ORANGE COUNTY IN BANKRUPTCY : Mutual Funds’ Stake

Investors have flooded the phone lines of mutual funds out of concern about the impact of Orange County’s bankruptcy on their investments. Here is a list of mutual funds with holdings in Orange County debt, both short-term notes and longer-term bonds. The table compares the mutual funds’ holdings of Orange County bonds to their overall portfolio of municipal bonds. Bond values reflect latest information available.

Amounts in thousands of dollars:

Amount in Total of all Mutual Fund Orange County municipal bonds Franklin Ca Tax Free Income Fund $229,095 $13,478,000 Putnam Ca Tax Exempt Income Fund 71,500 2,266,000 CMA Tax Exempt Fund 68,905 5,219,000 Alliance Municipal Income Fd Calif 65,600 1,024,000 Allstate Insurance Co 44,970 14,986,000 Franklin Ca Ins Tax Free Income Fd 44,395 1,428,000 Smith Barney Calif Muni Fd 31,840 642,000 Merrill Lynch Ca Muni Bond Fund 24,135 800,000 Dean Witter California Tax Free In 23,000 1,100,000 Putnam Tax Free High Yield Fund 22,800 1,560,000 California IT Ca Tax Free Income Fd 20,500 236,000 Benham Calif Tax Free Intermed TM 17,605 426,000 Golden Rule Ins Co 17,260 354,000 Nuveen Ca Qual Inc Muni Fd 16,755 397,000 USAA Tax Exempt Short Term Fund 14,220 994,000 Highmark Group Ca Tax-Free Fund 14,205 171,000 Vanguard Tax Free Ca Insured-Lon 14,000 851,000 Tax Exempt Bond Fund of America 13,740 1,311,000 Nuveen Ca Municipal Value Fund 13,500 177,000 Benham Calif Tax Free Long Term 13,250 278,000 Dreyfus Intermediate Mini Bond Fund 13,200 1,425,000 Oppenheimer Ca Tax Exempt Fund 12,440 255,000 Muniyield Ca Insured Fund 12,000 320,000 Putnam Invest Grade Muni TR 11,700 360,000 Kemper Ca Tax Free Income Fund 11,395 1,239,000 Muniyield Ca Fund 10,600 368,000 Sierra Trust Ca Muni Fund 10,500 576,000 Progressive Specialty Insurance 10,200 188,000 Scudder California Tax Free Fund 9,430 332,000 Prudential Ca Muni INCM 9,055 140,000 Pacifica Calif Tax Free Fund 8,000 209,000 Safeco Ca Tax Free Income Fund 7,875 72,000 Hanover Insurance Co 7,800 1,105,000 Dreyfus Ca Tax Exempt Bond 7,500 993,000 Prudential Muni High Yield 7,500 1,129,000 Guardian Life Ins Co of America 7,425 2,163,000 Muniyield Fund Inc 7,000 718,000 American Funds Tax Exempt Ca Ser I 6,750 210,000 Fidelity Ca Tax FR High Yield Portfolio 6,150 692,000 IDS High Yield Tax Ex Fund Inc. MN 6,000 6,079,000 Dreyfus General Calif Muni BD Fund 5,750 345,000 Lord Abbett Calif Tax Free Income 5,000 297,000 Pacific Horizon Ca Tax Exempt Bond 5,000 218,000 Overland Express California Tax Free 4,945 284,000 Eaton Vance Calif Muni Fund 4,750 345,000 Seligman Tax Exempt Ser Tr Ca Quali 4,500 104,000 T. Rowe Price Ca Tx Fr Inc. Bond Fund 4,250 138,000 Landmark Tax Free Reserves 4,160 161,000 Managed Municipals Portf Inc. 4,055 549,000 Smith Barney Managed Muni Fund 4,055 519,000 Benham Calif Tax Free Hy Term 4,000 113,000 Nuveen Ca Insured Tax Free Value Fund 4,000 