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<SEC-DOCUMENT>0000891804-06-001201.txt : 20060331
<SEC-HEADER>0000891804-06-001201.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331103756
ACCESSION NUMBER:		0000891804-06-001201
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

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:		06725873

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31&nbsp;&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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/31/06&nbsp;&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>
<P align=left>
<TABLE>

  <TR>
    <TD width=180>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B><BR><B><FONT face=sans-serif size=1
     >Nuveen Insured Tax-Free Advantage Municipal Fund
      (NEA)</FONT></B><BR><I><FONT face=sans-serif size=1
     >January 31,
2006</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%">&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Optional</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%">&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Description (1)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Provisions (2)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Ratings (3)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Alabama &#150; 8.3% (5.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp; &nbsp;5,655</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Colbert County-Northwest Health Care Authority,
      Alabama, Revenue Bonds, Helen Keller Hospital,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
     ><FONT face=sans-serif size=1
     >&nbsp;$ </FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,810,739</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003, 5.750%, 6/01/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Huntsville Healthcare Authority, Alabama, Revenue
      Bonds, Series 1998A, 5.400%, 6/01/22 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/12 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,374,753</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Jefferson County, Alabama, Sewer Revenue Capital
      Improvement Warrants, Series 2002D, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,786,294</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2/01/32 (Pre-refunded 8/01/12) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Montgomery, Alabama, General Obligation Warrants,
      Series 2003, 5.000%, 5/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,847,930</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Sheffield, Alabama, Electric Revenue Bonds, Series
      2003, 5.500%, 7/01/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,898,520</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >21,285</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Alabama</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >22,718,236</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Arizona &#150; 3.8% (2.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Maricopa County Pollution Control Corporation,
      Arizona, Revenue Bonds, Arizona Public Service</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,335,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Company &#150; Palo Verde Project, Series 2002A, 5.050%,
      5/01/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >California &#150; 29.0% (19.2% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >26,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue
      Bonds, Department of General Services,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >27,197,619</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Capital East End Project, Series 2002A, 5.000%,
      12/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series 2004,
      5.000%, 4/01/31 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >7,771,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >13,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Refunding Bonds,
      Series 2002, 5.250%, 4/01/30 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >14,317,965</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,910</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Cathedral City Public Financing Authority,
      California, Tax Allocation Bonds, Housing</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/12 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,033,762</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Set-Aside, Series 2002D, 5.000%, 8/01/26 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Irvine Public Facilities and Infrastructure
      Authority, California, Assessment Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/06 at
      103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,575,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003C, 5.000%, 9/02/23 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Montara Sanitation District, California, General
      Obligation Bonds, Series 2003, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,156,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/01/28 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Plumas County, California, Certificates of
      Participation, Capital Improvement Program, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >2003A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 6/01/19 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,224,773</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 6/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,353,618</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,210</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Redding Joint Powers Financing Authority,
      California, Lease Revenue Bonds, Capital Improvement</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,255,206</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Projects, Series 2003A, 5.000%, 3/01/23 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Sacramento Municipal Utility District, California,
      Electric Revenue Bonds, Series 2003R,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,903,938</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 8/15/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >San Diego Community College District, California,
      General Obligation Bonds, Series 2003A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,559,505</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 5/01/28 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >San Jose Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Area Redevelopment</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,067,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Project, Series 2002, 5.000%, 8/01/32 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,055</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Turlock Irrigation District, California,
      Certificates of Participation, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,088,865</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >1/01/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >University of California, Revenue Bonds,
      Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,499,395</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >75,910</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total California</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >79,005,536</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Colorado &#150; 3.8% (2.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Bowles Metropolitan District, Colorado, General
      Obligation Bonds, Series 2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 12/01/23 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,736,837</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 12/01/28 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,114,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural Facilities
      Authority, Charter School Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,542,757</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Peak-to-Peak Charter School, Series 2004, 5.250%,
      8/15/24 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Colorado</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,394,394</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Florida &#150; 1.2% (0.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Pinellas County Health Facilities Authority,
      Florida, Revenue Bonds, Baycare Health System,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,170,130</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003, 5.500%, 11/15/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Georgia &#150; 1.5% (1.0% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Metropolitan Atlanta Rapid Transit Authority,
