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<SEC-DOCUMENT>0000891804-04-002168.txt : 20040929
<SEC-HEADER>0000891804-04-002168.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929104759
ACCESSION NUMBER:		0000891804-04-002168
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000812801
		IRS NUMBER:				363513525
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05120
		FILM NUMBER:		041051497

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN MUNICIPAL QUALITY FUND INC
		DATE OF NAME CHANGE:	19870504
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NUV
<TEXT>
<HTML>

<HEAD>
<TITLE>
Nuveen Municipal Value Fund, Inc.
</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;811-05120
&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 Municipal Value Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7/31/04
&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>

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





<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<P><FONT FACE="Arial Narrow" size="3">Portfolio of Investments (Unaudited)<BR>
<B>Nuveen Municipal Value Fund, Inc. </B>(NUV) <BR><I>July 31, 2004</I><BR><BR><BR> </FONT>
</BLOCKQUOTE></BLOCKQUOTE>






<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="1%"></TH>
   <TH width="8%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Principal</B> </FONT></P></TH>
   <TH width="1%"></TH>
   <TH width="59%"></TH>
   <TH width="12%"><P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Optional Call</B></FONT></P></TH>
   <TH width="8%"></TH>
   <TH width="9%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Market</B></FONT></P></TH>
</TR>
<TR>
   <TH></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Amount (000)</B></FONT></P></TH>
   <TH></TH>
   <TH><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Description</B> </FONT></P> </TH>
   <TH> <P align=right> <FONT FACE="Arial Narrow" SIZE="1"><B>Provisions*</B></FONT></P></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Ratings**</B> </FONT></P> </TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Value</B> </FONT></P></TH>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Alabama - 1.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">1,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Alabama Housing Finance Authority, Collateralized Home Mortgage Program Single Family Mortgage</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;  1,808,640</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Revenue Bonds, Series 1998A-2,  5.450%, 10/01/28 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue Bonds, Champion</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,297,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;International Paper Corporation, Series 1999A,  6.700%, 11/01/29 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Huntsville Health Care Authority, Alabama, Revenue Bonds, Series 2001A,  5.750%, 6/01/31</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,792,490</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Jasper, Alabama, Medical Clinic Board, Hospital Revenue Bonds, Walker Regional Medical Center</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,030,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc. Project, Series 1993,  6.375%, 7/01/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A,  5.375%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,333,440</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Alaska - 0.3%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Anchorage, Alaska, General Obligation Bonds, Series 2003B,  5.000%, 9/01/23 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,073,620</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,030</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,806,628</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2000,  6.200%, 6/01/22</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Arizona - 1.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,900</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/09 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,678,275</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999A,  6.250%, 11/15/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,348,340</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002A,  6.250%, 2/15/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,100</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,307,951</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1999A,  6.625%, 7/01/20</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Arkansas - 0.8%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,460</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Cabot School District No. 4 of Lonoke County, Arkansas, General Obligation Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,468,577</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003,  5.000%, 2/01/32 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">770</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Conway, Arkansas, Sales and Use Tax Capital Improvement Bonds, Series 1997A,  5.350%, 12/01/17 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/06 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">822,899</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas Inc.</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/04 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,759,872</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 1997,  5.600%, 10/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002,  5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;12/01/32 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>California - 11.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,310</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 39.19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,429,186</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2000,  0.000%, 10/01/24 (Pre-refunded to 10/01/09) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,975</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone Institutes,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,871,372</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2001,  5.250%, 10/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, General Obligation Bonds, Series 2003:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 2/01/28</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,736,510</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/33</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,925,550</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, General Obligation Bonds, Series 2004,  5.000%, 2/01/33</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,283,700</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 5/01/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,399,600</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 5/01/20</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,459,600</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,155</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California State Public Works Board, Lease Revenue Refunding Bonds, Various University of</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,365,149</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;California Projects, Series 1993A,  5.500%, 6/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Certificates of Participation, Internext</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,456,445</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Group, Series 1999,  5.375%, 4/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Capistrano Unified School District, Ladera, California, Special Tax Bonds, Community Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,011,070</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;District 98-2, Series 1999,  5.750%, 9/01/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,895</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Central California Joint Powers Health Financing Authority, Certificates of Participation,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/04 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,526,209</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Community Hospitals of Central California, Series 1993,  5.000%, 2/01/23</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">30,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 1/01/22</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,509,400</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 1/01/34 (Pre-refunded to 1/01/07)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/07 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,732,825</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,158,680</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A-1,  6.750%, 6/01/39</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">38,150</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">37,324,816</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Asset-Backed Bonds, Series 2003B,  5.000%, 6/01/38 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,998,110</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2001A,  5.125%, 7/01/41</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/12 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">B-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,409,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,  7.500%,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;12/01/24 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">30,470</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles County, California, Public Works Financing Authority Lease Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">31,155,880</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Multiple Capital Facilities Project IV, Series 1993, 4.750%, 12/01/13 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,119,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Center, Series 2004,  5.625%, 7/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,464,834</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.250%, 9/01/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,744</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/04 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,743,890</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Electric Company Project, Series 1966A,  4.000%, 3/01/16</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Colorado - 3.