%, 12/15/04 4,640 Mount Morris, Illinois, Bretheren Home Project, 4,640 Rev., FRDO, 1.68%, 12/07/04 5,500 Municipal Securities Trust Certificates, Ser. 5,500 2001-9021, Class A, GO, FRDO, FSA, 1.73%, 12/06/04 19,800 Regional Transportation Authority, FLOATS, Ser. PT- 19,800 818-D, Rev., FRDO, FGIC, 1.71%, 12/02/04 6,565 Regional Transportation Authority, FLOATS, Ser. 6,565 PT-1448, Rev., FRDO, FGIC, 1.71%, 12/05/04
16 10,000 Regional Transportation Authority, FLOATS, Ser. 10,000 PT-2424, Rev., FRDO, FSA, 1.71%, 06/01/05 10,000 Regional Transportation Authority, FLOATS, Ser. 10,000 SG-82, FRDO, 1.71%, 12/05/04 8,900 University of Illinois, Health Services Facilities 8,900 System, Ser. B, Rev., FRDO, 1.67%, 12/05/04 15,000 University of Illinois, Utility Infrastructure Projects, 15,000 COP, FRDO, 1.65%, 12/05/04 ------------------ 574,993 INDIANA -- 2.1% 6,065 Carmel School Building Corp., Ser. RR-II-R-S014, 6,065 Rev., FRDO, MBIA, 1.72%, 12/02/04 6,400 Danville Multi-School Building Corp., FLOATS, Ser. 6,400 PT-1483, Rev., FRDO, FSA, 1.71%, 12/01/04 5,000 DeKalb County Economic Development, New 5,000 Process Steel Project, Rev., FRDO, 1.79%, 12/03/04 210,000 Indiana Bond Bank, Advance Program Notes, Ser. 210,124 A, Rev., 2.00%, 01/25/05 5,315 Indiana Bond Bank, Ser. RR-II-R-2094, Rev., 5,315 FRDO, 1.72%, 02/01/05 10,000 Indiana Health Facility Financing Authority, 10,000 Ascension Health Credit Group, Ser. A-1, Rev., FRDO, 1.73%, 05/15/05 16,900 Indiana Health Facility Financing Authority, 16,900 Ascension Health Credit Group, Ser. B, Rev., FRDO, 1.65%, 12/01/04 4,500 Indiana Health Facility Financing Authority, Clarian 4,500 Health Obligation Group, Ser. C, Rev., FRDO, 1.66%, 12/03/04 2,485 Indiana Health Facility Financing Authority, 2,485 Community Hospitals Project, Ser. A, Rev., FRDO, 1.69%, 12/03/04 5,055 Indiana Health Facility Financing Authority, 5,055 FLOATS, Ser. PA-1069, 1.71%, 12/03/04 5,330 Indiana Transportation Finance Authority, FLOATS, 5,330 Ser. PT-2296, Rev., FRDO, FGIC, 1.71%, 12/01/04 19,500 Indiana Transportation Finance Authority, Municipal 19,500 Securities Trust Receipts, Ser. SGA-113, Rev., FRDO, 1.75%, 12/01/04 8,650 Indianapolis Local Public Improvement Bond Bank, 8,650 FLOATS, Ser. PT-1408, Rev., FRDO, MBIA, 1.71%, 12/06/04 8,200 Monroe County Hospital Authority, Rev., FRDO, 8,200 MBIA, 1.66%, 12/07/04 7,900 St. Joseph County, Educational Facilities, 7,900 University of Notre Dame, Rev., FRDO, 1.60%, 12/05/04 ------------------ 321,424 IOWA -- 0.2% 1,000 Des Moines, Iowa, Airport, 1.65%, 12/03/04 1,000 6,300 Des Moines, Iowa, Airport, 1.65%, 12/03/04 6,300 3,365 Des Moines, Iowa, FLOATS, Ser. PT-2268, GO, 3,365 FRDO, AMBAC, 1.71%, 12/01/04 8,500 Iowa Finance Authority, Single Family Mortgage, 8,500 Ser. D, Rev., FRDO, 1.37%, 02/03/05 6,000 Iowa Finance Authority, Single Family Mortgage, 6,000 Ser. F, Rev., FRDO, 1.69%, 12/02/04 ------------------ 25,165 KANSAS -- 0.6% 2,000 Eagle Tax-Exempt Trust, Weekly Option Mode, Ser. 2,000 2000-1601, FRDO, 1.72%, 12/01/04 18,000 Kansas State Department of Transportation, 18,000 Highway, Ser. C-1, Rev., FRDO, 1.60%, 12/07/04
17 27,500 Kansas State Department of Transportation, 27,500 Highway, Ser. C-2, Rev., FRDO, 1.67%, 12/07/04 10,225 Kansas State Department of Transportation, Ser. 10,225 C-3, Rev., FRDO, 1.60%, 12/03/04 9,780 Overland Park, Kansas, Floating Rate Receipts, 9,780 Ser. SG-155, 1.71%, 12/04/04 2,670 Sedgwick & Shawnee Counties, Single Family 2,670 Housing, FLOATS, Ser. PT-523, Rev., FRDO, 1.76%, 12/03/04 17,000 Topeka, Kansas, GO, 2.00%, 12/01/04 17,000 ------------------ 87,175 KENTUCKY -- 0.7% 16,355 Jeffersontown, Kentucky, Lease Program, 16,355 Kentucky League of Cities Funding Trust, Rev., FRDO, 1.77%, 12/01/04 15,000 Kenton County Airport Board, Special Facilities, Airis 15,000 Cincinnati LLC, Ser. A, Rev., FRDO, 1.75%, 12/07/04 60,200 Kentucky Asset Liability Commission, General 60,603 Fund, Ser. A, Rev., TRAN, 3.00%, 06/29/05 2,240 Kentucky Development Finance Authority, Pooled 2,240 Loan Program, Ser. A, Rev., FRDO, FGIC, 1.65%, 12/02/04 15,000 Louisville & Jefferson County Metropolitan Sewer 15,000 District, Sewer & Drain Systems, Floating Rate Receipts, Ser. SG-132, Rev., FRDO, FGIC, 1.71%, 12/06/04 ------------------ 109,198 LOUISIANA -- 0.9% 12,000 ABN AMRO Munitops Certificate Trust, Ser. 12,000 2002-17, Rev., FRDO, AMBAC, #, 1.71%, 12/05/04 9,000 East Baton Rouge Parish, Solid Waste Disposal 9,000 Authority, Exxon Corp. Project, Rev., FRDO, 1.65%, 12/01/04 1,585 Iberia Parish IDB, IDR, Cuming Insulation Corp. 1,585 Project, Rev., FRDO, 1.81%, 12/02/04 1,925 Jefferson Parish Home Mortgage Authority, Single 1,925 Family Mortgage, FLOATS, Ser. PT-492, Rev., FRDO, 1.78%, 12/03/04 10,775 Lafayette, Louisiana, Utilities, Ser. R-6024, Rev., 10,775 FRDO, MBIA, 1.72%, 12/06/04 3,425 Louisiana Housing Finance Agency, FLOATS, Ser. 3,425 PT-1340, Rev., FRDO, 1.76%, 12/04/04 8,365 Louisiana Local Government, Environmental 8,365 Facilities & Community Development, Ser. A, Rev., FRDO, 1.69%, 12/05/04 3,100 Louisiana Public Facilities Authority, IDB, Kenner 3,100 Hotel LTD, Rev., FRDO, 1.62%, 12/01/04 10,925 Louisiana Public Facilities Authority, Inter 10,925 Community Healthcare Project, Rev., FRDO, 1.69%, 12/06/04 4,995 Louisiana Public Facilities Authority, LSU Alumni 4,995 Association Project, Rev., FRDO, 1.70%, 12/06/04 15,000 Louisiana State, 1.72%, 12/03/04 15,000 10,000 Louisiana State, 1.72%, 12/03/04 10,000 20,000 Louisiana State, 1.78%, 12/01/04 20,000 32,300 Louisiana State, 1.85%, 01/10/05 32,300 4,950 South Louisiana Port Commission, Marine Terminal 4,950 Facilities, Occidental Petroleum, Rev., FRDO, 1.68%, 12/02/04 ------------------ 148,345 MAINE -- 0.6% 9,700 Maine Finance Authority, Jackson Lab Issue, Ser. 9,700 2002, Rev., FRDO, 1.72%, 12/06/04
18 7,320 Maine Health & Higher Educational Facilities 7,320 Authority, Ser. B, Rev., FRDO, AMBAC, 1.69%, 12/01/04 6,250 Maine State Housing Authority, General Housing, 6,250 FLOATS, Ser. MT-006, Rev., FRDO, 1.77%, 12/01/04 10,000 Maine State Housing Authority, Mortgage, Ser. C-3, 10,000 Rev., FRDO, 1.69%, 05/15/05 17,400 Maine State Housing Authority, Ser. E-2, Rev., 17,400 FRDO, AMBAC, 1.69%, 12/04/04 16,515 Maine State Housing Authority, Ser. E-2, Rev., 16,515 FRDO, AMBAC, 1.69%, 12/04/04 12,295 Maine State, BAN, GO, 3.00%, 06/23/05 12,390 20,700 Maine State, TAN, GO, 3.00%, 06/30/05 20,866 ------------------ 100,441 MARYLAND -- 2.0% 19,500 Anne Arundel County, GO, 1.62%, 12/10/04 19,500 22,725 Baltimore IDA, IDR, Baltimore Capital Acquisition, 22,725 Rev., FRDO, 1.67%, 12/01/04 25,000 Baltimore, Maryland, 1.72%, 02/11/05 25,000 3,135 Community Development Administration, 3,135 Multi-Family Development, Avalon Lea Apartment Project, Rev., FRDO, 1.63%, 12/06/04 50,000 Johns Hopkins University, 1.62%, 12/06/04 50,000 20,865 Johns Hopkins University, 1.64%, 12/01/04 20,865 23,800 Johns Hopkins University, 1.80%, 12/07/04 23,800 2,550 Maryland Community Development Administration, 2,550 Department of Housing & Community Development, FLOATS, Ser. PT-12, 1.74%, 12/01/04 3,000 Maryland Community Development Administration, 3,000 Department of Housing & Community Development, Multi-Family Housing, Parklane Apartments, Rev., FRDO, 1.72%, 12/01/04 10,000 Maryland Community Development Administration, 10,000 Department of Housing & Community Development, Residential, Ser. C, Rev., FRDO, 1.66%, 12/01/04 3,310 Maryland State Economic Development Corp., 3,310 Floating Rate Receipts, Ser. L9-J, Rev., FRDO, FSA, 1.80%, 12/06/04 5,215 Maryland State Health & Higher Educational 5,215 Facilities Authority, FLOATS, Ser. 825, FRDO, AMBAC, 1.71%, 12/03/04 2,150 Maryland State Health & Higher Educational 2,150 Facilities Authority, Loyola College Issue, Ser. B, Rev., FRDO, MBIA, 1.66%, 12/05/04 9,000 Maryland State Health & Higher Educational 9,000 Facilities Authority, Municipal Securities Trust Receipts, Ser. SGA-143, Rev., FRDO, 1.72%, 12/01/04 24,720 Maryland State Stadium Authority, Sports Facilities 24,720 Lease, Rev., FRDO, 1.72%, 12/01/04 15,000 Maryland State Transportation Authority, Passenger 15,000 Facility Charge, Baltimore/Washington Airport, Ser. A, Rev., FRDO, 1.60%, 12/03/04 6,400 Montgomery County Housing Opportunities 6,400 Commission, Multi-Family Housing, Falklands, Ser. B, Rev., FRDO, 1.57%, 12/01/04 10,700 Montgomery County Housing Opportunities 10,700 Commission, Multiple Purpose, Ser. C, Rev., FRDO, 1.61%, 12/01/04 16,800 Montgomery County Housing Opportunities 16,800 Commission, Multi-Family Housing, Grosvenor, Ser. A, Rev., FRDO, 1.57%, 12/07/04 5,100 Montgomery County Housing Opportunities 5,100 Commission, The Grand-Issue I, Rev., FRDO, 1.67%, 12/06/04
19 1,210 Northeast Waste Disposal Authority, Resource 1,210 Recovery, Harford County Resources, Rev., FRDO, AMBAC, 1.58%, 12/01/04 15,500 Washington Suburban Sanitation District, 15,500 Multi-Modal, Ser. A, GO, BAN, FRDO, 1.67%, 12/07/04 6,000 Washington Suburban Sanitation District, Ser. A, 6,000 GO, BAN, FRDO, 1.67%, 12/02/04 9,000 Washington Suburban Sanitation District, Ser. A, 9,000 GO, BAN, FRDO, 1.67%, 12/06/04 ------------------ 310,680 MASSACHUSETTS -- 3.0% 21,400 Blackstone-Millville Regional School District, GO, 21,532 BAN, 2.75%, 07/14/05 6,030 Canton Housing Authority, Multi-Family Housing, 6,030 Canton Arboretum Apartments, Rev., FRDO, 1.65%, 12/01/04 8,510 Clipper Tax-Exempt Trust, COP, Ser. 2001-4, 8,510 FRDO, 1.60%, 01/01/05 13,070 Lee, Massachusetts, GO, BAN, 2.50%, 05/13/05 13,135 5,030 Massachusetts Bay Transportation Authority, 5,030 EAGLE, Ser. 20040031, Class A, Rev., FRDO, 1.70%, 01/01/05 5,750 Massachusetts Bay Transportation Authority, 5,750 Municipal Securities Trust Receipts, Special Assessment, Ser. SGA-123, FRDO, 1.72%, 12/06/04 7,000 Massachusetts Development Finance Agency, 7,000 Clark University, Rev., FRDO, MBIA, 1.67%, 12/03/04 13,215 Massachusetts Development Finance Agency, 13,215 Clark University, Ser. A, Rev., FRDO, AMBAC, 1.67%, 12/06/04 11,000 Massachusetts Development Finance Agency, 11,000 Dana Hall School, Rev., FRDO, 1.66%, 12/07/04 4,560 Massachusetts Development Financing Agency, 4,560 The Bridge Issue, Rev., FRDO, 1.67%, 12/06/04 5,240 Massachusetts Health & Educational Facilities 5,240 Authority, Partners in Healthcare, Ser. D-6, Rev., FRDO, 1.70%, 12/01/04 2,200 Massachusetts Health & Educational Facilities 2,200 Authority, University of Massachusetts, Ser. A, Rev., FRDO, 1.62%, 12/06/04 48,650 Massachusetts Housing Finance Agency, Ser. F, 48,650 Rev., FRDO, FSA, 1.65%, 12/04/04 4,975 Massachusetts Housing Finance Agency, Ser. G, 4,975 Rev., FRDO, 1.65%, 12/04/04 5,500 Massachusetts Housing Finance Agency, Single 5,500 Family Housing, Ser. R-1, Rev., 1.15%, 05/02/05 11,995 Massachusetts Municipal Wholesale Electric Co., 11,995 Power Supply Systems, FLOATS, Ser. PT-1951, 1.68%, 12/02/04 32,000 Massachusetts State, 1.75%, 12/09/04 32,000 11,600 Massachusetts State, 1.79%, 12/06/04 11,600 9,525 Massachusetts State Industrial Finance Agency, 9,525 Whitehead Institute for Biomedical Research, Rev., FRDO, 1.62%, 12/03/04 7,000 Massachusetts State Port Authority, 1.60%, 7,000 05/15/05 2,506 Massachusetts State Turnpike Authority, FLOATS, 2,506 Ser. 334, Rev., FRDO, MBIA, 1.67%, 12/06/04 25,000 Massachusetts State Water Resources Authority, 25,000 1.78%, 12/06/04 41,800 Massachusetts State Water Resources Authority, 41,800 1.78%, 12/06/04 4,800 Massachusetts State Water Resources Authority, 4,800
20 Multi-Modal, Ser. B, Rev., FRDO, AMBAC, 1.64%, 12/07/04 7,200 Massachusetts State Water Resources Authority, 7,200 Multi-Modal, Ser. B, Rev., FRDO, FGIC, 1.65%, 12/02/04 2,400 Massachusetts State Water Resources Authority, 2,400 Multi-Modal, Sub Ser. C, Rev., FRDO, 1.70%, 12/01/04 4,220 Massachusetts State Water Resources Authority, 4,220 Ser. A, Rev., FRDO, FGIC, 1.63%, 12/01/04 2,500 Massachusetts State Water Resources Authority, 2,500 Sub Ser. B, Rev., FRDO, FGIC, 1.64%, 12/07/04 6,600 Massachusetts State Water Resources Authority, 6,600 Sub Ser. C, Rev., FRDO, FGIC, 1.64%, 12/01/04 1,000 Massachusetts State Water Resources Authority, 1,000 Sub Ser. D, Rev., FRDO, 1.68%, 12/01/04 10,000 Massachusetts State, EAGLE, Ser. 20040004, Class 10,000 A, GO, FRDO, 1.70%, 12/05/04 9,995 Massachusetts State, FLOATS, Ser. PA-800, 1.68%, 9,995 12/02/04 7,830 Massachusetts State, FLOATS, Ser. PT-1576, GO, 7,830 FRDO, MBIA, 1.68%, 12/02/04 115 Massachusetts State, FLOATS, Ser. PT-2008, GO, 115 FRDO, AMBAC, 1.68%, 12/02/04 9,795 Massachusetts State, FLOATS, Ser. PT-2238, GO, 9,795 FRDO, 1.68%, 12/03/04 16,240 Massachusetts State, FLOATS, Ser. PT-2265, GO, 16,240 FRDO, AMBAC, 1.68%, 12/05/04 11,820 Massachusetts State, FLOATS, Ser. PT-392, 1.35%, 11,820 12/07/04 38,825 Peabody, Massachusetts, GO, BAN, 2.00%, 38,833 02/12/05 33,650 Scituate, Massachusetts, GO, BAN, 1.75%, 33,691 03/03/05 6,100 Shirley, Massachusetts, GO, BAN, 2.00%, 6,119 04/08/05 ------------------ 476,911 MICHIGAN -- 4.3% 30,795 ABN AMRO Munitops Certificate Trust, Ser. 30,795 2000-16, GO, FRDO, FGIC, 1.72%, 12/07/04 5,000 ABN-AMRO Munitops Certificate Trust, Ser. 5,000 2002-29, GO, FRDO, FGIC, 1.70%, 05/01/05 8,545 Detroit City School District, Ser. 2003-28, GO, 8,545 FRDO, 1.70%, 12/04/04 9,970 Detroit City School District, Ser. B-1, GO, FRDO, 9,970 FGIC, 1.74%, 12/04/04 1,950 Detroit, Michigan, Sewer Disposal, Senior Lien, Ser. 1,950 C-1, Rev., FRDO, FSA, 1.65%, 12/07/04 16,500 Detroit, Michigan, Sewer Disposal, Second Lien, Ser. 16,500 E, Rev., FRDO, FGIC, 1.55%, 10/02/05 600 Detroit, Michigan, Sewer Disposal, Senior Lien, Ser. 600 B, Rev., FRDO, FSA, 1.68%, 12/01/04 7,450 East Lansing School District, Municipal Securities 7,450 Trust Receipts, Ser. SGA-114, GO, FRDO, 1.72%, 12/01/04 29,100 Holt Public Schools, GO, FRDO, 1.63%, 12/03/04 29,100 8,820 Howell Public Schools, FLOATS, Ser. PT-1502, GO, 8,820 FRDO, 1.70%, 12/03/04 12,300 Lakeview School District, Calhoun, School Building 12,300 & Site, Ser. B, GO, FRDO, 1.63%, 12/02/04 30,000 Michigan State, 1.10%, 12/31/04 30,000 80,000 Michigan State, 1.75%, 12/07/04 80,000 13,400 Michigan State, 1.84%, 01/10/05 13,400 27,010 Michigan State, 2.00%, 10/04/05 27,010 10,465 Michigan State Building Authority, Ser. 10,465 RR-II-R-1049, Rev., FRDO, 1.72%, 12/07/04
