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<SEC-DOCUMENT>0000891804-05-002966.txt : 20050929
<SEC-HEADER>0000891804-05-002966.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929154004
ACCESSION NUMBER:		0000891804-05-002966
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001090116
		IRS NUMBER:				752998730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09475
		FILM NUMBER:		051111275

	BUSINESS ADDRESS:	
		STREET 1:		JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129177794

	MAIL ADDRESS:	
		STREET 1:		JOHN NUVEEN & CO INC
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NVG
<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;811-09475
&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 Dividend Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
07/31/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Nuveen Insured Dividend
      Advantage Municipal Fund (NVG)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><I><FONT face=sans-serif size=1
     >July 31, 2005</FONT></I>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Principal</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ></TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><B><FONT face=sans-serif size=1
     >Optional
      Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Market</FONT></B>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Amount
      (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1

     >Description</FONT></B><B><SUP><FONT face=sans-serif
      size=1
     >(1)</FONT></SUP></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp;<B><FONT
      face=sans-serif size=1
     >Provisions*</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><B><FONT face=sans-serif size=1
     >Ratings**</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Value</FONT></B>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Alabama - 4.3%
      (2.9% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,310</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Athens, Alabama, Water and Sewerage Revenue
      Warrants, Series 2002, 5.300%, 5/01/32 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,718,764</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Hoover, Alabama, General Obligation Bonds, Series
      2003, 5.000%, 3/01/20 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,253,978</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Jefferson County, Alabama, Sewer Revenue Capital
      Improvement Warrants, Series 1999A, 5.375%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,825,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2/01/36 (Pre-refunded t<FONT face=sans-serif size=1
     >o 2/01/09) - FGIC Insured</FONT></FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Alaska - 3.4% (2.3%
      of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Alaska, International Airport System Revenue Bonds,
      Series 2002B, 5.250%, 10/01/27 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >15,999,300</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Arizona - 1.1%
      (0.8% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Phoenix, Arizona, Civic Improvement Corporation,
      Senior Lien Airport Revenue Bonds, Series 2002B,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,237,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 7/01/32 (Alternative Minimum Tax) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >California - 11.4% (7.6%
      of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>California Educational
      Facilities Authority, Revenue Bonds, Occidental College, Series
      2005A:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,485</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 10/01/26 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,579,283</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,565</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 10/01/27 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,663,032</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,890</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >California, General Obligation Veterans Welfare
      Bonds, Series 1997BH, 5.400%, 12/01/14</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,094,292</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >California, Various Purpose General Obligation
      Bonds, Series 2000, 5.250%, 9/01/17 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,456,544</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>California, General Obligation
      Refunding Bonds, Series 2002, 5.000%, 2/01/23 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,442,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >California, General Obligation Veterans Welfare
      Bonds, Series 2001BZ, 5.375%, 12/01/24</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,057,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>(Alternative Minimum Tax) - MBIA
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,935</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Los Angeles, California,
      Certificates of Participation, Real Property Acquisition Program,
      Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,443,554</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2002, 5.300%, 4/01/32 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Los Angeles Convention and
      Exhibition Center Authority, California, Certificates of
      Participation,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,021,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Series 1985, 9.000%, 12/01/20 (Pre-refunded to
      12/01/05)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,425</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Los Angeles Unified School District, California,
      General Obligation Bonds, Series 2005A-1, 5.000%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,658,277</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >7/01/25 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Northern California Power Agency, Revenue Refunding
      Bonds, Hydroelectric Project 1, Series 1998A,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,931,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.200%, 7/01/32 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,320</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Sacramento Municipal Utility
      District, California, Electric Revenue Bonds, Series 2001P, 5.250%,</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,524,276</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >8/15/18 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Colorado - 0.9%
      (0.6% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,580</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Gunnison Watershed School District RE1J, Gunnison
      and Saguache Counties, Colorado, General</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,740,496</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Obligation Bonds, Series 2004, 5.000%, 12/01/15 -
      FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Sand Creek Metropolitan District, Colorado, General
      Obligation Bonds, Series 2004:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,095</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 12/01/13 - XLCA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,188,108</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,170</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 12/01/14 - XLCA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,263,226</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="7%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="52%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="3%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="13%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="4%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="6%" background=""
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Florida - 16.1% (10.8% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Florida Municipal Loan Council,
