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<SEC-DOCUMENT>0000891804-05-002967.txt : 20050929
<SEC-HEADER>0000891804-05-002967.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929154050
ACCESSION NUMBER:		0000891804-05-002967
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195737
		IRS NUMBER:				030487030
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21213
		FILM NUMBER:		051111280

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NEA
<TEXT>
<HTML>

<HEAD>
<TITLE>
Form N-Q
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21213
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured Tax-Free Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
07/31/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>

<A name=page_1></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Nuveen Insured Tax-Free
      Advantage Municipal Fund (NEA)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><I><FONT face=sans-serif size=1
     >July 31, 2005</FONT></I>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Principal</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ></TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><B><FONT face=sans-serif size=1
     >Optional
      Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Market</FONT></B>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Amount
      (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1

     >Description</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(1)</FONT></SUP></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp;<B><FONT
      face=sans-serif size=1
     >Provisions*</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><B><FONT face=sans-serif size=1
     >Ratings**</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Value</FONT></B>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Alabama - 8.3%
      (5.5% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,655</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Colbert County-Northwest Health Care
      Authority, Alabama, Revenue Bonds, Helen Keller Hospital,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,862,595</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Series 2003, 5.750%, 6/01/27</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Huntsville Healthcare Authority,
      Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 - MBIA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/12 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,399,770</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Jefferson County, Alabama, Sewer
      Revenue Capital Improvement Warrants, Series 2002D, 5.000%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,833,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >2/01/32 (Pre-refunded t<FONT
      face=sans-serif size=1>o 8/01/12) -
      FGIC Insured</FONT></FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Montgomery, Alabama, General Obligation
      Warrants, Series 2003, 5.000%, 5/01/21 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,866,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Sheffield, Alabama, Electric
      Revenue Bonds, Series 2003, 5.500%, 7/01/29 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,996,710</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Arizona - 3.8%
      (2.5% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Maricopa County Pollution
      Control Corporation, Arizona, Revenue Bonds, Arizona Public Service</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,449,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Company - Palo Verde Project, Series
      2002A, 5.050%, 5/01/29 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >California - 29.0% (19.2%
      of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >13,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>California, General Obligation
      Refunding Bonds, Series 2002, 5.250%, 4/01/30 - XLCA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >14,377,230</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >California, General Obligation Bonds,
      Series 2004, 5.000%, 4/01/31 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,873,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >26,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >California State Public Works Board,
      Lease Revenue Bonds, Department of General Services, Capital</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >27,421,432</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >East End Project, Series 2002A, 5.000%,
      12/01/27 - AMBAC Insured (PLG)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,910</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Cathedral City Public Financing
      Authority, California, Tax Allocation Bonds, Housing Set-Aside,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/12 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,059,661</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Series 2002D, 5.000%, 8/01/26 - MBIA
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Irvine Public Facilities and
      Infrastructure Authority, California, Assessment Revenue Bonds,
      Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >9/05 at 103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,575,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >2003C, 5.000%, 9/02/23 - AMBAC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Montara Sanitation District,
      California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28
      -</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,196,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Plumas County, California,
      Certificates of Participation, Capital Improvement Program, Series</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >2003<FONT face=sans-serif size=1
     >A:</FONT></FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >5.250%, 6/01/19 - AMBAC Insured</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,231,271</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >5.250%, 6/01/21 - AMBAC Insured</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,362,177</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,210</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Redding Joint Powers Financing
      Authority, California, Lease Revenue Bonds, Capital Improvement</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,262,696</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Projects, Series 2003A, 5.000%, 3/01/23
      - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Sacramento Municipal Utility
      District, California, Electric Revenue Bonds, Series 2003R, 5.000%,</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,949,013</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >8/15/28 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >San Diego Community College District,
      California, General Obligation Bonds, Series 2003A, 5.000%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,575,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >5/01/28 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >San Jose Redevelopment Agency,
      California, Tax Allocation Bonds, Merged Area Redevelopment
      Project,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,101,910</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2002, 5.000%, 8/01/32 -
      MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,055</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Turlock Irrigation District,
      California, Certificates of Participation, Series 2003A, 5.000%,</FONT>
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,099,764</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >1/01/28 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >University of California, Revenue
      Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 -</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,599,691</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="7%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="51%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="3%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="14%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="4%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="6%" background=""
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Colorado - 3.8%
      (2.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bowles Metropolitan District,
      Colorado, General Obligation Bonds, Series 2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.500%, 12/01/23 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,824,557</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.500%, 12/01/28 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,207,463</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Colorado Educational and
      Cultural Facilities Authority, Charter School Revenue Bonds,
      Peak-to-Peak</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,557,344</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Charter School, Series 2004,
      5.250%, 8/15/24 - XLCA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Florida - 1.2%
      (0.8% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Pinellas County Health
      Facilities Authority, Florida, Revenue Bonds, Baycare Health System,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >A1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,190,110</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2003, 5.500%,
      11/15/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Georgia - 1.5%
      (1.0% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Metropolitan Atlanta Rapid
      Transit Authority, Georgia, Sales Tax Revenue Bonds, Second
      Indenture</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,997,163</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2002, 5.000%, 7/01/32 -
      MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Illinois - 3.7%
      (2.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >905</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Cook County School District 100,
      Berwyn South, Illinois, General Obligation Refunding Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,009,491</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2003B, 5.250%, 12/01/21
      (Pre-refunded to 12/01/13) - FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Cook County School District 145,
      Arbor Park, Illinois, General Obligation Bonds, Series 2004:</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,285</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.125%, 12/01/20 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,551,052</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,940</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.125%, 12/01/23 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,156,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Illinois Health Facilities
      Authority, Revenue Bonds, Lake Forest Hospital, Series 2003,
      5.250%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,597,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>7/01/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Indiana - 8.8%
      (5.8% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Evansville, Indiana, Sewerage
      Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 -
      AMBAC</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,637,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Indiana Bond Bank, Advance
      Purchase Funding Bonds, Common School Fund, Series 2003B,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,322,583</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>8/01/19 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Indiana University, Student Fee
      Revenue Bonds, Series 2003O, 5.000%, 8/01/22 - FGIC Insured</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,057,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>IPS Multi-School Building
      Corporation, Indiana, First Mortgage Revenue Bonds, Series
      2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >11,020</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 7/15/19 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >11,754,814</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 7/15/20 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,386,160</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Kansas - 2.4% (1.6%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Kansas Development Finance
      Authority, Board of Regents, Revenue Bonds, Scientific Research
      and</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >4/13 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,676,188</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Development Facilities Projects,
      Series 2003C, 5.000%, 10/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Kentucky - 0.5%
      (0.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Kentucky State Property and
      Buildings Commission, Revenue Refunding Bonds, Project 77, Series
      2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/23 (Pre-refunded to
      8/01/13) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >372,803</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >985</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/23 (Pre-refunded to
      8/01/13) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,080,033</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Louisiana - 2.3%
      (1.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,785</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>New Orleans, Louisiana, General
      Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 -
      FGIC</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,274,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Massachusetts -
      5.1% (3.4% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Bay Transportation
      Authority, Senior Sales Tax Revenue Refunding Bonds, Series
      2002A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,803,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 7/01/27 (Pre-refunded to
      7/01/12) - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Development
      Finance Authority, Revenue Bonds, Middlesex School, Series 2003,
      5.125%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >A1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,190,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>9/01/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Turnpike