21 10,000 Michigan State Hospital Finance Authority, 10,000 Ascension, Ser. B-1, Rev., FRDO, 1.65%, 12/01/04 8,970 Michigan State Hospital Finance Authority, FLOATS, 8,970 Ser. PA-919, Rev., 1.70%, 12/02/04 7,495 Michigan State Hospital Finance Authority, FLOATS, 7,495 Ser. PT-668, Rev., FRDO, MBIA, 1.70%, 12/03/04 6,350 Michigan State Housing Development Authority, 6,350 Multi-Family Housing, Canton Club, Ser. A, Rev., FRDO, 1.67%, 12/03/04 7,030 Michigan State Housing Development Authority, 7,030 Multi-Family Housing, River Place Apartments, Rev., FRDO, 1.69%, 12/02/04 13,505 Michigan State Housing Development Authority, 13,505 Rental Housing, Ser. B, Rev., FRDO, 1.66%, 12/02/04 14,300 Michigan State University, Ser. A, Rev., FRDO, 14,300 1.63%, 12/03/04 4,690 Michigan State University, Ser. A, Rev., FRDO, 4,690 1.65%, 12/06/04 480 Michigan State University, Ser. A, Rev., FRDO, 480 1.68%, 12/01/04 23,180 Michigan State University, Ser. A-2, Rev., FRDO, 23,180 1.66%, 12/06/04 2,800 Michigan State University, Ser. B, Rev., FRDO, 2,800 1.63%, 12/03/04 4,410 Michigan State, FLOATS, Ser. PT-2021, GO, FRDO, 4,410 1.70%, 12/04/04 27,000 Michigan State, Ser. A, GO, 3.50%, 09/30/05 27,331 10,500 Michigan State, Ser. A, Rev., GAN, FRDO, FSA, 10,500 1.65%, 12/01/04 50,885 Michigan State, Ser. C, Rev., GAN, FRDO, FSA, 50,885 1.65%, 12/01/04 44,900 Michigan State, Ser. C, Rev., GAN, FRDO, FSA, 44,900 1.65%, 12/01/04 3,400 Michigan State, Ser. D, Rev., GAN, FRDO, FSA, 3,400 1.65%, 12/01/04 1,175 Michigan Strategic Fund, Wayne Disposal, Oakland 1,175 Project, Rev., FRDO, 1.73%, 12/06/04 34,170 Milan Area Schools, GO, FRDO, 1.63%, 12/07/04 34,170 10,000 Oakland University, Rev., FRDO, FGIC, 1.70%, 10,000 12/07/04 55,705 Saline Area Schools, GO, FRDO, 1.63%, 12/03/04 55,705 1,100 University of Michigan, Hospital, Ser. A, Rev., 1,100 FRDO, 1.68%, 12/01/04 700 University of Michigan, Hospital, Ser. A-2, Rev., 700 FRDO, 1.68%, 12/01/04 300 University of Michigan, Medical Services Plan, Ser. 300 A, Rev., FRDO, 1.66%, 12/03/04 18,355 Wayne Charter County, Detroit Metropolitan, 18,355 Wayne Charter Airport, Junior Lien, Rev., FRDO, FSA, 1.67%, 12/03/04 13,700 Wayne Charter County, Wayne Charter Airport, 13,700 Floating Rate Receipts, Ser. SG-122, Rev., FRDO, 1.70%, 12/07/04 ------------------ 667,336 MINNESOTA -- 1.0% 8,510 Minneapolis & St. Paul Metropolitan Airports 8,510 Commission, Municipal Securities Trust Receipts, Ser. SG-136, Rev., FRDO, FGIC, 1.72%, 12/06/04 9,000 Minneapolis & St. Paul Metropolitan Airports 9,000 Commission, Municipal Securities Trust Receipts, Ser. SGA-127, Rev., FRDO, FGIC, 1.72%, 12/06/04 19,130 Minnesota Housing Finance Agency, Residential 19,130 Housing Finance, Ser. H, Rev., 1.62%, 01/01/05 18,055 Minnesota Housing Finance Agency, Residential 18,055 Housing, Ser. H, Rev., FRDO, 1.62%, 01/01/05
22 35,000 Rochester, Minnesota, 1.85%, 01/10/05 35,000 15,300 Rochester, Minnesota, 1.85%, 01/10/05 15,300 10,000 Rochester, Minnesota, 1.85%, 01/10/05 10,000 20,600 Rochester, Minnesota, Health Authority, 1.88%, 20,600 01/13/05 4,300 St. Louis Park, Minnesota, Catholic Finance Corp., 4,300 Rev., FRDO, 1.71%, 12/06/04 21,990 Washington County Housing & Redevelopment 21,990 Authority, Multi-Family Housing, FLOATS, Ser. PT-702, Rev., 1.75%, 12/06/04 ------------------ 161,885 MISSISSIPPI -- 0.1% 1,800 Jackson County, PCR, Chevron USA, Inc. Project, 1,800 Rev., FRDO, 1.68%, 12/01/04 900 Jackson County, PCR, Chevron USA, Inc. Project, 900 Rev., FRDO, 1.68%, 12/01/04 8,380 Mississippi Development Bank Special Obligation, 8,380 FLOATS, Ser. PT-1494, Rev., FRDO, FSA, 1.40%, 12/04/04 4,330 Mississippi State, Ser. RR-II-R-1043, GO, FRDO, 4,330 FGIC, 1.72%, 12/02/04 ------------------ 15,410 MISSOURI -- 0.8% 14,310 Bi-State Development Agency, Metropolitan District, 14,310 Floating Rate Receipts, Ser. SG-175, Rev., FRDO, FSA, 1.71%, 12/03/04 11,220 Bi-State Development Agency, Metropolitan District, 11,220 FLOATS, Ser. PT-1593, Rev., FRDO, FSA, 1.71%, 12/07/04 5,300 Bi-State Development Agency, Metropolitan District, 5,300 Metrolink Cross County Project, Ser. A, Rev., FRDO, FSA, 1.66%, 12/06/04 6,645 Independence IDA, Multi-Family Housing, FLOATS, 6,645 Ser. PT-314, FRDO, 1.71%, 12/04/04 2,900 Kansas City IDA, IDR, Livers Bronze Co. Project, 2,900 Rev., FRDO, 1.76%, 12/04/04 3,000 Missouri Higher Education Loan Authority, Student 3,000 Loan, Ser. B, Rev., FRDO, 1.70%, 12/01/04 1,600 Missouri Higher Education Loan Authority, Student 1,600 Loan, Ser. B, Rev., FRDO, MBIA, 1.73%, 12/06/04 2,010 Missouri Housing Development Commission, 2,010 FLOATS, Ser. PT-1286, Rev., FRDO, 1.76%, 12/04/04 2,805 Missouri Housing Development Commission, 2,805 Mortgage, FLOATS, Ser. PT-495, Rev., FRDO, 1.76%, 12/02/04 8,300 Missouri Housing Development Commission, Single 8,300 Family Mortgage, FLOATS, Ser. L-5J, Regulation D, Rev., FRDO, 1.80%, 12/06/04 17,600 Missouri State Health & Educational Facilities 17,600 Authority, Assemblies of God College, Rev., FRDO, 1.69%, 12/03/04 2,500 Missouri State Health & Educational Facilities 2,500 Authority, EAGLE, Ser. 2002-6026, Class A, Rev., FRDO, 1.72%, 12/03/04 840 Missouri State Housing Development Commission, 840 FLOATS, Ser. PT-223, Rev., FRDO, 1.76%, 12/06/04 11,125 O'Fallon, Missouri, COP, FLOATS, Ser. PT-1396, 11,125 FRDO, MBIA, 1.71%, 12/01/04 40,000 University of Missouri, Curators, Floating Rate 40,000 Trust Receipts, Ser. L43, Regulation D, Rev., FRDO, 1.75%, 01/30/05 ------------------ 130,155
23 MONTANA -- 0.0%^ 1,780 Montana Board of Housing, FLOATS, Ser. PT-356, 1,780 1.78%, 12/03/04 MULTIPLE STATES -- 3.8% 5,010 ABN AMRO Munitops Certificate Trust, Ser. 5,010 2002-37, Rev., FRDO, 1.40%, 03/20/05 10,750 ABN AMRO Munitops Certificate Trust, Ser. 2004-8, 10,750 GO, FRDO, 1.71%, 12/02/04 42,045 ABN-AMRO Munitops Certificate Trust, Ser. 2002-1, 42,045 Rev., FRDO, 1.84%, 12/05/04 14,000 Charter Mac Floater Certificate Trust I, Ser. NAT-4, 14,000 Rev., FRDO, MBIA, 1.82%, 12/02/04 12,800 Charter Mac Floater Certificate Trust I, Ser. NAT-1, 12,800 Rev., FRDO, MBIA, 1.82%, 12/07/04 24,000 Charter Mac Floater Certificate Trust I, Ser. NAT-2, 24,000 Rev., FRDO, MBIA, 1.81%, 12/02/04 15,000 Charter Mac Floater Certificate Trust I, Ser. NAT-3, 15,000 Rev., FRDO, MBIA, 1.82%, 12/02/04 11,500 Charter Mac Floater Certificate Trust I, Ser. NAT-5, 11,500 Rev., FRDO, MBIA, 1.82%, 12/06/04 3,539 Clipper Tax-Exempt Trust, COP, Ser. 1999-2, 3,539 FRDO, 1.87%, 12/02/04 33,528 Clipper Tax-Exempt Trust, COP, Ser. 2002-9, 33,528 FRDO, 1.87%, 12/03/04 20,000 Clipper Tax-Exempt Trust, COP, Ser. 2003-5, 20,000 FRDO, 1.79%, 12/02/04 20,455 Clipper Tax-Exempt Trust, Ser. 2004-2, Rev., 20,455 FRDO, 1.87%, 12/02/04 6,000 Eagle Tax Exempt Trust, Ser. 2000-1003, Rev., 6,000 FRDO, FGIC, 1.72%, 12/05/04 36,163 Koch Floating Rate Trust, Weekly Certificates, Ser. 36,163 1, Rev., FRDO, 1.92%, 12/02/04 19,130 MBIA Capital Corp., FLOATS, Ser. PL-10, Rev., 19,130 Adj., MBIA, 1.77%, 12/05/04 69,180 Municipal Securities Pool Trust, Floating Rate Trust 69,180 Receipts, Ser. SG-P-16, 1.82%, 12/04/04 86,135 Municipal Securities Pool Trust, Floating Rate Trust 86,135 Receipts, Ser. SG-P-18, Rev., FRDO, 1.82%, 12/06/04 114,240 Municipal Securities Pool Trust, Floating Rate Trust 114,240 Receipts, Ser. SG-PG-17, 1.82%, 12/07/04 2,370 Puttable Floating Option Tax-Exempt Receipts, 2,370 FLOATS, Ser. PPT-12, 1.82%, 12/07/04 43,470 Puttable Floating Option Tax-Exempt Receipts, 43,470 SunAmerica Trust, PUTTERS, Ser. 2001-2, Class A Certificates, 1.77%, 12/07/04 10,220 SunAmerica Trust, Ser. 2, Class A Certificates, 10,220 Rev., FRDO, 1.87%, 12/06/04 ------------------ 599,535 NEBRASKA -- 0.2% 14,405 Lancaster County Hospital Authority No. 1, Bryan 14,405 Memorial Hospital Project, Rev., FRDO, MBIA, 1.64%, 12/01/04 3,285 NEBHELP, Inc., Multi-Modal, Ser. A-11, Rev., 3,285 FRDO, MBIA, 1.74%, 12/06/04 5,750 Nebraska Investment Finance Authority, Single 5,750 Family Housing, Floating Rate Trust Receipts, Ser. N-7, Regulation D, Rev., FRDO, 1.75%, 12/15/04 5,735 Nebraska Investment Finance Authority, Single 5,735 Family Housing, Ser. E, Rev., FRDO, 1.75%, 12/04/04 ------------------ 29,175 NEVADA -- 0.8% 5,910 Clark County School District, FLOATS, Ser. 5,910
24 PT-2406, GO, FRDO, MBIA, 1.71%, 06/15/05 15,000 Clark County School District, FRDO, 1.72%, 15,000 12/06/04 6,710 Clark County, Airport Improvement, Sub Lien, Ser. 6,710 A-1, Rev., FRDO, 1.64%, 12/01/04 480 Clark County, Airport Improvement, Sub Lien, Ser. 480 A-2, Rev., FRDO, 1.70%, 12/01/04 24,400 Clark County, Airport Revenue, Sub Lien, Ser. C, 24,400 Rev., FRDO, FGIC, 1.64%, 12/07/04 9,500 Nevada Housing Division, Multi-Unit Housing, 9,500 Flamingo Road, Ser. A, Rev., FRDO, #, 2.00%, 12/06/04 7,800 Nevada Housing Division, Multi-Unit Housing, Fort 7,800 Apache, Ser. A, Rev., FRDO, 2.00%, 12/06/04 3,390 Nevada Housing Division, Multi-Unit Housing, 3,390 Horizon, Ser. A, Rev., FRDO, 1.72%, 12/03/04 4,350 Nevada Housing Division, Multi-Unit Housing, 4,350 Joshua Villas, Ser. E, Rev., FRDO, 1.72%, 12/02/04 5,455 Nevada Housing Division, Multi-Unit Housing, Judith 5,455 Villas, Ser. C, Rev., FRDO, 1.72%, 12/02/04 6,750 Nevada Housing Division, Multi-Unit Housing, Ser. 6,750 A, Rev., FRDO, 1.72%, 12/04/04 3,195 Nevada Housing Division, Multi-Unit Housing, Ser. 3,195 M, Rev., FRDO, 1.72%, 12/06/04 5,385 Nevada Housing Division, Multi-Unit, Sundance 5,385 Village, Rev., FRDO, 1.72%, 12/06/04 4,800 Nevada State, FLOATS, Ser. PT-403, GO, FRDO, 4,800 1.71%, 12/01/04 9,000 Nevada State, FLOATS, Ser. SG-39, 1.71%, 9,000 12/01/04 8,940 Nevada State, Ser. RR-II-R-4054, GO, FRDO, FSA, 8,940 1.72%, 12/05/04 1,300 Reno, Nevada, St. Mary's Regional Medical Center, 1,300 Ser. B, Rev., FRDO, MBIA, 1.64%, 12/01/04 5,800 Truckee Meadows Water Authority, Municipal 5,800 Securities Trust Receipts, Ser. SGA-137, Rev., FRDO, FSA, 1.75%, 12/01/04 ------------------ 128,165 NEW HAMPSHIRE -- 0.2% 5,945 New Hampshire Health & Education Facilities 5,945 Authority, Riverbend, Rev., FRDO, 1.68%, 12/06/04 10,000 New Hampshire Higher Educational & Health 10,000 Facilities Authority, FLOATS, Ser. PT-866, Rev., FRDO, FGIC, 1.73%, 12/05/04 4,290 New Hampshire Higher Educational & Health 4,290 Facilities Authority, Ser. 772, Rev., FRDO, FGIC, 1.73%, 12/07/04 6,300 New Hampshire Higher Educational & Health 6,300 Facilities Authority, VHA New England, Inc., Ser. C, Rev., FRDO, AMBAC, 1.68%, 12/06/04 7,200 New Hampshire Higher Educational & Health 7,200 Facilities Authority, VHA New England, Inc., Ser. F, Rev., FRDO, AMBAC, 1.68%, 12/06/04 2,280 New Hampshire Municipal Bond Bank, Educational 2,280 Institutions, Pinkerton Academy Project, Ser. B, Rev., FRDO, 1.78%, 12/02/04 ------------------ 36,015 NEW JERSEY -- 0.9% 5,795 Burlington County Bridge Commissioner, 5,795 Community Pooled Loan, FLOATS, Ser. PT-1546, Rev., FRDO, 1.71%, 12/07/04 7,625 Hudson County Improvement Authority, Essential 7,625 Purpose Pooled Loan, Rev., FRDO, 1.60%,
