-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B2iL5PzPfM4Eb/UkL/1OB82HTFrVBexaBjyg71EZkjy6lNJrYmU8cjBL9IpGb3a0
 zq1UQm0UtCpHP/B1xZZ7GQ==

<SEC-DOCUMENT>0000891804-06-001202.txt : 20060331
<SEC-HEADER>0000891804-06-001202.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331103954
ACCESSION NUMBER:		0000891804-06-001202
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED 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:		06725885

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/31/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>


<PAGE>


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

<A name=page_1></A>
<P align=left>
<TABLE>

  <TR>
    <TD width=182>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B><BR><B><FONT face=sans-serif size=1
     >Nuveen Insured Dividend Advantage Municipal Fund
      (NVG)</FONT></B><BR><I><FONT face=sans-serif size=1
     >January 31,
2006</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Optional</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Description (1)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Provisions (2)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Ratings (3)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Alabama &#150; 4.3% (2.9% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;5,310</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Athens, Alabama, Water and Sewerage Revenue
      Warrants, Series 2002, 5.300%, 5/01/32 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     ><FONT face=sans-serif size=1
     >&nbsp;$ </FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,636,353</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Hoover, Alabama, General Obligation Bonds, Series
      2003, 5.000%, 3/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,226,878</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Jefferson County, Alabama, Sewer Revenue Capital
      Improvement Warrants, Series 1999A, 5.375%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,655,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2/01/36 (Pre-refunded 2/01/09) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,355</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Alabama</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >19,518,931</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Alaska &#150; 3.5% (2.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Alaska, International Airport System Revenue Bonds,
      Series 2002B, 5.250%, 10/01/27 &#150; AMBAC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >15,836,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Arizona &#150; 1.1% (0.8% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Phoenix, Arizona, Civic Improvement Corporation,
      Senior Lien Airport Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,167,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002B, 5.250%, 7/01/32 &#150; FGIC Insured (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >California &#150; 11.8% (7.9% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue
      Bonds, Occidental College, Series 2005A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,485</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 10/01/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,567,031</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,565</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 10/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,648,915</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>190</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series 2000,
      5.250%, 9/01/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >203,089</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series
      2000:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>375</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 9/01/17 (Pre-refunded 9/01/10) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >403,346</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,635</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 9/01/18 (Pre-refunded 9/01/10) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,823,771</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Refunding Bonds,
      Series 2002, 5.000%, 2/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,417,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,890</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Veterans Welfare
      Bonds, Series 1997BH, 5.400%, 12/01/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/08 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >9,245,067</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Veterans Welfare
      Bonds, Series 2001BZ, 5.375%, 12/01/24 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,047,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,425</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Fullerton Public Financing Authority, California,
      Tax Allocation Revenue Bonds, Series 2005,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,534,780</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 9/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,425</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Los Angeles Unified School District, California,
      General Obligation Bonds, Series 2005A-1,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,615,704</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 7/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,935</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Los Angeles, California, Certificates of
      Participation, Series 2002, 5.300%, 4/01/32 &#150; AMBAC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,341,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Northern California Power Agency, Revenue Refunding
      Bonds, Hydroelectric Project 1, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/08 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,826,925</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >1998A, 5.200%, 7/01/32 &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,320</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Sacramento Municipal Utility District, California,
      Electric Revenue Bonds, Series 2001P,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,503,999</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 8/15/18 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >51,745</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total California</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >54,178,877</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Colorado &#150; 0.9% (0.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,580</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Gunnison Watershed School District RE1J, Gunnison
      and Saguache Counties, Colorado, General</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,723,164</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Obligation Bonds, Series 2004, 5.000%, 12/01/15 &#150;
      FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Sand Creek Metropolitan District, Colorado, General
      Obligation Bonds, Series 2004:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,095</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/13 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,174,048</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,170</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/14 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,250,227</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,845</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Colorado</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,147,439</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Florida &#150; 13.0% (8.7% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Florida Municipal Loan Council, Revenue Bonds,
      Series 2003B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 12/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,507,494</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,480</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 12/01/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,608,153</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Greater Orlando Aviation Authority, Florida, Airport