      Revenue Bonds, Series 2003B:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 12/01/17 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,522,016</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,480</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 12/01/18 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,613,836</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >11,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Greater Orlando Aviation Authority, Florida, Airport
      Facilities Revenue Bonds, Series 2002B,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >12,136,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.125%, 10/01/21 (Alternative Minimum Tax) - FSA
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >JEA, Florida, Water and Sewerage System Revenue
      Bonds, Series 2002A, 5.500%, 10/01/41 - MBIA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/07 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,212,760</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,155</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Lee County, Florida, Solid Waste System Revenue
      Refunding Bonds, Series 2001, 5.625%, 10/01/13</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,845,158</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >(Alternative Minimum Tax) - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Miami-Dade County School Board, Florida,
      Certificates of Participation, Series 2003A, 5.000%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >15,729,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >8/01/27 (Mandatory pu<FONT face=sans-serif size=1
     >t 8/01/08) - MBIA Insured</FONT></FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Miami-Dade County, Florida, Aviation Revenue Bonds,
      Miami International Airport, Series 2002:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,165</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.625%, 10/01/15 (Alternative Minimum Tax) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,886,659</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.750%, 10/01/16 (Alternative Minimum Tax) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,207,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.125%, 10/01/21 (Alternative Minimum Tax) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,475,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 10/01/22 (Alternative Minimum Tax) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,112,920</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Orange County, Florida, Sales Tax Revenue Bonds,
      Series 2002B, 5.000%, 1/01/25 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,057,590</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Georgia - 0.6% (0.3% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Atlanta, Georgia, Water and Wastewater Revenue
      Bonds, Series 2004, 5.000%, 11/01/22 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,064,320</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,695</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Georgia Housing and Finance Authority, Single Family
      Mortgage Bonds, Series 2002B-2, 5.500%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,763,292</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >6/01/32 (Alternative Minimum Tax)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Illinois - 14.0% (9.4% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Bolingbrook, Illinois, General Obligation Bonds,
      Series 2002A, 5.375%, 1/01/38 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,783,400</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Chicago, Illinois, General Obligation Refunding
      Bonds, Series 2001A, 5.500%, 1/01/38 - MBIA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,469,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Chicago, Illinois, Second Lien Passenger Facility
      Charge Revenue Bonds, O'Hare International</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Airport, Series 2001C:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 1/01/16 (Alternative Minimum Tax) - AMBAC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,593,230</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,485</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 1/01/17 (Alternative Minimum Tax) - AMBAC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,847,209</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,730</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 1/01/18 (Alternative Minimum Tax) - AMBAC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,102,629</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,930</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 1/01/19 (Alternative Minimum Tax) - AMBAC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,152,797</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Chicago, Illinois, Third Lien General Airport
      Revenue Refunding Bonds, O'Hare International</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,286,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Airport, Series 2002A, 5.750%, 1/01/17 (Alternative
      Minimum Tax) - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >12,765</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Chicago, Illinois, Revenue Bonds, Skyway Toll
      Bridge, Series 1996, 5.500%, 1/01/23 (Pre-refunded</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >13,480,861</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >to 1/01/07) - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Cicero, Cook County, Illinois, General Obligation
      Corporate Purpose Bonds, Series 2002, 5.000%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,243,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >12/01/21 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >DuPage County Community School District 200,
      Wheaton, Illinois, General Obligation Bonds, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,630,065</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2003C, 5.250%, 10/01/22 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Illinois, General Obligation Bonds, Illinois FIRST
      Program, Series 2002, 5.250%, 4/01/23 - FSA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,417,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >University of Illinois, Certificates of
      Participation, Utility Infrastructure Projects, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,929,581</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2001A, 5.000%, 8/15/20 (Pre-refunded to 8/15/11) -
      AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Indiana - 16.9% (11.4% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,380</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Evansville, Indiana, Sewerage Works Revenue
      Refunding Bonds, Series 2003A, 5.000%, 7/01/20 - AMBAC</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,597,064</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Indiana Bond Bank, Special Program Bonds, Hendricks
      County Redevelopment District, Series 2002D:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.375%, 4/01/23 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,710,075</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 4/01/26 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,596,569</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 4/01/30 - AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,516,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority,
      Hospital Revenue Bonds, Marion General Hospital,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,547,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Series 2002, 5.250%, 7/01/32 -
      AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >25,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Indianapolis Local Public Improvement Bond Bank,