25 12/03/04 18,170 Jersey City, New Jersey, Promissory Notes, Ser. 18,197 A, GO, 1.75%, 02/25/05 7,900 Mercer County Improvement Authority, Atlantic 7,900 Foundation & Johnson, Rev., FRDO, MBIA, 1.62%, 12/06/04 12,925 Municipal Securities Trust Certificates, Ser. 12,925 2001-174, Class A, GO, FRDO, 1.72%, 12/01/04 6,000 New Jersey Economic Development Authority, 6,000 Diocese of Metuchen, Rev., FRDO, 1.66%, 12/07/04 4,985 New Jersey Economic Development Authority, 4,985 FLOATS, Ser. PA-828, Rev., FRDO, AMBAC, 1.69%, 12/04/04 2,385 New Jersey Sports & Exposition Authority, State 2,385 Contract, Ser. C, Rev., FRDO, MBIA, 1.60%, 12/06/04 10,170 New Jersey State Educational Facilities Authority, 10,170 Floating Rate Certificates, Ser. SG-148, Rev., FRDO, 1.69%, 12/05/04 5,480 New Jersey State Educational Facilities Authority, 5,480 FLOATS, Ser. PT-1597, 1.69%, 12/04/04 5,270 New Jersey State Educational Facilities Authority, 5,270 FLOATS, Ser. PT-1599, 1.69%, 12/04/04 8,100 New Jersey State Turnpike Authority, Ser. C-1, 8,100 Rev., FRDO, FSA, 1.64%, 12/03/04 25,000 New Jersey State, Ser. A, TRAN, 3.00%, 06/24/05 25,165 8,615 New Jersey Transportation Trust Fund Authority, 8,615 FLOATS, Ser. 941-D, Rev., FRDO, FSA, 1.67%, 12/15/04 10,335 New Jersey Transportation Trust Fund Authority, 10,335 FLOATS, Ser. PT-1926, Rev., FRDO, MBIA, 1.71%, 12/06/04 ------------------ 138,947 NEW MEXICO -- 0.3% 15,341 Albuquerque, New Mexico, Airport, Sub Lien, Rev., 15,341 FRDO, AMBAC, 1.64%, 12/01/04 3,200 Chaves County, IDR, Friona Industries LP, Ser. A, 3,200 Rev., FRDO, 1.79%, 12/03/04 6,450 New Mexico Finance Authority, Ser. RR-II-R-2118, 6,450 Rev., FRDO, AMBAC, 1.72%, 12/02/04 3,610 New Mexico Mortgage Finance Authority, FLOATS, 3,610 Ser. PT-1308, Rev., FRDO, 1.76%, 12/02/04 4,400 New Mexico Mortgage Finance Authority, FLOATS, 4,400 Ser. PT-1378, Rev., FRDO, 1.76%, 12/05/04 3,070 New Mexico Mortgage Finance Authority, FLOATS, 3,070 Ser. PT-196, FRDO, 1.76%, 12/03/04 4,130 New Mexico Mortgage Finance Authority, FLOATS, 4,130 Ser. PT-643, Rev., FRDO, 1.76%, 12/05/04 ------------------ 40,201 NEW YORK -- 11.9% 24,795 ABN AMRO Munitops Certificate Trust, Ser. 24,795 2002-19, Rev., FRDO, MBIA-IBC, 1.68%, 12/02/04 + 9,995 Bank of New York Municipal Certificates Trust, Ser. 9,995 4, Rev., FRDO, MBIA, #, 1.83%, 03/01/05 900 Jay Street Development Corp., New York City Jay 900 Street Project, CTS Facilities Lease, Ser. A-4, Rev., FRDO, 1.64%, 12/01/04 9,995 Long Island Power Authority, Electric Systems, 9,995 FLOATS, Ser. PA-513-R, Rev., FRDO, FSA, 1.70%, 12/07/04 2,300 Long Island Power Authority, Electric Systems, 2,300 FLOATS, Ser. PA-522, Rev., FRDO, FSA, 1.70%, 12/07/04 4,800 Long Island Power Authority, Electric Systems, 4,800
26 FLOATS, Ser. PT-386, Rev., 1.69%, 12/03/04 900 Long Island Power Authority, Electric Systems, Ser. 900 D, Rev., FRDO, FSA, 1.64%, 12/06/04 11,500 Long Island Power Authority, Electric Systems, Ser. 11,500 G, Rev, FRDO, FSA, 1.62%, 12/06/04 100 Long Island Power Authority, Electric Systems, Sub 100 Ser. 2-B, Ser. 2, Rev., FRDO, 1.64%, 12/01/04 14,850 Long Island Power Authority, Electric Systems, Sub 14,850 Ser. 3-B, Rev., FRDO, 1.67%, 12/01/04 25,000 Metropolitan Transportation Authority, 1.82%, 25,000 03/10/05 35,000 Metropolitan Transportation Authority, 1.83%, 35,000 03/10/05 9,710 Metropolitan Transportation Authority, Dedicated Tax 9,710 Fund, Ser. B, Rev., FRDO, FSA, 1.65%, 12/07/04 11,995 Metropolitan Transportation Authority, Ser. B-16, 11,995 Rev., FRDO, FGIC-MBIA, 1.71%, 12/06/04 15,500 Metropolitan Transportation Authority, Ser. D-2, 15,500 Rev., FRDO, FSA, 1.62%, 12/02/04 22,440 Metropolitan Transportation Authority, Ser. G-2, 22,440 Rev., FRDO, AMBAC, 1.62%, 12/06/04 1,520 Monroe County Airport Authority, FLOATS, Ser. 1,520 PA-585, Rev., FRDO, MBIA, 1.72%, 12/04/04 7,555 Municipal Securities Trust Certificates, Ser. 7,555 2001-116, Class A, Rev., FRDO, 1.69%, 12/03/04 11,300 Nassau County Interim Finance Authority, FLOATS, 11,300 Ser. PA-901, Rev., FRDO, AMBAC, 1.70%, 12/03/04 14,700 Nassau County Interim Finance Authority, Municipal 14,700 Securities Trust Receipts, Special Tax, Ser. SGA-108, FRDO, 1.69%, 12/07/04 22,555 Nassau County Interim Finance Authority, Sales 22,555 Tax Secured, Ser. B, Rev., FRDO, FSA, 1.60%, 12/02/04 10,000 Nassau Health Care Corp., Sub Ser. 2004-C1, 10,000 Rev., FRDO, FSA, 1.62%, 12/06/04 5,800 New York City Housing Development Corp., 5,800 Multi-Family Housing, 90 West Street, Ser. A, Rev., FRDO, 1.66%, 12/02/04 6,270 New York City Housing Development Corp., 6,270 Multi-Family Housing, Columbus Apartments, Ser. A, Rev., FRDO, 1.63%, 12/06/04 400 New York City IDA, Civic Facilities, Municipal 400 Securities Trust Receipts, Ser. SGA-110, Rev., FRDO, 1.69%, 12/02/04 5,500 New York City IDA, Special Facilities, Korean 5,500 Airlines Co., Ser. C, Rev., FRDO, 1.66%, 12/01/04 10,650 New York City Municipal Water Finance Authority, 10,650 Water & Sewer System, FLOATS, Ser. PA-446, Rev., FRDO, FGIC, 1.69%, 12/07/04 9,415 New York City Municipal Water Finance Authority, 9,415 Water & Sewer System, FLOATS, Ser. PA-995, Rev., FRDO, MBIA, 1.69%, 12/04/04 5,150 New York City Municipal Water Finance Authority, 5,150 Water & Sewer Systems, Fiscal Year 2003, Sub Ser. C-3, Rev., FRDO, 1.64%, 12/01/04 4,995 New York City Municipal Water Finance Authority, 4,995 Water & Sewer Systems, FLOATS, Ser. PA-1045, Rev., FRDO, 1.71%, 12/05/04 5,885 New York City Municipal Water Finance Authority, 5,885 Water & Sewer Systems, FLOATS, Ser. PA-1076, Rev., FRDO, 1.72%, 12/05/04 9,895 New York City Municipal Water Finance Authority, 9,895 Water & Sewer Systems, FLOATS, Ser. PA-1085, Rev., FRDO, FGIC, 1.70%, 12/05/04 2,000 New York City Municipal Water Finance Authority, 2,000 Water & Sewer Systems, Municipal Securities Trust
27 Receipts, Ser. SGB-27, Rev., FRDO, FSA, 1.69%, 12/02/04 37,000 New York City Municipal Water Finance Authority, 37,000 Water & Sewer Systems, Ser. A, Rev., FRDO, FGIC, 1.67%, 12/01/04 400 New York City Municipal Water Finance Authority, 400 Water & Sewer Systems, Ser. C, Rev., FRDO, FGIC, 1.62%, 12/01/04 16,575 New York City Transitional Finance Authority, 16,575 Floating Rate Trust Receipts, Ser. L-11, Rev., FRDO, 1.72%, 12/01/04 8,995 New York City Transitional Finance Authority, 8,995 FLOATS, Ser. PA-1043-R, Rev., FRDO, 1.70%, 12/03/04 13,160 New York City Transitional Finance Authority, 13,160 FLOATS, Ser. PT-406, Rev., FRDO, 1.65%, 12/03/04 7,690 New York City Transitional Finance Authority, 7,690 Future Tax Secured, Ser. B, Rev., FRDO, 1.67%, 12/01/04 33,000 New York City Transitional Finance Authority, 33,000 Recovery, Ser. 3, Sub Ser. 3-D, Rev., FRDO, 1.63%, 12/02/04 47,575 New York City Transitional Finance Authority, 47,575 Recovery, Ser. 3, Sub Ser. 3-H, Rev., FRDO, 1.65%, 12/01/04 38,580 New York City Transitional Finance Authority, Sub 38,580 Ser. 2-A, Rev., FRDO, 1.67%, 12/01/04 15,585 New York City Transitional Finance Authority, Sub 15,585 Ser. 2-E, Rev., FRDO, 1.63%, 12/03/04 2,000 New York City Trust for Cultural Resources, 2,000 Municipal Securities Trust Receipts, Ser. SGA-91, Rev., FRDO, AMBAC, 1.72%, 12/01/04 15,000 New York City, New York, 1.80%, 02/08/05 15,000 15,000 New York City, New York, 1.80%, 02/08/05 15,000 15,000 New York City, New York, 1.86%, 01/10/05 15,000 4,995 New York City, New York, FLOATS, Ser. PA-878, 4,995 GO, FRDO, MBIC-IBC, 1.70%, 12/01/04 16,000 New York City, New York, Housing Development 16,000 Corp., Multi-Family Housing, Carnegie Park, Ser. A, Rev., FRDO, 1.63%, 12/06/04 4,300 New York City, New York, Housing Development 4,300 Corp., Multi-Family Housing, Monterey, Ser. A, Rev., FRDO, 1.63%, 12/06/04 23,200 New York City, New York, Housing Development 23,200 Corp., Multi-Family Rental Housing, One Columbus Place Development, Ser. A, Rev., FRDO, 1.66%, 12/07/04 9,000 New York City, New York, Municipal Securities 9,000 Trust Receipts, Ser. SGA-51, FRDO, AMBAC, 1.69%, 12/07/04 2,805 New York City, New York, Municipal Securities 2,805 Trust Receipts, Ser. SGB-33, GO, FRDO, FSA, 1.67%, 12/06/04 12,865 New York City, New York, Municipal Securities 12,865 Trust Receipts, Ser. SGB-36, GO, FRDO, AMBAC, 1.69%, 12/07/04 13,150 New York City, New York, Municipal Water Finance 13,150 Authority, Water & Sewer Systems, Ser. G, Rev., FRDO, FGIC, 1.64%, 12/01/04 400 New York City, New York, Ser. B, Sub Ser. B-4, 400 GO, FRDO, MBIA, 1.62%, 12/01/04 4,110 New York City, New York, Ser. B, Sub Ser. B-6, 4,110 GO, FRDO, MBIA, 1.64%, 12/01/04 1,400 New York City, New York, Ser. H, Sub Ser. H-2, 1,400 GO, FRDO, MBIA, 1.64%, 12/01/04 2,100 New York City, New York, Ser. H, Sub Ser. H-2, 2,100
28 GO, FRDO, MBIA, 1.67%, 12/01/04 1,900 New York City, New York, Ser. H, Sub Ser. H-3, 1,900 GO, FRDO, FSA, 1.64%, 12/01/04 1,300 New York City, New York, Ser. H, Sub Ser. H-3, 1,300 GO, FRDO, FSA, 1.64%, 12/01/04 1,200 New York City, New York, Ser. H, Sub Ser. H-3, 1,200 GO, FRDO, FSA, 8/1/19, 1.64%, 12/01/04 2,300 New York City, New York, Ser. H, Sub Ser. H-3, 2,300 GO, FRDO, FSA, 1.64%, 12/01/04 1,700 New York City, New York, Ser. H, Sub Ser. H-6, 1,700 GO, FRDO, MBIA, 1.61%, 12/05/04 31,300 New York City, New York, Sub Ser. A-2, Rev., 31,300 FRDO, 1.61%, 12/03/04 7,000 New York City, New York, Sub Ser. A-3, GO, 7,000 FRDO, 1.64%, 12/03/04 8,300 New York City, New York, Sub Ser. A-4, GO, 8,300 FRDO, 1.67%, 12/01/04 5,300 New York City, New York, Sub Ser. A-4, GO, 5,300 FRDO, 1.67%, 12/01/04 300 New York City, New York, Sub Ser. A-5, GO, 300 FRDO, 1.62%, 12/01/04 400 New York City, New York, Sub Ser. A-5, GO, 400 FRDO, 1.62%, 12/01/04 8,750 New York City, New York, Sub Ser. A-6, GO, 8,750 FRDO, 1.61%, 12/03/04 19,520 New York City, New York, Sub Ser. A-6, GO, 19,520 FRDO, FSA, 1.67%, 12/01/04 6,800 New York City, New York, Sub Ser. C-4, GO, 6,800 FRDO, 1.61%, 12/06/04 14,900 New York City, New York, Sub Ser. C-5, GO, 14,900 FRDO, 1.63%, 12/01/04 1,000 New York City, New York, Sub Ser. E-3, GO, 1,000 FRDO, 1.64%, 12/01/04 16,815 New York City, New York, Sub Ser. G-2, GO, 16,815 FRDO, 1.61%, 12/06/04 43,230 New York City, New York, Sub Ser. H-1, GO, 43,230 FRDO, 1.67%, 12/01/04 35,650 New York City, New York, Sub Ser. H-2, GO, 35,650 FRDO, 1.63%, 12/02/04 70,500 New York City, New York, Sub Ser. H-3, GO, 70,500 FRDO, 1.64%, 12/02/04 1,300 New York City, New York, Sub Ser. H-4, GO, 1,300 FRDO, 1.64%, 12/01/04 32,200 New York City, New York, Sub Ser. H-5, GO, 32,200 FRDO, 1.64%, 12/02/04 15,000 New York City, New York, Sub Ser. H-6, GO, 15,000 FRDO, 1.67%, 12/02/04 7,600 New York City, New York, Sub Ser. H-7, GO, 7,600 FRDO, 1.64%, 12/01/04 10,300 New York Local Government Assistance Corp., 10,300 Floating Rate Receipts, Ser. SG-100, Rev., FRDO, MBIA-IBC, 1.69%, 12/02/04 5,500 New York Local Government Assistance Corp., 5,500 Floating Rate Receipts, Ser. SG-99, Rev., FRDO, AMBAC, 1.69%, 12/01/04 15,700 New York Local Government Assistance Corp., 15,700 Municipal Securities Trust Receipts, Ser. SGA-59, Rev., FRDO, 1.72%, 12/01/04 22,995 New York Local Government Assistance Corp., Ser. 22,995 A, Rev., FRDO, 1.63%, 12/06/04 20,000 New York Local Government Assistance Corp., Ser. 20,000 B, Rev., FRDO, 1.64%, 12/07/04 6,000 New York Local Government Assistance Corp., Ser. 6,000 G, Rev., FRDO, 1.60%, 12/07/04 30,600 New York Local Government Assistance Corp., Sub 30,600 Lien, Ser. A-6V, Rev., FRDO, FSA, 1.64%, 12/06/04
29 5,000 New York State Dorm Authority, FLOATS, Ser. 5,000 PA-409, Rev., FRDO, AMBAC, 1.69%, 12/06/04 11,100 New York State Dorm Authority, FLOATS, Ser. 11,100 PA-419, Rev., FRDO, 1.69%, 12/06/04 9,885 New York State Dorm Authority, FLOATS, Ser. 9,885 PT-1447, Rev., FRDO, MBIA, 1.69%, 12/07/04 6,920 New York State Dorm Authority, FLOATS, Ser. 6,920 PT-1621, Rev., FRDO, MBIA, 1.69%, 12/07/04 8,875 New York State Dorm Authority, FLOATS, Ser. 8,875 PT-1742, Rev., FRDO, MBIA, 1.69%, 12/07/04 4,865 New York State Dorm Authority, New York Public 4,865 Library, Ser. A, Rev., FRDO, MBIA, 1.63%, 12/07/04 6,114 New York State Dorm Authority, Oxford University 6,114 Press, Inc., Rev., FRDO, 1.68%, 12/01/04 15,470 New York State Dormitory Authority, FLOATS, Ser. 15,470 PA-1088, Rev., FRDO, AMBAC, 1.69%, 12/04/04 7,120 New York State Dormitory Authority, FLOATS, Ser. 7,120 PA-1089, Rev., FRDO, AMBAC, 1.69%, 12/04/04 8,005 New York State Dormitory Authority, FLOATS, Ser. 8,005 PT-2240, Rev., FRDO, FSA, 1.69%, 12/06/04 6,445 New York State Dormitory Authority, FLOATS. Ser. 6,445 PA-773-R, Rev., FRDO, MBIA-IBC, 1.69%, 12/01/04 10,400 New York State Dormitory Authority, Mental Health 10,400 Services, Sub Ser. D-2C, Rev., FRDO, MBIA, 1.60%, 12/03/04 10,450 New York State Energy Research & Development 10,450 Authority, PCR, FLOATS, Ser. PA-450, Rev., FRDO, AMBAC, 1.69%, 12/04/04 10,000 New York State Energy Research & Development 10,000 Authority, PCR, Orange & Rockland Project, Ser. A, Rev., FRDO, FGIC, 1.61%, 12/06/04 11,650 New York State Environmental Facilities Corp., 11,650 Clean Water & Drinking, FLOATS, PA-1165, Rev., FRDO, 1.69%, 12/02/04 45,015 New York State Environmental Facilities Corp., 45,015 Clean Water & Drinking, FLOATS, Ser. 731, Rev., FRDO, 1.69%, 12/05/04 4,995 New York State Environmental Facilities Corp., 4,995 PCR, FLOATS, Ser. PA-174, Rev., FRDO, MBIA, 1.69%, 12/06/04 6,600 New York State Housing Finance Agency, 10 6,600 Liberty Street, Rev., FRDO, 1.63%, 12/07/04 9,000 New York State Housing Finance Agency, 101 West 9,000 End, Rev., FRDO, 1.66%, 12/03/04 21,100 New York State Housing Finance Agency, 101 West 21,100 End, Rev., FRDO, 1.66%, 12/03/04 18,000 New York State Housing Finance Agency, 345 East 18,000 94th Street Housing, Ser. A, Rev., FRDO, 1.66%, 12/05/04 16,000 New York State Housing Finance Agency, 360 West 16,000 43rd Street, Ser. A, Rev., FRDO, 1.68%, 12/02/04 5,900 New York State Housing Finance Agency, 5,900 Bennington Hills Housing, Ser. A, Rev., FRDO, 1.68%, 12/01/04 10,300 New York State Housing Finance Agency, East 84th 10,300 Street Housing, Ser. A, Rev., FRDO, 1.65%, 12/06/04 5,500 New York State Housing Finance Agency, Kew 5,500 Gardens Hills, Ser. A, Rev., FRDO, 1.65%, 12/05/04 17,200 New York State Housing Finance Agency, 17,200 Multi-Family Housing, Ser. A, Rev., FRDO, 1.65%, 12/01/04 7,100 New York State Housing Finance Agency, Saville 7,100 Housing, Ser. A, Rev., FRDO, 1.67%, 12/06/04