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak to Peak</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,252,664</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Charter School, Series 2001,  7.625%, 8/15/31 (Pre-refunded to 8/15/11)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,046,560</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 3/01/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center Project, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">510,150</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2001,  5.750%, 1/15/22</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,580</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity Health Care Systems Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/04 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,623,034</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1994,  5.250%, 5/15/14</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,915</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2003B,  5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,755,357</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;11/15/33 - XLCA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Denver Convention Center Hotel Authority, Colorado, Convention Center Hotel Senior Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">19,983,400</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A,  5.000%, 12/01/33 - XLCA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">39,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 9/01/28 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/10 at 31.42</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,414,855</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 9/01/35 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/10 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,386,400</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B,  0.000%, 9/01/32 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,069,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">950</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/11 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,035,225</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/15/19 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,  0.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/16 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,269,530</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/15/21 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>District of Columbia - 1.8%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,125</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,554,330</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 10/01/16 (Alternative Minimum Tax) - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bonds, Series 1998:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 10/01/15 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,694,425</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">29,090</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;4.750%, 10/01/28 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/08 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">27,737,024</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Florida - 1.8%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,226,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002C,  5.750%, 11/15/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,690</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001,  5.000%, 10/01/30 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,724,422</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,880</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Lee County, Florida, Airport Revenue Bonds, Series 2000A,  6.000%, 10/01/32 (Alternative Minimum</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,248,538</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Tax) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,193,050</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Healthcare System, Series 1999E,  6.000%, 10/01/26</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">School Board of Orange County, Florida, Certificates of Participation, Series 2002A,  5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,310,555</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8/01/27 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,025</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">West Palm Beach, Florida, Utility System Revenue Bonds, Series 2000,  5.625%, 10/01/27 - FGIC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,089,555</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Georgia - 2.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A,  5.000%, 11/01/33 - MBIA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,503,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,040</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A,  5.000%, 11/01/38 - FGIC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,014,699</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Coffee County Hospital Authority, Georgia, Revenue Anticipation Certificates, Coffee Regional</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Medical Center Inc. Project, Series 1997A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.250%, 12/01/06</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,357,213</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">21,100</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.750%, 12/01/26</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">21,449,838</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare System</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,204,730</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc. Project, Series 1999,  6.500%, 7/01/27</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Hawaii - 0.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Hawaii, General Obligation Bonds, Series 2003DA,  5.250%, 9/01/23 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,884,000</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Illinois - 11.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,060</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Aurora, Illinois, Golf Course Revenue Bonds, Series 2000,  6.375%, 1/01/20</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,238,684</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chicago, Illinois, General Obligation Project and Refunding Bonds, Series 2002A,  5.625%, 1/01/39 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,507,500</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,425</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chicago School Reform Board of Trustees of the Chicago Board of Education, Illinois, Unlimited Tax</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,544,140</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;General Obligation Bonds, Dedicated Tax Revenues, Series 1997A,  5.250%, 12/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chicago School Reform Board of Trustees of the Chicago Board of Education, Illinois, Unlimited Tax</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,013,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1,  0.000%, 12/01/24 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001,  5.375%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,273,250</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,125</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Water Reclamation District of Greater Chicago, Illinois, General Obligation Capital</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,331,843</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Improvement Bonds, Series of June 1991,  7.000%, 1/01/11</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,575</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,563,258</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Airport, Series 2001C,  5.100%, 1/01/26 (Alternative Minimum Tax) - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,020</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Cook County High School District No. 209, Proviso Township, Illinois, General Obligation Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/16 