MORGAN STANLEY RETAIL CORP BOND OFFERINGS - 09/16/2004
DEALER DESK		New York, NY
Jim O'Brien		phone: 914-225-0560
Mike Gormley		inventory: DWR<go>
		DTC: 0015 DEAN
QTY	RATINGS	ISSUER	TICKER	CPN	MTY	BENCHMARK	BENCH YLD	SPD	OFFER PX	OFFER YLD	CUSIP	FIRM
41000	A3 / BBB	DAIMLERCHRYSLER	DCX	7.400	1/20/2005	T 1.62% 01/31/05	1.82%	20	101.757	2.0%	233835AD9	MSDW
40000	AAA / AAA	ONECK INC	OKE	7.750	3/1/2005	T 1.62% 03/31/05	1.87%	1	102.582	1.8%	682680AK9	MSDW
67000	A1 / A+	PACIFIC BELL	SBC	6.250	3/1/2005	T 1.62% 03/31/05	1.87%	3	101.912	1.9%	694032AR4	MSDW
255000	A3 / BBB	GMAC	GM	3.700	3/15/2005	T 1.62% 03/31/05	1.87%	30	100.729	2.1%	37042GY75	MSDW
493000	BAA3 / BBB-	SPRINT CAPT CORP	FON	7.900	3/15/2005	T 1.62% 03/31/05	1.87%	25	102.762	2.1%	852060AR3	MSDW
195000	A3 / A	UST INC	UST	8.800	3/15/2005	T 1.62% 03/31/05	1.87%	2	103.306	1.8%	902911AJ5	MSDW
479000	BAA1 / BBB+	ERP OPERATING LP	EQR	6.630	4/13/2005	T 1.62% 04/30/05	1.91%	30	102.447	2.2%	26884AAH6	MSDW
735000	BAA3 / BBB-	ARAMARK SERVICES	RMK	8.150	5/1/2005	T 1.25% 05/31/05	1.91%	30	103.579	2.2%	038522AA6	MSDW
41000	BAA1 / BBB	GENERAL MOTORS	GM	6.250	5/1/2005	T 2.75% 07/31/06	2.47%	45	101.996	2.9%	370442AX3	MSDW
167000	A3 / A-	REED ELSEVIER MTN	REEDLN	7.000	5/15/2005	T 1.25% 05/31/05	1.91%	22	103.12	2.1%	75820QAB8	MSDW
31000	A2 / A	CARNIVAL CRUISE	null	7.050	5/15/2005	T 1.25% 05/31/05	1.91%	24	103.139	2.1%	143658AG7	MSDW
85000	A2 / A-	NATIONAL CITY	NCC	7.200	5/15/2005	T 1.25% 05/31/05	1.91%	35	103.163	2.2%	635405AH6	MSDW
100000	A3 / A-	CBS CORP	VIA	7.150	5/20/2005	T 1.25% 05/31/05	1.91%	4	103.407	1.9%	12490KAB3	MSDW
25000	BAA3 / BBB-	CENTES CORP	CTX	7.375	6/1/2005	T 1.12% 06/30/05	1.96%	73	103.196	2.6%	152312AD6	MSDW
96000	A1 / AA-	INTL LEASE FINAN	AIG	5.950	6/6/2005	T 1.12% 06/30/05	1.96%	1	102.787	1.9%	45974VYC6	MSDW
1459000	BAA1 / BBB+	DEUTSCHE TELEKOM	null	8.250	6/15/2005	T 1.12% 06/30/05	1.96%	20	104.402	2.1%	25156PAA1	MSDW
343000	A2 / A	CIT GROUP HLDGS	CIT	6.625	6/15/2005	T 1.12% 06/30/05	1.96%	1	103.368	1.9%	125569DJ9	MSDW
380000	BAA1 / BBB+	TIME WARNER INC	TWX	7.750	6/15/2005	T 1.12% 06/30/05	1.96%	50	103.815	2.4%	887315AN9	MSDW
85000	BAA2 / BBB	SIMON DEBARTOLO	SPG	7.125	6/24/2005	T 1.12% 06/30/05	1.96%	65	103.367	2.6%	82878EAA4	MSDW
110000	AA3 / A+	MERRILL LYNCH CO	MER	6.000	7/15/2005	T 1.50% 07/31/05	2.00%	27	102.995	2.2%	590188JE9	MSDW
120000	A3 / A-	COMPAQ COMPUTER	HPQ	7.650	8/1/2005	T 2.00% 08/31/05	2.03%	28	104.522	2.3%	204493AH3	MSDW
233000	BAA3 / BBB	TELE COMMUN INC	CMCSA	7.250	8/1/2005	T 2.00% 08/31/05	2.03%	43	104.052	2.4%	879240AW9	MSDW
189000	BAA3 / BBB	TCI COMMUNICATION	CMCSA	8.000	8/1/2005	T 2.00% 08/31/05	2.03%	43	104.687	2.4%	872287AB3	MSDW
1313000	A3 / A	COMPUTER SCIENCE	CSC	7.500	8/8/2005	T 2.00% 08/31/05	2.03%	33	104.449	2.3%	205363AC8	MSDW
34000	BAA3 / BBB-	CALENERGY CO INC	BRK	7.230	9/15/2005	T 1.62% 09/30/05	2.07%	65	104.344	2.7%	129466AK4	MSDW
73000	A3 / A-	DETROIT EDISON CO	DTE	5.050	10/1/2005	T 1.88% 01/31/06	2.24%	20	102.634	2.4%	250847DR8	MSDW
80000	A2 / A	HONEYWELL INTL	HON	6.875	10/3/2005	T 1.62% 10/31/05	2.10%	23	104.608	2.3%	438516AL0	MSDW
35000	BAA1 / BBB+	CMWLTH EDISON CO	EXC	6.400	10/15/2005	T 1.62% 10/31/05	2.10%	55	103.911	2.6%	202795FR6	MSDW
120000	/ AAA	EUROPAISCHE	null	4.250	10/24/2005	T 1.62% 10/31/05	2.10%	30	101.975	2.4%	L3229LBW8	MSDW
151000	A1 / A	CHASE MANHATTAN	JPM	6.000	11/1/2005	T 1.88% 11/30/05	2.16%	33	103.825	2.4%	16161ABT4	MSDW
527000	A3 / A-	WASHINGTON MUTUAL	WM	2.400	11/3/2005	T 1.88% 11/30/05	2.16%	28	99.96	2.4%	939322AK9	MSDW
235000	N.A. / A+	OLD KENT FINL	FITB	6.625	11/15/2005	T 1.88% 12/31/05	2.20%	31	104.63	2.5%	679833AB9	MSDW
374000	BAA2 / BBB	COLUMBIA GAS C	NI	6.800	11/28/2005	T 2.00% 08/31/05	2.03%	72	104.689	2.7%	197648CA4	MSDW
120000	A1 / A+	GTE SOUTHWEST B	VZ	6.540	12/1/2005	T 1.88% 12/31/05	2.20%	45	104.537	2.6%	362338AS4	MSDW
113000	AA3 / A	BANK OF BOSTON	BAC	6.625	12/1/2005	T 1.88% 12/31/05	2.20%	35	104.758	2.5%	060716BQ9	MSDW
91000	A3 / BBB-	FORD MTR CR	F	6.250	12/8/2005	T 2.38% 08/31/06	2.50%	50	103.839	3.0%	345397NJ8	MSDW
102000	A1 / A+	AMER GENL FIN NTS	AIG	5.875	12/15/2005	T 1.88% 12/31/05	2.20%	30	104.068	2.5%	02635KCL6	MSDW
292000	A3 / BBB-	FORD MTR CR	F	6.375	12/15/2005	T 2.38% 08/31/06	2.50%	45	104.112	2.9%	345397HB2	MSDW
31000	BAA2 / BBB+	BERKLEY W R	BER	6.250	1/15/2006	T 1.50% 03/31/06	2.31%	80	104.019	3.1%	084423AD4	MSDW
2142000	A3 / BBB	GMAC NOTES	GM	6.750	1/15/2006	T 2.75% 07/31/06	2.47%	63	104.663	3.1%	370425RT9	MSDW
66000	AA3 / A+	MERRILL LYNCH CO	MER	6.250	1/15/2006	T 1.88% 01/31/06	2.24%	38	104.665	2.6%	590188FC7	MSDW
71000	AA2 / A+	CITICORP	C	6.375	1/15/2006	T 1.88% 12/31/05	2.20%	34	104.929	2.5%	173034GR4	MSDW
949000	BAA1 / BBB-	SOUTHERN CALIF ED	EIX	6.375	1/15/2006	T 1.88% 01/31/06	2.24%	55	104.6	2.7%	842400DX8	MSDW
61000	A1 / AA-	INTL LEASE FIN	AIG	4.000	1/17/2006	T 2.50% 05/31/06	2.39%	19	101.83	2.5%	45974VYY8	MSDW
123000	A1 / A	HOUSEHOLD FINL	HSBC	6.500	1/24/2006	T 2.38% 08/31/06	2.50%	8	105.131	2.5%	441812JT2	MSDW
139000	A3 / A-	VIACOM INC	VIA	6.400	1/30/2006	T 2.75% 07/31/06	2.47%	13	105.03	2.6%	925524AN0	MSDW
35000	A3 / A-	KOHLS CORP	KSS	6.700	2/1/2006	T 1.62% 02/28/06	2.27%	28	105.518	2.5%	500255AA2	MSDW
324000	A3 / BBB-	FORD MOTOR CREDIT	F	6.875	2/1/2006	T 2.38% 08/31/06	2.50%	61	104.973	3.1%	345397TR4	MSDW
1013000	A1 / A	LEHMAN BROTHERS	LEH	6.625	2/5/2006	T 1.62% 02/28/06	2.27%	34	105.379	2.6%	524908BY5	MSDW
90000	BA2 / BBB-	TYCO INTL GROUP	null	6.375	2/15/2006	T 2.38% 08/31/06	2.50%	28	104.898	2.7%	902118AX6	MSDW
145000	BAA3 / BBB	TCI COMMUN INC	CMCSA	6.875	2/15/2006	T 2.25% 04/30/06	2.35%	83	105.016	3.1%	872287AE7	MSDW
25000	A1 / A+	PACIFIC BELL	SBC	5.875	2/15/2006	T 2.75% 07/31/06	2.47%	23	104.325	2.7%	694032AY9	MSDW
410000	A1 / A+	NATL RURAL UTIL	NRUC	3.000	2/15/2006	T 2.38% 08/31/06	2.50%	10	100.544	2.6%	637432CX1	MSDW
131000	A3 / BBB-	FORD MTR CR	F	6.500	2/15/2006	T 2.38% 08/31/06	2.50%	65	104.548	3.1%	345397HD8	MSDW
105000	A1 / A	1ST CHICAGO NBD	JPM	6.125	2/15/2006	T 2.75% 07/31/06	2.47%	18	104.737	2.6%	31945AAD2	MSDW
1012000	AA3 / A	BANKAMERICA CORP	BAC	6.200	2/15/2006	T 2.38% 08/31/06	2.50%	12	104.886	2.6%	066050CH6	MSDW
901000	A1 / A	HOUSEHOLD FINANCE	HSBC	3.375	2/21/2006	T 2.38% 08/31/06	2.50%	12	101.041	2.6%	44181KQ80	MSDW
125000	AA1 / AA-	ASSOC CORP MTN	C	6.550	2/28/2006	T 5.62% 02/15/06	2.19%	40	105.547	2.5%	045906MN1	MSDW
547000	BAA2 / BBB	SAFEWAY INC	SWY	6.150	3/1/2006	T 2.38% 08/31/06	2.50%	38	104.591	2.8%	786514BB4	MSDW
155000	BAA2 / BBB	AETNA INC	AET	7.375	3/1/2006	T 2.38% 08/31/06	2.50%	35	106.355	2.8%	00817YAA6	MSDW
251000	AA3 / A+	MERRILL LYNCH CO	MER	7.000	3/15/2006	T 2.38% 08/31/06	2.50%	14	106.3	2.6%	590188FV5	MSDW
535000	AA2 / A+	WELLS FARGO & CO	WFC	6.875	4/1/2006	T 2.75% 07/31/06	2.47%	16	106.309	2.6%	949740BZ6	MSDW
54000	BAA2 / BBB-	PINNACLE WEST CAP	PNW	6.400	4/1/2006	T 2.25% 04/30/06	2.35%	75	104.885	3.1%	723484AB7	MSDW
322000	AA3 / A+	MORGAN STANLEY	MWD	6.100	4/15/2006	T 2.38% 08/31/06	2.50%	17	105.225	2.6%	617446GL7	MSDW
102000	AA3 / A	BANKAMERICA CORP	BAC	7.200	4/15/2006	T 1.50% 03/31/06	2.31%	40	106.844	2.7%	066050CB9	MSDW
1505000	A1 / A	BEAR STEARNS CO	BSC	6.500	5/1/2006	T 2.38% 08/31/06	2.50%	22	105.914	2.7%	073902BX5	MSDW
629000	A1 / A+	SOUTHWEST BELL	SBC	5.750	5/2/2006	T 2.50% 05/31/06	2.39%	33	104.742	2.7%	78387GAF0	MSDW
1658000	N/R / BBB	LOCKHEED MARTIN	LMT	7.250	5/15/2006	T 2.75% 07/31/06	2.47%	39	107.015	2.8%	539830AC3	MSDW
78000	A2 / A+	TARGET CORP	TGT	5.950	5/15/2006	T 2.50% 05/31/06	2.39%	23	105.332	2.6%	87612EAE6	MSDW
585000	AA3 / A+	MERRILL LYNCH CO	MER	7.375	5/15/2006	T 2.38% 08/31/06	2.50%	24	107.421	2.7%	590188FX1	MSDW