30 8,200 New York State Housing Finance Agency, Ser. A, 8,200 Rev., FRDO, 1.63%, 12/02/04 8,100 New York State Housing Finance Agency, Ser. A, 8,100 Rev., FRDO, 1.68%, 12/01/04 11,000 New York State Housing Finance Agency, Service 11,000 Contract, Ser. E, Rev., FRDO, 1.63%, 12/02/04 67,500 New York State Housing Finance Agency, Tribeca 67,500 Green Housing, Ser. A, Rev., FRDO, 1.61%, 12/03/04 29,000 New York State Housing Finance Agency, West 29,000 23rd Street, Ser. A, Rev., FRDO, 1.66%, 12/01/04 6,000 New York State Housing Finance Agency, West 6,000 38th Street, Ser. A, Rev., FRDO, 1.66%, 12/02/04 1,300 New York State Medical Care Facilities Finance 1,300 Agency, FLOATS, Ser. PA-113, Rev., FRDO, 1.69%, 12/02/04 9,000 New York State Medical Care Facilities Finance 9,000 Agency, FLOATS, Ser. PA-72, Rev., 1.72%, 12/06/04 11,415 New York State Thruway Authority, FLOATS, Ser. 11,415 PA-532, Rev., GO, FRDO, 1.69%, 12/02/04 7,250 New York State Thruway Authority, Highway & 7,250 Bridge Trust Fund, FLOATS, Ser. PT-1425, Rev., FRDO, FGIC, 1.69%, 12/07/04 6,200 New York State Urban Development Corp., Floating 6,200 Rate Trust Receipts, Ser. SG-163, Rev., 1.69%, 12/06/04 5,245 New York State Urban Development Corp., 5,245 FLOATS, Ser. PA-1108, Rev., FRDO, 1.69%, 12/04/04 4,200 New York State, Housing Finance Agency, Saxony 4,200 Housing, 240 E. 39th St. Housing, Rev., FRDO, 1.66%, 12/02/04 4,400 New York State, Local Government Assistance 4,400 Corp., Ser. F, Rev., FRDO, 1.60%, 12/07/04 16,000 New York State, Ser. A, GO, FRDO, 1.80%, 16,000 02/07/05 10,069 Oneida County, GO, BAN, 2.00%, 04/27/05 10,075 13,100 Oneida Indian Nation, Rev., FRDO, 1.67%, 13,100 12/02/04 15,355 Orange County IDA, Civic Facilities, Arden Hill 15,355 Hospital Project, Rev., FRDO, FSA, 1.65%, 12/06/04 13,090 Port Authority of New York & New Jersey, Rev., 13,090 FRDO, 1.75%, 12/02/04 22,000 Roosevelt Union Free School District, BAN, 22,120 2.63%, 06/23/05 12,080 Triborough Bridge & Tunnel Authority, FLOATS, Ser. 12,080 PA-1090, Rev., FRDO, MBIA-IBC, 1.69%, 12/01/04 595 Triborough Bridge & Tunnel Authority, FLOATS, Ser. 595 PT-2017, Rev., FRDO, MBIA, 1.69%, 12/04/04 44,000 Triborough Bridge & Tunnel Authority, General 44,000 Purpose, Ser. B, Rev., FRDO, 1.64%, 12/02/04 29,600 Triborough Bridge & Tunnel Authority, General 29,600 Purpose, Ser. C, Rev., FRDO, AMBAC, 1.62%, 12/07/04 9,875 Triborough Bridge & Tunnel Authority, Ser. 839, 9,875 Rev., FRDO, MBIA, 1.69%, 12/04/04 8,810 Triborough Bridge & Tunnel Authority, Special 8,810 Obligation, Ser. B, Rev., FRDO, FSA, 1.64%, 12/06/04 38,920 Triborough Bridge & Tunnel Authority, Special 38,920 Obligation, Ser. D, Rev., FRDO, FSA, 1.62%, 12/05/04 9,300 Westchester County IDA, IDR, Levister 9,300 Redevelopment Co., LLC, Ser. A, Rev., FRDO, 1.65%, 12/07/04
31 ------------------ 1,859,354 NORTH CAROLINA -- 2.3% 5,365 Brunswick County, Enterprise System, FLOATS, 5,365 Ser. PT-2235, Rev., FRDO, FSA, 1.71%, 12/03/04 9,700 Charlotte, North Carolina, Airport, Ser. D, Rev., 9,700 FRDO, MBIA, 1.64%, 12/01/04 15,350 Charlotte, North Carolina, Airport, Ser. D, Rev., 15,350 FRDO, MBIA, 1.64%, 12/01/04 1,700 Durham, North Carolina, Water & Sewer Utility 1,700 Systems, Rev., FRDO, 1.73%, 12/01/04 8,800 Fayetteville Public Works Commission, Rev., 8,800 FRDO, FSA, 1.65%, 12/04/04 18,750 Fayetteville Public Works Commission, Ser. A, 18,750 Rev., FRDO, FSA, 1.65%, 12/06/04 20,190 Greensboro, North Carolina, Enterprise Systems, 20,190 Ser. B, Rev., FRDO, 1.69%, 12/01/04 2,500 Greensboro, North Carolina, Enterprise Systems, 2,500 Ser. B, Rev., FRDO, 1.69%, 12/01/04 400 Guilford County Industrial Facilities & PCFA, IDA, 400 Neal Manufacturing, Inc., Rev., FRDO, 1.74%, 12/06/04 4,900 Iredell County Public Facilities Corp., Iredell County 4,900 Schools Project, Rev., FRDO, AMBAC, 1.69%, 12/06/04 5,000 Mecklenburg County, Ser. C, GO, FRDO, 1.69%, 5,000 12/05/04 22,445 Municipal Securities Trust Certificates, Ser. 22,445 2001-125, Class A, GO, FRDO, #, 1.72%, 12/01/04 9,230 North Carolina Capital Facilities Finance Agency, 9,230 Goodwill Community Foundation Project, Rev., FRDO, 1.69%, 12/01/04 8,935 North Carolina Educational Facilities Finance 8,935 Agency, Elon College, Rev., FRDO, 1.66%, 12/01/04 6,275 North Carolina Housing Finance Agency, 6,275 Appalachian Student Housing, Ser. A, Rev., FRDO, 1.66%, 12/01/04 4,975 North Carolina Housing Finance Agency, FLOATS, 4,975 Ser. 2003-L44J, Regulation D, Rev., FRDO, 1.80%, 12/02/04 4,585 North Carolina Housing Finance Agency, FLOATS, 4,585 Ser. PT-465, Rev. FRDO, 1.76%, 12/06/04 14,000 North Carolina Housing Finance Agency, Home 14,000 Ownership, Ser. 16-C, Rev., FRDO, 1.70%, 12/02/04 20,000 North Carolina Housing Finance Agency, Home 20,000 Ownership, Ser. 1998-TR-18C, Rev., FRDO, 1.70%, 12/02/04 6,730 North Carolina Medical Care Commission, Baptist 6,730 Hospitals Project, Rev., FRDO, 1.66%, 12/01/04 15,000 North Carolina Medical Care Commission, Health 15,000 Care Facilities, Union Regional Medical Center Project, Ser. B, Rev., FRDO, 1.69%, 12/02/04 2,800 North Carolina Medical Care Commission, Hospital, 2,800 Lincoln Health Systems Project, Ser. A, Rev., FRDO, 1.69%, 12/06/04 2,700 North Carolina Medical Care Commission, Hospital, 2,700 Northeast Medical Center Project, Ser. B, Rev., FRDO, 1.64%, 12/01/04 6,400 North Carolina Medical Care Commission, Hospital, 6,400 Pooled Equipment Financing Project, Rev., FRDO, MBIA, 1.55%, 12/04/04 2,100 North Carolina Medical Care Commission, Moses 2,100 Cone Health System, Rev., FRDO, 1.65%, 09/01/05 34,180 North Carolina State University at Raleigh, Ser. B, 34,180
32 Rev., FRDO, 1.59%, 12/07/04 8,575 North Carolina State, FLOATS, Ser. PT-2207, GO, 8,575 FRDO, 1.71%, 12/01/04 28,845 North Carolina State, Public Improvement, Ser. E, 28,845 GO, FRDO, 1.65%, 12/06/04 14,130 North Carolina State, Public Improvement, Ser. F, 14,130 GO, FRDO, 1.66%, 12/06/04 5,900 North Carolina State, Ser. D, GO, FRDO, 1.61%, 5,900 12/01/04 7,940 Raleigh Durham Airport Authority, Rev., FRDO, 7,940 FGIC, 1.70%, 12/06/04 15,000 Raleigh, North Carolina, Downtown Improvement 15,000 Project, COP, Ser. A, FRDO, 1.65%, 12/06/04 18,565 Union County, Enterprise Systems, Ser. B, Rev., 18,565 FRDO, FSA, 1.64%, 12/06/04 8,685 University of North Carolina, Ser. C, Rev., FRDO, 8,685 1.58%, 12/02/04 5,000 Winston-Salem, North Carolina, Water & Sewer 5,000 Systems, Ser. B, Rev., FRDO, 1.67%, 12/02/04 ------------------ 365,650 NORTH DAKOTA -- 0.2% 8,300 Grand Forks, North Dakota, Health Care Facilities, 8,300 United Hospital Obligation Group, Ser. A, Rev., FRDO, 1.70%, 12/01/04 9,205 North Dakota State Housing Finance Agency, Home 9,205 Mortgage, Ser. B, Rev., FRDO, 1.69%, 12/02/04 10,500 North Dakota State Housing Finance Agency, 10,500 Housing Finance Program, Home Mortgage, Ser. B, Rev., FRDO, 1.69%, 12/02/04 ------------------ 28,005 OHIO -- 1.5% 6,370 Cincinnati City School District, Ser. RR-II-R-4049, 6,370 GO, FRDO, FSA, 1.71%, 12/07/04 32,500 Cleveland, Ohio, Waterworks, Ser. M, Rev., FRDO, 32,500 FSA, 1.64%, 01/03/05 3,155 Columbus, Ohio, Ser. 1, GO, FRDO, 1.64%, 3,155 12/02/04 37,500 Cuyahoga County, 1.35%, 01/11/05 37,500 8,000 Franklin County, Franklin County Hospital, Ser. 8,000 II-R-55, Rev., FRDO, 1.72%, 12/03/04 7,300 Franklin County, Hospital, OhioHealth Corp., Ser. 7,300 D, Rev., FRDO, 1.66%, 12/06/04 3,920 Greene County, Fairview Extended, Ser. B, Rev., 3,920 FRDO, 1.65%, 12/02/04 9,000 Hamilton County, Healthcare Facilities, Twin Towers 9,000 & Twin Lakes, Ser. A, Rev., FRDO, 1.70%, 12/01/04 14,000 Hamilton County, Healthcare Facilities, Twin Towers 14,000 & Twin Lakes, Ser. B, Rev., FRDO, 1.70%, 12/01/04 14,696 Hamilton County, Hospital Facilities, Health 14,696 Alliance, Ser. A, Rev., FRDO, MBIA, 1.60%, 12/01/04 4,100 Hamilton County, Hospital Facilities, Health 4,100 Alliance, Ser. E, Rev., FRDO, MBIA, 1.60%, 12/01/04 600 Lorain County, Hospital, FLOATS, Ser. PA-892, 600 Rev., FRDO, 1.72%, 12/06/04 5,890 Municipal Securities Trust Certificates, Ser. 9047, 5,890 Class A, Rev., FRDO, AMBAC, 1.70%, 12/06/04 14,000 Ohio State Air Quality Development Authority, JMG 14,000 Funding LTD Partnership, Ser. B, Rev., FRDO, 1.78%, 12/01/04 11,100 Ohio State Air Quality Development Authority, JMG 11,100 Funding LTD Partnership, Ser. B, Rev., FRDO,
33 1.78%, 12/07/04 8,975 Ohio State Building Authority, Floating Rate Trust 8,975 Receipts, Ser. L-41, Regulation D, Rev., FRDO, 1.80%, 12/07/04 10,200 Ohio State Water Development Authority, 10,200 Multi-Modal, Rev., FRDO, 1.67%, 12/05/04 6,000 Ohio State Water Development Authority, Pollution 6,000 Control Facilities, Cleveland, Ser. A, Rev., FRDO, 1.72%, 12/02/04 3,750 Ohio State Water Development Authority, Pollution 3,750 Control Facilities, Toledo Ser. A, Rev., FRDO, 1.72%, 12/02/04 15,790 Ohio State, FLOATS, Ser. PT-2200, 1.65%, 15,790 12/05/04 200 Ohio State, Higher Education Facilities, Case 200 Western Reserve, Ser. A, Rev., FRDO, 1.68%, 12/01/04 7,755 Ohio State, Ser. RR II-R-208, GO, FRDO, FSA, 7,755 1.71%, 12/06/04 3,400 Paulding County, Solid Waste Disposal, Lafarge 3,400 Corp. Project, Rev., FRDO, 1.59%, 12/01/04 ------------------ 228,201 OKLAHOMA -- 0.2% 2,160 Oklahoma Housing Finance Agency, Single Family 2,160 Mortgage, FLOATS, Ser. PT-493, Rev., FRDO, 1.76%, 12/02/04 9,900 Payne County Economic Development Authority, 9,900 Student Housing, OSUF Phase III Project, Rev., FRDO, AMBAC, 1.69%, 12/02/04 10,490 Tulsa County Home Finance Authority, Multi-Family 10,490 Housing, Waterford Apartments Project, Rev., FRDO, 1.68%, 12/07/04 2,710 Tulsa County Home Finance Authority, Single 2,710 Family Mortgage, FLOATS, Ser. PT-644, Rev., FRDO, 1.76%, 12/02/04 6,500 Tulsa Industrial Authority, Justin Industries Project, 6,500 Rev., FRDO, 1.68%, 12/02/04 ------------------ 31,760 OREGON -- 0.7% 25,000 Oregon Health & Science University, OHSU Medical 25,000 Group Project, Ser. A, Rev., FRDO, 1.67%, 12/06/04 9,430 Oregon State Department of Administrative 9,430 Services, Ser. 89, COP, FRDO, MBIA, 1.71%, 12/06/04 5,175 Oregon State Department of Administrative 5,175 Services, State Lottery, FLOATS, Ser. PT-1394, Rev., FRDO, FSA, 1.71%, 12/07/04 8,070 Oregon State Housing & Community Services 8,070 Department, Department of Housing and Development, Covenant Retirement, Ser. A, Rev., FRDO, 1.75%, 12/07/04 7,500 Oregon State Housing & Community Services 7,500 Department, Single Family Mortgage Program, Ser. F, Rev., FRDO, 1.21%, 01/01/05 4,625 Oregon State Housing & Community Services 4,625 Department, Single Family Mortgage Program, Ser. N, Rev., FRDO, 1.25%, 01/01/05 5,000 Oregon State Housing & Community Services 5,000 Department, Single-Family Mortgage Program, Ser. L, Rev., FRDO, 1.72%, 12/02/04 1,375 Oregon State, Floating Rate Trust Receipts, Ser. 1,375 A-18, Regulation D, 1.80%, 12/05/04 24,500 Oregon State, Ser. 73-F, GO, FRDO, 1.65%, 24,500 12/01/04