      Authority, Metropolitan Highway System Revenue Bonds, Senior Series
      1997A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >&nbsp;</FONT></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,079,890</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 1/01/37 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Michigan - 11.6%
      (7.7% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Detroit, Michigan, Senior Lien
      Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23
      -</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,504,911</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,465</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Detroit, Michigan, Senior Lien
      Water Supply System Revenue Refunding Bonds, Series 2003C,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,749,867</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>7/01/22 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Michigan Strategic Fund, Limited
      Obligation Resource Recovery Revenue Refunding Bonds, Detroit</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >11,435,256</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Edison Company, Series 2002D,
      5.250%, 12/15/32 - XLCA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Romulus Community Schools, Wayne
      County, Michigan, General Obligation Refunding Bonds, Series
      2001,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,407,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.250%, 5/01/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wayne County, Michigan, Limited
      Tax General Obligation Airport Hotel Revenue Bonds, Detroit</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,789,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Metropolitan Wayne County
      Airport, Series 2001A, 5.000%, 12/01/30 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Missouri - 1.1%
      (0.7% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Clay County Public School
      District 53, Liberty, Missouri, General Obligation Bonds, Series
      2004:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.250%, 3/01/23 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,440,832</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.250%, 3/01/24 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,628,865</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Nebraska - 1.9%
      (1.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Lincoln, Nebraska, Sanitary
      Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,267,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6/15/28 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Nevada - 0.9% (0.6%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,315</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Clark County, Nevada,
      Subordinate Lien Airport Revenue Bonds, Series 2001B, 5.200%, 7/01/31 -
      FGIC</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,426,398</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>New Mexico - 0.8%
      (0.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>New Mexico State University,
      Revenue Bonds, Series 2004, 5.000%, 4/01/19 - AMBAC Insured</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,119,175</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>New York - 9.5%
      (6.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >25,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Metropolitan Transportation
      Authority, New York, Transportation Revenue Refunding Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >26,124,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2002F, 5.000%, 11/15/31 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>North Carolina -
      3.3% (2.2% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>North Carolina Medical Care
      Commission, Revenue Bonds, Maria Parham Medical Center, Series
      2003,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,190,767</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.375%, 10/01/33 - RAAI
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Ohio - 0.7% (0.5%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,770</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Columbus, Ohio, Tax Increment
      Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/21
      -</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,876,908</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Oregon - 3.9% (2.6%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Oregon Health Sciences
      University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,795,154</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Sunrise Water Authority, Oregon,
      Water Revenue Bonds, Series 2004, 5.000%, 3/01/19 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,072,430</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Pennsylvania - 8.7%
      (5.8% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Lehigh County General Purpose
      Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke's
      Hospital</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,109,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>of Bethlehem, Series 2003,
      5.375%, 8/15/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Philadelphia Gas Works,
      Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series
      1998,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,090,520</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/32 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Philadelphia, Pennsylvania,
      Water and Wastewater Revenue Bonds, Series 1997A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >925</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.125%, 8/01/27 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >965,478</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.125%, 8/01/27 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,285,759</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>State Public School Building
      Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia
      School</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >13,586,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>District, Series 2003, 5.000%,
      6/01/33 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>South Carolina -
      7.4% (4.9% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Florence County, South Carolina,
      Hospital Revenue Bonds, McLeod Regional Medical Center,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >11/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,414,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2004A, 5.250%, 11/01/23 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Greenville County School
      District, South Carolina, Installment Purchase Revenue Bonds, Series
      2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 12/01/22</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,143,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,785</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.000%, 12/01/23</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,866,592</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,365</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Myrtle Beach, South Carolina,