      Georgia, Sales Tax Revenue Bonds, Second</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,957,001</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Indenture Series 2002, 5.000%, 7/01/32 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Illinois &#150; 3.8% (2.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>905</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Cook County School District 100, Berwyn South,
      Illinois, General Obligation Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >997,328</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003B, 5.250%, 12/01/21 (Pre-refunded
      12/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,285</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 12/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,521,421</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,940</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 12/01/23 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,124,955</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds,
      Lake Forest Hospital, Series 2003,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,585,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 7/01/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,630</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Illinois</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,229,654</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Indiana &#150; 8.8% (5.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Evansville, Indiana, Sewerage Works Revenue
      Refunding Bonds, Series 2003A, 5.000%, 7/01/23 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,622,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,306,771</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/01/19 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Indiana University, Student Fee Revenue Bonds,
      Series 2003O, 5.000%, 8/01/22 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,049,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >11,020</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 7/15/19 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >11,673,927</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 7/15/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,332,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >22,710</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Indiana</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >23,985,123</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Kansas &#150; 2.4% (1.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/13 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,623,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Development Facilities Projects, Series 2003C,
      5.000%, 10/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Kentucky &#150; 0.5% (0.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Kentucky State Property and Buildings Commission,
      Revenue Refunding Bonds, Project 77, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>340</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 8/01/23 (Pre-refunded 8/01/13) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >367,907</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>985</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 8/01/23 (Pre-refunded 8/01/13) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,065,849</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Kentucky</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,433,756</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Louisiana &#150; 2.2% (1.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,785</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >New Orleans, Louisiana, General Obligation Refunding
      Bonds, Series 2002, 5.300%, 12/01/27 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,080,324</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Massachusetts &#150; 5.1% (3.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Massachusetts Bay Transportation Authority, Senior
      Sales Tax Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,718,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Massachusetts Development Finance Authority, Revenue
      Bonds, Middlesex School, Series 2003,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,177,065</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 9/01/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Massachusetts Turnpike Authority, Metropolitan
      Highway System Revenue Bonds, Senior Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,045,780</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >1997A, 5.000%, 1/01/37 &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >13,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Massachusetts</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >13,941,405</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Michigan &#150; 11.6% (7.7% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Detroit, Michigan, Senior Lien Water Supply System
      Revenue Bonds, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,459,488</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,465</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Detroit, Michigan, Senior Lien Water Supply System
      Revenue Refunding Bonds, Series 2003C,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,706,467</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 7/01/22 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >11,261,376</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Edison Company, Series 2002D, 5.250%, 12/15/32 &#150;
      XLCA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Romulus Community Schools, Wayne County, Michigan,
      General Obligation Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,387,655</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001, 5.250%, 5/01/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,733,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Metropolitan Wayne County Airport, Series 2001A,
      5.000%, 12/01/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >30,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Michigan</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >31,548,466</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Missouri &#150; 1.1% (0.7% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 3/01/23 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,444,502</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 3/01/24 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,632,465</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Missouri</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,076,967</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Nebraska &#150; 1.9% (1.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,198,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/15/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Nevada &#150; 0.9% (0.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,315</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Clark County, Nevada, Subordinate Lien Airport
      Revenue Bonds, Series 2001B, 5.200%, 7/01/31</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,503,441</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 7/01/11) &#150; FGIC Insured</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >New Mexico &#150; 0.8% (0.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >New Mexico State University, Revenue Bonds, Series
      2004, 5.000%, 4/01/19 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,100,729</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >New York &#150; 10.2% (6.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >25,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York,
      Transportation Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >25,848,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002F, 5.000%, 11/15/31 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >New York State Urban Development Corporation,
      Service Contract Revenue Bonds, Series 2005B,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,951,787</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 3/15/25 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >26,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total New York</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >27,800,037</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >North Carolina &#150; 3.3% (2.2% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >North Carolina Medical Care Commission, Revenue
      Bonds, Maria Parham Medical Center, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,102,288</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003, 5.375%, 10/01/33 &#150; RAAI Insured</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Oklahoma &#150; 0.5% (0.2% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Oklahoma Capitol Improvement Authority, State