      Indiana, Waterworks Project, Series 2002A,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >26,791,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 7/01/33 - MBIA Insured (PLG)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >New Albany-Floyd County School Building Corporation,
      Indiana, First Mortgage Bonds, Series 2002:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.750%, 7/15/17 (Pre-refunded to 7/15/12) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,840,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.750%, 7/15/20 (Pre-refunded to 7/15/12) - FGIC
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,328,693</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Northern Wells Community School Building
      Corporation, Wells County, Indiana, First Mortgage Bonds,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Series 2001:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >420</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 1/15/19 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >454,852</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >430</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 7/15/19 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >466,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,675</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.400%, 7/15/23 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,825,147</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,960</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Valparaiso Middle School Building Corporation,
      Indiana, First Mortgage Refunding Bonds, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,327,488</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2002, 5.000%, 7/15/24 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Whitley County Middle School Building Corporation,
      Columbia City, Indiana, First Mortgage Bonds,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,665,147</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Series 2003, 5.000%, 1/15/18 -
      FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Louisiana - 0.7% (0.5% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,085</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >New Orleans, Louisiana, General Obligation Refunding
      Bonds, Series 2002, 5.125%, 9/01/21 - MBIA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,326,309</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Massachusetts - 3.5% (2.4%
      of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Massachusetts, General Obligation Bonds,
      Consolidated Loan, Series 2004B, 5.000%, 8/01/22</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,448,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>(Pre-refunded to 8/01/14) -
      AMBAC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Massachusetts, Special Obligation Refunding Notes,
      Federal Highway Grant Anticipation Note Program,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,882,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Series 2003A, 5.000%, 12/15/13 - FSA Insured</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Michigan - 1.8%
      (1.2% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Detroit, Michigan, Sewerage Disposal System Revenue
      Bonds, Series 1999A, 5.750%, 7/01/26</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,316,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >(Pre-refunded to 1/01/10) - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Missouri - 2.4%
      (1.6% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >St. Louis County Pattonville School District R3,
      Missouri, General Obligation Bonds, Series 2004,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,752,032</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 3/01/19 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,735</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >St. Louis, Missouri, Airport Revenue Bonds, Airport
      Development Program, Series 2001A, 5.250%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,592,515</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >7/01/31 (Pre-refunded t<FONT face=sans-serif size=1
     >o 7/01/11) - MBIA Insured</FONT></FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Nebraska - 0.5% (0.2% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Municipal Energy Agency of Nebraska, Power Supply
      System Revenue Bonds, Series 2003A:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 4/01/20 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,094,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 4/01/21 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,092,880</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Nevada - 4.3% (2.9% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Clark County School District, Nevada, General
      Obligation Bonds, Series 2002C, 5.000%, 6/15/21 -</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,431,365</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Truckee Meadows Water Authority, Nevada, Water
      Revenue Bonds, Series 2001A, 5.250%, 7/01/34 - FSA</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,368,975</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>New Jersey - 0.5%
      (0.4% of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,345</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Bernards Township School District, Somerset County,
      New Jersey, General Obligation Bonds, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,552,298</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2004, 5.000%, 1/01/15 - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >New York - 2.9% (1.9% of
      Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Metropolitan Transportation
      Authority, New York, Transportation Revenue Refunding Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,462,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>2002A, 5.000%, 11/15/30 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Metropolitan Transportation
      Authority, New York, Transportation Revenue Bonds, Series
      2005B,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,592,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 11/15/30 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Dormitory Authority of the State
      of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,192,789</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Hospital, Series 2004, 5.000%,
      8/01/23 - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>North Carolina -
      0.6% (0.4% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,435</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>North Carolina Medical Care
      Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson
      Regional</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,687,729</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Hospital Project, Series 2003,
      5.375%, 10/01/24 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Oregon - 3.7% (2.5%
      of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,725</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Clackamas County School District
      62, Oregon City, Oregon, General Obligation Bonds, Series
      2004,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,162,441</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 6/15/15 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Oregon, General Obligation
      Veterans Welfare Bonds, Series 82:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,715</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.375%, 12/01/31</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,928,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.500%, 12/01/42</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,229,503</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,615</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Oregon Department of