      Facilities Revenue Bonds, Series 2002B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >12,035,812</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 10/01/21 &#150; FSA Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >JEA, Florida, Water and Sewerage System Revenue
      Bonds, Series 2002A, 5.500%, 10/01/41 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/07 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,129,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,155</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Lee County, Florida, Solid Waste System Revenue
      Refunding Bonds, Series 2001, 5.625%, 10/01/13</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,739,387</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; MBIA Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Miami-Dade County, Florida, Aviation Revenue Bonds,
      Miami International Airport, Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,165</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.625%, 10/01/15 &#150; FGIC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,757,187</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,101,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 10/01/21 &#150; FGIC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,387,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 10/01/22 &#150; FGIC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,094,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Orange County, Florida, Sales Tax Revenue Bonds,
      Series 2002B, 5.000%, 1/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,053,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Tallahassee, Florida, Energy System Revenue Bonds,
      Series 2005, 5.000%, 10/01/28 (WI/DD,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,047,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Settling 2/01/06) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >56,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Florida</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >59,462,103</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Georgia &#150; 2.2% (1.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,925</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Atlanta and Fulton County Recreation Authority,
      Georgia, Guaranteed Revenue Bonds, Park</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,256,154</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Improvement, Series 2005A, 5.000%, 12/01/30 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Atlanta, Georgia, Water and Wastewater Revenue
      Bonds, Series 2004, 5.000%, 11/01/22 &#150; FSA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,055,390</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,695</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Georgia Housing and Finance Authority, Single Family
      Mortgage Bonds, Series 2002B-2, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,747,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/01/32 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,620</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Georgia</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,058,784</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Illinois &#150; 14.8% (10.0% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Bolingbrook, Illinois, General Obligation Bonds,
      Series 2002A, 5.375%, 1/01/38 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,679,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,950</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, General Obligation Bonds, Series
      2001A, 5.500%, 1/01/38 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,317,835</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>50</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, General Obligation Bonds, Series
      2001A, 5.500%, 1/01/38 (Pre-refunded</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >54,794</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >1/01/11) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,765</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, Revenue Bonds, Skyway Toll
      Bridge, Series 1996, 5.500%, 1/01/23</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >13,272,792</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 1/01/07) &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, Second Lien Passenger Facility
      Charge Revenue Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport, Series 2001C:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 1/01/16 &#150; AMBAC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,537,003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,485</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 1/01/17 &#150; AMBAC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,787,872</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,730</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 1/01/18 &#150; AMBAC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,049,417</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,930</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 1/01/19 &#150; AMBAC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,120,186</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, Third Lien General Airport
      Revenue Bonds, O&#146;Hare International Airport,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,887,208</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2005A, 5.250%, 1/01/24 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, Third Lien General Airport
      Revenue Refunding Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,242,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport, Series 2002A, 5.750%, 1/01/17 &#150; MBIA
      Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Cicero, Cook County, Illinois, General Obligation
      Corporate Purpose Bonds, Series 2002,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,216,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >DuPage County Community School District 200,
      Wheaton, Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,618,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003C, 5.250%, 10/01/22 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Illinois, General Obligation Bonds, Illinois FIRST
      Program, Series 2002, 5.250%, 4/01/23 &#150; FSA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,365,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >University of Illinois, Certificates of
      Participation, Utility Infrastructure Projects, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,893,158</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001A, 5.000%, 8/15/20 (Pre-refunded 8/15/11) &#150;
      AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >63,960</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Illinois</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >68,042,390</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Indiana &#150; 17.2% (11.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,380</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Evansville, Indiana, Sewerage Works Revenue
      Refunding Bonds, Series 2003A, 5.000%, 7/01/20 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,566,982</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Indiana Bond Bank, Special Program Bonds, Hendricks
      County Redevelopment District, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >2002D:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 4/01/23 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,682,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 4/01/26 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,535,017</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 4/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,434,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority,