475000	BAA3 / BBB	AMER ELECTRIC PWR	AEP	6.125	5/15/2006	T 2.75% 07/31/06	2.47%	45	105.116	2.9%	025537AA9	MSDW
33000	A3 / BBB	DAIMLER-CHRYSLER	DCX	6.400	5/15/2006	T 2.38% 08/31/06	2.50%	40	105.593	2.9%	233835AS6	MSDW
998000	A1 / A+	NATL RURAL UTIL	NRUC	6.000	5/15/2006	T 2.75% 07/31/06	2.47%	26	105.231	2.7%	637432CQ6	MSDW
264000	A1 / A+	AMER GEN FINANCE	AIG	6.100	5/22/2006	T 2.75% 07/31/06	2.47%	35	105.307	2.8%	02635PRA3	MSDW
214000	BAA2 / BBB	PHILIP MORRIS CON	MO	6.950	6/1/2006	T 2.38% 08/31/06	2.50%	100	105.62	3.5%	718154CB1	MSDW
252000	A1 / A	LEHMAN BROTHERS	LEH	7.625	6/1/2006	T 2.75% 06/30/06	2.43%	41	107.851	2.8%	524909AV0	MSDW
50000	A1 / A+	SOCIETE GENERALE	SOCGEN	7.400	6/1/2006	T 2.62% 11/15/06	2.59%	30	107.403	2.8%	83364WAF2	MSDW
350000	A3 / A	KEYSPAN CORP	KSE	6.150	6/1/2006	T 2.62% 11/15/06	2.59%	25	105.436	2.8%	49337WAD2	MSDW
130000	AA2 / AA+	BANK AUSTRIA	null	5.750	6/8/2006	T 2.38% 08/31/06	2.50%	25	104.983	2.7%	A97947LC6	MSDW
25000	A1 / A+	AMERICAN GENERAL FINANCE SER F	AIG	5.910	6/12/2006	T 2.38% 08/31/06	2.50%	40	105.03	2.9%	02635PRD7	MSDW
155000	AA3 / A+	MERRILL LYNCH	MER	2.070	6/12/2006	T 2.38% 08/31/06	2.50%	23	98.892	2.7%	59018YRF0	MSDW
345000	AA2 / A+	CITICORP	C	7.750	6/15/2006	T 2.38% 08/31/06	2.50%	27	108.364	2.7%	173034GM5	MSDW
250000	BAA1 / BBB+	MBNA AMERICA	KRB	6.500	6/20/2006	T 2.38% 08/31/06	2.50%	42	106.048	2.9%	5526E0AJ2	MSDW
872000	A1 / AA	ABBOTT LABS	ABT	5.625	7/1/2006	T 2.75% 07/31/06	2.47%	20	105.086	2.6%	002824AM2	MSDW
154000	A1 / A	SUNTRUST HOLDINGS	STI	7.375	7/1/2006	T 2.38% 08/15/06	2.47%	38	107.778	2.8%	867914AK9	MSDW
30000	BAA2 / BBB	QUEST DIAGNOSTICS	DGX	6.750	7/12/2006	T 2.38% 08/31/06	2.50%	55	106.455	3.0%	74834LAD2	MSDW
1165000	A2 / A	CATERPILLAR FINL	CAT	2.590	7/15/2006	T 2.75% 07/31/06	2.47%	23	99.798	2.7%	14912LX63	MSDW
196000	A1 / A	HOUSEHOLD FINANCE	HSBC	7.200	7/15/2006	T 2.38% 08/31/06	2.50%	40	107.549	2.9%	441812GH1	MSDW
70000	A1 / A-	1ST UNION CORP	WB	7.500	7/15/2006	T 2.00% 05/15/06	2.35%	53	108.116	2.8%	337358BG9	MSDW
262000	AA3 / AA	UNION BK SWITZ	UBS	7.250	7/15/2006	T 2.38% 08/31/06	2.50%	30	107.822	2.8%	90531PAB9	MSDW
62000	BAA2 / BBB	HALLIBURTON CO	HAL	6.000	8/1/2006	T 2.38% 08/31/06	2.50%	90	104.644	3.4%	40621PAF6	MSDW
54000	AA1 / AA-	CITIGROUP INC	C	5.500	8/9/2006	T 2.75% 07/31/06	2.47%	40	104.778	2.8%	172967BH3	MSDW
122000	A1 / A+	PACIFIC BELL	SBC	6.875	8/15/2006	T 2.38% 08/15/06	2.47%	38	107.383	2.8%	694032AZ6	MSDW
416000	BAA1 / BBB	CENDANT CORP	CD	6.875	8/15/2006	T 2.38% 08/31/06	2.50%	54	107.023	3.0%	151313AL7	MSDW
94000	A2 / A	NIKE INC	NKE	5.500	8/15/2006	T 2.38% 08/15/06	2.47%	28	105.048	2.7%	654106AB9	MSDW
205000	A2 / A+	ALLIANCE CAPITAL	AC	5.625	8/15/2006	T 2.38% 08/31/06	2.50%	50	104.808	3.0%	018548AA5	MSDW
318000	A1 / A	HOUSEHOLD FIN	HSBC	2.900	8/15/2006	T 2.75% 07/31/06	2.47%	55	99.772	3.0%	44181EN61	MSDW
64000	A1 / A	LEHMAN BROS HLDGS	LEH	7.500	9/1/2006	T 2.75% 07/31/06	2.47%	50	108.488	2.9%	52517PQM6	MSDW
80000	A3 / BBB	DAIMLER BENZ NA	DCX	7.375	9/15/2006	T 2.38% 08/31/06	2.50%	59	108.18	3.0%	23383FAA3	MSDW
309000	AA3 / A	NATIONSBANK CORP	BAC	7.500	9/15/2006	T 2.38% 08/31/06	2.50%	40	108.802	2.9%	638585AT6	MSDW
693000	BAA3 / BBB-	LIBERTY MEDIA	L	3.500	9/25/2006	T 2.75% 07/31/06	2.47%	113	99.8	3.6%	530718AE5	MSDW
80000	A3 / BBB+	BRLNGTN NTHN SR H	BNI	9.250	10/1/2006	T 2.38% 08/31/06	2.50%	58	112.036	3.0%	121899BX5	MSDW
277000	A1 / A+	IBM CORP	IBM	4.875	10/1/2006	T 2.62% 11/15/06	2.59%	18	104.126	2.7%	459200AW1	MSDW
154000	A1 / A+	BRISTOL MEYER	BMY	4.750	10/1/2006	T 2.62% 11/15/06	2.59%	37	103.501	2.9%	110122AF5	MSDW
293000	AA1 / AA-	NORWEST CORP MTN	WFC	6.750	10/1/2006	T 2.62% 11/15/06	2.59%	35	107.45	2.9%	66938FJR6	MSDW
677000	BAA2 / BBB-	HERTZ CORP	F	4.700	10/2/2006	T 2.38% 08/31/06	2.50%	101	102.31	3.5%	428040BT5	MSDW
33000	BAA3 / BBB	WMX TECHNOLOGIES	WMI	7.000	10/15/2006	T 2.75% 07/31/06	2.47%	72	107.551	3.1%	92929QAR8	MSDW
1470000	A3 / A-	CONOCO FUNDING CO	COP	5.450	10/15/2006	T 2.38% 08/31/06	2.50%	36	105.158	2.8%	20825UAA2	MSDW
876000	A3 / BBB+	KRAFT FOODS INC	KFT	4.625	11/1/2006	T 2.38% 08/31/06	2.50%	60	103.089	3.1%	50075NAA2	MSDW
281000	A3 / BBB+	CONSOLIDATED NAT	D	5.375	11/1/2006	T 2.62% 11/15/06	2.59%	52	104.594	3.1%	209615BW2	MSDW
232000	BAA1 / BBB	SOUTHWESTERN PUB	XEL	5.125	11/1/2006	T 2.38% 08/31/06	2.50%	65	103.999	3.1%	845743BG7	MSDW
100000	BAA2 / BBB+	RUBBERMAID INC	NWL	6.600	11/15/2006	T 2.62% 11/15/06	2.59%	75	106.708	3.3%	781088AA7	MSDW
85000	A3 / A+	TRANSAMERICA	AEGON	6.750	11/15/2006	T 2.62% 11/15/06	2.59%	60	107.34	3.1%	893485AM4	MSDW
47000	BAA1 / BBB	ARIZONA PUB SVC	PNW	6.750	11/15/2006	T 2.38% 08/31/06	2.50%	85	106.989	3.3%	040555BX1	MSDW
205000	BAA2 / BBB	OASIS RESIDENTIAL	CPT	7.250	11/15/2006	T 2.62% 11/15/06	2.59%	80	107.937	3.3%	674216AC0	MSDW
376000	BAA3 / BBB-	CNA FINL CORP	CNAFNL	6.750	11/15/2006	T 2.38% 08/31/06	2.50%	105	106.56	3.5%	126117AF7	MSDW
198000	AA2 / A+	FLEETBOSTON FINL	BAC	4.875	12/1/2006	T 2.62% 11/15/06	2.59%	38	104.018	2.9%	339030AD0	MSDW
95000	AA1 / AA-	NORWEST CORP MTN	WFC	6.550	12/1/2006	T 2.62% 11/15/06	2.59%	43	107.44	3.0%	66938FJS4	MSDW
272000	BAA2 / BBB-	SOUTHERN INVT UK	null	6.800	12/1/2006	T 2.75% 07/31/06	2.47%	95	107.073	3.4%	843234AB1	MSDW
118000	A3 / A-	HEWLETT-PACKARD	HPQ	5.750	12/15/2006	T 2.62% 11/15/06	2.59%	43	105.852	3.0%	428236AE3	MSDW
235000	N/R / AA	ITALY REP	null	2.750	12/15/2006	T 2.62% 11/15/06	2.59%	35	99.594	2.9%	465410BJ6	MSDW
60000	BAA3 / BBB	CIGNA CORP	CI	8.250	1/1/2007	T 2.25% 02/15/07	2.66%	85	110.278	3.5%	125509AE9	MSDW
25000	A1 / A	LEHMAN BROS INC	LEH	7.375	1/15/2007	T 2.75% 08/15/07	2.82%	34	109.331	3.1%	524909AX6	MSDW
430000	BAA2 / A-	AON CORP	AOC	6.700	1/15/2007	T 2.25% 02/15/07	2.66%	67	107.445	3.3%	037389AP8	MSDW
344000	BAA2 / BBB	MBNA CORP	KRB	6.250	1/17/2007	T 2.25% 02/15/07	2.66%	66	106.488	3.3%	55263ECD5	MSDW
270000	AA1 / AA+	AMOCO ARGENTINA	null	6.750	2/1/2007	T 2.25% 02/15/07	2.66%	33	108.503	2.9%	03167PAB3	MSDW
40000	A2 / A	SHERWIN WILLIAMS	SHW	6.850	2/1/2007	T 2.75% 08/15/07	2.82%	28	108.463	3.1%	824348AK2	MSDW
93000	BAA1 / A-	BAXTER INTL INC	BAX	7.125	2/1/2007	T 2.25% 02/15/07	2.66%	73	108.398	3.3%	071813AN9	MSDW
507000	BAA2 / BBB	PHILIP MORRIS	MO	7.200	2/1/2007	T 3.12% 05/15/07	2.75%	135	106.894	4.1%	718154CG0	MSDW
435000	A3 / A-	SOUTHERN CO CAP	SO	5.300	2/1/2007	T 2.25% 02/15/07	2.66%	48	104.872	3.1%	842634AE7	MSDW
507000	A3 / A	COUNTRYWIDE HOME	CFC	5.500	2/1/2007	T 2.25% 02/15/07	2.66%	52	105.23	3.1%	22237LMD1	MSDW
62000	A3 / BBB	GMAC	GM	6.125	2/1/2007	T 2.75% 08/15/07	2.82%	97	105.214	3.7%	370425SB7	MSDW
250000	AA3 / A+	MARSHALL & ILSLEY	MI	2.625	2/9/2007	T 2.25% 02/15/07	2.66%	39	99.026	3.0%	5525V0AH9	MSDW
40000	A3 / BBB-	FMCC MTN	F	7.750	2/15/2007	T 2.75% 08/15/07	2.82%	105	108.799	3.8%	3454024U2	MSDW
367000	AAA / AAA	GEN ELEC CAP CORP	GE	5.000	2/15/2007	T 3.12% 05/15/07	2.75%	29	104.493	3.0%	36962GXR0	MSDW
71000	A1 / AA-	INTL LEASE FIN	AIG	5.750	2/15/2007	T 2.25% 02/15/07	2.66%	55	105.816	3.2%	459745EY7	MSDW
260000	A2 / A-	KEYCORP	KEY	2.750	2/27/2007	T 2.25% 02/15/07	2.66%	55	98.928	3.2%	49326EDS9	MSDW
598000	A1 / A	BEAR STEARNS COS	BSC	7.000	3/1/2007	T 6.25% 02/15/07	2.66%	50	108.971	3.1%	073902AZ1	MSDW
262000	A2 / A	NATL RURAL UTIL	NRUC	6.500	3/1/2007	T 2.75% 08/15/07	2.82%	43	107.568	3.2%	637432CS2	MSDW
475000	AA2 / AA-	US BANK NA	USB	2.400	3/12/2007	T 2.25% 02/15/07	2.66%	40	98.435	3.0%	90331HJN4	MSDW
88000	A2 / A+	BELL ATLANTIC	VZ	7.600	3/15/2007	T 3.12% 05/15/07	2.75%	65	109.912	3.4%	07785HCZ9	MSDW
280000	A2 / A+	MARSH & MCLENNAN	MMC	5.375	3/15/2007	T 2.75% 08/15/07	2.82%	33	105.267	3.1%	571748AD4	MSDW