34 15,000 Oregon State, Ser. A, TAN, 3.00%, 06/30/05 15,106 ------------------ 105,781 PENNSYLVANIA -- 5.2% 6,745 Allegheny County Hospital Development Authority, 6,745 FLOATS, Ser. PA-748, Rev., FRDO, MBIA, 1.72%, 12/01/04 8,705 Berks County IDA, Health Care-Lutheran Services, 8,705 Ser. A, Rev., FRDO, AMBAC, 1.68%, 12/03/04 14,475 Bucks County IDA, Law School Admission Council, 14,475 Rev., FRDO, 1.69%, 12/06/04 4,530 Chester County Health & Educational Facilities 4,530 Authority, Barclay Friends Project, Ser. B, Rev., FRDO, 1.66%, 12/01/04 8,300 Clarion County IDA, Energy Development, Piney 8,300 Creek Project, Rev., FRDO, 1.69%, 12/06/04 12,495 Delaware Valley Regional Financial Authority, Local 12,495 Government, FLOATS, Ser. PA-1028, Rev., FRDO, 1.72%, 12/02/04 26,995 Delaware Valley Regional Financial Authority, Local 26,995 Government, FLOATS, Ser. PA-1041, Rev., FRDO, 1.72%, 12/01/04 13,815 Delaware Valley Regional Financial Authority, Local 13,815 Government, FLOATS, Ser. PT-749, Rev., FRDO, 1.65%, 12/07/04 5,000 Delaware Valley Regional Financial Authority, Local 5,000 Government, Ser. A, Rev., FRDO, 1.66%, 12/01/04 2,700 Delaware Valley Regional Financial Authority, Local 2,700 Government, Ser. A, Rev., FRDO, 1.66%, 12/01/04 6,400 Delaware Valley Regional Financial Authority, Local 6,400 Government, Ser. A, Rev., FRDO, 1.66%, 12/02/04 700 Delaware Valley Regional Financial Authority, Local 700 Government, Ser. B, Rev., FRDO, 1.66%, 12/04/04 14,400 Delaware Valley Regional Financial Authority, Local 14,400 Government, Ser. D, Rev., FRDO, 1.66%, 12/04/04 5,900 Eagle Tax Exempt Trust, Weekly Option Mode, 5,900 Class A, FRDO, #, 1.71%, 12/01/04 11,600 Emmaus General Authority, Pennsylvania Loan 11,600 Project, Ser. A, Rev., FRDO, FSA, 1.70%, 12/02/04 35,000 Emmaus General Authority, Rev., FRDO, FSA, (p), 35,000 1.68%, 12/04/04 4,800 Erie County Hospital Authority, FLOATS, Ser. 4,800 PT-820, Rev., FRDO, MBIA, 1.71%, 12/07/04 5,000 Harrisburg Authority, Water, Ser. A, Rev., FRDO, 5,000 FGIC, 1.73%, 12/02/04 13,330 Montgomery County IDA, PCR, Exelon Corp., 13,330 Rev., FRDO, 1.70%, 12/01/04 9,810 Montgomery County Redevelopment Authority, 9,810 Multi-Family Housing, Brookside Manor Apartments Project, Ser. A, Rev., FRDO, 1.62%, 12/04/04 10,000 Montgomery County Redevelopment Authority, 10,000 Multi-Family Housing, Kingswood Apartments Project, Ser. A, Rev., FRDO, 1.62%, 12/06/04 13,330 North Penn Water Authority, Municipal Securities 13,330 Trust Receipts, Ser. SGA-30, Rev., FRDO, FGIC, 1.69%, 12/04/04 7,600 Pennsylvania Convention Center Authority, 7,600 FLOATS, Ser. PT-1224, Rev., FRDO, FGIC, 1.69%, 12/01/04 20,000 Pennsylvania Economic Development Financing 20,000 Authority, Reliant Energy Seward LLC Project, Ser. B, Rev., FRDO, 1.73%, 12/01/04 4,410 Pennsylvania Energy Development Authority, B&W 4,410 Ebensburg Project, Rev., FRDO, 1.69%, 12/02/04 69,700 Pennsylvania Higher Education Assistance Agency, 69,700 Student Loan, Ser. A, Rev., FRDO, AMBAC, 1.71%, 12/03/04
35 5,600 Pennsylvania Higher Education Assistance Agency, 5,600 Student Loan, Ser. A, Rev., FRDO, AMBAC, 1.71%, 12/04/04 19,800 Pennsylvania Higher Education Assistance Agency, 19,800 Student Loan, Ser. C, Rev., FRDO, AMBAC, 1.71%, 12/04/04 4,600 Pennsylvania Higher Educational Facilities Authority, 4,600 Philadelphia University, Ser. B, Rev., FRDO, 1.65%, 12/02/04 25,000 Pennsylvania Housing Finance Agency, Single 25,000 Family Mortgage, Ser. 83-B, Rev., FRDO, 1.67%, 12/03/04 6,500 Pennsylvania Housing Finance Agency, Single 6,500 Family Mortgage, Ser. 85-B, Rev., FRDO, 1.70%, 04/01/05 7,000 Pennsylvania Housing Finance Agency, Single 7,000 Family Mortgage, Ser. 85-C, Rev., FRDO, 1.70%, 04/01/05 9,630 Pennsylvania Intergovernmental Cooperative 9,630 Authority, Floating Rate Receipts, Ser. SG-67, Rev., FRDO, FGIC, 1.69%, 12/05/04 35,100 Pennsylvania State Higher Education Assistance 35,100 Agency, Student Loan, Ser. A, Rev., FRDO, AMBAC, 1.71%, 12/01/04 20,000 Pennsylvania State, Higher Education Assistance 20,000 Agency, Student Loan, Ser. E, Rev., FRDO, 1.71%, 12/02/04 12,300 Pennsylvania Turnpike Commission, Ser. A-3, Rev., 12,300 FRDO, 1.68%, 12/02/04 8,100 Pennsylvania Turnpike Commission, Ser. B, Rev., 8,100 FRDO, 1.68%, 12/07/04 10,600 Philadelphia Authority for Industrial Development, 10,600 30th Street Station Project, Rev., FRDO, MBIA, 1.90%, 12/04/04 50,000 Philadelphia School District, GO, TRAN, 3.00%, 50,333 06/30/05 340 Philadelphia, Pennsylvania, Gas Works, FLOATS, 340 Ser. PA-1144, Rev., FRDO, FSA, 1.69%, 12/03/04 202,750 Philadelphia, Pennsylvania, GO, TRAN, 3.00%, 204,359 06/30/05 2,995 Philadelphia, Pennsylvania, Water & Wastewater 2,995 Systems, Floating Rate Receipts, Ser. SG-158, Rev., FRDO, FGIC, 1.69%, 12/02/04 6,170 Philadelphia, Pennsylvania, Water & Wastewater 6,170 Systems, Floating Rate Trust Receipts, Ser. L-16, Regulation D, Rev., FRDO, FGIC, 2.05%, 12/05/04 10,905 Pittsburgh, Pennsylvania, Floating Rate Receipts, 10,905 Ser. SG-71, 1.69%, 12/05/04 945 Sayre Health Care Facilities Authority, Capital 945 Financing Project, Ser. F, Rev., FRDO, AMBAC, 1.68%, 12/01/04 10,000 Sayre Health Care Facilities Authority, VHR 10,000 Pennsylvania Capital Financing Project, Ser. M, Rev., FRDO, AMBAC, 1.68%, 12/07/04 10,000 Southcentral General Authority, Rev., FRDO, 10,000 AMBAC, 1.73%, 12/06/04 7,500 University of Pittsburgh, Commonwealth System of 7,500 Higher Education, University Capital Project, Ser B., Rev., FRDO, 1.66%, 12/07/04 7,500 University of Pittsburgh, Commonwealth System of 7,500 Higher Education, University Capital Project, Ser B., Rev., FRDO, 1.66%, 12/07/04 3,700 York General Authority, Pooled Financing, 3,700 Harrisburg Parking Facilities Improvements, Sub Ser. 96-C, Rev., FRDO, FSA, 1.68%, 12/06/04 ------------------ 814,717
36 PUERTO RICO -- 1.9% 20,775 Puerto Rico Commonwealth, 1.30%, 12/01/05 20,775 16,767 Puerto Rico Commonwealth, 1.45%, 01/13/05 16,767 33,371 Puerto Rico Commonwealth, 1.70%, 02/01/05 33,371 27,084 Puerto Rico Commonwealth, 1.77%, 01/21/05 27,084 9,500 Puerto Rico Commonwealth, 1.82%, 02/09/05 9,500 7,995 Puerto Rico Commonwealth, FLOATS, Ser. 838, 7,995 GO, FRDO, MBIA, 1.69%, 12/02/04 11,440 Puerto Rico Commonwealth, FLOATS, Ser. 11,440 PA-1229, Class R, GO, FRDO, MBIA-IBC, 1.67%, 12/02/04 3,315 Puerto Rico Commonwealth, FLOATS, Ser. PA-625, 3,315 GO, FRDO, AMBAC, 1.67%, 12/02/04 800 Puerto Rico Commonwealth, FLOATS, Ser. PT-1226, 800 1.67%, 12/04/04 20,000 Puerto Rico Commonwealth, GO, FRDO, FSA, #, 20,000 1.35%, 01/01/05 74,500 Puerto Rico Commonwealth, TRAN, 3.00%, 75,104 07/29/05 650 Puerto Rico Commonwealth, Trust Receipts, Ser. 3, 650 Class F, GO, FRDO, MBIA, 1.65%, 12/02/04 31,170 Puerto Rico Government Development Bank, 31,170 1.70%, 01/26/05 4,900 Puerto Rico Government Development Bank, Rev., 4,900 FRDO, MBIA, 1.58%, 12/01/04 18,059 Puerto Rico Highway & Transportation Authority, 18,059 FLOATS, Ser. 815-D, Rev., FRDO, MBIA, 1.69%, 12/07/04 600 Puerto Rico Highway & Transportation Authority, 600 FLOATS, Ser. PA-472, Rev., FRDO, FSA, 1.67%, 12/02/04 14,000 Puerto Rico Highway & Transportation Authority, 14,000 FLOATS, Ser. PT-776, Rev., FRDO, FGIC, 1.13%, 12/07/04 1,330 Puerto Rico Highway & Transportation Authority, 1,330 Trust Receipts, Ser. B, Class F, Rev., FRDO, MBIA, 1.65%, 12/02/04 1,700 TICS/TOCS Trust, Commonwealth of Puerto Rico, 1,700 Ser. 2001-2, GO, FRDO, FSA, 1.70%, 12/07/04 ------------------ 298,560 RHODE ISLAND -- 0.6% 9,800 Narragansett Bay Commission, Wastewater 9,800 System, Ser. A, Rev., FRDO, MBIA, 1.66%, 12/07/04 5,860 Rhode Island Clean Water Finance Agency, PCR, 5,860 FLOATS, Ser. PT-1535, Rev., FRDO, 1.71%, 12/07/04 3,725 Rhode Island Health & Educational Building Corp., 3,725 FLOATS, Ser. PT-2253, Rev., 1.71%, 12/05/04 8,000 Rhode Island Health & Educational Building Corp., 8,000 Higher Education Facilities, Brown University, Ser. B, Rev., FRDO, 1.65%, 12/06/04 300 Rhode Island Health & Educational Building Corp., 300 Hospital Financing Care New England, Ser. A, Rev., FRDO, 1.68%, 12/01/04 4,565 Rhode Island Health & Educational Building Corp., 4,565 Moses Brown School Issue, Rev., FRDO, MBIA, 1.68%, 12/01/04 14,885 Rhode Island Health & Educational Building Corp., 14,885 St. George's School, Rev., FRDO, 1.66%, 12/06/04 3,600 Rhode Island Industrial Facilities Corp., Marine 3,600 Terminal, Exxon-Mobil Project, Rev., FRDO, 1.60%, 12/01/04 18,765 Rhode Island State & Providence Plantations, 18,765 Consolidated Capital Development Loan, Ser. B, GO, FRDO, 1.66%, 12/07/04
37 9,000 Rhode Island State & Providence Plantations, 9,000 FLOATS, Ser. 720, GO, FRDO, FGIC, 1.71%, 12/02/04 8,395 Rhode Island State, COP, FLOATS, Ser. PT-1589, 8,395 FRDO, MBIA, 1.71%, 12/07/04 ------------------ 86,895 SOUTH CAROLINA -- 1.3% 16,335 ABN AMRO Munitops Certificate Trust, Ser. 16,335 2004-27, Rev., FRDO, FGIC, 1.71%, 12/01/04 11,000 Charleston, South Carolina, Waterworks & Sewer, 11,000 Refinancing & Capital Improvement, Ser. A, Rev., FRDO, 1.71%, 12/06/04 3,000 Cherokee County, IDB, Oshkosh Truck Project, 3,000 Rev., FRDO, 1.79%, 12/03/04 9,975 North Charleston, South Carolina, Tax Increment, 9,975 Noisette Community Redevelopment Project, Rev., FRDO, 1.74%, 12/01/04 30,100 Piedmont Municipal Power Agency, Electric, Ser. C, 30,100 Rev., FRDO, MBIA, 1.65%, 12/06/04 15,400 Piedmont Municipal Power Agency, Electric, Sub 15,400 Ser. B-4, Rev, FRDO, FGIC, 1.67%, 12/01/04 22,600 Piedmont Municipal Power Agency, Electric, Sub 22,600 Ser. B-5, Rev., FRDO, MBIA, 1.65%, 12/03/04 19,600 Piedmont Municipal Power Agency, Electric, Sub 19,600 Ser. B-6, Rev., FRDO, MBIA, 1.63%, 12/01/04 12,075 South Carolina Association of Governmental 12,129 Organizations, 2.75%, 04/15/05 1,400 South Carolina Jobs & Economic Development 1,400 Authority, Concept Packaging Group Project, Rev., FRDO, 1.79%, 12/03/04 2,940 South Carolina Jobs & Economic Development 2,940 Authority, South Carolina Catholic Diocese Project, Rev., FRDO, 1.74%, 12/02/04 4,600 South Carolina Jobs & Economic Development 4,600 Authority, Specialty Minerals Project, Rev., FRDO, 1.78%, 12/06/04 2,950 South Carolina Jobs & Economic Development 2,950 Authority, Valley Proteins, Inc. Project, Rev., FRDO, 1.75%, 12/04/04 5,870 South Carolina Jobs-Economic Development 5,870 Authority, Thompson Steel Co., Inc. Project, Rev., FRDO, 1.74%, 12/06/04 5,280 South Carolina State Public Service Authority, 5,280 FLOATS, Ser. PT-1525, Rev., FRDO, FSA, 1.71%, 12/01/04 6,000 South Carolina State, FLOATS, Ser. PT-1225, 6,000 FRDO, 1.69%, 12/04/04 3,030 South Carolina State, FLOATS, Ser. PT-423, 1.70%, 3,030 12/07/04 14,140 South Carolina Transportation Infrastructure Bank, 14,140 FLOATS, Ser. 892, Rev., FRDO, AMBAC, 1.71%, 12/02/04 22,000 Spartanburg County School District No. 1, GO, 22,075 BAN, 2.25%, 05/12/05 ------------------ 208,424 SOUTH DAKOTA -- 0.2% 10,500 South Dakota Housing Development Authority, 10,500 Home Ownership Mortgage, Ser. C-1, Rev., FRDO, 1.65%, 12/04/04 9,890 South Dakota Housing Development Authority, 9,890 Home Ownership Mortgage, Ser. D, Rev., FRDO, 1.60%, 12/06/04 5,000 South Dakota Housing Development Authority, 5,000 Home Ownership Mortgage, Ser. F, Rev., FRDO, 1.72%, 12/04/04
38 5,000 South Dakota Housing Development Authority, 5,000 Home Ownership Mortgage, Ser. G, Rev., 1.69%, 05/01/05 6,505 South Dakota Housing Development Authority, 6,505 Single Family Housing, FLOATS, Ser. PT-957, 1.77%, 12/07/04 ------------------ 36,895 TENNESSEE -- 2.3% 5,000 ABN-AMRO Munitops Certificate Trust, Ser. 5,000 2002-25, GO, FRDO, MBIA, 1.71%, 12/07/04 2,200 Blount County Public Building Authority, Local 2,200 Government Public Improvement, Ser. A-1-B, Rev., FRDO, AMBAC, 1.70%, 12/01/04 2,100 Blount County Public Building Authority, Local 2,100 Government Public Improvement, Ser. A-1-D, Rev., FRDO, AMBAC, 1.70%, 12/01/04 2,600 Blount County Public Building Authority, Local 2,600 Government Public Improvement, Ser. A-1-E, Rev., FRDO, AMBAC, 1.70%, 12/01/04 2,980 Blount County Public Building Authority, Local 2,980 Government Public Improvement, Ser. A-1-F, Rev., FRDO, AMBAC, 1.70%, 12/01/04 4,200 Blount County Public Building Authority, Local 4,200 Government Public Improvement, Ser. A-2-C, Rev., FRDO, AMBAC, 1.70%, 12/01/04 8,000 Blount County Public Building Authority, Local 8,000 Government Public Improvement, Ser. A-2-E, Rev., FRDO, AMBAC, 1.70%, 12/01/04 3,560 Blount County Public Building Authority, Local 3,560 Government Public Improvement, Ser. A-2-F, Rev., FRDO, AMBAC, 1.70%, 12/01/04 3,000 Blount County Public Building Authority, Local 3,000 Government Public Improvement, Ser. A-2-H, Rev., FRDO, AMBAC, 1.70%, 12/01/04 4,370 Blount County Public Building Authority, Local 4,370 Government Public Improvement, Ser. A-4-A, Rev., FRDO, 1.69%, 12/01/04 5,400 Blount County Public Building Authority, Local 5,400 Government Public Improvement, Ser. A-8-A, Rev., FRDO, AMBAC, 1.69%, 12/07/04 2,700 Blount County Public Building Authority, Local 2,700 Government Public Improvement, Ser. A-8-B, Rev., FRDO, AMBAC, 1.69%, 12/07/04 29,260 Bristol Health & Educational Facilities Board, 29,260 Floating Trust, Ser. 2003-L42J, Regulation D, Rev., FRDO, FGIC, 1.75%, 12/06/04 16,810 Clarksville Public Building Authority, Pooled 16,810 Financing, Tennessee Municipal Bond Fund, Rev., FRDO, 1.69%, 12/06/04 3,000 Jackson IDB, Solid Waste Disposal, Florida Steel 3,000 Corp. Project, Rev., FRDO, 1.74%, 12/01/04 12,995 Johnson City Health & Educational Facilities Board, 12,995 FLOATS, Ser. PT-922, Rev., FRDO, 1.75%, 12/02/04 19,450 Knox County Health Educational & Housing 19,450 Facilities Board, Volunteer Student Housing Project, Rev., FRDO, 1.68%, 12/07/04 100 Knoxville Utilities Board, Wastewater Systems, 100 Rev., FRDO, FSA, 1.68%, 12/01/04 9,960 Memphis, Tennessee, Ser. RR-II-6033, GO, FRDO, 9,960 MBIA, 1.70%, 04/01/05 10,000 Metropolitan Government Nashville & Davidson 10,000 County, 1.78%, 03/16/05 15,000 Metropolitan Government Nashville & Davidson 15,000 County, 1.80%, 12/16/05 20,000 Metropolitan Government Nashville & Davidson 20,000