      Hospital Revenue Bonds, Marion General Hospital,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,399,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002, 5.250%, 7/01/32 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >25,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Indianapolis Local Public Improvement Bond Bank,
      Indiana, Waterworks Project, Series 2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >27,351,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 7/01/33 (Pre-refunded 7/01/12) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >New Albany-Floyd County School Building Corporation,
      Indiana, First Mortgage Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.750%, 7/15/17 (Pre-refunded 7/15/12) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,807,575</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.750%, 7/15/20 (Pre-refunded 7/15/12) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,278,744</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Northern Wells Community School Building
      Corporation, Wells County, Indiana, First Mortgage</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Bonds, Series 2001:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>420</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 1/15/19 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >450,715</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>430</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 7/15/19 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >461,446</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,675</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.400%, 7/15/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,804,159</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,960</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Valparaiso Middle School Building Corporation,
      Indiana, First Mortgage Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,294,428</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002, 5.000%, 7/15/24 &#150; MBIA Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Whitley County Middle School Building Corporation,
      Columbia City, Indiana, First Mortgage</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,643,509</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 2003, 5.000%, 1/15/18 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >73,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Indiana</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >78,710,405</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Louisiana &#150; 0.7% (0.5% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,085</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >New Orleans, Louisiana, General Obligation Refunding
      Bonds, Series 2002, 5.125%, 9/01/21 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,212,966</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Massachusetts &#150; 3.5% (2.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Massachusetts, General Obligation Bonds,
      Consolidated Loan, Series 2004B, 5.000%, 8/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,387,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 8/01/14) &#150; AMBAC Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Massachusetts, Special Obligation Refunding Notes,
      Federal Highway Grant Anticipation Note</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,751,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >Program, Series 2003A, 5.000%, 12/15/13 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Massachusetts</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >16,139,600</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Missouri &#150; 2.4% (1.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >St. Louis County Pattonville School District R3,
      Missouri, General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,748,944</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >2004, 5.250%, 3/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,735</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >St. Louis, Missouri, Airport Revenue Bonds, Airport
      Development Program, Series 2001A, 5.250%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >9,467,342</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/31 (Pre-refunded 7/01/11) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,335</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Missouri</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >11,216,286</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Nebraska &#150; 1.9% (1.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Lincoln, Nebraska, Electric System Revenue Bonds,
      Series 2005, 5.000%, 9/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,612,619</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Municipal Energy Agency of Nebraska, Power Supply
      System Revenue Bonds, Series 2003A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 4/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,082,670</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 4/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,075,870</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Total Nebraska</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,771,159</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><B><FONT face=sans-serif size=1
     >Nevada &#150; 4.3% (2.9% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Clark County School District, Nevada, General
      Obligation Bonds, Series 2002C, 5.000%, 6/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,361,126</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     ><FONT face=sans-serif size=1
     >Truckee Meadows Water Authority, Nevada, Water
      Revenue Bonds, Series 2001A, 5.250%, 7/01/34 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >9,197,562</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="56%"
     >&nbsp;<FONT face=sans-serif size=1
     >FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,560</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Nevada</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >19,558,688</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >New Jersey &#150; 0.6% (0.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,345</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Bernards Township School District, Somerset County,
      New Jersey, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,528,285</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004, 5.000%, 1/01/15 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >New York &#150; 2.9% (1.9% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,181,846</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital, Series 2004, 5.000%, 8/01/23 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York,
      Transportation Revenue Bonds, Series 2005B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,571,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 11/15/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Transportation Authority, New York,
      Transportation Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,339,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002A, 5.000%, 11/15/30 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,620</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total New York</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >13,092,621</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >North Carolina &#150; 0.6% (0.4% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,435</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >North Carolina Medical Care Commission, FHA-Insured
      Mortgage Revenue Bonds, Betsy Johnson</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,647,356</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Regional Hospital Project, Series 2003, 5.375%,