      Administrative Services, State Lottery Revenue Bonds, Series 2004A,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,750,127</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>4/01/17 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Pennsylvania - 4.9%
      (3.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Allegheny County, Pennsylvania,
      Airport Revenue Refunding Bonds, Pittsburgh International
      Airport,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,960,260</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Series 1997A, 5.750%, 1/01/13
      (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Pennsylvania Higher Educational
      Facilities Authority, Revenue Bonds, University of
      Pennsylvania,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,290,450</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Series 1998, 5.500%, 7/15/38 -
      MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Pennsylvania Higher Educational
      Facilities Authority, Revenue Bonds, Lycoming College, Series</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,073,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>2003-AA2, 5.250%, 11/01/16 -
      RAAI Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Philadelphia, Pennsylvania,
      General Obligation Bonds, Series 2003A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,090</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.250%, 2/15/14 - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,370,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.250%, 2/15/15 - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,085,440</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Philadelphia Municipal
      Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B:</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,540</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.250%, 11/15/16 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,843,024</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.250%, 11/15/18 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,158,020</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>State Public School Building
      Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia
      School</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,055,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>District, Series 2003, 5.000%,
      6/01/23 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>South Carolina -
      0.8% (0.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Greenville, South Carolina, Tax
      Increment Revenue Improvement Bonds, Series 2003:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.500%, 4/01/17 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,119,220</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 4/01/21 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,452,743</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Tennessee - 9.2%
      (6.2% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Memphis-Shelby County Sports
      Authority, Tennessee, Revenue Bonds, Memphis Arena, Series
      2002A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,565,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.125%, 11/01/28 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Memphis-Shelby County Sports
      Authority, Tennessee, Revenue Bonds, Memphis Arena, Series
      2002B,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,558,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.125%, 11/01/29 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Memphis, Tennessee, Sanitary
      Sewerage System Revenue Bonds, Series 2004:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 10/01/19 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,612,926</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,455</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 10/01/20 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,565,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 10/01/21 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,096,777</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >15,195</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Tennessee State School Bond
      Authority, Higher Educational Facilities Second Program Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >16,307,730</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>2002A, 5.250%, 5/01/32 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Texas - 27.1%
      (18.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Dallas-Ft. Worth International Airport, Texas, Joint
      Revenue Refunding and Improvement Bonds,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,837,190</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Series 2001A, 5.750%, 11/01/13 (Alternative Minimum
      Tax) - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Gainesville Hospital District, Texas, Limited Tax
      General Obligation Bonds, Series 2002, 5.375%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,557,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >8/15/32 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,645</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Galveston, Texas, General Obligation Refunding
      Bonds, Series 2001A, 5.250%, 5/01/21 - AMBAC</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,911,814</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Harris County Health Facilities Development
      Corporation, Texas, Thermal Utility Revenue Bonds, TECO</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Project, Series 2003:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 11/15/16 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,391,782</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,355</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 11/15/17 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,504,307</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Houston Area Water Corporation, Texas, Contract
      Revenue Bonds, Northeast Water Purification Plant,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >13,563,030</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Series 2002, 5.125%, 3/01/32 - FGIC Insured</FONT>
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Houston Higher Education Finance Corporation, Texas,
      Revenue Bonds, Rice University, Series 1999A,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,684,225</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.375%, 11/15/29</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Houston, Texas, First Lien Combined Utility System
      Revenue Bonds, Series 2004A, 5.250%, 5/15/24 -</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,080,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,345</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >San Antonio, Texas, Water System Senior Lien Revenue
      Refunding Bonds, Series 2002, 5.500%,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,809,437</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5/15/17 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas, General Obligation Bonds, Veterans Housing
      Assistance Program Fund II, Series 2002A-1,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,629,594</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 12/01/22 (Alternative Minimum Tax)</FONT>
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,110</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas Department of Housing and Community Affairs,
      Residential Mortgage Revenue Bonds, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >6,281,508</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2001A, 5.350%, 7/01/33 (Alternative Minimum
      Tax)</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas Public Finance Authority, Revenue Bonds, Texas