      Water and Sewerage System Revenue Refunding Bonds, Series
      2003,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,505,540</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.375%, 3/01/19 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>South Carolina Transportation
      Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33
      -</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,344,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Texas - 13.0% (8.6%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Fort Bend Independent School
      District, Fort Bend County, Texas, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,364,898</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2000, 5.000%,
      8/15/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Grand Prairie Independent School
      District, Dallas County, Texas, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >2/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >13,108,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2003, 5.125%, 2/15/31 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,515</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Houston, Texas, General
      Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,953,718</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Houston, Texas, First Lien
      Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25
      -</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >5/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,158,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Katy Independent School
      District, Harris, Fort Bend and Waller Counties, Texas, General
      Obligation</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,293,547</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Series 2002A, 5.125%,
      2/15/18</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Virginia - 0.6%
      (0.4% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Hampton, Virginia, Revenue
      Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 -
      AMBAC</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,581,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Washington - 9.2%
      (6.1% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,945</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Broadway Office Properties, King
      County, Washington, Lease Revenue Bonds, Washington Project,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,143,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2002, 5.000%, 12/01/31 -
      MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Chelan County Public Utility
      District 1, Washington, Hydro Consolidated System Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,487,248</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2002C, 5.125%, 7/01/33 -
      AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,135</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Kitsap County Consolidated
      Housing Authority, Washington, Revenue Bonds, Bremerton
      Government</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,243,885</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Center, Series 2003, 5.000%,
      7/01/23 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,935</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Pierce County School District
      343, Dieringer, Washington, General Obligation Refunding
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,120,818</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2003, 5.250%, 12/01/17 -
      FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,670</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Washington, General Obligation
      Bonds, Series 2003D, 5.000%, 12/01/21 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,261,224</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>West Virginia -
      1.2% (0.8% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>West Virginia State Building
      Commission, Lease Revenue Refunding Bonds, Regional Jail and</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,404,310</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Corrections Facility, Series
      1998A, 5.375%, 7/01/21 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Wisconsin - 6.7%
      (4.4% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Sun Prairie Area School
      District, Dane County, Wisconsin, General Obligation Bonds, Series
      2004C,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,286,842</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.250%, 3/01/24 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Refunding Bonds, Wausau
      Hospital</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,010,155</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Inc., Series 1998A, 5.125%,
      8/15/20 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Bonds, Meriter Hospital Inc.,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,485,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>1992A, 6.000%, 12/01/22 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Bonds, Wheaton Franciscan
      Services</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,688,090</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Inc., Series 2003A, 5.125%,
      8/15/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,605</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Bonds, Franciscan Sisters of</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,947,750</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Christian Charity Healthcare
      Ministry, Series 2003A, 5.875%, 9/01/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >391,995</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Total Long-Term Investments
      (cost $393,094,577) - 150.9%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >415,501,823</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Other Assets Less Liabilities -
      1.4%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,921,911</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Preferred Shares, at Liquidation
      Value - (52.3)%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >(144,000,000)</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Net Assets Applicable to Common
      Shares - 100%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >275,423,734</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="51%" background=""
BCLCOLALL="4">
      <HR noShade SIZE=2>
    </TD>
    <TD width="3%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="20%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="10%" colSpan=3>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR style="WIDTH: 119.09%; HEIGHT: 3px" align=center width="119.09%"
color=#990033 noShade SIZE=3>
<PAGE><A name=page_6></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><B><FONT face=sans-serif
      size=1>Forward Swaps
      outstanding at July 31, 2005:</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Unrealized</FONT></B> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><B><FONT face=sans-serif size=1
     >Notional</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Effective</FONT></B> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1