      10/01/24 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Oregon &#150; 3.4% (2.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,725</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Clackamas County School District 62, Oregon City,
      Oregon, General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,109,473</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2004, 5.000%, 6/15/15 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,615</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Oregon Department of Administrative Services, State
      Lottery Revenue Bonds, Series 2004A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,734,639</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 4/01/17 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Oregon, General Obligation Veterans Welfare Bonds,
      Series 82:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 12/01/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,053,813</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 12/01/42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,821,555</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >14,990</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Oregon</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >15,719,480</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Pennsylvania &#150; 5.4% (3.6% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Allegheny County, Pennsylvania, Airport Revenue
      Refunding Bonds, Pittsburgh International</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,871,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport, Series 1997A, 5.750%, 1/01/13 &#150; MBIA
      Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pennsylvania Higher Educational Facilities
      Authority, Revenue Bonds, Lycoming College, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,064,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003-AA2, 5.250%, 11/01/16 &#150; RAAI
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pennsylvania Higher Educational Facilities
      Authority, Revenue Bonds, University of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,248,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Pennsylvania, Series 1998, 5.500%, 7/15/38
      (Pre-refunded 7/15/08) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Philadelphia Municipal Authority, Pennsylvania,
      Lease Revenue Bonds, Series 2003B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,540</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 11/15/16 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,798,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 11/15/18 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,140,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Philadelphia, Pennsylvania, General Obligation
      Bonds, Series 2003A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,090</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/14 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,334,697</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/15 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,075,370</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Reading School District, Berks County, Pennsylvania,
      General Obligation Bonds, Series 2005,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,150,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 1/15/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >State Public School Building Authority,
      Pennsylvania, Lease Revenue Bonds, Philadelphia School</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,051,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >District, Series 2003, 5.000%, 6/01/23 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >23,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Pennsylvania</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >24,733,917</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Puerto Rico &#150; 0.2% (0.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,225</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Puerto Rico Municipal Finance Agency, Series 2005C,
      5.250%, 8/01/21 &#150; CIFG Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,369,709</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >South Carolina &#150; 1.0% (0.7% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Greenville, South Carolina, Tax Increment Revenue
      Improvement Bonds, Series 2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 4/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,102,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 4/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,428,179</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Scago Educational Facilities Corporation, South
      Carolina, Installment Purchase Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,058,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Spartanburg County School District 5, Series 2005,
      5.000%, 4/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total South Carolina</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,588,759</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Tennessee &#150; 9.2% (6.2% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Memphis, Tennessee, Sanitary Sewerage System Revenue
      Bonds, Series 2004:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 10/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,598,424</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,455</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 10/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,552,369</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 10/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,078,478</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Memphis-Shelby County Sports Authority, Tennessee,
      Revenue Bonds, Memphis Arena, Series 2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,454,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 11/01/28 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Memphis-Shelby County Sports Authority, Tennessee,
      Revenue Bonds, Memphis Arena, Series 2002B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,441,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 11/01/29 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,195</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tennessee State School Bond Authority, Higher
      Educational Facilities Second Program Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >16,061,267</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002A, 5.250%, 5/01/32 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >40,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Tennessee</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >42,186,838</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Texas &#150; 27.3% (18.3% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dallas-Ft. Worth International Airport, Texas, Joint
      Revenue Refunding and Improvement Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,796,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2001A, 5.750%, 11/01/13 &#150; FGIC Insured
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Gainesville Hospital District, Texas, Limited Tax
      General Obligation Bonds, Series 2002,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,410,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 8/15/32 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,210</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Galveston, Texas, General Obligation Bonds, Series
      2001, 5.250%, 5/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,284,258</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,435</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Galveston, Texas, General Obligation Bonds, Series
      2001, 5.250%, 5/01/21 (Pre-refunded</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,630,579</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5/01/11) &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Harris County Health Facilities Development