196,000 Nuveen Ca Muni Mkt Opport Fund 4,000 151,000 American Family Mutual Insurance 4,000 1,793,000 Nuveen Ca Performance Plus Mun 3,745 239,000 Bernstein FXD Inc. Calif Muni 3,500 140,000 Continental Insurance Co. 3,500 345,000 American States Insurance Co. 3,500 1,292,000 Oppenheimer Main St Ca Tax Exempt 3,480 76,000 IDS Ca Tax Exempt Fund 3,000 250,000 Merrill Lynch High Income Muni Bd Fd 3,000 192,000 Putnam High Yield Municipal Trust 3,000 216,000 Muniyield Insured Fund 3,000 903,000 Colonial Ca Tax-Exempt Fund 3,000 491,000 American Economy Insurance Comp 3,000 991,000 Van Kampen Merritt Insured Tax Free 2,860 1,261,000 Fidelity Adv High Yield Tax Free 2,800 2,182,000 Stagecoach Ca Tax-free Bond Fund 2,625 418,000 Lord Abbett Tax Free Inc National SRS 2,500 579,000 Fremont Ca Intermediate Tax Free 2,500 65,000 Mag Mutual Ins Co 2,500 215,000 Atlas Ca Muni Bond Fund 2,400 178,000 Benham Calif Tax Free Short Term 2,265 114,000 National Liability & Fire Ins Co 2,185 53,000 Benham Calif Tax Free Insured Fund 2,000 180,000 Dreyfus Ca Municipal Inc 2,000 45,000 Fidelity Municipal Bond Fund 2,000 1,154,000 Nuveen Ca Select Qual Muni Fund 2,000 390,000 Fidelity Spartan Municipal Income 2,000 1,156,000 Van Kampen Merritt Ca Muni Tr 2,000 73,000 Citizens Insurance Co of America 2,000 988,000 Motors Ins. Corp 2,000 1,857,000 Alaska Pacific Assurance Co 2,000 23,000 Viking Ins Co of Wisconsin 2,000 104,000 Dean Witter Multi State Muni-Ca SE 1,750 121,000 Financial Guaranty Insurance Co 1,565 1,832,000 Safeco National Ins Co 1,500 52,000 Vanguard Tax Free Ca Insured Inte 1,415 44,000 USAA Balanced Portfolio FD 1,400 82,000 John Hancock T Est California 1,350 43,000 Fortis Tax Free Portf Inc Nat Port 1,200 80,000 California IT Ca Ins Tax Free Inc FD 1,165 17,000 Schwab CA LT Tax-Free BD FD 1,150 109,000 Highmark Group Tax Free Fund 1,000 57,000 Smith Barney Interm Mat Ca Muni 1,000 30,000 Franklin Ca Inter-Term Tax Free In 1,000 96,000 Federated Limited Term Muni FD 1,000 45,000 Putnam Invest Grade Muni TR II 1,000 238,000 Amwest Surety Ins Co 1,000 41,000 Mic Life Ins Corporation 1,000 143,000 Country Mutual Insurance Co 1,000 449,000 Physicians Insurance Exchange 1,000 87,000 Paine Webber Ca Tax-Free Income FD 930 312,000 Mercury Ins Co 850 196,000 First Investors Multistate Ins Ca 630 15,000 California Muni Fund 500 20,000 State Street Res Calif Tax Free 500 33,000 Mo Empl Ret Sys City Of St Louis-1 500 1,000 Vista Ca Intermediate Tax Free FD 375 37,000 Atlas National Muni Bond Fund 300 53,000 Calvert TX-Fr Resv Limited Term 250 533,000 Kentucky Farm Bureau Mutual Ins 250 301,000 Atlas Ca Insured Inter Muni FD 200 23,000 Vista Tax Free Income Fund 150 77,000 Colonial High Yield Muni Fund 135 121,000 Aetna Casualty & Surety of Ill. 115 259,000 Center Mutual Ins Co 100 6,000 Montgomery CA Tax Free BD FD 75 9,000 Automobile Insurance Co of Hartford 35 58,000

Source: CDA Investment Technologies Inc.