123000	AA2 / AA-	BANK ONE NA	JPM	5.500	3/26/2007	T 2.25% 02/15/07	2.66%	49	105.634	3.1%	06423ENM3	MSDW
235000	A2 / A+	TARGET CORP NOTES	TGT	5.500	4/1/2007	T 2.75% 08/15/07	2.82%	25	105.859	3.0%	87612EAD8	MSDW
75000	A2 / A-	ACE LTD	null	6.000	4/1/2007	T 2.75% 08/15/07	2.82%	55	106.313	3.3%	004408AB6	MSDW
108000	A2 / A	CIT GROUP HOLDING	CIT	7.375	4/2/2007	T 2.25% 02/15/07	2.66%	63	109.837	3.2%	125581AA6	MSDW
670000	A2 / A	USA EDUCATION INC	SLMA	5.625	4/10/2007	T 2.75% 08/15/07	2.82%	34	105.991	3.1%	90390MAP5	MSDW
131000	A3 / BBB+	BLOCK FINL	HRB	8.500	4/15/2007	T 3.12% 05/15/07	2.75%	65	112.422	3.4%	093662AB0	MSDW
793000	AA3 / A+	CREDIT SUISSE FB	CRDSUI	5.750	4/15/2007	T 2.75% 08/15/07	2.82%	34	106.327	3.1%	22541LAD5	MSDW
521000	AA1 / AA-	NORWEST FINL INC	WFC	7.200	5/1/2007	T 4.38% 05/15/07	2.74%	42	110.041	3.1%	669383DH1	MSDW
110000	A2 / A	COCA-COLA ENTER	CCE	5.250	5/15/2007	T 2.75% 08/15/07	2.82%	30	105.366	3.1%	191219BK9	MSDW
100000	A1 / A+	MELLON BANK NA	MEL	7.375	5/15/2007	T 3.12% 05/15/07	2.75%	53	110.298	3.2%	58550HAA2	MSDW
85000	BAA3 / BBB	CIGNA CORP	CI	7.400	5/15/2007	T 2.25% 02/15/07	2.66%	85	109.752	3.5%	125509BA6	MSDW
772000	A1 / A	NBD BANCORP	JPM	7.125	5/15/2007	T 2.75% 08/15/07	2.82%	48	109.616	3.3%	628900AF9	MSDW
100000	A1 / A	HOUSEHOLD FIN	HSBC	7.650	5/15/2007	T 3.12% 05/15/07	2.75%	60	110.802	3.3%	441812FL3	MSDW
60000	BAA1 / A-	KIMCO REALTY CORP	KIM	7.460	5/29/2007	T 3.12% 05/15/07	2.75%	75	110.074	3.5%	49446QAF8	MSDW
25000	A3 / BBB+	KRAFT FOODS INC	KFT	5.250	6/1/2007	T 2.75% 08/15/07	2.82%	40	105.187	3.2%	50075NAG9	MSDW
50000	BAA3 / BBB	TELUS CORP	TCN	7.500	6/1/2007	T 3.12% 05/15/07	2.75%	103	109.428	3.7%	87971MAB9	MSDW
250000	AA1 / AA-	WELLS FARGO FINL	WFC	4.875	6/12/2007	T 2.75% 08/15/07	2.82%	36	104.379	3.1%	94975CAK3	MSDW
920000	A2 / A+	VERIZON GLOBAL	VZ	6.125	6/15/2007	T 2.75% 08/15/07	2.82%	44	107.421	3.2%	92344GAR7	MSDW
243000	AA2 / A+	CITICORP	C	7.200	6/15/2007	T 3.12% 05/15/07	2.75%	53	110.153	3.2%	173034GW3	MSDW
440000	A1 / A	MERCANTILE BANC	USB	7.300	6/15/2007	T 4.38% 05/15/07	2.74%	50	110.528	3.2%	587342AF3	MSDW
104000	A1 / A	LEHMAN BROS HLDG	LEH	8.250	6/15/2007	T 2.62% 05/15/08	3.04%	40	112.444	3.4%	524908CK4	MSDW
511000	AA3 / A+	OLD REPUBLIC INTL	ORI	7.000	6/15/2007	T 3.12% 05/15/07	2.75%	60	109.442	3.3%	680223AE4	MSDW
916000	BAA2 / BBB+	EOP OPERATING	EOP	6.763	6/15/2007	T 4.38% 05/15/07	2.74%	80	108.316	3.5%	268766AV4	MSDW
53000	AA3 / A+	BANK OF NEW YORK	BK	5.200	7/1/2007	T 3.25% 08/15/07	2.82%	40	105.21	3.2%	064057BB7	MSDW
218000	AA3 / A+	SUNTRUST BANK	STI	6.900	7/1/2007	T 3.25% 08/15/07	2.82%	50	109.412	3.3%	8678P5AA4	MSDW
130000	BAA1 / BBB+	1ST MD BANCORP	MTB	7.200	7/1/2007	T 3.25% 08/15/07	2.82%	70	109.644	3.5%	320806AG7	MSDW
268000	AA2 / A+	CITICORP MTN	C	7.000	7/1/2007	T 2.75% 08/15/07	2.82%	46	109.785	3.2%	17303MGW3	MSDW
255000	AA1 / AA-	COMMERCIAL CR CO	C	6.750	7/1/2007	T 3.25% 08/15/07	2.82%	48	109.073	3.3%	201615DR9	MSDW
677000	AA2 / AA	WAL-MART STORES	WMT	4.375	7/12/2007	T 2.75% 08/15/07	2.82%	22	103.556	3.0%	931142BR3	MSDW
41000	AA3 / A+	BELL TEL CO PA	VZ	7.375	7/15/2007	T 3.25% 08/15/07	2.82%	59	110.549	3.4%	078167BB8	MSDW
419000	A3 / BBB+	PNC FUNDING CORP	PNC	6.875	7/15/2007	T 3.12% 05/15/07	2.75%	70	109.103	3.4%	693476AJ2	MSDW
472000	A2 / A	GEORGIA POWER CO	SO	4.875	7/15/2007	T 3.25% 08/15/07	2.82%	50	104.138	3.3%	373334FL0	MSDW
250000	AAA / AAA	GECC	GE	3.450	7/16/2007	T 2.75% 08/15/07	2.82%	35	100.739	3.1%	36962GJ70	MSDW
713000	AA2 / AA	ALLSTATE LIFE	ALL	3.500	7/30/2007	T 3.12% 05/15/07	2.75%	52	100.611	3.2%	02003MAC8	MSDW
340000	BAA2 / BBB	KROGER CO	KR	7.800	8/15/2007	T 3.25% 08/15/07	2.82%	74	111.573	3.5%	501044BY6	MSDW
68000	BAA2 / BBB-	HERTZ CORP	F	7.625	8/15/2007	T 2.75% 08/15/07	2.82%	130	109.475	4.1%	428040BN8	MSDW
50000	BAA2 / BBB	LIBERTY PPTY LTD	LRY	7.250	8/15/2007	T 2.75% 08/15/07	2.82%	75	110.04	3.5%	53117CAC6	MSDW
171000	AA3 / A+	BANK OF NEW YORK	BK	3.900	9/1/2007	T 2.75% 08/15/07	2.82%	45	101.745	3.2%	06406HAS8	MSDW
1383000	AA2 / AA	CHEVRONTEXACO	CVX	3.500	9/17/2007	T 2.75% 08/15/07	2.82%	28	101.125	3.1%	166760AA6	MSDW
230000	A2 / A-	CHARLES SCHWAB	SCH	6.940	9/19/2007	T 2.75% 08/15/07	2.82%	72	109.571	3.5%	80851QBU7	MSDW
55000	BAA3 / BBB	OCEAN ENERGY INC	DVN	4.375	10/1/2007	T 3.00% 11/15/07	2.89%	68	102.288	3.5%	67481EAB2	MSDW
150000	A3 / A-	PRAXAIR INC	PX	6.625	10/15/2007	T 3.00% 11/15/07	2.89%	35	109.801	3.2%	74005PAF1	MSDW
316000	A3 / A-	CONOCOPHILLIPS	COP	3.625	10/15/2007	T 2.75% 08/15/07	2.82%	35	101.31	3.1%	20825CAD6	MSDW
60000	BAA2 / BBB	MAY DEPARTMENT	MAY	7.900	10/15/2007	T 3.00% 11/15/07	2.89%	85	111.941	3.7%	577778BP7	MSDW
623000	BAA2 / BBB-	UNIVISION COMM	UVN	3.500	10/15/2007	T 3.00% 11/15/07	2.89%	78	99.507	3.6%	914906AD4	MSDW
125000	BAA3 / BBB-	RAYTHEON CO	RTN	4.500	11/15/2007	T 3.00% 11/15/07	2.89%	56	103.102	3.4%	755111BM2	MSDW
794000	BAA3 / BBB	MOTOROLA INC	MOT	4.608	11/16/2007	T 3.00% 11/15/07	2.89%	72	102.949	3.6%	620076AU3	MSDW
260000	A1 / A+	DIAGEO PLC	null	3.500	11/19/2007	T 3.00% 11/15/07	2.89%	43	100.53	3.3%	25243QAB2	MSDW
53000	BAA2 / BBB	MBNA CORP	KRB	5.625	11/30/2007	T 3.00% 11/15/07	2.89%	78	105.829	3.6%	55263ECG8	MSDW
230000	BAA1 / BBB+	ENRON OIL GAS CO	EOG	6.500	12/1/2007	T 3.00% 11/15/07	2.89%	58	109.079	3.4%	293562AC8	MSDW
25000	AA1 / AA-	WELLS FARGO & CO	WFC	5.250	12/1/2007	T 3.00% 11/15/07	2.89%	47	105.672	3.3%	949746CK5	MSDW
159000	AA1 / AA-	NORWEST FINL	WFC	6.375	12/1/2007	T 3.00% 11/15/07	2.89%	50	108.957	3.3%	669383DP3	MSDW
2081000	A3 / A	COUNTRYWIDE FINL	CFC	4.250	12/19/2007	T 3.00% 11/15/07	2.89%	64	102.182	3.5%	22237LND0	MSDW
106000	AA1 / AA-	COMMERCIAL CR MTN	C	6.250	1/1/2008	T 3.50% 08/15/09	3.38%	11	108.465	3.4%	201615DT5	MSDW
77000	BAA1 / BBB+	TIME WARNER INC	TWX	7.480	1/15/2008	T 3.00% 02/15/08	2.97%	120	110.162	4.1%	887315AT6	MSDW
35000	A2 / A	360 COMMUNICATION	AT	6.650	1/15/2008	T 3.00% 02/15/08	2.97%	73	109.138	3.6%	885571AE9	MSDW
262000	BAA2 / BBB+	SPIEKER PROPS	EOP	6.750	1/15/2008	T 3.00% 02/15/08	2.97%	80	109.218	3.7%	848503AH1	MSDW
328000	BAA3 / BBB-	CNA FINL	CNAFNL	6.450	1/15/2008	T 3.50% 08/15/09	3.38%	85	106.788	4.2%	126117AG5	MSDW
358000	A3 / A-	WASHINGTON MUTUAL	WM	4.375	1/15/2008	T 3.62% 07/15/09	3.36%	22	102.45	3.5%	939322AH6	MSDW
3055000	AA3 / A+	GOLDMAN SACHS	GS	4.125	1/15/2008	T 3.00% 02/15/08	2.97%	52	101.984	3.4%	38141GCS1	MSDW
130000	A3 / BBB	GMAC	GM	6.125	1/22/2008	T 3.38% 09/15/09	3.39%	98	105.382	4.3%	370425QS2	MSDW
269000	A1 / A	LEHMAN BROTHERS	LEH	4.000	1/22/2008	T 3.38% 09/15/09	3.39%	12	101.522	3.5%	524908FD7	MSDW
26000	A1 / A	BEAR STEARNS CO	BSC	4.000	1/31/2008	T 3.50% 08/15/09	3.38%	17	101.403	3.5%	073902CA4	MSDW
150000	BAA2 / BBB	UNION PAC CORP	UNP	6.625	2/1/2008	T 3.00% 02/15/08	2.97%	60	109.606	3.5%	907818BX5	MSDW
67000	A3 / A-	SCIENCE APP	SCIAPP	6.750	2/1/2008	T 3.00% 02/15/08	2.97%	75	109.501	3.7%	808626AA3	MSDW
25000	A1 / A+	NATL RURAL	NRUC	6.200	2/1/2008	T 3.00% 02/15/08	2.97%	58	108.338	3.5%	637432CA1	MSDW
65000	AA3 / A+	U S BANK NATL	USB	6.500	2/1/2008	T 3.00% 02/15/08	2.97%	53	109.446	3.4%	90331VAW2	MSDW
250000	BAA3 / BBB-	CONSUMERS ENERGY	CMS	6.375	2/1/2008	T 3.50% 08/15/09	3.38%	45	107.942	3.8%	210518AP1	MSDW
185000	AA3 / A+	BANK ONE TEXAS	JPM	6.250	2/15/2008	T 3.12% 04/15/09	3.29%	25	108.621	3.5%	06422KAA0	MSDW
43000	A1 / A	LEHMAN BROS	LEH	6.625	2/15/2008	T 3.62% 07/15/09	3.36%	25	109.55	3.6%	524909AY4	MSDW
685000	AA3 / A	NATIONSBANK CORP	BAC	6.375	2/15/2008	T 3.50% 08/15/09	3.38%	16	108.995	3.5%	638585BD0	MSDW
874000	A1 / AA-	ILEASE	AIG	4.750	2/15/2008	T 3.50% 08/15/09	3.38%	28	103.445	3.6%	459745FE0	MSDW
104000	AA1 / AA-	SALOMON SMITH MTN	C	6.500	2/15/2008	T 3.50% 08/15/09	3.38%	10	109.594	3.4%	79549BGP6	MSDW