39 County Health & Educational Facility Board, Ascension Health Credit, Ser. B-2, Rev., FRDO, 1.20%, 05/01/05 13,800 Metropolitan Government Nashville & Davidson 13,800 County Health & Educational Facility Board, Belmont University Project, Rev., FRDO, 1.68%, 12/01/04 6,200 Metropolitan Government Nashville & Davidson 6,200 County Health & Educational Facility Board, Vanderbilt University, Ser. A, Rev., FRDO, 1.67%, 12/01/04 13,000 Metropolitan Government Nashville & Davidson 13,000 County Health & Educational Facility Board, Vanderbilt University, Ser. B, Rev., FRDO, 1.67%, 12/01/04 2,500 Metropolitan Government Nashville & Davidson 2,500 County IDB, Country Music Hall of Fame, Rev., FRDO, 1.67%, 12/07/04 3,240 Metropolitan Government Nashville & Davidson 3,240 County IDB, L&S LLC Project, Rev., FRDO, 1.78%, 12/07/04 2,450 Metropolitan Government Nashville & Davidson 2,450 County, Energy, FLOATS, Ser. PT-1526, Rev., FRDO, AMBAC, 1.71%, 12/07/04 14,700 Metropolitan Government Nashville & Davidson 14,700 County, Health & Educational Facility Board, Vanderbilt University, Ser. B, Rev., FRDO, 1.65%, 12/02/04 4,900 Montgomery County Public Building Authority, 4,900 Pooled Financing, Montgomery County Loan Pool, Rev., FRDO, 1.69%, 12/06/04 8,745 Montgomery County Public Building Authority, 8,745 Pooled Financing, Tennessee County Loan Pool, Rev., FRDO, 1.68%, 12/01/04 33,000 Sevier County Public Building Authority, Local 33,000 Government Public Improvement, Ser. 6-A1, Rev., FRDO, 1.69%, 12/01/04 10,000 Sevier County Public Building Authority, Local 10,000 Government Public Improvement, Ser. C-1, Rev., FRDO, AMBAC, 1.70%, 12/01/04 10,000 Sevier County Public Building Authority, Local 10,000 Government Public Improvement, Ser. C-2, Rev., FRDO, AMBAC, 1.70%, 12/01/04 1,500 Sevier County Public Building Authority, Local 1,500 Government Public Improvement, Ser. II-A-1, Rev., FRDO, AMBAC, 1.69%, 12/07/04 2,500 Sevier County Public Building Authority, Local 2,500 Government Public Improvement, Ser. II-A-2, Rev., FRDO, AMBAC, 1.69%, 12/07/04 6,000 Sevier County Public Building Authority, Local 6,000 Government Public Improvement, Ser. II-C-2, Rev., FRDO, AMBAC, 1.69%, 12/02/04 950 Sevier County Public Building Authority, Local 950 Government Public Improvement, Ser. II-D-3, Rev., FRDO, AMBAC, 1.69%, 12/05/04 3,100 Sevier County Public Building Authority, Local 3,100 Government Public Improvement, Ser. III-B-3, Rev., FRDO, AMBAC, 1.69%, 12/07/04 6,800 Sevier County Public Building Authority, Local 6,800 Government Public Improvement, Ser. III-C-5, Rev., FRDO, AMBAC, 1.69%, 12/07/04 1,600 Sevier County Public Building Authority, Local 1,600 Government Public Improvement, Ser. III-D-3, Rev., FRDO, AMBAC, 1.69%, 12/06/04 2,500 Sevier County Public Building Authority, Local 2,500 Government Public Improvement, Ser. III-E-3, Rev., FRDO, AMBAC, 1.69%, 12/02/04 20,000 Shelby County Health Educational & Housing 20,000
40 Facilities Board, FLOATS, Ser. PA-1277, Rev., FRDO, 1.72%, 03/01/05 5,155 Shelby County Health, Educational & Housing 5,155 Facilities Board, Rhodes College, Rev., FRDO, 1.68%, 12/06/04 400 South Pittsburg IDB, Lodge Manufacturing Co. 400 Project, Rev., FRDO, 1.74%, 12/01/04 ------------------ 355,725 TEXAS -- 12.0% 31,495 ABN AMRO Munitops Certificate Trust, Ser. 1999-6, 31,495 FRDO, #, 1.71%, 12/07/04 10,000 ABN AMRO Munitops Certificate Trust, Ser. 1999-9, 10,000 FRDO, #, 1.71%, 12/01/04 13,280 ABN AMRO Munitops Certificate Trust, Ser. 13,280 2000-10, FRDO, MBIA, 1.71%, 12/01/04 14,990 ABN AMRO Munitops Certificate Trust, Ser. 14,990 2000-11, FRDO, 1.76%, 12/01/04 16,685 ABN AMRO Munitops Certificate Trust, Ser. 16,685 2000-13, Class C, FRDO, 1.71%, 12/01/04 8,000 ABN AMRO Munitops Certificate Trust, Ser. 8,000 2001-26, GO, FRDO, 1.71%, 12/01/04 5,500 ABN AMRO Munitops Certificate Trust, Ser. 5,500 2002-16, GO, FRDO, 1.71%, 12/04/04 35,800 Aldine Independent School District, School Buildings, 35,800 GO, FRDO, 1.73%, 12/15/04 5,000 Austin, Texas, Electric Utilities System, Ser. 5,000 2003-0032, Class A, Rev., FRDO, MBIA, 1.72%, 12/04/04 9,100 Bexar County Housing Finance Authority, 9,100 Multi-Family Housing, Altamonte Apartment Projects, Rev., FRDO, 1.67%, 12/06/04 11,375 Bexar County Housing Finance Authority, 11,375 Multi-Family Housing, Fountainhead Apartments, Rev., FRDO, 1.65%, 12/03/04 2,600 Bowie County Industrial Development Corp., IDR, 2,600 Texarkana Newspapers, Inc., Rev., FRDO, 1.68%, 12/01/04 6,585 Brazos River Authority, FLOATS, Ser. PT-679, 6,585 Rev., FRDO, MBIA, 1.71%, 12/07/04 4,500 Brazos River Authority, PCR, Ser. D-1, Rev., 4,500 FRDO, 1.75%, 12/06/04 4,200 Brazos River Habor Navigation District, Brazoria 4,200 County Environmental, Merey Sweeny LP Project, Ser. A, Rev., FRDO, 1.75%, 12/01/04 16,500 Brownsville, Texas, Utilities System, Sub Lien, Ser. 16,500 A, Rev., FRDO, MBIA, 1.80%, 02/03/05 22,500 Brownsville, Texas, Utilities Systems, 1.65%, 22,500 12/09/04 2,495 Brownsville, Texas, Utilities Systems, Sub Lien, 2,495 Ser. B, Rev., FRDO, MBIA, 1.66%, 12/06/04 8,000 Brownsville, Texas, Utility Systems, Sub Lien, Ser. 8,000 B, Rev., FRDO, MBIA, 1.80%, 02/03/05 8,719 Collin County Housing Finance Corp., Multi-Family 8,719 Housing, Preston Bend Apartments Project, Rev., FRDO, 1.65%, 12/02/04 20,605 Crawford Education Facilities Corp., Higher 20,605 Education, Southwestern University Project, Ser. B, Rev., FRDO, 1.63%, 12/06/04 5,000 Dallas-Fort Worth International Airport Facilities 5,000 Improvement Corp., Flight Safety Project, Rev., FRDO, 1.73%, 12/03/04 4,995 Dallas-Fort Worth International Airport Facilities 4,995 Improvement Corp., FLOATS, Ser. PT-805, Rev., FRDO, FSA, 1.65%, 12/04/04 200 Dallas-Fort Worth Regional Airport, Municipal 200 Securities Trust Receipts, Ser. SGA-49, FRDO,
41 MBIA, 1.77%, 12/01/04 5,000 Eagle Tax Exempt Trust, Weekly Option Mode, 5,000 Class A, #, 1.72%, 12/01/04 10,475 Eagle Tax Exempt Trust, Weekly Option Mode, 10,475 Round Rock, Texas, COP, Ser. 2001-4304, Class A, 1.72%, 12/03/04 2,420 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 2,420 3C-7, Class A, FRDO, #, 1.72%, 12/07/04 10,000 Garland, Texas, 1.72%, 02/15/05 10,000 5,000 Greater East Texas Higher Education Authority, Ser. 5,000 B, Rev., FRDO, 1.72%, 12/07/04 13,250 Greater Texas Student Loan Corp., Ser. A, Rev., 13,250 FRDO, 1.72%, 12/04/04 25,000 Greater Texas Student Loan Corp., Ser. A, Rev., 25,000 FRDO, 1.72%, 12/07/04 3,100 Gulf Coast Waste Disposal Authority, 3,100 Environmental Facilities, BP Amoco Chemicals Project, Ser. B, Rev., FRDO, 1.75%, 12/01/04 17,200 Gulf Coast Waste Disposal Authority, Exxon-Mobil 17,200 Project, Ser. A, Rev., FRDO, 1.65%, 12/01/04 5,000 Harlandale Independent School District, Municipal 5,000 Securities Trust Receipts, Ser. SGA-100, GO, FRDO, 1.72%, 12/03/04 9,705 Harris County Health Facilities Development 9,705 Authority, FLOATS, Ser. PT-2350, Rev., FRDO, 1.69%, 01/01/05 11,395 Harris County, Ser. DB-103, GO, FRDO, 1.71%, 11,395 04/01/05 2,905 Harris County, Ser. RR-II-R-1029, Rev., FRDO, 2,905 FSA, 1.72%, 12/03/04 6,000 Hays Memorial Health Facilities Development 6,000 Corp., Central Texas Medical Center Project, Ser. A, Rev., FRDO, 1.69%, 12/04/04 29,245 Houston Higher Education Finance Corp., Floating 29,245 Rate Receipts, Ser. SG-139, Rev., FRDO, 1.71%, 12/01/04 1,060 Houston Housing Finance Corp., Single Family 1,060 Mortgage, FLOATS, Ser. PT-1, Rev., FRDO, FSA, 1.71%, 12/02/04 55,000 Houston Independent School District, School House, 54,981 GO, FRDO, 1.62%, 12/15/04 18,400 Houston, Texas, 1.78%, 03/10/05 18,400 5,000 Houston, Texas, 1.85%, 01/07/05 5,000 20,000 Houston, Texas, 1.85%, 01/07/05 20,000 10,000 Houston, Texas, 1.90%, 03/09/05 10,000 17,500 Houston, Texas, Airport Systems, Floating Rate 17,500 Receipts, Ser. SG-149, Rev., FRDO, FSA, 1.72%, 12/05/04 17,705 Houston, Texas, Floating Rate Certificates, COP, 17,705 Ser. 523, FRDO, MBIA, 1.71%, 12/02/04 4,335 Houston, Texas, FLOATS, Ser. PT-781, GO, FRDO, 4,335 FSA, 1.71%, 12/06/04 3,000 Houston, Texas, Rev., FRDO, 1.72%, 12/04/04 3,000 9,705 Houston, Texas, Ser. 29, GO, FRDO, MBIA, 1.71%, 9,705 12/06/04 5,465 Houston, Texas, Water & Sewer System, Ser. 60, 5,465 Rev., FRDO, FGIC, 1.71%, 12/07/04 11,270 Hurst-Euless-Bedford Independent School District, 11,270 Floating Rate Receipts, Ser. SG-98, GO, FRDO, 1.71%, 12/03/04 39,000 Katy Independent School District, CSH Building, 39,000 Ser. C, GO, FRDO, 1.70%, 12/01/04 6,500 Keller Independent School District, Municipal 6,500 Securities Trust Receipts, Ser. SGA-111, GO, FRDO, 1.75%, 12/01/04 21,500 Lamar Consolidated Independent School District, 21,500 School House, GO, FRDO, 1.75%, 12/15/04
42 5,810 Leander Independent School District, Ser. 5,810 RR-II-R-2143, GO, FRDO, 1.70%, 02/15/05 19,425 Lower Colorado River Authority, FLOATS, Ser. 19,425 PA-590, Rev., FRDO, FSA, 1.71%, 12/06/04 16,450 Lower Colorado River Authority, FLOATS, Ser. 16,450 PT-2270, Rev., FRDO, 1.71%, 12/06/04 100 Lower Neches Valley Authority Industrial 100 Development Corp., Exempt Facilities, ExxonMobil Project, Ser. A, Rev., FRDO, 1.60%, 12/01/04 2,500 Lower Neches Valley Authority Industrial 2,500 Development Corp., Exempt Facilities, ExxonMobil Project, Ser. A-2, Rev., FRDO, 1.60%, 12/01/04 3,400 Lower Neches Valley Authority Industrial 3,400 Development Corp., Onyx Environmental Services, Rev., FRDO, 1.74%, 12/06/04 5,455 Mansfield Independent School District, Municipal 5,455 Securities Trust Receipts, Ser. SGA-129, GO, FRDO, 1.72%, 12/02/04 5,290 Mission Consolidated Independent School District, 5,290 Municipal Securities Trust Receipts, Ser. SGA-105, GO, FRDO, 1.72%, 12/03/04 17,050 New Caney Independent School District, Floating 17,050 Rate Certificates, Ser. SG-142, GO, FRDO, 1.71%, 12/02/04 25,000 North Central Texas Health Facility Development 25,000 Corp., 1.68%, 01/08/05 24,000 North Central Texas Health Facility Development 24,000 Corp., 1.78%, 12/10/04 7,875 North Central Texas Health Facility Development 7,875 Corp., FLOATS, Ser. PT-1411, Rev., FRDO, AMBAC, 1.71%, 12/02/04 20,000 North East Independent School District, Floating 20,000 Rate Certificates, Ser. SG-143, GO, FRDO, 1.71%, 12/02/04 10,000 North Texas Higher Education Authority, Student 10,000 Loan, Ser. A, Rev., FRDO, 1.70%, 12/07/04 20,000 North Texas Tollway Authority, Floating Rate 20,000 Receipts, Ser. SG-168, Rev., FRDO, AMBAC, 1.71%, 12/02/04 3,300 Panhandle-Plains Higher Education Authority, Inc., 3,300 Student Loan, Ser. B, Rev., FRDO, MBIA, 1.69%, 12/06/04 19,300 Pasadena Independent School District, Ser. A, GO, 19,300 FRDO, 1.70%, 12/02/04 11,735 Pharr San Juan Alamo Independent School District, 11,735 Municipal Securities Trust Receipts, Ser. SGA-101, GO, FRDO, 1.72%, 12/03/04 12,035 Richardson, Texas, Refinancing & Improvement, 12,035 GO, FRDO, 1.70%, 06/15/05 7,545 San Angelo Independent School District, GO, 7,545 FRDO, 1.67%, 12/02/04 10,680 San Antonio, Texas, Electric & Gas, FLOATS, Ser. 10,680 PT-1498, Rev., FRDO, 1.72%, 12/04/04 11,190 San Antonio, Texas, Electric & Gas, FLOATS, Ser. 11,190 SG-101, (p), 1.71%, 12/07/04 9,540 San Antonio, Texas, Electric & Gas, FLOATS, Ser. 9,540 SG-105, (p), 1.71%, 12/05/04 11,000 San Antonio, Texas, Electric & Gas, Junior Lien, 11,000 Rev., FRDO, 1.73%, 12/06/04 18,800 San Antonio, Texas, Electric & Gas, Junior Lien, 18,800 Rev., FRDO, 2.20%, 06/01/05 10,315 San Antonio, Texas, Electric & Gas, Municipal 10,315 Securities Trust Receipts, Ser. SGA-48, Rev., FRDO, #, 1.72%, 12/04/04 42,500 San Antonio, Texas, Water, 1.62%, 12/08/04 42,500 6,435 San Antonio, Texas, Water, FLOATS, Ser. SG-159, 6,435 Rev., Adj., FSA, 1.71%, 12/03/04