      Facilities Revenue Bonds, Series 2005F, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,057,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Oregon &#150; 3.6% (2.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Oregon Health Sciences University, Revenue Bonds,
      Series 2002A, 5.000%, 7/01/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,678,279</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Pennsylvania &#150; 8.7% (5.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Lehigh County General Purpose Authority,
      Pennsylvania, Hospital Revenue Bonds, St. Luke&#146;s</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,091,710</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital of Bethlehem, Series 2003, 5.375%,
      8/15/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,063,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 8/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>925</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Philadelphia, Pennsylvania, Water and Wastewater
      Revenue Bonds, Series 1997A, 5.125%, 8/01/27 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >954,896</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp; &nbsp;<FONT face=sans-serif size=1
     >(ETM) AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Philadelphia, Pennsylvania, Water and Wastewater
      Revenue Bonds, Series 1997A, 5.125%, 8/01/27 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,234,088</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >13,413,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >District, Series 2003, 5.000%, 6/01/33 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >23,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Pennsylvania</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >23,758,054</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >South Carolina &#150; 7.4% (4.9% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Florence County, South Carolina, Hospital Revenue
      Bonds, McLeod Regional Medical Center,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,361,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004A, 5.250%, 11/01/23 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,109,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,785</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,846,832</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,365</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,488,956</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 3/01/19 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >South Carolina Transportation Infrastructure Bank,
      Revenue Bonds, Series 2002A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,243,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >10/01/33 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >19,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total South Carolina</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >20,051,508</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Texas &#150; 13.0% (8.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >7,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Fort Bend Independent School District, Fort Bend
      County, Texas, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,283,074</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2000, 5.000%, 8/15/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Grand Prairie Independent School District, Dallas
      County, Texas, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >12,966,625</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003, 5.125%, 2/15/31 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Houston, Texas, First Lien Combined Utility System
      Revenue Bonds, Series 2004A, 5.250%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,136,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5/15/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,515</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Houston, Texas, General Obligation Refunding Bonds,
      Series 2002, 5.250%, 3/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,916,106</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Katy Independent School District, Harris, Fort Bend
      and Waller Counties, Texas, General</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,227,325</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Obligation Bonds, Series 2002A, 5.125%,
      2/15/18</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >33,840</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Texas</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >35,529,330</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Virginia &#150; 0.6% (0.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Hampton, Virginia, Revenue Bonds, Convention Center
      Project, Series 2002, 5.125%, 1/15/28 &#150;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,566,345</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Washington &#150; 9.2% (6.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,945</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,084,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002, 5.000%, 12/01/31 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,419,103</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002C, 5.125%, 7/01/33 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,135</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,225,524</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Center, Series 2003, 5.000%, 7/01/23 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,935</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,095,624</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003, 5.250%, 12/01/17 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >9,670</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Washington, General Obligation Bonds, Series 2003D,
      5.000%, 12/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,168,972</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >23,935</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Washington</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >24,993,573</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >West Virginia &#150; 1.2% (0.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,380,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Corrections Facility, Series 1998A, 5.375%, 7/01/21
      &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Wisconsin &#150; 6.7% (4.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Sun Prairie Area School District, Dane County,
      Wisconsin, General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,274,431</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2004C, 5.250%, 3/01/24 &#150; FSA Insured</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,605</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,902,805</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Wisconsin Health and Educational Facilities
      Authority, Revenue Bonds, Meriter Hospital Inc.,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,446,910</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1992A, 6.000%, 12/01/22 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Wisconsin Health and Educational Facilities
      Authority, Revenue Bonds, Wheaton Franciscan</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,662,964</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Services Inc., Series 2003A, 5.125%,
      8/15/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Wisconsin Health and Educational Facilities
      Authority, Revenue Refunding Bonds, Wausau</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,998,470</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital Inc., Series 1998A, 5.125%, 8/15/20 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >17,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Wisconsin</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >18,285,580</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp; &nbsp;392,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Investments (cost $393,026,527) &#150;
      151.1%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >411,504,951</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities &#150; 1.8%</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,788,214</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Preferred Shares, at Liquidation Value &#150;
      (52.9)%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >(144,000,000)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Net Assets Applicable to Common Shares &#150;
      100%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
     ><FONT face=sans-serif size=1
     >&nbsp;$ </FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >272,293,165</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_5></A>
<P align=left>
<TABLE>