315000	BAA1 / BBB+	DOMINION RESOURCE	D	4.125	2/15/2008	T 2.62% 03/15/09	3.27%	30	101.748	3.5%	25746UAL3	MSDW
396000	AA2 / A+	FLEETBOSTON FINL	BAC	3.850	2/15/2008	T 3.50% 08/15/09	3.38%	10	101.167	3.4%	339030AG3	MSDW
418000	BAA2 / BBB	KN ENERGY INC	KMI	6.800	3/1/2008	T 2.62% 03/15/09	3.27%	55	109.518	3.8%	482620AV3	MSDW
37000	A2 / A	HELLENIC REPUBLIC	null	6.950	3/4/2008	T 3.00% 02/15/08	2.97%	53	111.144	3.4%	423324AC6	MSDW
275000	BAA3 / BBB	BECKMAN INSTR	BEC	7.450	3/4/2008	T 3.62% 07/15/09	3.36%	43	111.727	3.7%	075816AE8	MSDW
154000	A3 / A	HEINZ H.J.	HNZ	6.000	3/15/2008	T 3.00% 02/15/08	2.97%	53	108.148	3.4%	423074AG8	MSDW
2500000	AA3 / A	FLEET FINL	BAC	6.500	3/15/2008	T 3.50% 08/15/09	3.38%	21	109.441	3.5%	338915AJ0	MSDW
30000	AA3 / A+	U S BANCORP SER N	USB	3.125	3/15/2008	T 3.62% 07/15/09	3.36%	15	98.736	3.5%	91159HGG9	MSDW
72000	A2 / A	SLM CORP	SLMA	3.625	3/17/2008	T 3.50% 08/15/09	3.38%	21	100.107	3.5%	78442FAN8	MSDW
78000	A2 / A+	DIAGEO CAPITAL	null	3.375	3/20/2008	T 3.62% 07/15/09	3.36%	13	99.613	3.4%	25243YAF6	MSDW
85000	A2 / A	FORTUNE BRANDS	FO	6.250	4/1/2008	T 2.62% 05/15/08	3.04%	38	109.336	3.4%	349631AF8	MSDW
139000	N.A. / A+	DONALDSON LUFKIN	CRDSUI	6.500	4/1/2008	T 3.50% 08/15/09	3.38%	25	109.414	3.6%	257661AE8	MSDW
190000	A1 / A	CHASE MANHATTAN	JPM	6.375	4/1/2008	T 3.38% 12/15/08	3.21%	35	109.26	3.5%	16161ABS6	MSDW
286000	A1 / A+	ABN AMRO BK NV	AAB	7.000	4/1/2008	T 2.62% 05/15/08	3.04%	60	111.036	3.6%	00077QAB6	MSDW
150000	AA3 / A+	MWD	MWD	3.625	4/1/2008	T 3.50% 08/15/09	3.38%	20	100.14	3.5%	617446HW2	MSDW
698000	BAA2 / A+	NEW YORK TEL	VZ	6.000	4/15/2008	T 3.62% 07/15/09	3.36%	60	106.709	3.9%	650094CH6	MSDW
303000	A2 / A	HONEYWELL INC	HON	7.125	4/15/2008	T 3.62% 07/15/09	3.36%	13	112.076	3.4%	438506AP2	MSDW
471000	A1 / A-	FIRST UNION CORP	WB	6.300	4/15/2008	T 3.00% 02/15/09	3.25%	35	108.947	3.6%	337358BL8	MSDW
195000	A2 / A	FRANKLIN RESOURCE	BEN	3.700	4/15/2008	T 3.50% 08/15/09	3.38%	30	100.057	3.6%	354613AD3	MSDW
237000	AA3 / A+	MERRILL LYNCH CO	MER	7.000	4/27/2008	T 3.62% 07/15/09	3.36%	30	111.153	3.6%	590188ES3	MSDW
43000	BAA1 / BBB+	WILMINGTON TR	WL	6.625	5/1/2008	T 2.62% 05/15/08	3.04%	75	109.486	3.7%	971807AA0	MSDW
106000	A3 / BBB+	PNC FGD MTN	PNC	6.500	5/1/2008	T 2.62% 05/15/08	3.04%	65	109.422	3.6%	69347UAA8	MSDW
578000	A1 / AA-	ILEASE	AIG	4.500	5/1/2008	T 3.50% 08/15/09	3.38%	23	102.977	3.6%	459745FF7	MSDW
181000	AAA / AAA	GECC	GE	3.500	5/1/2008	T 3.50% 08/15/09	3.38%	6	100.192	3.4%	36962GB78	MSDW
431000	AA3 / A	FLEET FINL GROUP	BAC	6.375	5/15/2008	T 4.00% 06/15/09	3.34%	35	109.08	3.6%	338915AL5	MSDW
55000	BAA2 / BBB	CAPITAL ONE BANK	COF	6.700	5/15/2008	T 3.50% 08/15/09	3.38%	46	109.64	3.8%	14040EEE8	MSDW
125000	A1 / A+	DOVER CORP	DOV	6.250	6/1/2008	T 3.38% 09/15/09	3.39%	18	109.188	3.5%	260003AB4	MSDW
66000	AA3 / A	FLORIDA PWR LT	FPL	6.000	6/1/2008	T 3.88% 05/15/09	3.31%	32	108.114	3.6%	341081DW4	MSDW
44000	BAA2 / BBB	EASTMAN CHEMICAL	EMN	3.250	6/15/2008	T 3.38% 09/15/09	3.39%	68	97.178	4.0%	277432AF7	MSDW
200000	A2 / A	SLM CORP SER BED1	SLMA	3.500	6/15/2008	T 3.38% 09/15/09	3.39%	50	98.648	3.8%	78490FCR8	MSDW
420000	AA3 / A+	MORGAN STANLEY	MWD	10.000	6/15/2008	T 3.50% 08/15/09	3.38%	35	121.644	3.7%	617446AB5	MSDW
100000	BAA2 / BBB	SIMON PROPERTY	SPG	7.000	6/15/2008	T 2.62% 05/15/08	3.04%	85	110.71	3.8%	828783AQ3	MSDW
244000	A1 / A	HOUSEHOLD FIN MTN	HSBC	6.400	6/17/2008	T 3.50% 08/15/09	3.38%	32	109.332	3.7%	441812FY5	MSDW
326000	BAA2 / BBB	PHILIP MORRIS	MO	7.650	7/1/2008	T 3.62% 07/15/09	3.36%	145	109.681	4.8%	718154CC9	MSDW
60000	A2 / A	CATERPILLAR FINL	CAT	2.700	7/15/2008	T 3.38% 09/15/09	3.39%	19	96.879	3.5%	14911RAF6	MSDW
125000	A1 / A+	FIRST DATA CORP	FDC	3.375	8/1/2008	T 3.38% 09/15/09	3.39%	7	99.687	3.4%	319963AG9	MSDW
98000	AA3 / A+	BANK ONE CORP	JPM	6.000	8/1/2008	T 3.50% 08/15/09	3.38%	34	108.117	3.7%	06423AAN3	MSDW
250000	AA3 / A+	PITNEY BOWES	PBI	5.750	8/15/2008	T 3.62% 07/15/09	3.36%	15	108.081	3.5%	724477AR5	MSDW
1047000	AA2 / A+	BANK OF AMERICA	BAC	3.250	8/15/2008	T 3.38% 09/15/09	3.39%	15	98.945	3.5%	060505BC7	MSDW
620000	A2 / A	SLM CORP SER A	SLMA	3.950	8/15/2008	T 3.38% 09/15/09	3.39%	31	100.892	3.7%	78442FBC1	MSDW
31000	A2 / A	MCDONALDS MTN	MCD	5.350	9/15/2008	T 3.38% 09/15/09	3.39%	3	107.124	3.4%	58013MDF8	MSDW
195000	A1 / AA-	ILEASE	AIG	4.350	9/15/2008	T 3.50% 08/15/09	3.38%	45	101.896	3.8%	459745FK6	MSDW
402000	AA2 / AA	WAL-MART STORES	WMT	3.375	10/1/2008	T 3.50% 08/15/09	3.38%	11	99.563	3.4%	931142BU6	MSDW
105000	BAA1 / BBB-	FORD MTR CO	F	7.250	10/1/2008	T 3.38% 09/15/09	3.39%	135	109.098	4.7%	345370BQ2	MSDW
40000	A3 / BBB+	POPULAR NORTH	BPOP	3.875	10/1/2008	T 3.38% 12/15/08	3.21%	60	100.246	3.8%	73318EAK9	MSDW
467000	BAA3 / A-	NIAGARA MOHAWK G	NGGLN	7.750	10/1/2008	T 3.12% 10/15/08	3.16%	78	114.055	3.9%	653522DJ8	MSDW
41000	BA3 / BBB	RAYCHEM CORP	TYC	8.200	10/15/2008	T 3.38% 09/15/09	3.39%	93	114.319	4.3%	754603AB4	MSDW
2159000	BAA1 / BBB	GENERAL MOTORS	GM	6.850	10/15/2008	T 3.50% 08/15/09	3.38%	160	106.795	4.9%	370448AA0	MSDW
72000	A2 / A	CIT GP HLDGS INC	CIT	5.875	10/15/2008	T 3.50% 08/15/09	3.38%	42	107.739	3.8%	125569DC4	MSDW
742000	BAA2 / BBB-	PROGRESS ENERGY	PGN	5.850	10/30/2008	T 3.12% 10/15/08	3.16%	85	106.895	4.0%	743263AF2	MSDW
612000	BAA3 / BBB-	SPRINT CAP CORP	FON	6.125	11/15/2008	T 3.38% 09/15/09	3.39%	50	108.478	3.8%	852060AC6	MSDW
388000	AA2 / A+	ASSOC CORP N A	C	6.875	11/15/2008	T 3.38% 09/15/09	3.39%	35	111.936	3.7%	046003HS1	MSDW
216000	AA2 / A+	CITICORP MTN	C	6.375	11/15/2008	T 3.50% 08/15/09	3.38%	35	110.068	3.7%	17303MJC4	MSDW
332000	AAA / AAA	PHARMACIA CORP	PFE	5.875	12/1/2008	T 3.50% 08/15/09	3.38%	10	109.258	3.4%	71713UAK8	MSDW
715000	BAA2 / BBB	HALLIBURTON MTN	HAL	5.625	12/1/2008	T 3.38% 09/15/09	3.39%	85	105.259	4.2%	40621PAE9	MSDW
110000	BAA2 / BBB	CAPITAL ONE BANK	COF	4.250	12/1/2008	T 3.38% 09/15/09	3.39%	52	101.293	3.9%	14040EHJ4	MSDW
33000	A2 / A	NATL RURAL MTN	NRUC	5.750	12/1/2008	T 3.38% 12/15/08	3.21%	65	107.256	3.8%	63743HCE0	MSDW
41000	AA3 / AA-	PROCTER & GAMBLE	PG	3.500	12/15/2008	T 3.38% 09/15/09	3.39%	5	100.225	3.4%	742718BY4	MSDW
102000	A1 / A	HOUSEHOLD FINANCE	HSBC	4.125	12/15/2008	T 3.50% 08/15/09	3.38%	41	101.286	3.7%	441812KF0	MSDW
256000	A3 / A-	WASHINGTON MUTUAL	WM	4.000	1/15/2009	T 3.50% 08/15/09	3.38%	54	100.302	3.9%	939322AL7	MSDW
275000	A2 / A	SLM CORP	SLMA	4.000	1/15/2009	T 3.38% 09/15/09	3.39%	49	100.463	3.8%	78442FBK3	MSDW
71000	A2 / A-	NATIONAL CITY	NCC	5.750	2/1/2009	T 3.38% 09/15/09	3.39%	60	106.97	3.9%	635405AL7	MSDW
500000	AAA / AAA	BAYERISCHE LANDES	BYLAN	5.650	2/1/2009	T 3.38% 09/15/09	3.39%	35	107.61	3.7%	07274RCA0	MSDW
64000	BAA2 / BBB	SIMON PROPERTY GP	SPG	7.125	2/9/2009	T 3.38% 09/15/09	3.39%	85	111.418	4.2%	828807AB3	MSDW
539000	A3 / A	UNITEDHEALTH GRP	UNH	3.750	2/10/2009	T 3.38% 09/15/09	3.39%	41	99.791	3.8%	91324PAG7	MSDW
1000000	BAA2 / BBB	COMMERCIAL METALS	CMC	6.750	2/15/2009	T 3.38% 09/15/09	3.39%	85	109.968	4.2%	201723AC7	MSDW
1000000	AA3 / A+	MERRILL LYNCH	MER	6.000	2/17/2009	T 3.38% 09/15/09	3.39%	40	108.88	3.7%	590188JP4	MSDW
677000	AA3 / A	WACHOVIA CORP	WB	3.625	2/17/2009	T 3.38% 09/15/09	3.39%	40	99.328	3.7%	929903AD4	MSDW
850000	A1 / A	LEHMAN BROTHERS	LEH	3.600	3/13/2009	T 3.38% 09/15/09	3.39%	50	98.813	3.8%	52517PVU2	MSDW
40000	A2 / A	EMERSON ELECTRIC	EMR	5.850	3/15/2009	T 3.38% 09/15/09	3.39%	27	108.973	3.6%	291011AH7	MSDW
725000	A1 / A	BEAR STEARNS CO	BSC	3.250	3/25/2009	T 3.50% 08/15/09	3.38%	57	97.125	3.9%	073902CF3	MSDW
29000	A2 / A-	IMPERIAL BANK	CMA	8.500	4/1/2009	T 3.38% 09/15/09	3.39%	70	118.052	4.0%	452558AR0	MSDW
327000	A2 / A	CIT GROUP INC	CIT	3.375	4/1/2009	T 3.50% 08/15/09	3.38%	60	97.506	3.9%	125581AJ7	MSDW