43 10,430 San Antonio, Texas, Water, Municipal Securities 10,430 Trust Receipts, Ser. SGA-41, Rev., FRDO, MBIA, 1.72%, 12/06/04 5,000 San Antonio, Texas, Water, Municipal Securities 5,000 Trust Receipts, Ser. SGA-42, Rev., FRDO, MBIA, 1.72%, 12/06/04 9,000 Schertz-Seguin Local Government Corp., Texas 9,000 Contract, Floating Rate Certificates, Ser. SG-151, Rev., FRDO, FSA, 1.74%, 12/01/04 12,180 Southeast Texas Housing Finance Corp., Single 12,180 Family Mortgage, Ser. 938, Rev., FRDO, 1.77%, 12/02/04 2,425 Tarrant County Housing Finance Corp., FLOATS, 2,425 Ser. PT-2044, Rev., 1.81%, 12/05/04 8,580 Tarrant County Housing Finance Corp., Multi-Family 8,580 Housing, Remington Project, Rev., FRDO, 1.68%, 12/06/04 5,000 Texas Department of Housing & Community 5,000 Affairs, Multi-Family Housing, Post Oak East Apartments, Ser. A, Rev., FRDO, 1.72%, 12/05/04 10,250 Texas Department of Housing & Community 10,250 Affairs, Multi-Family Housing, Reading, Rev., FRDO, 1.72%, 12/06/04 15,000 Texas Housing Authority, 1.85%, 12/16/04 15,000 25,000 Texas Municipal Power Agency, 1.78%, 12/03/04 25,000 30,000 Texas Municipal Power Agency, 1.79%, 12/06/04 30,000 20,000 Texas Municipal Power Agency, Floating Rate Trust 20,000 Receipts, Ser. L-36-J, Regulation D, Rev., FRDO, FGIC, 1.75%, 12/01/04 14,200 Texas Public Finance Authority, 1.60%, 12/08/04 14,200 15,000 Texas Public Finance Authority, 1.64%, 12/08/04 15,000 20,700 Texas Public Finance Authority, 1.64%, 12/08/04 20,700 60,000 Texas Public Finance Authority, 1.65%, 12/08/04 60,000 1,100 Texas State Department of Housing & Community 1,100 Affairs, Multi-Family Housing, Timber Point Apartments, Ser. A-1, Rev., FRDO, 1.72%, 12/06/04 20 Texas State Turnpike Authority, Central Texas 20 Turnpike Authority, First Tier, Ser. B, Rev., FRDO, AMBAC, 1.64%, 12/07/04 7,325 Texas State Turnpike Authority, Dallas North 7,325 Thruway, Floating Rate Receipts, Ser. SG-70, 1.71%, 12/01/04 9,970 Texas State, Floating Rate Certificates, Ser. 9,970 SG-152, GO, FRDO, 1.74%, 12/01/04 75,000 Texas State, Floating Rate Trust Receipts, Ser. 75,000 L-60-J, Regulation D, FRDO, 1.66%, 08/31/05 373,335 Texas State, TRAN, 3.00%, 08/31/05 377,126 4,010 Texas State, Veteran's Housing Assistance, Ser. 4,010 A-1, GO, FRDO, 1.75%, 12/07/04 5,545 Texas State, Veterans Housing Assistance Fund I, 5,545 GO, FRDO, 1.64%, 12/01/04 13,000 Texas State, Veterans Housing Assistance Fund II, 13,000 Ser. A-2, GO, FRDO, 1.69%, 12/03/04 29,335 Texas State, Veterans Housing Assistance Fund, 29,335 Ser. A, GO, FRDO, 1.69%, 12/06/04 5,590 Trinity River Authority, Ser. RR-II-R-2006, Rev., 5,590 FRDO, MBIA, 1.70%, 12/03/04 25,000 University of Texas, 1.65%, 01/10/05 25,000 17,738 University of Texas, 1.85%, 01/11/05 17,738 9,055 University of Texas, FLOATS, Ser. PA-1194, Rev., 9,055 FRDO, 1.69%, 12/05/04 5,285 University of Texas, Ser. 2003-19, Rev., FRDO, 5,285 1.69%, 12/05/04 6,000 West Harris County Regional Water Authority, 6,000 Municipal Securities Trust Receipts, Ser. SGA-148, Rev., FRDO, #, MBIA, 1.72%, 12/07/04
44 3,600 West Side Calhoun County Naval District, Sewer & 3,600 Solid Waste Disposal, BP Chemicals, Inc. Project, Rev., FRDO, 1.75%, 12/01/04 ------------------ 1,883,434 UTAH -- 1.8% 20,000 Central Utah Water Conservancy District, Ser. B, 20,000 GO, FRDO, AMBAC, 1.67%, 12/01/04 10,000 Intermountain Power Agency, 1.60%, 12/08/04 10,000 21,750 Intermountain Power Agency, 1.62%, 12/08/04 21,750 37,900 Intermountain Power Agency, 1.64%, 12/08/04 37,900 9,995 Intermountain Power Agency, Power Supply, 9,995 FLOATS, Ser. PT-383, Rev., FRDO, MBIA, 1.35%, 12/04/04 22,975 Intermountain Power Agency, Power Supply, Ser. 22,975 L-42-J, Regulation D, Rev., FRDO, MBIA, 1.75%, 12/02/04 18,000 Murray, Utah, Murray City Hospital, IHC Health 18,000 Services, Inc., Ser. D, Rev., FRDO, 1.70%, 12/01/04 5,270 Salt Lake City Municipal Building Authority, 5,270 FLOATS, Ser. PT-1744, Rev., FRDO, AMBAC, 1.71%, 12/07/04 4,000 Salt Lake City, Utah, Rowland Hall St. Marks School 4,000 Project, Rev., FRDO, 1.68%, 12/02/04 7,645 Salt Lake County, FLOATS, Ser. PT-420, GO, 7,645 FRDO, 1.70%, 12/03/04 28,560 University of Utah, Floating Rate Trust Receipts, 28,560 Ser. N-15, Regulation D, Rev., FRDO, MBIA, 1.80%, 12/02/04 10,000 Utah County, Utah Hospital, IHC Health Services, 10,000 Inc., Ser. C, Rev., FRDO, 1.67%, 12/06/04 12,500 Utah Housing Corp., Single Family Mortgage, Ser. 12,500 E, Class I, Rev., FRDO, 1.45%, 01/01/05 12,575 Utah Housing Corp., Single Family Mortgage, Ser. 12,575 E-2, Class I, Rev., FRDO, 1.75%, 01/01/05 10,000 Utah Housing Corp., Single Family Mortgage, Ser. 10,000 F, Class I, Rev., FRDO, 1.75%, 12/02/04 7,000 Utah Housing Corp., Single-Family Mortgage, Ser. 7,000 E-1, Class I, Rev., FRDO, 1.75%, 12/01/04 4,900 Utah Housing Finance Agency, Single Family 4,900 Mortgage, Ser. C-1, Class I, Rev., FRDO, 1.75%, 12/07/04 6,510 Utah Housing Finance Agency, Single Family 6,510 Mortgage, Ser. D-1, Rev., FRDO, 1.75%, 12/06/04 4,105 Utah Housing Finance Agency, Single Family 4,105 Mortgage, Ser. E-1, Rev., FRDO, 1.75%, 12/06/04 4,935 Utah Housing Finance Agency, Single Family 4,935 Mortgage, Ser. F-2, Class I, Rev., FRDO, 1.75%, 12/06/04 11,200 Utah State Board of Regents, Student Loan Weekly 11,200 Amount, Ser. Q, Rev., FRDO, AMBAC, 1.70%, 12/01/04 13,700 Utah State Board of Regents, Student Loan, Ser. C, 13,700 Rev., FRDO, 1.70%, 12/02/04 ------------------ 283,520 VERMONT -- 0.2% 10,800 Vermont Economic Development Authority, 1.70%, 10,800 01/05/05 5,900 Vermont Educational & Health Buildings Financing 5,900 Agency, Hospital, VHA New England, Ser. D, Rev., FRDO, AMBAC, 1.69%, 12/01/04 8,300 Vermont Educational & Health Buildings Financing 8,300 Agency, Hospitals, VHA New England Project, Ser. G, Rev., FRDO, AMBAC, 1.68%, 12/06/04 5,000 Vermont Student Assistance Corp., Student Loans, 5,000
45 Rev., FRDO, 1.85%, 12/27/04 ------------------ 30,000 VIRGINIA -- 0.9% 8,965 Alexandria IDA, Pooled Loan Program, Ser. A, Rev., 8,965 FRDO, 1.69%, 12/05/04 2,120 Alexandria Redevelopment & Housing Authority, 2,120 Residential Care Facility, Multi-Mode, First Mortgage, Goodwin House, Ser. B, Rev., FRDO, 1.66%, 12/01/04 8,000 Chesapeake Hospital Authority, Hospital Facilities, 8,000 Chesapeake General Hospital, Ser. A, Rev. FRDO, 1.68%, 12/01/04 25,300 Fairfax County Economic Development Authority, 25,300 Smithsonian Institution, Ser. A, Rev., FRDO, 1.60%, 12/03/04 8,000 James City & County IDA, Multi-Family Housing, 8,000 Chambrel Project, Rev., FRDO, 1.68%, 12/05/04 19,750 Loudoun County IDA, Howard Hughes Medical 19,750 Center, Ser. E, Rev., FRDO, 1.62%, 12/01/04 2,600 Richmond IDA, Educational Facilities, Church 2,600 Schools, Rev., FRDO, 1.68%, 12/01/04 13,700 Roanoke IDA, Carilion Health Systems, Ser. C, 13,700 Rev., FRDO, 1.66%, 12/01/04 23,590 Virginia Commonwealth Transportation Board, 23,590 Floating Rate Receipts, Ser. SG-137, Rev., FRDO, 1.30%, 12/01/04 5,845 Virginia Commonwealth Transportation Board, 5,845 FLOATS, Ser. 727, Rev., FRDO, 1.71%, 12/02/04 8,885 Virginia Public School Authority, FLOATS, Ser. 8,885 PT-431, Rev., FRDO, 1.69%, 12/07/04 4,975 Virginia Public School Authority, Ser. RR-II-R-4050, 4,975 Rev., FRDO, 1.72%, 12/05/04 5,415 Virginia Resources Authority, Infrastructure, Ser. 5,415 RR-II-R-249, Rev., FRDO, 1.70%, 12/04/04 9,443 Virginia State, EAGLE, Ser. 04-5001, Class A, Rev., 9,443 FRDO, 1.79%, 12/03/04 ------------------ 146,588 WASHINGTON -- 2.2% 17,676 ABN AMRO Munitops Certificate Trust, Ser. 17,676 1998-16, FRDO, MBIA, 1.71%, 12/07/04 5,000 ABN AMRO Munitops Certificate Trust, Ser. 2001-1, 5,000 GO, FRDO, MBIA, 1.71%, 12/05/04 7,270 Central Washington University, FLOATS, Ser. 7,270 PT-2251, Rev., FRDO, FGIC, 1.71%, 12/06/04 1,500 Clark County Public Utility District No. 1, Municipal 1,500 Securities Trust Receipts, Ser. SGA-118, Rev., FRDO, FSA, 1.75%, 12/01/04 6,995 Energy Northwest, Electric, FLOATS, Ser. PT-734, 6,995 Rev., FRDO, MBIA, 1.71%, 12/07/04 11,100 King County, FLOATS, Ser. PT-2170, GO, FRDO, 11,100 AMBAC, 1.71%, 12/01/04 5,325 King County, Ser. RR-II-R-1028, GO, FRDO, FSA, 5,325 1.72%, 12/05/04 8,720 King County, Sewer, Ser. 2003-30, Rev., FRDO, 8,720 FSA, 1.71%, 12/02/04 6,210 Port of Seattle, FLOATS, Ser. PT-2171, Rev., 6,210 FRDO, FGIC, 1.76%, 12/03/04 4,430 Port of Seattle, FLOATS, Ser. PT-728, Rev., FRDO, 4,430 FGIC, 1.76%, 12/07/04 3,555 Port of Seattle, Ser. 47, GO, FRDO, 1.76%, 3,555 12/06/04 11,000 Port of Tacoma, 1.70%, 12/07/04 11,000 1,090 Seattle Housing Authority, Low Income Housing 1,090 Assistance, Bayview Manor Project, Ser. B, Rev., FRDO, 1.73%, 12/02/04
46 19,885 Seattle, Washington, Drain & Wastewater Utilities, 19,885 Municipal Securities Trust Receipts, Ser. SG-135, Rev., FRDO, MBIA, 1.71%, 12/01/04 11,890 Seattle, Washington, Municipal Light & Power, 11,890 FLOATS, Ser. PT-1421, Rev., FRDO, FSA, 1.71%, 12/05/04 11,450 Seattle, Washington, Municipal Light & Power, Ser. 11,450 2003-36, Rev., FRDO, FSA, 1.71%, 12/04/04 4,000 Seattle, Washington, Municipal Securities Trust 4,000 Receipts, Ser. SGA-142, GO, FRDO, 1.72%, 12/06/04 5,000 Seattle, Washington, Ser. D, GO, FRDO, 1.65%, 5,000 01/15/05 8,900 Seattle, Washington, Water Systems, Rev., FRDO, 8,900 1.56%, 12/06/04 6,120 Skagit County Public Hospital District No. 2, 6,120 FLOATS, Ser. PT-2410, GO, FRDO, MBIA, 1.71%, 12/01/04 9,925 Skagit County, Public Hospital District, Ser. 9,925 ROCS-RR-II-R-2126, 1.72%, 12/02/04 16,600 Snohomish County Public Utility District No. 1, 16,600 Generation Systems, Ser. A, Rev., FRDO, FSA, 1.65%, 12/03/04 8,500 Snohomish County Public Utility District No. 1, 8,500 Municipal Securities Trust Receipts, Ser. SGA-124, Rev., FRDO, FSA, 1.75%, 12/01/04 11,295 Tacoma, Washington, Electric Systems, FLOATS, 11,295 Ser. PT-1404, Rev., FRDO, AMBAC, 1.71%, 12/06/04 10,545 Tacoma, Washington, Electric Systems, FLOATS, 10,545 Ser. PT-2244, Rev., FRDO, FGIC, 1.71%, 01/01/05 18,125 Washington Public Power Supply System, Nuclear 18,125 Project No. 2, Ser. 31, Rev., FRDO, 1.71%, 12/02/04 15,330 Washington State Higher Education Facilities 15,330 Authority, Seattle Pacific University Project, Ser. A, Rev., FRDO, 1.70%, 12/06/04 2,545 Washington State Housing Finance Commission, 2,545 Multi-Family Housing, Granite Falls Assisted Project, Ser. A, Rev., FRDO, 1.74%, 12/02/04 1,010 Washington State Housing Finance Commission, 1,010 Non-Profit Housing, Golden Sands Project, Rev., FRDO, 1.77%, 12/01/04 2,000 Washington State Housing Finance Commission, 2,000 Nonprofit Housing, Rockwood Retirement Communities, Rev., FRDO, 1.73%, 12/01/04 300 Washington State Housing Finance Commission, 300 Nonprofit Housing, Rockwood Retirement Program, Ser. A, Rev., FRDO, 1.73%, 12/01/04 2,515 Washington State Housing Finance Commission, 2,515 Nonprofit Housing, YMCA Snohomish County Project, Rev., FRDO, 1.77%, 12/01/04 2,860 Washington State Housing Finance Commission, 2,860 Spokane Community College Foundation, Ser. A, Rev., FRDO, 1.69%, 12/03/04 6,080 Washington State Public Power Supply System 6,080 Project No. 2, Electric, Ser. 2A-2, Rev., FRDO, MBIA, 1.64%, 12/02/04 13,985 Washington State Public Power Supply System, 13,985 Project No. 2, Electric, Ser. 2A-1, Rev., FRDO, MBIA, 1.64%, 12/01/04 14,640 Washington State Public Power Supply System, 14,640 Project No. 3, Electric, Ser. 3A, Rev., FRDO, MBIA, 1.65%, 12/01/04 13,710 Washington State, Rev., FRDO, 1.72%, 12/01/04 13,710 8,055 Washington State, Ser. 2003-27, GO, FRDO, 8,055 1.71%, 12/02/04
47 15,400 Washington State, Ser. VR-96-A, GO, FRDO, 15,400 1.57%, 12/01/04 20,000 Washington State, Ser. VR-96-B, GO, FRDO, GO, 20,000 1.50%, 12/01/04 ------------------ 350,536 WEST VIRGINIA -- 0.6% 3,000 Municipal Securities Trust Certificates, Ser. 9026, 3,000 Class A, Rev., FRDO, MBIA, 1.73%, 12/06/04 3,585 West Virginia Economic Development Authority, 3,585 IDR, Gemark Services West VA/M & M, Rev., FRDO, 1.78%, 12/02/04 5,765 West Virginia State Building Commission, FLOATS, 5,765 Ser. PA-520, 1.72%, 12/02/04 5,700 West Virginia State Hospital Finance Authority, VHA 5,700 Mid-Atlantic, Ser. D, Rev., FRDO, AMBAC, 1.69%, 12/07/04 5,000 West Virginia State Hospital Finance Authority, VHA 5,000 Mid-Atlantic, Ser. E, Rev., FRDO, AMBAC, 1.69%, 12/07/04 9,200 West Virginia State Hospital Finance Authority, VHA 9,200 Mid-Atlantic, Ser. G, Rev., FRDO, AMBAC, 1.68%, 12/07/04 7,100 West Virginia State Hospital Finance Authority, 7,100 Mid-Atlantic/Capital, Ser. H, Rev., FRDO, AMBAC, 1.68%, 12/02/04 4,000 West Virginia State Hospital Finance Authority, VHA 4,000 Mid-Atlantic, Ser. C, Rev., FRDO, AMBAC, 1.69%, 12/04/04 57,000 West Virginia State Parkways Economic 57,000 Development & Tourism Authority, Rev., FRDO, FGIC, 1.64%, 12/01/04 ------------------ 100,350 WISCONSIN -- 0.7% 7,000 Dane County, Ser. RR-II-R-2003, GO, FRDO, 7,000 1.70%, 12/05/04 5,815 Dane County, Ser. RR-II-R-4504, GO, FRDO, 5,815 1.72%, 12/07/04 1,230 Eagle Tax Exempt Trust, Weekly Option Mode, Ser. 1,230 94-4904, FRDO, #, 1.76%, 12/06/04 4,000 Wisconsin Housing & Economic Development 4,000 Authority, Home Ownership, Ser. A, Rev., FRDO, 1.69%, 12/06/04 8,035 Wisconsin Housing & Economic Development 8,035 Authority, Home Ownership, Ser. A, Rev., FRDO, 1.72%, 12/01/04 7,090 Wisconsin Housing & Economic Development 7,090 Authority, Home Ownership, Ser. C, Rev., FRDO, 1.69%, 12/06/04 10,655 Wisconsin Housing & Economic Development 10,655 Authority, Home Ownership, Ser. E, Rev., FRDO, 1.72%, 12/05/04 3,890 Wisconsin Housing & Economic Development 3,890 Authority, Ser. D, Rev., FRDO, MBIA, 1.67%, 12/06/04 3,470 Wisconsin Housing & Economic Development 3,470 Authority, Ser. E, Rev., FRDO, MBIA, 1.67%, 12/06/04 5,350 Wisconsin Housing & Economic Development 5,350 Authority, Ser. F, Rev., FRDO, MBIA, 1.67%, 12/06/04 4,250 Wisconsin Housing & Economic Development 4,250 Authority, Ser. G, Rev., FRDO, MBIA, 1.67%, 12/06/04 5,270 Wisconsin Housing & Economic Development 5,270 Authority, Ser. I, Rev., FRDO, MBIA, 1.72%,