     >Termination</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Appreciation</FONT></B>
</TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><B><FONT face=sans-serif size=1
     >Amount</FONT></B>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif><FONT
      size=1><B>Date(2)</B></FONT></FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"
   >&nbsp;</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Date</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >(Depreciation)</FONT></B>
    </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="93%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Agreement with Goldman Sachs
      dated January 10, 2005, to pay</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>semi-annually the notional
      amount multiplied by 5.251% (annualized)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>and receive quarterly the
      notional amount multiplied by the</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>three-month USD-LIBOR (United
      States Dollar-London</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Inter-Bank Offered
      Rates).</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>9,000,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8/16/05</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8/16/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>(374,186</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Agreement with Citigroup dated
      June 29, 2005, to pay semi-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>annually the notional amount
      multiplied by 4.652% (annualized)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>and receive quarterly the
      notional amount multiplied by the three-month</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>USD-LIBOR (United States
      Dollar-London Inter-Bank Offered Rates).</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >13,500,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2/22/06</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2/22/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >521,066</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Agreement with Citigroup dated
      June 30, 2005, to pay semi-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>annually the notional amount
      multiplied by 4.699% (annualized)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>and receive quarterly the
      notional amount multiplied by the three-month</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>USD-LIBOR (United States
      Dollar-London Inter-Bank Offered Rates).</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3,000,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2/27/06</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2/27/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >98,488</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="93%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>245,368</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="93%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>At least 80% of the Fund&#146;s net
      assets (including net assets attributable to Preferred shares) are
      invested in</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>municipal securities that are
      either covered by Original Issue Insurance, Secondary Market Insurance
      or</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>Portfolio Insurance which
      ensures the timely payment of principal and interest. Up to 20% of the
      Fund&#146;s net</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>assets (including net assets
      attributable to Preferred shares) may be invested in municipal securities
      that are</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>(i) either backed by an escrow
      or trust containing sufficient U.S. Government or U.S. Government
      agency</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>securities (also ensuring the
      timely payment of principal and interest), or (ii) municipal bonds that
      are rated,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>at the time of investment,
      within the four highest grades (Baa or BBB or better by Moody&#146;s, S&amp;P
      or Fitch) or</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>unrated but judged to be of
      comparable quality by the Adviser.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >(1</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>All percentages shown in the
      Portfolio of Investments are based on net assets applicable to Common
      shares</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>unless otherwise
      noted.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >(2</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>Effective date represents the
      date on which both the Fund and counterparty commence interest
      payment</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>accruals on each forward swap
      contract.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >*</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>Optional Call Provisions: Dates
      (month and year) and prices of the earliest optional call or redemption.
      There</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>may be other call provisions at
      varying prices at later dates.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >**</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Ratings: Using the higher of
      Standard &amp; Poor's or Moody's rating.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >(PLG)</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>Portion of security, with an
      aggregate market value of $609,944, has been pledged to collateralize the
      net</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>payment obligations under
      forward swap contracts.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><B><FONT face=sans-serif
      size=1>Income Tax
      Information</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>The following information is
      presented on an income tax basis. Differences between amounts for
      financial statement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>and federal income tax purposes
      are primarily due to timing differences in recognizing income on taxable
      market</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>discount securities and timing
      differences in recognizing certain gains and losses on investment
      transactions.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>At July 31, 2005, the cost of
      investments was $393,070,669.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=5
   ><FONT face=sans-serif
      size=1>Gross unrealized appreciation
      and gross unrealized depreciation of investments at July 31, 2005, were
      as</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>follows:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="93%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Gross unrealized:</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; &nbsp;<FONT
      face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>22,431,154</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   >&nbsp; &nbsp;<FONT
      face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >-</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="93%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=20
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif
      size=1>Net unrealized appreciation of
      investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>22,431,154</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="4%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="2%"></TD>
    <TD width="35%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="41%" colSpan=10>
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="13%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that have materially affected, or are reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured Tax-Free Advantage Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of Nuveen Insured Tax-Free Advantage Municipal Fund;</LI>
<LI>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;
</LI>
<LI>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;</LI>

<LI>The registrant's other certifying officer 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) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
      for the registrant and have:


      <OL type=a><LI>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;</LI>

      <LI>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</LI>

      <LI>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</LI>

      <LI>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</LI></OL></LI>

<LI>The registrant's other certifying officer 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):

      <OL type=a><LI>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</LI>

      <LI>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.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (principal executive officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured Tax-Free Advantage Municipal Fund;</LI>
<LI>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;
</LI>
<LI>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;</LI>

<LI>The registrant's other certifying officer 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)and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
      for the registrant and have:

      <OL type='a'><LI>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;</LI>

      <LI>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</LI>

      <LI>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</LI>

      <LI>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</LI></OL></LI>

<LI>The registrant's other certifying officer 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):

      <OL type='a'><LI>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</LI>

      <LI>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.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (principal financial officer)<BR><BR></H4></CENTER>
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