790000	A1 / A+	MELLON FUNDING	MEL	3.250	4/1/2009	T 3.50% 08/15/09	3.38%	41	97.763	3.7%	585515AF6	MSDW
58000	AA1 / AA-	WELLS FARGO & CO	WFC	3.125	4/1/2009	T 3.50% 08/15/09	3.38%	35	97.491	3.7%	949746FQ9	MSDW
37000	AAA / AAA	GECC	GE	3.125	4/1/2009	T 3.50% 08/15/09	3.38%	28	97.777	3.6%	36962GH49	MSDW
61000	AA2 / AA-	ROYAL BK CANADA	RY	3.875	5/4/2009	T 3.62% 07/15/09	3.36%	44	100.297	3.8%	7800876N7	MSDW
31000	AA3 / AA-	AMERITECH CAPITAL	null	6.250	5/18/2009	T 3.50% 08/15/09	3.38%	75	108.885	4.1%	030999KC9	MSDW
300000	A2 / A	UNITED TECH CORP	UTX	6.500	6/1/2009	T 3.38% 09/15/09	3.39%	42	111.45	3.8%	913017AW9	MSDW
845000	A2 / A+	TARGET CORP	TGT	5.375	6/15/2009	T 3.38% 09/15/09	3.39%	36	106.976	3.7%	87612EAJ5	MSDW
46000	BAA1 / BBB+	NIELSEN MEDIA	VNU	7.600	6/15/2009	T 3.38% 09/15/09	3.39%	135	111.983	4.7%	653929AA7	MSDW
1100000	A2 / A	GENWORTH FINL INC	GNW	4.750	6/15/2009	T 3.50% 08/15/09	3.38%	50	103.714	3.8%	37247DAD8	MSDW
196000	A1 / A	HSBC HOLDING PLC	null	7.500	7/15/2009	T 3.38% 09/15/09	3.39%	60	115.229	3.9%	404280AA7	MSDW
145000	A1 / A+	QUEBEC PROVINCE	null	5.000	7/17/2009	T 3.38% 09/15/09	3.39%	38	105.366	3.7%	748148BW2	MSDW
315000	AA1 / AA-	CITIGROUP INC	C	4.250	7/29/2009	T 3.50% 08/15/09	3.38%	45	101.833	3.8%	172967CN9	MSDW
31000	AA3 / A+	AMERICAN EXPR	AXP	4.375	7/30/2009	T 3.50% 08/15/09	3.38%	50	102.159	3.8%	02581FVU0	MSDW
500000	BAA1 / BBB+	MBNA AMER BK NA	KRB	4.625	8/3/2009	T 3.50% 08/15/09	3.38%	65	102.592	4.0%	5526E0AL7	MSDW
624000	BAA2 / BBB	SUNOCO INC	SUN	7.750	9/1/2009	T 3.62% 07/15/09	3.36%	80	115.875	4.1%	86764PAA7	MSDW
765000	AA3 / A+	MERRILL LYNCH	MER	4.125	9/10/2009	T 3.38% 09/15/09	3.39%	64	100.417	4.0%	59018YUH2	MSDW
620000	A1 / A+	BELLSOUTH CORP	BLS	4.200	9/15/2009	T 3.50% 08/15/09	3.38%	67	100.66	4.0%	079860AF9	MSDW
1000000	A1e / A+	FIRST DATA CORP	FDC	3.900	10/1/2009	T 3.38% 09/15/09	3.39%	48	100.128	3.8%	319963AJ3	MSDW
25000	AAA / AAA	HELLER FIN INC	GE	7.375	11/1/2009	T 3.38% 09/15/09	3.39%	60	115.499	3.9%	423328BM4	MSDW
200000	A1 / A-	BSCH ISSUANCE LTD	null	7.625	11/3/2009	T 3.38% 09/15/09	3.39%	55	116.913	3.9%	055654AA5	MSDW
500000	AA2 / AA-	BARCLAYS BK	null	7.400	12/15/2009	T 3.38% 09/15/09	3.39%	53	116.306	3.9%	06738CAD1	MSDW
905000	BAA2 / A+	NEW YORK TEL	VZ	6.125	1/15/2010	T 6.50% 02/15/10	3.48%	90	108.193	4.3%	650094CD5	MSDW
1000000	AA3 / AA-	DUPONT EI NEMOUR	DD	4.125	4/30/2010	T 6.50% 02/15/10	3.48%	48	100.822	3.9%	263534BM0	MSDW
89000	AA3 / A	NATIONSBANK CORP	BAC	6.600	5/15/2010	T 6.50% 02/15/10	3.48%	70	112.063	4.1%	638585BH1	MSDW
1018000	AA3 / A+	MWD	MWD	4.250	5/15/2010	T 6.50% 02/15/10	3.48%	57	101	4.0%	61744AAN0	MSDW
111000	A1 / A	CHASE MANHATTAN	JPM	7.875	6/15/2010	T 5.75% 08/15/10	3.59%	55	118.906	4.1%	16161ABY3	MSDW
138000	A1 / A	BANK ONE CORP	JPM	7.875	8/1/2010	T 4.25% 08/15/14	4.17%	1	119.002	4.1%	06423AAG8	MSDW
35000	BAA1 / BBB	PUB SVC OKLA	AEP	4.850	9/15/2010	T 3.38% 09/15/09	3.39%	90	102.92	4.2%	744533BE9	MSDW
192000	BAA2 / BBB+	CENTURYTEL INC	CTL	8.375	10/15/2010	T 3.38% 09/15/09	3.39%	150	118.092	4.8%	156700AA4	MSDW
811000	A3 / BBB+	UNITRIN INC	UTR	4.875	11/1/2010	T 5.75% 08/15/10	3.59%	90	102.058	4.4%	913275AB9	MSDW
124000	AAA / AAA	GENL ELEC CAP MTN	GE	6.875	11/15/2010	T 5.75% 08/15/10	3.59%	45	115.323	4.0%	36962GVS0	MSDW
65000	BAA3 / BBB-	SPRINT CAP CORP	FON	7.625	1/30/2011	T 4.25% 08/15/14	4.17%	47	116.242	4.6%	852060AJ1	MSDW
38000	A3 / BBB-	FORD MOTOR CREDIT	F	7.375	2/1/2011	T 4.25% 08/15/14	4.17%	158	108.523	5.7%	345397TS2	MSDW
146000	BAA1 / BBB	NORFOLK SOUTHERN	NSC	6.750	2/15/2011	T 4.25% 08/15/14	4.17%	40	111.95	4.5%	655844AP3	MSDW
50000	BA2 / BBB-	TYCO INTL GROUP	null	6.750	2/15/2011	T 4.25% 08/15/14	4.17%	40	111.95	4.5%	902118AY4	MSDW
1000000	BAA2 / BBB	AT&T WIRELESS	AWE	7.875	3/1/2011	T 4.25% 08/15/14	4.17%	27	119.04	4.4%	00209AAE6	MSDW
152000	BAA3 / BBB-	PULTE HOMES INC	PHM	8.125	3/1/2011	T 4.25% 08/15/14	4.17%	90	116.589	5.0%	745867AH4	MSDW
862000	A1 / A+	AMERICAN GENERAL	AIG	4.000	3/15/2011	T 5.00% 02/15/11	3.69%	56	98.596	4.2%	02635PSK0	MSDW
199000	BAA1 / BBB+	CHEVRON PHILLIPS	CHVPHC	7.000	3/15/2011	T 4.25% 08/15/14	4.17%	60	112.286	4.7%	166754AC5	MSDW
222000	BAA3 / BBB	COMCAST CORP	CMCSA	5.500	3/15/2011	T 4.25% 08/15/14	4.17%	50	104.574	4.6%	20030NAD3	MSDW
137000	BAA1 / A	AMERICAN HOME	WYE	6.950	3/15/2011	T 4.25% 08/15/14	4.17%	72	111.304	4.8%	026609AM9	MSDW
495000	BAA3 / BBB	ANDERSON EXPLOR	DVN	6.750	3/15/2011	T 4.25% 08/15/14	4.17%	80	109.739	4.9%	033901AA7	MSDW
145000	BAA3 / BBB-	TRICON GLOBAL	YUM	8.875	4/15/2011	T 5.00% 02/15/11	3.69%	85	124.373	4.5%	895953AD9	MSDW
94000	BAA1 / BBB+	STORA ENSO OYJ	null	7.375	5/15/2011	T 4.25% 08/15/14	4.17%	52	115.155	4.6%	86210MAA4	MSDW
105000	BAA3 / BBB	TELUS CORP	TCN	8.000	6/1/2011	T 4.25% 08/15/14	4.17%	85	116.731	5.0%	87971MAC7	MSDW
130000	BAA3 / BBB-	PHELPS DODGE CORP	PD	8.750	6/1/2011	T 4.25% 08/15/14	4.17%	70	121.902	4.8%	717265AK8	MSDW
477000	BAA2 / BBB	MAY DEPT STORES	MAY	7.450	9/15/2011	T 4.25% 08/15/14	4.17%	82	114.33	4.9%	577778BE2	MSDW
145000	BAA3 / BBB	KERR MCGEE CORP	KMG	6.875	9/15/2011	T 4.25% 08/15/14	4.17%	64	112.1	4.8%	492386AS6	MSDW
1475000	AA2 / A+	CITICORP	C	7.250	10/15/2011	T 4.25% 08/15/14	4.17%	21	117.251	4.3%	173034GV5	MSDW
65000	BAA3 / BBB	CIGNA CORP	CI	6.375	10/15/2011	T 4.25% 08/15/14	4.17%	60	109.504	4.7%	125509BG3	MSDW
373000	BA2 / BBB-	TYCO INTL GROUP	null	6.375	10/15/2011	T 4.25% 08/15/14	4.17%	45	110.45	4.6%	902118BC1	MSDW
65000	A3 / A-	KOHLS CORP	KSS	7.375	10/15/2011	T 4.25% 08/15/14	4.17%	20	118.07	4.3%	500255AC8	MSDW
40000	A3 / A-	CONOCO FUNDING CO	COP	6.350	10/15/2011	T 4.25% 08/15/14	4.17%	25	111.576	4.4%	20825UAB0	MSDW
832000	A3 / BBB-	FORD MOTOR CREDIT CO	F	7.250	10/25/2011	T 4.25% 08/15/14	4.17%	155	108.788	5.7%	345397TY9	MSDW
47000	A2 / A	HONEYWELL INTL	HON	6.125	11/1/2011	T 4.25% 08/15/14	4.17%	25	110.276	4.4%	438516AN6	MSDW
123000	A3 / A-	NATIONWIDE FINL	NFS	6.250	11/15/2011	T 4.25% 08/15/14	4.17%	50	109.479	4.6%	638612AE1	MSDW
625000	A2 / A	CHUBB CORP	CB	6.000	11/15/2011	T 4.25% 08/15/14	4.17%	30	109.244	4.4%	171232AF8	MSDW
25000	A1 / A	NATIONAL CITY	NCC	6.200	12/15/2011	T 4.25% 08/15/14	4.17%	25	110.884	4.4%	63534PAC1	MSDW
500000	A3 / A+	CINGULAR WIRELESS	CNG	6.500	12/15/2011	T 4.25% 08/15/14	4.17%	55	110.766	4.7%	17248RAF3	MSDW
173000	A3 / A-	LINCOLN NATIONAL	LNC	6.200	12/15/2011	T 4.25% 08/15/14	4.17%	45	109.588	4.6%	534187AM1	MSDW
46000	AA3 / A+	CREDIT SUISSE FB	CRDSUI	6.500	1/15/2012	T 4.25% 08/15/14	4.17%	53	111.001	4.7%	22541LAC7	MSDW
161000	A2 / A-	ALCOA INC	AA	6.000	1/15/2012	T 4.25% 08/15/14	4.17%	35	109.1	4.5%	013817AF8	MSDW
111000	A1 / A	LEHMAN BROS HLDGS	LEH	6.625	1/18/2012	T 4.25% 08/15/14	4.17%	50	111.976	4.6%	52517PSC6	MSDW
65000	BAA3 / BBB	TELE COMM INC	CMCSA	9.800	2/1/2012	T 4.25% 08/15/14	4.17%	115	126.954	5.3%	879240AN9	MSDW
25000	A2 / A	COCA COLA ENTER	CCE	8.500	2/1/2012	T 4.25% 08/15/14	4.17%	35	124.65	4.5%	191219AN4	MSDW
150000	BAA2 / BBB+	EOP OPERATING LP	EOP	6.750	2/15/2012	T 4.25% 08/15/14	4.17%	70	111.532	4.8%	268766BW1	MSDW
148000	AAA / AAA	GEN ELEC CAP CORP	GE	5.875	2/15/2012	T 4.25% 08/15/14	4.17%	27	108.936	4.4%	36962GXS8	MSDW
139000	A3 / A	BOEING CAPITAL	BA	6.500	2/15/2012	T 4.25% 08/15/14	4.17%	45	111.638	4.6%	097014AG9	MSDW
35000	BAA1 / BBB+	ERP OPERATING LTD	EQR	6.625	3/15/2012	T 4.25% 08/15/14	4.17%	45	112.536	4.6%	26884AAN3	MSDW
186000	BAA1 / BBB+	MARATHON OIL CORP	MRO	6.125	3/15/2012	T 4.25% 08/15/14	4.17%	50	109.074	4.6%	565849AA4	MSDW
67000	BAA2 / A+	VERIZON NEW YORK	VZ	6.875	4/1/2012	T 4.25% 08/15/14	4.17%	85	111.482	5.0%	92344XAA7	MSDW