48 12/07/04 1,500 Wisconsin Housing & Economic Development 1,500 Authority, Single-Family Housing, FLOATS, Ser. PT-598, Rev., FRDO, 1.77%, 12/01/04 4,865 Wisconsin State Health & Educational Facilities 4,865 Authority, Lakeland College, Rev., FRDO, 1.68%, 12/01/04 10,500 Wisconsin State Health & Educational Facilities 10,500 Authority, University of Wisconsin Medical Foundation, Rev., FRDO, 1.64%, 12/01/04 25,000 Wisconsin State Health & Educational Facilities 25,000 Authority, Wheaton Franciscan Services, Rev., FRDO, 1.65%, 12/04/04 ------------------ 107,920 WYOMING -- 1.1% 60,000 Campbell County, IDR, Two Elk Power Generation 60,000 Station Project, Rev., FRDO, 1.40%, 12/01/05 200 Kemmerer, Wyoming, PCR, Exxon Project, Rev., 200 FRDO, 1.59%, 12/01/04 1,400 Uinta County, PCR, Chevron USA, Inc. Project, 1,400 Rev., FRDO, 1.68%, 12/01/04 800 Uinta County, PCR, Chevron USA, Inc. Project, 800 Rev., FRDO, 1.68%, 12/01/04 900 Uinta County, PCR, Chevron USA, Inc. Project, 900 Rev., FRDO, 1.68%, 12/01/04 12,525 Wyoming Community Development Authority, 12,525 Housing, FLOATS, Ser. PT-195, Rev., 1.62%, 12/06/04 7,900 Wyoming Community Development Authority, 7,900 Housing, Ser. 7, Rev., FRDO, 1.69%, 12/03/04 5,000 Wyoming Community Development Authority, 5,000 Housing, Ser. 8, Rev., FRDO, 1.69%, 12/02/04 3,900 Wyoming Community Development Authority, Ser. 3,900 3, Rev., FRDO, 1.69%, 12/07/04 5,000 Wyoming Community Development Authority, Ser. 5,000 4, Rev., FRDO, 1.69%, 12/07/04 7,245 Wyoming Community Development Authority, 7,245 Single Family Mortgage, Ser. A, Rev., FRDO, 1.64%, 12/01/04 36,900 Wyoming Community Development Authority, 36,900 Single Family Mortgage, Ser. A, Rev., FRDO, 1.64%, 12/02/04 25,000 Wyoming State, Education Fund, Rev., TRAN, 25,141 3.00%, 06/24/05 ------------------ 166,911 - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% $ 15,655,410 (COST $15,655,410) * OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 59,126 - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 15,714,536 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $15,714,536. 49 ABBREVIATIONS * - The cost of securities is substantially the same for federal income tax purposes. # - All or a portion of this security is a 144A or private placement security and can only be sold to qualified institutional buyers. ^ - Amount rounds to less than 0.1%. (p) - Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date and the date of the prerefunded call. ACES - Auction Rate Securities. Adj. - Adjustable. The interest rate shown is the rate in effect at November 30, 2004. AMBAC - American Municipal Bond Assurance Corp. BAN - Bond Anticipation Note. COP - Certificates of Participation. EAGLE - Earnings of accrual generated on local tax-exempt securities. FGIC - Financial Guaranty Insurance Co. FLOATS - Floating Auction Tax Exempts. FRDO - Floating Rate Demand Obligation. The maturity date shown is the next interest reset. - date. The interest rate shown is the rate in effect at November 30, 2004. FSA - Financial Security Assurance. GAN - Grant Anticipation Note. GO - General Obligation Bond. IBC - Insured Bond Certificates. IDA - Industrial Development Authority. IDB - Industrial Development Board. IDR - Industrial Development Revenue. MBIA - Municipal Bond Insurance Association. PCR - Pollution Control Revenue. PUTTERS - Puttable Tax Exempt Receipt. RAN - Revenue Anticipation Note. Rev. - Revenue Bond. Ser. - Series. SUB - Step-up Bond. The rate shown is the rate in effect as of November 30, 2004. TAN - Tax Anticipation Note. TAW - Tax Anticipation Warrant. TRAN - Tax & Revenue Anticipation Note. 50 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 51 JPMORGAN TREASURY PLUS MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (Unaudited) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 1 JPMORGAN TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 100.1% U.S. TREASURY SECURITIES -- 27.6% U.S. Treasury Bills, $ 150,000 1.87%, 01/27/05 $ 149,555 180,000 1.70%, 02/03/05 179,455 100,000 2.04%, 02/10/05 99,598 100,000 2.26%, 05/12/05 98,985 125,000 2.28%, 05/19/05 123,664 100,000 2.35%, 05/26/05 98,851 U.S. Treasury Notes & Bonds, 65,000 1.50%, 02/28/05 65,038 100,000 1.63%, 03/31/05 100,165 75,000 1.63%, 04/30/05 75,000 73,700 1.13%, 06/30/05 73,252 ---------------------------------------------------------------------------------------------------------- Total U.S. Treasury Securities 1,063,563 (Cost $1,063,563) ---------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- 72.5% 800,000 Credit Suisse First Boston, Inc., 1.96%, dated 800,000 11/30/04, due 12/01/04, proceeds $800,044, secured by U.S. Government Securities + 690,130 Deutsche Bank Securities, Inc., 1.96%, dated 690,130 11/30/04, due 12/01/04, proceeds $690,168, secured by U.S. Government Securities 99,185 Goldman Sachs & Co., 1.50%, dated 11/30/04, due 99,185 12/01/04, proceeds $99,189, secured by U.S. Government Securities 400,000 Lehman Brothers, Inc., 1.90%, dated 11/30/04, due 400,000 12/01/04, proceeds $400,021, secured by U.S. Government Securities 800,000 UBS Warburg LLC, 1.96%, dated 11/30/04, due 800,000 12/01/04, proceeds $800,044, secured by U.S. Government Securities ---------------------------------------------------------------------------------------------------------- Total Repurchase Agreements 2,789,315 (Cost $2,789,315) ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.1% $ 3,852,878 (COST $3,852,878) * LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)% (5,065) - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 3,847,813 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $3,847,813. ABBREVIATIONS: * - The cost of securities is substantially the same for ferderal income tax purposes. 2 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 3 JPMORGAN U.S. GOVERNMENT MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (Unaudited) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004 1 JPMORGAN U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 100.0% U.S. GOVERNMENT AGENCY SECURITIES -- 66.5% Federal Farm Credit Bank, $ 300,000 1.99%, 10/14/05, FRN $ 299,896 100,000 1.98%, 12/14/05, FRN 99,948 50,000 1.79%, 12/21/05, FRN 49,973 75,000 2.04%, 04/04/06, FRN 75,000 75,000 1.98%, 04/06/06, FRN 74,985 65,000 2.03%, 04/20/06, FRN 65,000 Federal Home Loan Bank, 164,000 1.30%, 04/06/05, FRN 164,000 225,000 2.05%, 04/07/05, Ser. 435, FRN 225,016 75,000 2.10%, 04/25/05, Ser. 438, FRN 74,995 200,000 1.40%, 05/03/05, FRN 200,000 41,500 2.28%, 06/15/05 41,479 452,400 1.73%, 09/08/05, Ser. 453, FRN 452,209 237,675 1.75%, 09/12/05, Ser. 454, FRN 237,582 50,000 2.00%, 09/16/05, Ser. 456, FRN 49,988 70,000 1.81%, 09/20/05, FRN 69,977 100,000 1.91%, 10/03/05, FRN 99,958 100,000 1.84%, 03/28/06, FRN 99,934 75,000 1.96%, 04/20/06, FRN 74,948 100,000 2.11%, 05/10/06, FRN 99,921 Federal Home Loan Mortgage Corp., 20,000 1.97%, 12/02/04, DN 19,999 50,000 1.51%, 12/07/04, Ser. 3, MTN 50,000 48,000 1.64%, 12/21/04, DN 47,956 19,700 2.15%, 01/04/05, DN 19,660 83,786 1.85%, 02/08/05, DN 83,488 212,000 1.50%, 02/14/05, Ser. 1, MTN, FRN 212,000 300,000 2.43%, 05/17/05, DN 296,619 50,000 2.38%, 07/15/05, MTN 49,976 65,000 2.40%, 07/15/05, MTN 64,987 50,000 7.00%, 07/15/05 51,381 15,520 1.83%, 09/09/05, MTN, FRN 15,521 Federal National Mortgage Association, 125,000 1.85%, 12/10/04, DN 124,942 55,000 1.85%, 12/13/04, DN 54,966 200,000 1.79%, 12/15/04, FRN 199,998 69,100 1.86%, 12/15/04, DN 69,050 498,000 1.90%, 12/29/04, DN 497,264 132,363 2.15%, 01/05/05, DN 132,086 5,000 1.75%, 01/19/05, DN 4,988 200,000 2.18%, 01/24/05, DN 199,346 75,000 2.02%, 01/28/05, FRN 74,998 150,000 1.85%, 02/02/05, DN 149,514 60,956 1.87%, 02/16/05, DN 60,712 72,100 2.04%, 03/23/05, DN 71,642 10,000 7.00%, 07/15/05 10,276 200,000 2.08%, 08/29/05, FRN 199,929 250,000 1.68%, 09/06/05, FRN 249,885 300,000 1.88%, 10/03/05, FRN 299,836 140,000 2.08%, 12/29/05, FRN 139,911 250,000 1.95%, 01/09/06, FRN 249,835 ---------------------------------------------------------------------------------------------------------- Total U.S. Government Agency Securities 6,255,574 (Cost $6,255,574) ----------------------------------------------------------------------------------------------------------
2 REPURCHASE AGREEMENTS -- 33.5% 400,000 Bear Stearns Securities, Inc., 2.08%, dated 400,000 11/30/04, due 12/01/04, proceeds $400,023, secured by U.S. Government Agency Securities + 900,000 Credit Suisse First Boston, Inc., 2.08%, dated 900,000 11/30/04, due 12/01/04, proceeds $900,052, secured by U.S. Government Agency Securities 1,855,832 UBS Warburg LLC, 2.08%, dated 11/30/04, due 1,855,832 12/01/04, proceeds $1,855,939, secured by U.S. Government Agency Securities ---------------------------------------------------------------------------------------------------------- Total Repurchase Agreements 3,155,832 (Cost $3,155,832) ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS-- 100.0% $ 9,411,406 (COST $9,411,406)* LIABILITIES IN EXCESS OF OTHER ASSETS -- 0.0% ^ (490) - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 9,410,916 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $9,410,916. ABBREVIATIONS: * - The cost of securities is substantially the same for ferderal income tax purposes. ^ - Amount rounds to less than 0.1%. DN - Discount Note. The rate shown is the effective yield at the date of purchase. FRN - Floating Rate Note. The rate shown is the rate in effect as of August 31, 2004. MTN - Medium Term Note. Ser. - Series. 3 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C)JPMorgan Chase & Co., 2004. 4 JPMORGAN 100% U.S. TREASURY MONEY MARKET FUND SCHEDULE OF INVESTMENTS AS OF NOVEMBER 30, 2004 (UNAUDITED) THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. 1 JPMORGAN 100% U.S. TREASURY SECURITIES MONEY MARKET FUND PORTFOLIO OF INVESTMENTS As of November 30, 2004 (unaudited) (Amounts in thousands)
PRINCIPAL AMOUNT ISSUER VALUE - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS - 100.1% U.S. TREASURY SECURITIES -- 100.1% U.S. Treasury Bills, $ 27,985 1.54%, 12/02/04 $ 27,984 942,519 1.76%, 12/09/04 942,149 773,187 1.83%, 12/16/04 772,597 178,085 1.64%, 12/23/04 177,906 170,040 1.67%, 12/30/04 169,811 149,386 1.65%, 01/06/05 149,139 64,355 1.85%, 01/13/05 64,213 221,659 1.90%, 01/20/05 221,074 250,000 1.87%, 01/27/05 249,259 298,365 1.79%, 02/03/05 297,418 304,631 1.98%, 02/10/05 303,440 333,615 2.04%, 02/17/05 332,138 346,176 1.74%, 02/24/05 344,751 275,000 1.74%, 03/03/05 273,779 325,000 1.83%, 03/10/05 323,360 100,000 1.87%, 03/17/05 99,449 50,000 1.98%, 04/07/05 49,650 73,507 1.93%, 04/14/05 72,979 100,000 2.10%, 04/28/05 99,138 144,081 2.29%, 05/12/05 142,593 118,176 2.32%, 05/19/05 116,889 200,000 2.35%, 05/26/05 197,702 U.S. Treasury Notes & Bonds, 101,049 1.75%, 12/31/04 101,050 79,000 1.50%, 02/28/05 79,045 100,000 1.63%, 03/31/05 100,165 6,000 1.13%, 06/30/05 5,965 - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.1% $ 5,713,643 (COST $5,713,643) * LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)% (6,026) - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $ 5,707,617 - -------------------------------------------------------------------------------------------------------------------------
Percentages indicated are based on net assets of $5,707,617. ABBREVIATIONS: * - The cost of securities is substantially the same for federal income tax purposes. 2 FOR A DESCRIPTION OF THE FUND'S ACCOUNTING POLICIES, SEE NOTES TO FINANCIAL STATEMENTS INCLUDED IN THE FUND'S AUGUST 31, 2004 ANNUAL REPORT. THE "UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS" LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund's fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Fleming Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. J.P. Morgan Fund Distributors, Inc. (C) JPMorgan Chase & Co., 2004. 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. CERTIFICATIONS PURSUANT TO RULE 30A-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) J.P. Morgan Mutual Fund Trust ------------------------------------------------------------ By (Signature and Title) /s/ Stephanie J. Dorsey ------------------------------------------------ Stephanie J. Dorsey, Treasurer Date January 14, 2005 --------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Stephanie J. Dorsey ------------------------------------------------ Stephanie J. Dorsey, Treasurer Date January 14, 2005 --------------------------------------------- By (Signature and Title) /s/ George C.W. Gatch ------------------------------------------------ George C.W. Gatch, President Date January 24, 2005 --------------------------------------------- EX-99.CERT 2 a2148419zex-99_cert.txt EX-99.CERT Exhibit 99.Cert CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 I, George C.W. Gatch, certify that: 1. I have reviewed this report on Form N-Q of J.P. Morgan Mutual Fund Trust (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. /s/ George C.W. Gatch - ------------------------------ George C.W. Gatch President January 24, 2005 - ------------------------------ Date CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 I, Stephanie J. Dorsey, certify that: 1. I have reviewed this report on Form N-Q of J.P. Morgan Mutual Fund Trust (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. /s/ Stephanie J. Dorsey - ------------------------------ Stephanie J. Dorsey Treasurer January 14, 2005 - ------------------------------ Date -----END PRIVACY-ENHANCED MESSAGE-----