      Southern University Financing System, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2002:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.125%, 11/01/20 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,773,722</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.125%, 11/01/21 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,773,722</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >8,655</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas Department of Housing and Community Affairs,
      Single Family Mortgage Bonds, Series 2002B,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >9,003,191</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.550%, 9/01/33 (Alternative Minimum Tax) - MBIA
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas Student Housing Authority, Revenue Bonds,
      Austin Project, Senior Series 2001A:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >9,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.375%, 1/01/23 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/12 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,171,364</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >11,665</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 1/01/33 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/12 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >12,859,379</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Texas Water Development Board, Senior Lien State
      Revolving Fund Revenue Bonds, Series 1999B,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,359,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 7/15/17</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Williamson County, Texas,
      General Obligation Bonds, Series 2002:</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.200%, 2/15/21 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,760,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 2/15/22 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,237,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 2/15/23 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,920,521</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.250%, 2/15/25 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,344,800</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif size=1
     >Washington - 14.1% (9.4%
      of Total Investments)</FONT></B> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >7,675</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue
      Refunding Bonds, Nuclear Project 1, Series 2002A,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >8,479,570</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.500%, 7/01/15 - MBIA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >6,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue
      Refunding Bonds, Columbia Generating Station -</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >7,198,488</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Nuclear Project 2, Series 2002B,
      5.350%, 7/01/18 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >King County School District 414, Lake Washington,
      Washington, General Obligation Bonds, Series</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,386,890</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >2004, 5.000%, 12/01/16 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Port of Seattle, Washington, Revenue Refunding
      Bonds, Series 2002D, 5.750%, 11/01/15 (Alternative</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,773,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Minimum Tax) - FGIC Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Snohomish County School District 2, Everett,
      Washington, General Obligation Bonds, Series 2003B,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,370,742</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >5.000%, 6/01/17 - FSA Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Thurston and Pierce Counties School District,
      Washington, General Obligation Bonds, Yelm Community</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,574,511</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Schools, Series 2003, 5.250%, 12/01/16 - FSA
      Insured</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif size=1
     >Washington State Economic Development Finance
      Authority, Wastewater Revenue Bonds, LOTT Project,</FONT> </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Series 2002:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.500%, 6/01/17 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,218,840</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.125%, 6/01/22 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,630,994</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Washington State Healthcare
      Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/13 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >15,778,800</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>1998, 5.000%, 8/15/28 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Washington State Healthcare
      Facilities Authority, Revenue Bonds, Children's Hospital and
      Regional</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >10,393,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Medical Center, Series 2001,
      5.125%, 10/01/31 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,170</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Whitman County School District
      267, Pullman, Washington, General Obligation Bonds, Series
      2002,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,507,601</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.000%, 12/01/20 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><B><FONT face=sans-serif
      size=1>Wisconsin - 3.2%
      (2.2% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,040</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Wisconsin Housing and Economic
      Development Authority, Home Ownership Revenue Bonds, Series
      2002E,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >3/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,111,624</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>5.250%, 9/01/22 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >11,950</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Wisconsin, Transportation
      Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >12,962,160</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >647,070</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Total Long-Term Investments
      (cost $649,237,633) - 148.9%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >692,149,060</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Other Assets Less Liabilities -
      1.2%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >5,647,516</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Preferred Shares, at Liquidation
      Value - (50.1)%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >(233,000,000)</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"
   ><FONT face=sans-serif
      size=1>Net Assets Applicable to Common
      Shares - 100%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >464,796,576</FONT> </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="52%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=2>
    </TD>
    <TD width="3%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="19%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="10%" colSpan=3>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_7></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><B><FONT face=sans-serif
      size=1>Forward Swaps
      outstanding at July 31, 2005:</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><B><SUP><FONT face=sans-serif size=1
     ></FONT></SUP></B></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Unrealized</FONT></B> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><B><FONT face=sans-serif size=1
     >Notional</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="9%"
   ><B><FONT face=sans-serif size=1
     >Effective</FONT></B> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"
   ><B><FONT face=sans-serif size=1