71000	A2 / A	GANNETT CO INC	GCI	6.375	4/1/2012	T 4.25% 08/15/14	4.17%	35	111.697	4.5%	364725AC5	MSDW
105000	BAA2 / BBB	UNION PACIFIC	UNP	6.500	4/15/2012	T 4.25% 08/15/14	4.17%	47	111.724	4.6%	907818CP1	MSDW
32000	AA3 / AA-	COLGATE-PALMOLIVE	CL	5.980	4/25/2012	T 4.25% 08/15/14	4.17%	24	110.007	4.4%	19416QDB3	MSDW
47000	BAA1 / BBB	SUMITOMO MITSUI	SUMIBK	8.000	6/15/2012	T 4.25% 08/15/14	4.17%	70	119.93	4.8%	865622AA2	MSDW
245000	BAA2 / BBB-	TAMPA ELECTRIC	TE	6.875	6/15/2012	T 4.25% 08/15/14	4.17%	86	111.663	5.0%	875127AS1	MSDW
40000	BAA1 / BBB+	MASCO CORP	MAS	5.875	7/15/2012	T 4.25% 08/15/14	4.17%	55	107.443	4.7%	574599AX4	MSDW
150000	A3 / BBB	NORTH FORK BANCP	NFB	5.875	8/15/2012	T 4.25% 08/15/14	4.17%	85	105.488	5.0%	659421AD3	MSDW
56000	AA2 / A+	CITIGROUP INC	C	5.625	8/27/2012	T 4.25% 08/15/14	4.17%	33	107.405	4.5%	172967BP5	MSDW
65000	BAA2 / BBB-	STAPLES INC	SPLS	7.375	10/1/2012	T 4.25% 08/15/14	4.17%	80	115.731	4.9%	855030AH5	MSDW
1000000	AA3 / AA-	DUPONT EI NEMOUR	DD	4.750	11/15/2012	T 4.25% 08/15/14	4.17%	32	101.726	4.4%	263534BK4	MSDW
450000	A1 / A	HSBC HOLDINGS PLC	null	5.250	12/12/2012	T 4.25% 08/15/14	4.17%	55	103.543	4.7%	404280AB5	MSDW
331000	A3 / A-	WASHINGTON MUTUAL	WM	5.500	1/15/2013	T 4.25% 08/15/14	4.17%	65	104.579	4.8%	93933VAS7	MSDW
60000	AAA / AAA	GEN ELEC CAP CORP	GE	5.450	1/15/2013	T 4.25% 08/15/14	4.17%	34	106.424	4.5%	36962GZY3	MSDW
405000	BAA2 / BBB	BOSTON PPTYS LTD	BXP	6.250	1/15/2013	T 4.25% 08/15/14	4.17%	65	109.666	4.8%	10112RAB0	MSDW
132000	A1 / A	BANK ONE CORP	JPM	5.250	1/30/2013	T 4.25% 08/15/14	4.17%	65	102.896	4.8%	06423AAS2	MSDW
1430000	AAA / AAA	GE COMPANY	GE	5.000	2/1/2013	T 4.25% 08/15/14	4.17%	33	103.419	4.5%	369604AY9	MSDW
1858000	A3 / BBB	CITY NATL CORP	CYN	5.125	2/15/2013	T 4.25% 08/15/14	4.17%	90	100.34	5.0%	178566AB1	MSDW
25000	BAA1 / BBB+	SECURITY CAP PAC	ASN	7.200	3/1/2013	T 4.25% 08/15/14	4.17%	115	112.623	5.3%	814141AC1	MSDW
248000	BAA3 / BBB	VALERO LOGISTICS	VLI	6.050	3/15/2013	T 4.25% 08/15/14	4.17%	100	105.953	5.1%	91914CAC1	MSDW
30000	A2 / A	CHUBB CORP	CB	5.200	4/1/2013	T 4.25% 08/15/14	4.17%	70	102.251	4.8%	171232AM3	MSDW
58000	AA3 / A+	GOLDMAN SACHS	GS	5.250	4/1/2013	T 4.25% 08/15/14	4.17%	74	102.317	4.9%	38141GDB7	MSDW
1213000	A1 / AA-	INTL LEASE FIN	AIG	5.875	5/1/2013	T 4.25% 08/15/14	4.17%	57	107.914	4.7%	459745FG5	MSDW
40000	A3 / BBB+	FIRST TENNESSEE	FTN	4.500	5/15/2013	T 4.25% 08/15/14	4.17%	65	97.725	4.8%	337162AE1	MSDW
500000	BAA2 / BBB-	WHITE MOUNTAINS	WTM	5.875	5/15/2013	T 4.25% 08/15/14	4.17%	125	103.073	5.4%	36077BAA5	MSDW
64000	BAA3 / BBB	BUNGE LTD FINANCE	BG	5.875	5/15/2013	T 4.25% 08/15/14	4.17%	100	104.831	5.1%	120568AH3	MSDW
840000	A2 / A+	AGEON NV	null	4.750	6/1/2013	T 4.25% 08/15/14	4.17%	60	99.825	4.7%	007924AF0	MSDW
226000	A2 / A	MCDONALDS CORP	MCD	4.125	6/1/2013	T 4.25% 08/15/14	4.17%	48	96.247	4.6%	58013MDU5	MSDW
68000	A1 / A+	ALLSTATE CORP	ALL	7.500	6/15/2013	T 4.25% 08/15/14	4.17%	80	117.707	4.9%	020002AC5	MSDW
42000	BAA2 / A+	NEW YORK TEL CO	VZ	7.000	6/15/2013	T 4.25% 08/15/14	4.17%	100	112.69	5.1%	650094BV6	MSDW
78000	BAA1 / BBB+	TURNER BROADCAST	TWX	8.375	7/1/2013	T 4.25% 08/15/14	4.17%	110	121.553	5.2%	900262AR7	MSDW
219000	BAA2 / BBB+	BURLINGTON NORTH	BNI	4.300	7/1/2013	T 4.25% 08/15/14	4.17%	71	95.865	4.8%	12189TAV6	MSDW
413000	BAA2 / BBB-	HARLEYSVILLE GP	HGIC	5.750	7/15/2013	T 4.25% 08/15/14	4.17%	218	95.96	6.3%	412824AB0	MSDW
204000	A3 / A-	HARTFORD FINL SVC	HIG	4.625	7/15/2013	T 4.25% 08/15/14	4.17%	60	98.932	4.7%	416515AL8	MSDW
354000	A3 / A-	PRUDENTIAL FIN	PRU	4.500	7/15/2013	T 4.25% 08/15/14	4.17%	70	97.339	4.8%	74432QAB1	MSDW
213000	AA3 / A+	GOLDMAN SACHS	GS	4.750	7/15/2013	T 4.25% 08/15/14	4.17%	70	99.114	4.8%	38141GDK7	MSDW
129000	BAA1 / BBB-	UFJ FINANCE ARUBA	UFJ	6.750	7/15/2013	T 4.25% 08/15/14	4.17%	70	113.307	4.8%	902671AA4	MSDW
1000000	A1 / A+	AMEX	AXP	4.875	7/15/2013	T 4.25% 08/15/14	4.17%	35	102.523	4.5%	025816AQ2	MSDW
1000000	BAA1 / BBB	GENERAL MOTORS	GM	7.125	7/15/2013	T 4.25% 08/15/14	4.17%	217	105.2	6.3%	370442BS3	MSDW
1000000	BAA3 / BBB+	DEUTSCHE TELEKOM	null	5.250	7/22/2013	T 4.25% 08/15/14	4.17%	68	102.812	4.8%	25156PAF0	MSDW
70000	BAA3 / BBB	TELE COMM INC	CMCSA	7.875	8/1/2013	T 4.25% 08/15/14	4.17%	125	117.054	5.4%	879240AX7	MSDW
346000	AA3 / A+	CREDIT SUISSE FB	CRDSUI	5.500	8/15/2013	T 4.25% 08/15/14	4.17%	60	105.21	4.7%	22541LAH6	MSDW
69000	A1 / A+	PRPGRESSIVE CORP	PGR	7.000	10/1/2013	T 4.25% 08/15/14	4.17%	60	116.17	4.7%	743315AF0	MSDW
1000000	A3 / BBB-	FMCC	F	7.000	10/1/2013	T 4.25% 08/15/14	4.17%	198	105.791	6.1%	345397TZ6	MSDW
155000	A3 / A	CAMPBELL SOUP CO	CPB	4.875	10/1/2013	T 4.25% 08/15/14	4.17%	50	101.466	4.6%	134429AS8	MSDW
520000	N.A. / BBB-	ODYSSEY RE HLDGS	ORH	7.650	11/1/2013	T 4.25% 08/15/14	4.17%	170	112.384	5.8%	67612WAC2	MSDW
90000	A3 / A	BHP FIN LTD	null	6.750	11/1/2013	T 4.25% 08/15/14	4.17%	55	114.854	4.7%	055450AE0	MSDW
45000	BAA3 / BBB-	CAPITAL ONE FINL	COF	6.250	11/15/2013	T 4.25% 08/15/14	4.17%	95	108.135	5.1%	14040HAJ4	MSDW
73000	BAA3 / BBB	TYCO INTL GROUP	null	6.000	11/15/2013	T 4.25% 08/15/14	4.17%	82	107.309	4.9%	902118BK3	MSDW
282000	BAA2 / BBB	NEXEN INC	NXY	5.050	11/20/2013	T 4.25% 08/15/14	4.17%	92	99.674	5.0%	65334HAC6	MSDW
28000	A2 / A-	COMERICA BK	CMA	7.125	12/1/2013	T 4.25% 08/15/14	4.17%	100	114.122	5.1%	200339AD1	MSDW
260000	BAA2 / BBB	COMMERCE GROUP	CGI	5.950	12/9/2013	T 4.25% 08/15/14	4.17%	120	104.135	5.3%	200641AA6	MSDW
526000	A2 / A	VODAFONE GROUP	null	5.000	12/16/2013	T 4.25% 08/15/14	4.17%	57	101.89	4.7%	92857WAF7	MSDW
200000	BAA2 / BBB+	SUNGARD DATE SYS	SDS	4.875	1/15/2014	T 4.25% 08/15/14	4.17%	91	98.457	5.0%	867363AE3	MSDW
876000	A3 / A-	HARTFORD FINL	HIG	4.750	3/1/2014	T 4.25% 08/15/14	4.17%	65	99.442	4.8%	416515AM6	MSDW
852000	A1 / A	LEHMAN BROTHERS	LEH	4.800	3/13/2014	T 4.25% 08/15/14	4.17%	80	98.697	4.9%	52517PVV0	MSDW
1972000	AA2 / A+	WELLS FARGO & CO	WFC	4.625	4/15/2014	T 4.25% 08/15/14	4.17%	53	99.394	4.7%	949746FS5	MSDW
178000	A2 / A	SLM CORP	SLMA	5.375	5/15/2014	T 4.25% 08/15/14	4.17%	80	103.036	4.9%	78442FCJ5	MSDW
500000	A3 / BBB+	ACE INA HOLDINGS	ACE	5.875	6/15/2014	T 4.25% 08/15/14	4.17%	100	105.298	5.1%	00440EAG2	MSDW
132000	A3 / BBB+	SOUTHTRUST CORP	SOTR	5.800	6/15/2014	T 4.25% 08/15/14	4.17%	70	107.097	4.8%	844730AG6	MSDW
1820000	BA1 / BBB-	DOWNEY FINANCIAL	DSL	6.500	7/1/2014	T 4.25% 08/15/14	4.17%	155	105.736	5.7%	261018AB1	MSDW
30000	AAA / AAA	GECC	GE	5.100	8/15/2014	T 4.25% 08/15/14	4.17%	58	102.703	4.7%	36966RHL3	MSDW
1760000	A1 / A+	ALLSTATE CORP	ALL	5.000	8/15/2014	T 4.25% 08/15/14	4.17%	69	101.054	4.8%	020002AR2	MSDW
1000000	AA3 / AA-	PROCTER & GAMBLE	PG	4.950	8/15/2014	T 4.25% 08/15/14	4.17%	49	102.242	4.6%	742718DA4	MSDW
400000	A1 / A+	BELLSOUTH CORP	BLS	5.200	9/15/2014	T 4.25% 08/15/14	4.17%	80	101.76	4.9%	079860AG7	MSDW
500000	A1e / A+	FIRST DATA CORP	FDC	4.850	10/1/2014	T 4.25% 08/15/14	4.17%	62	100.439	4.7%	319963AK0	MSDW
1123000	AA3 / A+	GOLDMAN SACHS GP	GS	5.500	11/15/2014	T 4.25% 08/15/14	4.17%	75	104.552	4.9%	38141GCM4	MSDW
1000000	AA2 / A+	BANK OF AMERICA	BAC	5.125	11/15/2014	T 4.25% 08/15/14	4.17%	62	102.63	4.7%	060505AU8	MSDW
500000	A2 / A	VODAFONE GROUP	null	5.375	1/30/2015	T 4.25% 08/15/14	4.17%	70	104.031	4.8%	92857WAD2	MSDW
103000	A2 / A	SLM CORP	SLMA	5.000	4/15/2015	T 4.25% 08/15/14	4.17%	90	99.397	5.0%	78442FAQ1	MSDW
35000	AA2 / A+	CITIGROUP INC	C	4.875	5/7/2015	T 4.25% 08/15/14	4.17%	75	99.593	4.9%	172967BW0	MSDW
810000	BAA2 / BBB	MBNA CORP	KRB	5.000	6/15/2015	T 4.25% 08/15/14	4.17%	100	98.573	5.1%	55263ECJ2	MSDW
46000	BAA3 / BBB	TCI COMM INC	CMCSA	8.750	8/1/2015	T 4.25% 08/15/14	4.17%	130	126.546	5.4%	872287AC1	MSDW