      Corporation, Texas, Thermal Utility Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >TECO Project, Series 2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 11/15/16 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,367,008</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,355</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 11/15/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,482,099</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Houston Area Water Corporation, Texas, Contract
      Revenue Bonds, Northeast Water Purification</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >13,413,790</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Plant, Series 2002, 5.125%, 3/01/32 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Houston Higher Education Finance Corporation, Texas,
      Revenue Bonds, Rice University, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,649,625</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1999A, 5.375%, 11/15/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Houston, Texas, First Lien Combined Utility System
      Revenue Bonds, Series 2004A, 5.250%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,069,540</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5/15/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,345</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >San Antonio, Texas, Water System Senior Lien Revenue
      Refunding Bonds, Series 2002, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,740,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5/15/17 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas Department of Housing and Community Affairs,
      Residential Mortgage Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,241,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001A, 5.350%, 7/01/33 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,635</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas Department of Housing and Community Affairs,
      Single Family Mortgage Bonds, Series 2002B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,895,173</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.550%, 9/01/33 &#150; MBIA Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas Public Finance Authority, Revenue Bonds, Texas
      Southern University Financing System,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 11/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,757,917</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 11/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,735,459</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas Student Housing Authority, Revenue Bonds,
      Austin Project, Senior Series 2001A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 1/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/12 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,122,014</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,665</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 1/01/33 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/12 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >12,681,021</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas Water Development Board, Senior Lien State
      Revolving Fund Revenue Bonds, Series 1999B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>1/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,277,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 7/15/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Texas, General Obligation Bonds, Veterans Housing
      Assistance Program Fund II, Series 2002A-1,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aa1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >9,567,499</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 12/01/22 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Williamson County, Texas, General Obligation Bonds,
      Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.200%, 2/15/21 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,724,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/22 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,207,330</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/23 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,847,267</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/25 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>2/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,314,650</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >118,310</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Texas</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >125,215,564</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Washington &#150; 13.6% (9.1% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue
      Refunding Bonds, Columbia Generating Station &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >7,112,424</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 &#150;
      FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,675</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue
      Refunding Bonds, Nuclear Project 1, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,368,206</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002A, 5.500%, 7/01/15 &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Port of Seattle, Washington, Revenue Refunding
      Bonds, Series 2002D, 5.750%, 11/01/15 &#150; FGIC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,726,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Snohomish County School District 2, Everett,
      Washington, General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,348,566</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003B, 5.000%, 6/01/17 &#150; FSA Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Thurston and Pierce Counties School District,
      Washington, General Obligation Bonds, Yelm</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,553,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Community Schools, Series 2003, 5.250%, 12/01/16 &#150;
      FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington State Economic Development Finance
      Authority, Wastewater Revenue Bonds, LOTT</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Project, Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,185,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 6/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,597,605</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington State Healthcare Facilities Authority,
      Revenue Bonds, Children&#146;s Hospital and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>10/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >10,248,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Regional Medical Center, Series 2001, 5.125%,
      10/01/31 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington State Healthcare Facilities Authority,
      Revenue Bonds, Harrison Memorial Hospital,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>8/13 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >15,522,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1998, 5.000%, 8/15/28 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,170</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Whitman County School District 267, Pullman,
      Washington, General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,483,457</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002, 5.000%, 12/01/20 &#150; FSA Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >58,725</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Washington</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >62,145,843</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Wisconsin &#150; 3.0% (2.0% of Total
      Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>920</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Wisconsin Housing and Economic Development
      Authority, Home Ownership Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >947,692</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002E, 5.250%, 9/01/22 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >11,950</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Wisconsin, Transportation
      Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 &#150;
      AMBAC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"
   ><FONT face=sans-serif
      size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12,805,024</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   >&nbsp;<FONT face=sans-serif
      size=1>Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >12,870</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Total Wisconsin</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >13,752,716</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >$ 643,460</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Total Long-Term Investments
      (cost $643,516,582) &#150; 148.8%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >682,002,216</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><B><FONT face=sans-serif
      size=1>Short-Term
      Investments &#150; 0.1% (0.1% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Idaho Health Facilities
      Authority, Revenue Bonds, St. Luke&#146;s Regional Medical Center,
      Variable</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="14%"
   ><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >A&#150;1+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >600,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   >&nbsp;<FONT face=sans-serif
      size=1>Rate Demand Obligations, Series
      2000, 3.020%, 7/01/30 &#150; FSA Insured (4)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="98%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
      &nbsp;600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Total Short-Term Investments
      (cost $600,000)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >600,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Total Investments (cost
      $644,116,582) &#150; 148.9%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >682,602,216</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Other Assets Less Liabilities &#150;
      1.9%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8,692,184</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Preferred Shares, at Liquidation
      Value &#150; (50.8)%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >(233,000,000)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
   ><FONT face=sans-serif
      size=1>Net Assets Applicable to Common
      Shares &#150; 100%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"
   ><FONT face=sans-serif
      size=1>&nbsp;$ </FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >458,294,400</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="90%" colSpan=7>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_7></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="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</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >invested in municipal securities that are either covered by
      Original Issue Insurance, Secondary</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Market Insurance or Portfolio Insurance which ensures the
      timely payment of principal and interest.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Up to 20% of the Fund&#146;s net assets (including net assets
      attributable to Preferred shares) may be</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >invested in municipal securities that are (i) either backed
      by an escrow or trust containing sufficient</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >U.S. Government or U.S. Government agency securities (also
      ensuring the timely payment of principal</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >and interest), or (ii) rated, at the time of investment,
      within the four highest grades (Baa or BBB or</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >better by Moody&#146;s, S&amp;P or Fitch) or unrated but judged to
      be of comparable quality by the Adviser.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(1)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top 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</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Common shares unless otherwise noted.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(2)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top 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</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >redemption. There may be other call provisions at varying
      prices at later dates. Certain mortgage-backed</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >securities may be subject to periodic principal
      paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(3)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s or Moody&#146;s
      rating. Ratings below Baa by Moody's Investor</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor's Group are
      considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(4)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Security has a maturity of more than one year, but has
      variable rate and demand features which qualify</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >it as a short-term investment. The rate disclosed is that in
      effect at the end of the reporting period. This</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >rate changes periodically based on market conditions or a
      specified market index.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >WI/DD</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Investment purchased on a when-issued or delayed delivery
      basis.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
>Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>The following information is presented on an income tax basis.
Differences between amounts for financial statement and federal income tax
purposes are primarily due to timing differences in recognizing taxable market
discount and timing differences in recognizing certain gains and losses on
investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
January 31, 2006, the cost of investments was $646,408,523.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Gross unrealized appreciation and gross unrealized depreciation of
investments at January 31, 2006, were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="36%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     >&nbsp; <FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >$38,987,851</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     >&nbsp;&nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >(2,794,158)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="63%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="36%"><FONT
      face=sans-serif size=1
     >$36,193,693</FONT>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and Procedures.</B></FONT></P>

<OL type=a>
<LI>The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
<LI>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</LI></OL>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3. Exhibits.</B></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto. </FONT></P>


<PAGE>

<CENTER>
<H3><BR>SIGNATURES<BR></H3>
</CENTER>

<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>(Registrant) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


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


<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


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


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


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


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

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
</HEAD>

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured Dividend Advantage Municipal Fund;
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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


<PAGE>

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured Dividend Advantage Municipal Fund;
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