  <TR>
    <TD width=6></TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Forward Swaps outstanding at January 31,
      2006:</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Fixed Rate</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Floating Rate</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Paid</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><B><FONT
      face=sans-serif size=1
     >Fixed Rate</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Received</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Floating Rate</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Unrealized</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="10%"><B><FONT
      face=sans-serif size=1
     >Notional</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1>by
      the Fund</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><B><FONT
      face=sans-serif size=1
     >Payment</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1>by
      the Fund</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Payment</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Effective</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Terminiation</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Appreciation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%"
     ><B><FONT face=sans-serif size=1
     >Counterparty</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="10%"><B><FONT
      face=sans-serif size=1
     >Amount</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >(annualized)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><B><FONT
      face=sans-serif size=1
     >Frequency</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Based On</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Frequency</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Date (4)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >(Depreciation)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=17>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%"
     ><FONT face=sans-serif size=1
     >Citigroup</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>$
      13,500,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4.652%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >Semi-Annually</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3 Month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/22/06</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/22/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>$
      826,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%"
     ><FONT face=sans-serif size=1
     >Citigroup</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >3,000,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4.699</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >Semi-Annually</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3 Month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/27/06</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/27/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >166,093</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%"
     ><FONT face=sans-serif size=1
     >JPMorgan</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >9,000,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5.075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >Semi-Annually</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3 Month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/22/06</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2/22/06</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >77,172</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=17>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >$1,069,435</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=17>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1
     >USD-LIBOR (United States Dollar&#150;London Inter&#150;Bank
      Offered Rates)</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><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</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >in municipal securities that are either covered by
      Original Issue Insurance, Secondary Market Insurance</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >or Portfolio Insurance which ensures the timely
      payment of principal and interest. Up to 20% of the Fund&#146;s</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >net assets (including net assets attributable to
      Preferred shares) may be invested in municipal securities</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >that are (i) either backed by an escrow or trust
      containing sufficient U.S. Government or U.S. Government</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >agency securities (also ensuring the timely payment
      of principal and interest), or (ii) rated, at the time of</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >investment, within the four highest grades (Baa or
      BBB or better by Moody&#146;s, S&amp;P or Fitch) or unrated but</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >judged to be of comparable quality by the
      Adviser.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(1)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >shares unless otherwise noted.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(2)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >may be subject to periodic principal
      paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(3)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s
      or Moody&#146;s rating. Ratings below Baa by Moody's Investor</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor's Group
      are considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(4)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Effective date represents that date on which both
      the Fund and counterparty commence interest payment</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >accruals on each forward swap contract.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >(ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Security is escrowed to maturity.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
BASEFACE="sans-serif">Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">The following information is presented on an income tax
basis. Differences between amounts for financial statement and federal income
tax purposes are primarily due to timing differences in recognizing taxable
market discount and timing differences in recognizing certain gains and losses
on investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
January 31, 2006, the cost of investments was $397,033,266.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Gross unrealized appreciation and gross unrealized
depreciation of investments at January 31, 2006, were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="36%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     >&nbsp; <FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >$18,507,819</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     >&nbsp; <FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >(4,036,134)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >$14,471,685</FONT>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=2>
    </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>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

</BODY>

</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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;<BR></U>Gifford R. Zimmerman<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
</CENTER>
<HR noShade SIZE=1>

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