129000	BAA1 / BBB-	ZIONS BANCORP	ZION	6.000	9/15/2015	T 4.25% 08/15/14	4.17%	105	106.423	5.2%	989701AJ6	MSDW
1310000	AA3 / A+	MERRILL LYNCH	MER	5.300	9/30/2015	T 4.25% 08/15/14	4.17%	75	103.169	4.9%	59018YRZ6	MSDW
500000	A3 / BBB+	PNC FUNDING CORP	PNC	5.250	11/15/2015	T 4.25% 08/15/14	4.17%	80	102.334	4.9%	693476AT0	MSDW
806000	A2 / A	BANKERS TR NY	DB	7.500	11/15/2015	T 4.25% 08/15/14	4.17%	115	118.112	5.3%	066365BX4	MSDW
255000	AA3 / A+	DWD & CO	MWD	6.750	1/1/2016	T 4.25% 08/15/14	4.17%	98	113.512	5.1%	24240VAM3	MSDW
26000	BAA1 / BBB+	SECURITY CAP PAC	ASN	7.900	2/15/2016	T 4.25% 08/15/14	4.17%	135	119.894	5.5%	814141AB3	MSDW
218000	A2 / A	ALLTEL CORP	AT	7.000	3/15/2016	T 4.25% 08/15/14	4.17%	90	116.607	5.0%	020039AE3	MSDW
211000	BAA2 / BBB	JEFFERIES GROUP	JEF	5.500	3/15/2016	T 4.25% 08/15/14	4.17%	130	100.219	5.4%	472319AB8	MSDW
229000	AA3 / A	NATIONSBANK CORP	BAC	7.800	9/15/2016	T 4.25% 08/15/14	4.17%	103	122.931	5.2%	638585AU3	MSDW
49000	BAA1 / BBB	DELMARVA POWER	POM	7.560	2/1/2017	T 4.25% 08/15/14	4.17%	95	122.096	5.1%	24710XAQ1	MSDW
131000	BAA3 / BBB	NIPSCO CAPT MKTS	NI	7.860	3/27/2017	T 4.25% 08/15/14	4.17%	125	121.927	5.4%	65463PAB3	MSDW
40000	BAA2 / BBB	TENNECO PACKAGING	PTV	8.125	6/15/2017	T 4.25% 08/15/14	4.17%	110	126.185	5.2%	880394AD3	MSDW
31000	BAA2 / BBB+	SPIEKER PROPS	EOP	7.350	12/1/2017	T 4.25% 08/15/14	4.17%	105	120.077	5.2%	848503AG3	MSDW
285000	BAA2 / BBB	LIBERTY PROP MTN	LRY	7.500	1/15/2018	T 4.25% 08/15/14	4.17%	135	118.462	5.5%	53117EAD0	MSDW
241000	BAA3 / BBB-	CNA FINL CORP	CNAFNL	6.950	1/15/2018	T 4.25% 08/15/14	4.17%	175	109.348	5.9%	126117AH3	MSDW
200000	BAA2 / BBB+	EOP OPERATING LP	EOP	7.250	2/15/2018	T 4.25% 08/15/14	4.17%	165	113.132	5.8%	268766AM4	MSDW
1676000	A3 / A-	LINCOLN NATIONAL	LNC	7.000	3/15/2018	T 4.25% 08/15/14	4.17%	100	117.568	5.1%	534187AL3	MSDW
500000	A3 / A+	GTE CORP	VZ	6.840	4/15/2018	T 4.25% 08/15/14	4.17%	145	111.429	5.6%	362320AZ6	MSDW
441000	A1 / A+	ALLSTATE CORP	ALL	6.750	5/15/2018	T 4.25% 08/15/14	4.17%	100	115.284	5.1%	020002AH4	MSDW
534000	A1 / A+	ABN AMRO BK N V	null	4.650	6/4/2018	T 4.25% 08/15/14	4.17%	100	94.895	5.1%	00080QAB1	MSDW
505000	A2 / A-	HUNTINGTON NATL	HBAN	6.600	6/15/2018	T 4.25% 08/15/14	4.17%	110	112.832	5.2%	44643TAA5	MSDW
90000	BAA1 / BBB	AMB PPTY LP	AMB	7.500	6/30/2018	T 4.25% 08/15/14	4.17%	175	114.687	5.9%	00163MAB0	MSDW
958000	AA3 / A	ROYAL BK SCOTLAND	null	4.700	7/3/2018	T 4.25% 08/15/14	4.17%	105	94.89	5.2%	780097AM3	MSDW
341000	BAA3 / BBB	DEVELOPERS MTN	DDR	7.500	7/15/2018	T 4.25% 08/15/14	4.17%	165	115.753	5.8%	25159NAW5	MSDW
1000000	A2 / A	VODAFONE GROUP	null	4.625	7/15/2018	T 4.25% 08/15/14	4.17%	100	94.622	5.1%	92857WAE0	MSDW
49000	BAA3 / BBB-	DUKE CAP B	DUK	6.750	7/15/2018	T 4.25% 08/15/14	4.17%	186	106.636	6.0%	26439RAC0	MSDW
575000	AA2 / AA-	KIMBERLY CLARK	KMB	6.250	7/15/2018	T 4.25% 08/15/14	4.17%	80	112.634	4.9%	494368AT0	MSDW
70000	BAA1 / BBB-	FORD MTR CO	F	6.500	8/1/2018	T 4.25% 08/15/14	4.17%	222	100.955	6.3%	345370BX7	MSDW
607000	A2 / A	CHUBB CORP	CB	6.600	8/15/2018	T 4.25% 08/15/14	4.17%	90	115.082	5.0%	171232AD3	MSDW
105000	AA3 / AA-	STATE STREET BANK	STT	5.250	10/15/2018	T 4.25% 08/15/14	4.17%	80	102.766	4.9%	857449AB8	MSDW
977000	AA1 / AA-	ASSOCIATES CORP	C	6.950	11/1/2018	T 4.25% 08/15/14	4.17%	100	117.624	5.1%	046003JU4	MSDW
357000	AA3 / A+	MERRILL LYNCH CO	MER	6.875	11/15/2018	T 4.25% 08/15/14	4.17%	115	115.273	5.3%	590188JN9	MSDW
289000	A1 / A	LEHMAN BROS MTN	LEH	8.050	1/15/2019	T 4.25% 08/15/14	4.17%	135	124.757	5.5%	52517PAZ4	MSDW
53000	A1 / A-	GE GLOBAL INSURAN	GE	6.450	3/1/2019	T 4.25% 08/15/14	4.17%	135	109.13	5.5%	36158FAB6	MSDW
116000	BAA2 / BBB-	PENNSYLVANIA ELEC	FE	6.625	4/1/2019	T 5.38% 02/15/31	4.97%	91	107.238	5.8%	708696BM0	MSDW
196000	BAA3 / BBB-	SPRINT CAPITAL	FON	6.900	5/1/2019	T 4.25% 08/15/14	4.17%	165	110.482	5.8%	852060AG7	MSDW
78000	BAA2 / BBB	MAY DEPT STORES	MAY	10.250	1/1/2021	T 4.25% 08/15/14	4.17%	190	142.775	6.0%	577778AR4	MSDW
132000	BAA2 / BBB	HALLIBURTON ENGY	HAL	8.750	2/15/2021	T 5.38% 02/15/31	4.97%	140	124.026	6.3%	406216AH4	MSDW
167000	BAA3 / BBB-	SPRINT CORP	FON	9.250	4/15/2022	T 5.38% 02/15/31	4.97%	165	127.101	6.6%	852061AA8	MSDW
77000	A2 / A	COCA COLA ENT BE	CCE	8.000	9/15/2022	T 5.38% 02/15/31	4.97%	65	126.756	5.6%	191219AQ7	MSDW
384000	BAA3 / BBB	CIGNA CORP BE	CI	8.300	1/15/2023	T 5.38% 02/15/31	4.97%	120	123.202	6.1%	125509AG4	MSDW
484000	BAA3 / BBB	CIGNA CORP	CI	7.650	3/1/2023	T 5.38% 02/15/31	4.97%	115	116.807	6.1%	125509AH2	MSDW
41000	A3 / A+	TORCHMARK CORP	TMK	7.875	5/15/2023	T 5.38% 02/15/31	4.97%	90	122.572	5.8%	891027AF1	MSDW
40000	A3 / A-	WESTINGHSE ELE BE	VIA	7.875	9/1/2023	T 5.38% 02/15/31	4.97%	115	119.555	6.1%	960402AS4	MSDW
776000	A2 / A-	COMERICA BK	CMA	8.375	7/15/2024	T 5.38% 02/15/31	4.97%	105	127.069	6.0%	200339AE9	MSDW
275000	BAA3 / BBB-	NEWS AMER HLDS	NCP	9.500	7/15/2024	T 5.38% 02/15/31	4.97%	130	136.383	6.2%	652478AV0	MSDW
40000	A2 / A-	CONN LT & PWR D	NU	7.875	10/1/2024	T 5.38% 02/15/31	4.97%	84	124.292	5.8%	207597CZ6	MSDW
1031000	BAA3 / BBB	MOTOROLA INC	MOT	7.500	5/15/2025	T 5.38% 02/15/31	4.97%	130	114.16	6.2%	620076AH2	MSDW
55000	BAA2 / BBB	TENNECO PACK DEB	PTV	7.950	12/15/2025	T 5.38% 02/15/31	4.97%	120	120.935	6.1%	880394AB7	MSDW
100000	BAA3 / BBB	TCI COMMUNICATION	CMCSA	7.875	2/15/2026	T 5.38% 02/15/31	4.97%	140	117.48	6.3%	872287AF4	MSDW
60000	A2 / A	COCA COLA ENTER	CCE	6.950	11/15/2026	T 5.38% 02/15/31	4.97%	70	116.063	5.6%	191219AY0	MSDW
1151000	BAA3 / BBB	AON CAPITAL CORP	AOC	8.205	1/1/2027	T 5.38% 02/15/31	4.97%	175	117.051	6.7%	037388AE5	MSDW
137000	A3 / BBB	CHRYSLER CORP	DCX	7.450	3/1/2027	T 5.38% 02/15/31	4.97%	160	110.286	6.5%	171196AP3	MSDW
58000	BAA2 / BBB	COOPER TIRE & RUB	COOPER	7.625	3/15/2027	T 5.38% 02/15/31	4.97%	165	111.706	6.6%	216831AB3	MSDW
30000	A3 / A-	CARNIVAL PLC	null	7.875	6/1/2027	T 5.38% 02/15/31	4.97%	120	120.702	6.1%	693070AD6	MSDW
137000	BAA3 / BBB-	TORO CO	TTC	7.800	6/15/2027	T 5.38% 02/15/31	4.97%	170	113.151	6.6%	891092AD0	MSDW
64000	BAA2 / BBB+	BRUNSWICK CORP	BC	7.125	8/1/2027	T 5.38% 02/15/31	4.97%	135	109.693	6.3%	117043AG4	MSDW
30000	BAA3 / BBB-	SERVICEMASTER CO	SVM	7.450	8/15/2027	T 5.38% 02/15/31	4.97%	150	111.651	6.4%	817609AB6	MSDW
58000	AA1 / AA-	CITIGROUP INC	C	6.625	1/15/2028	T 5.38% 02/15/31	4.97%	80	110.914	5.7%	172967AR2	MSDW
165000	AA3 / A	FLEET FINL GRP	BAC	6.875	1/15/2028	T 5.38% 02/15/31	4.97%	80	114.097	5.7%	338915AH4	MSDW
160000	A2 / A-	KEY BANK	KEY	6.950	2/1/2028	T 5.38% 02/15/31	4.97%	85	114.364	5.8%	49306CAB7	MSDW
103000	BAA2 / BBB	NEW PLAN EXCEL	NXL	6.900	2/15/2028	T 5.38% 02/15/31	4.97%	145	105.801	6.4%	64806QAK0	MSDW
25000	A2 / A	LOWES COS	LOW	6.875	2/15/2028	T 5.38% 02/15/31	4.97%	75	114.831	5.7%	548661AH0	MSDW
50000	AAA / AAA	MERCK & CO	MRK	6.400	3/1/2028	T 5.38% 02/15/31	4.97%	55	111.532	5.5%	589331AD9	MSDW
250000	A2 / AA-	WASH GAS LIGHT	WGL	6.850	3/9/2028	T 5.38% 02/15/31	4.97%	90	112.44	5.8%	93884PCT5	MSDW
67000	A3 / A	EQUITABLE COS INC	AXASA	7.000	4/1/2028	T 5.38% 02/15/31	4.97%	90	114.354	5.8%	29444GAJ6	MSDW
31000	BAA2 / BBB	CANADIAN OCCIDENT	NXY	7.400	5/1/2028	T 5.38% 02/15/31	4.97%	115	115.908	6.1%	136420AF3	MSDW
84000	BAA2 / BBB+	UNOCAL CORP	UCL	7.000	5/1/2028	T 5.38% 02/15/31	4.97%	105	112.298	6.0%	907770BD2	MSDW
217000	BAA2 / BBB+	EOP OPERATING LP	EOP	7.250	6/15/2028	T 5.38% 02/15/31	4.97%	135	111.379	6.3%	268766AS1	MSDW
25000	A2 / A	HONEYWELL INC	HON	6.625	6/15/2028	T 5.38% 02/15/31	4.97%	75	111.702	5.7%	438506AS6	MSDW
25000	BA2 / BBB-	TYCO INTL GROUP	null	7.000	6/15/2028	T 5.38% 02/15/31	4.97%	105	112.323	6.0%	902118AC2	MSDW
45000	A2 / A	CATERPILLAR INC	CAT	6.625	7/15/2028	T 5.38% 02/15/31	4.97%	55	114.578	5.5%	149123BF7	MSDW