     >Termination</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Appreciation</FONT></B>
</TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><B><FONT face=sans-serif size=1
     >Amount</FONT></B>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="9%"
   ><B><FONT face=sans-serif size=1
     >Date<B><SUP><FONT
      face=sans-serif size=1
     >(2)</FONT></SUP></B>&nbsp;</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"
   ><B><FONT face=sans-serif size=1
     >Date</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >(Depreciation)</FONT></B>
    </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=17
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><FONT face=sans-serif
      size=1>Agreement with Morgan Stanley
      dated January 31, 2005, to pay</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><FONT face=sans-serif
      size=1>semi-annually the notional
      amount multiplied by 5.058% (annualized)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><FONT face=sans-serif
      size=1>and receive quarterly the
      notional amount multiplied by the</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><FONT face=sans-serif
      size=1>three-month USD-LIBOR (United
      States Dollar-London</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   ><FONT face=sans-serif
      size=1>Inter-Bank Offered
      Rates).</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"
   ><FONT face=sans-serif size=1
     >7,500,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="9%"
   ><FONT face=sans-serif size=1
     >8/16/05</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/16/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>(110,661</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=17
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=17
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>(110,661</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="84%" colSpan=12>
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="13%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>At least 80% of
      the Fund&#146;s net assets (including net assets attributable to Preferred
      shares) are invested in</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>municipal
      securities that are either covered by Original Issue Insurance, Secondary
      Market Insurance or</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Portfolio
      Insurance which ensures the timely payment of principal and interest. Up
      to 20% of the Fund&#146;s net</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>assets
      (including net assets attributable to Preferred shares) may be invested in
      municipal securities that are</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>(i) either
      backed by an escrow or trust containing sufficient U.S. Government or U.S.
      Government agency</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>securities (also
      ensuring the timely payment of principal and interest), or (ii) municipal
      bonds that are rated,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>at the time of
      investment, within the four highest grades (Baa or BBB or better by
      Moody&#146;s, S&amp;P or Fitch) or</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>unrated but
      judged to be of comparable quality by the Adviser.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>(1</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT
      face=sans-serif size=1>)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>All percentages
      shown in the Portfolio of Investments are based on net assets applicable
      to Common shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>unless
      otherweise noted.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>(2</FONT> </TD>
    <TD noWrap align=left width="3%"><FONT
      face=sans-serif size=1>)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Effective date
      reresents the date on which both the Fund and counterparty commence
      interest payment</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>accruals on each
      forward swap contract.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>*</FONT> </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Optional Call
      Provisions: Dates (month and year) and prices of the earliest optional
      call or redemption. There</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>may be other
      call provisions at varying prices at later dates.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>**</FONT> </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Ratings: Using
      the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>(PLG)</FONT> </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Portion of
      security with an aggregate market value of $165,034, has been pledged to
      collateralize the net</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>payment
      obligations under forward swap contracts.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><B><FONT
      face=sans-serif size=1
     >Income Tax Information</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>The following
      information is presented on an income tax basis. Differences between
      amounts for financial statement</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>and federal
      income tax purposes are primarily due to timing differences in recognizing
      income on taxable market</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>discount
      securities and timing differences in recognizing certain gains and losses
      on investment transactions.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>At July 31,
      2005, the cost of investments was $649,109,628.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1>Gross unrealized
      appreciation and gross unrealized depreciation of investments at July 31,
      2005, were as</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT
      face=sans-serif size=1
     >follows:</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=1
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="38%"
   ></TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="38%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>44,511,972</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="38%"
   ><FONT face=sans-serif size=1
     >(1,472,540</FONT> </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6
   ></TD></TR>
  <TR>
    <TD width="99%" colSpan=6
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      unrealized appreciation of investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="38%"
   ><FONT face=sans-serif size=1
     ><FONT face=sans-serif size=1
     >$</FONT>43,039,432</FONT> </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="53%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=right width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=right width="38%" background=""
   >
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="2%" background=""
   >
      <HR noShade SIZE=1>
    </TD></TR></TABLE>
<HR noShade SIZE=1>
 <BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

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

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

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured Dividend Advantage Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<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 Dividend Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

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


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

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

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

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

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

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured Dividend Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

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

      <OL type='a'><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

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

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

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

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (principal financial officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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