139000	AA2 / AA	MBIA INC DEB	MBI	6.625	10/1/2028	T 5.38% 02/15/31	4.97%	90	109.697	5.8%	55262CAF7	MSDW
352000	BAA3 / BBB-	SPRINT CAPITAL	FON	6.875	11/15/2028	T 5.38% 02/15/31	4.97%	139	106.339	6.3%	852060AD4	MSDW
30000	A2 / A	LOWES COMPANIES	LOW	6.500	3/15/2029	T 5.38% 02/15/31	4.97%	75	110.248	5.7%	548661AK3	MSDW
272000	A3 / A-	CONOCO INC	COP	6.950	4/15/2029	T 5.38% 02/15/31	4.97%	82	115.142	5.7%	208251AE8	MSDW
1250000	A3 / BBB+	ACE INA HOLDINGS	ACE	8.875	8/15/2029	T 5.38% 02/15/31	4.97%	115	135.019	6.1%	00440EAC1	MSDW
67000	AAA / AAA	JOHNSON & JOHNSON	JNJ	6.950	9/1/2029	T 5.38% 02/15/31	4.97%	35	122.412	5.3%	478160AJ3	MSDW
79000	BAA2 / BBB	KROGER CO	KR	8.000	9/15/2029	T 5.38% 02/15/31	4.97%	125	122.464	6.2%	501044BV2	MSDW
39000	BAA2 / BBB	WESTVACO CORP	MWV	8.200	1/15/2030	T 5.38% 02/15/31	4.97%	165	119.304	6.6%	961548AV6	MSDW
36000	BAA1 / BBB-	ACE CAPITAL TR II	ACE	9.700	4/1/2030	T 5.38% 02/15/31	4.97%	160	138.536	6.5%	00440FAA2	MSDW
33000	BAA2 / BBB	ALBERTSONS INC	ABS	8.700	5/1/2030	T 5.38% 02/15/31	4.97%	140	129.27	6.3%	013104AH7	MSDW
125000	A1 / A-	BANK ONE CAPITAL	JPM	8.750	9/1/2030	T 5.38% 02/15/31	4.97%	105	135.658	6.0%	06423KAA9	MSDW
50000	BAA1 / BBB+	KONINKLIJKE KPN	null	8.375	10/1/2030	T 5.38% 02/15/31	4.97%	105	130.809	6.0%	780641AH9	MSDW
1453000	A2 / A+	VERIZON GLOBAL	VZ	7.750	12/1/2030	T 5.38% 02/15/31	4.97%	120	120.425	6.1%	92344GAM8	MSDW
433000	AA3 / A+	BELL TELE CO PA	VZ	8.350	12/15/2030	T 5.38% 02/15/31	4.97%	115	128.974	6.1%	078167AZ6	MSDW
33000	A1 / A+	ANHEUSER BUSCH COS INC	BUD	6.800	1/15/2031	T 5.38% 02/15/31	4.97%	65	116.148	5.6%	035229CG6	MSDW
64000	BAA1 / BBB	NORFOLK SOUTHERN	NSC	7.250	2/15/2031	T 5.38% 02/15/31	4.97%	105	116.198	6.0%	655844AQ1	MSDW
1000000	BAA2 / BBB	AT& T WIRELESS	AWE	8.750	3/1/2031	T 5.38% 02/15/31	4.97%	122	133.149	6.1%	00209AAF3	MSDW
78000	BAA1 / A-	ALCAN INC	AL	7.250	3/15/2031	T 5.38% 02/15/31	4.97%	85	119.237	5.8%	013716AQ8	MSDW
182000	BAA2 / BBB	KROGER CO	KR	7.500	4/1/2031	T 5.38% 02/15/31	4.97%	128	116.131	6.2%	501044BZ3	MSDW
97000	BAA2 / BBB+	EOP OPERATING LP	EOP	7.875	7/15/2031	T 5.38% 02/15/31	4.97%	124	121.641	6.2%	268766BV3	MSDW
350000	A2 / A+	TARGET CORP	TGT	7.000	7/15/2031	T 5.38% 02/15/31	4.97%	70	118.254	5.6%	87612EAF3	MSDW
1000000	BAA1 / BBB-	FORD MOTOR CO	F	7.450	7/16/2031	T 5.38% 02/15/31	4.97%	246	100.25	7.4%	345370CA6	MSDW
100000	BAA3 / BBB	MOTOROLA INC	MOT	8.400	8/15/2031	T 5.38% 02/15/31	4.97%	140	126.004	6.3%	620076AC3	MSDW
75000	BAA3 / BBB	KERR MCGEE CORP	KMG	7.875	9/15/2031	T 5.38% 02/15/31	4.97%	147	118.295	6.4%	492386AT4	MSDW
45000	BAA2 / BBB	DEVON FINL CORP	DVN	7.875	9/30/2031	T 5.38% 02/15/31	4.97%	130	120.813	6.2%	25179SAD2	MSDW
500000	A1 / A+	BELLSOUTH CORP	BLS	6.875	10/15/2031	T 5.38% 02/15/31	4.97%	115	109.959	6.1%	079860AD4	MSDW
1000000	A3 / BBB	GMAC	GM	8.000	11/1/2031	T 5.38% 02/15/31	4.97%	250	106.146	7.4%	370425RZ5	MSDW
435000	A2 / A	CHUBB CORP	CB	6.800	11/15/2031	T 5.38% 02/15/31	4.97%	75	114.832	5.7%	171232AE1	MSDW
35000	BAA1 / BBB+	BURLINGTON RES	BR	7.400	12/1/2031	T 5.38% 02/15/31	4.97%	90	120.693	5.8%	12201PAN6	MSDW
144000	BAA2 / BBB	MAY DEPT STORES	MAY	6.900	1/15/2032	T 5.38% 02/15/31	4.97%	137	107.255	6.3%	577778BQ5	MSDW
487000	BAA2 / A+	VERIZON NEW YORK	VZ	7.375	4/1/2032	T 5.38% 02/15/31	4.97%	130	114.442	6.2%	92344XAB5	MSDW
500000	AA3 / A+	MORGAN STANLEY	MWD	7.250	4/1/2032	T 5.38% 02/15/31	4.97%	95	118	5.9%	617446HD4	MSDW
273000	BAA3 / BBB	WASTE MANAGEMENT	WMI	7.750	5/15/2032	T 5.38% 02/15/31	4.97%	126	119.957	6.2%	94106LAN9	MSDW
65000	A1 / A	HOUSEHOLD FINANCE	HSBC	7.625	5/17/2032	T 5.38% 02/15/31	4.97%	89	124.058	5.8%	441812JZ8	MSDW
196000	A2 / A+	VERIZON GLOBAL	VZ	7.750	6/15/2032	T 5.38% 02/15/31	4.97%	125	120.129	6.2%	92344GAS5	MSDW
103000	BAA1 / BBB+	MASCO CORP	MAS	6.500	8/15/2032	T 5.38% 02/15/31	4.97%	105	106.483	6.0%	574599AY2	MSDW
50000	BAA3 / BBB-	INCO LTD	N	7.200	9/15/2032	T 5.38% 02/15/31	4.97%	110	115.166	6.0%	453258AP0	MSDW
60000	A1 / A+	ARCHER DANIELS	ADM	5.935	10/1/2032	T 5.38% 02/15/31	4.97%	70	103.739	5.6%	039483AT9	MSDW
33000	A3 / A+	SARA LEE CORP	SLE	6.125	11/1/2032	T 5.38% 02/15/31	4.97%	73	105.956	5.7%	803111AM5	MSDW
520000	A1 / A	HOUSEHOLD FINANCE	HSBC	7.350	11/27/2032	T 5.38% 02/15/31	4.97%	90	120.31	5.8%	441812KB9	MSDW
1147000	A3 / BBB+	TRAVELERS PPTY	STA	6.375	3/15/2033	T 5.38% 02/15/31	4.97%	90	106.989	5.8%	89420GAE9	MSDW
1000000	BAA3 / BBB	COMCAST CORP	CMCSA	7.050	3/15/2033	T 5.38% 02/15/31	4.97%	135	109.628	6.3%	20030NAC5	MSDW
488000	AAA / AAA	JOHNSON & JOHNSON	JNJ	4.950	5/15/2033	T 5.38% 02/15/31	4.97%	40	93.926	5.3%	478160AL8	MSDW
1000000	A1 / A+	ALLSTATE CORP	ALL	5.350	6/1/2033	T 5.38% 02/15/31	4.97%	85	93.511	5.8%	020002AQ4	MSDW
211000	BAA1 / BBB+	TIME WARNER	TWX	8.375	7/15/2033	T 5.38% 02/15/31	4.97%	165	122.481	6.6%	88731EAJ9	MSDW
1000000	BAA1 / BBB	GENERAL MOTORS	GM	8.375	7/15/2033	T 5.38% 02/15/31	4.97%	270	108.159	7.6%	370442BT1	MSDW
500000	AA2 / A+	CITIGROUP INC	C	6.000	10/31/2033	T 5.38% 02/15/31	4.97%	84	102.688	5.8%	172967CC3	MSDW
1780000	A3 / BBB	FIRST TENNESSEE	FTN	6.300	4/15/2034	T 5.38% 02/15/31	4.97%	115	102.481	6.1%	33716PAA8	MSDW
500000	A1 / A+	ASSURED GUARANTY	AGO	7.000	6/1/2034	T 5.38% 02/15/31	4.97%	140	108.379	6.3%	04621WAA8	MSDW
1000000	BAA1e / BBB-	POPULAR NA CAPT	BPOP	6.564	9/15/2034	T 5.38% 02/15/31	4.97%	138	102.892	6.3%	733186AA8	MSDW
70000	A3 / A-	SUNCOR ENERGY INC	SU	5.950	12/1/2034	T 5.38% 02/15/31	4.97%	74	103.469	5.7%	867229AD8	MSDW
75000	AA3 / AA	LILLY ELI & CO	LLY	6.770	1/1/2036	T 5.38% 02/15/31	4.97%	60	117.718	5.5%	532457AP3	MSDW
409000	AA2 / A	CITIGROUP CAPITAL	C	7.750	12/1/2036	T 5.38% 02/15/31	4.97%	165	115.001	6.6%	17305GAA8	MSDW
65000	BAA1 / BBB	NORFOLF SOUTHERN	NSC	7.050	5/1/2037	T 5.38% 02/15/31	4.97%	115	113.105	6.1%	655844AF5	MSDW
777000	BAA1 / A-	TRANSAMERICA CAP	AEGON	7.625	11/15/2037	T 5.38% 02/15/31	4.97%	160	114.205	6.5%	893473AC2	MSDW
43000	BAA3 / BBB-	GOODRICH B F	GR	7.000	4/15/2038	T 5.38% 02/15/31	4.97%	155	106.543	6.5%	382388AL0	MSDW
266000	AA3 / AA	TEXACO CAP INC	CVX	7.500	3/1/2043	T 5.38% 02/15/31	4.97%	110	121.24	6.0%	881685BD2	MSDW
89000	A1 / A+	IBM CORP	IBM	7.000	10/30/2045	T 5.38% 02/15/31	4.97%	82	118.943	5.7%	459200AN1	MSDW
274000	A2 / A-	ALLSTATE FIN II	ALL	7.830	12/1/2045	T 5.38% 02/15/31	4.97%	185	113.904	6.8%	020014AA4	MSDW
1332000	BAA3 / BBB-	BERKLEY W R CAP	BER	8.197	12/15/2045	T 5.38% 02/15/31	4.97%	200	116.588	6.9%	084498AB0	MSDW
238000	A3 / BBB+	DISNEY WALT CO	DIS	7.550	7/15/2093	T 5.38% 02/15/31	4.97%	150	116.673	6.4%	254687AH9	MSDW
47000	A1 / A+	ABN AMRO BK NV NY	AAB	7.125	10/15/2093	T 5.38% 02/15/31	4.97%	135	112.733	6.3%	00077TAB0	MSDW
45000	A1 / A+	BRISTOL MYERS	BMY	6.875	8/1/2097	T 5.38% 02/15/31	4.97%	120	111.428	6.1%	110122AC2	MSDW
These bonds are available through Morgan Stanley DW Inc. and are subject
to prior sale and or change in prices, yields and ratings. Bonds may be subject
to call features in addition to those shown above. Please be advised that
bonds escrowed to maturity may or may not be callable. If bonds are sold prior to
maturity, actual yields may differ form the stated yields. Insurance does not pertain to
yield quotations or market values, which will fluctuate over the life of the bond.
Insurance covers only prompt payment of principal and interest when due. For additional
information on any of the bonds mentioned in this report, please contact your Investments
Representative. All bonds are book entry unless indicated. Interest income from some
municipal bonds may be subject to the Alternative Minimum Tax (AMT). Investments and
services are offered through Morgan Stanley DW Inc., member SIPC.