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,596,264</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004,  0.000%, 12/01/19 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">DuPage County Community Unit School District No. 200, Wheaton, Illinois, General Obligation Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,130,280</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003B,  5.250%, 11/01/20 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,995</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Industrial Development Revenue Bonds, Plano Molding</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,994,601</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Company Project, Series 1992,  7.750%, 6/01/12 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Commonwealth</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,190,230</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Edison Company Project, Series 1994D,  5.850%, 1/15/14</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas Light and Coke</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,938,950</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Company, Series 2003E,  4.875%, 11/01/38 (Alternative Minimum Tax) (Mandatory put 11/01/18) - AMBAC</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">28,030</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Local Government Program Revenue Bonds, Elgin School</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,674,716</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;District U46, Kane, Cook and DuPage Counties, Series 2002,  0.000%, 1/01/19 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Revenue Bonds, Presbyterian Home of Lake Forest, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">1996B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,495</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.400%, 9/01/31 (Pre-refunded to 9/01/06)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,205,943</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">990</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.400%, 9/01/31 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,081,763</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Local Government Program Revenue Bonds, Rockford School</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">879,462</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;District 205 Project, Series 2000,  0.000%, 2/01/19 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,180</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/21 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,205,313</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002A,  6.250%, 12/01/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,037,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 9/01/35 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,047,100</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8/15/43</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, Swedish American Hospital Project, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,153,440</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1993,  5.375%, 11/15/23 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,015</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, Rush-Presbyterian St. Luke's Medical Center</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,408,087</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Obligated Group, Series 1993,  5.250%, 11/15/20 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,350</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,  7.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,323,617</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2/15/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,100</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  5.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,344,296</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,  6.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,954,450</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5/15/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series 2001B,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,137,100</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 2/15/34 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Illinois Sports Facilities Authority, State Tax Supported Bonds, Series 2001,  0.000%, 6/15/30 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/15 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,739,400</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 1992A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,955</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/17 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,240,439</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/18 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,266,481</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 1994B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/18 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,693,658</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,385</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/21 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,430,467</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,190</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/28 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,375,506</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,900</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/29 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,475,891</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bonds, Series 1996A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,550</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 12/15/21 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,810,656</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,650</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 6/15/27 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,673,496</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 2002A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/24 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/22 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,313,500</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">21,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/34 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,894,870</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">21,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 12/15/35 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,572,310</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/36 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,303,400</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,855</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/39 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,619,902</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,150</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 6/15/42 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,178,015</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bonds, Series 2002B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/20 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/17 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,124,210</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,950</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/15/21 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/17 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,073,201</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">935</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">981,713</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Dock 2 Enhancement Project, Series 1998B,  5.875%, 7/01/08 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,150</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,140,869</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Delivery Network Project, Series 2003A,  4.900%, 7/01/14 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,295</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,189,154</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999,  0.000%, 1/01/18 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Indiana - 4.6%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A,  5.375%, 2/01/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,869,500</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,048,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004A,  5.375%, 3/01/34 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Sisters of St. Francis Health</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,168,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Services Inc. Project, Series 1997A,  5.375%, 11/01/27 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,105</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Partners Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">18,040,986</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1996A,  6.000%, 2/15/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A,  5.000%, 6/01/28 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,034,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 2/01/21 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,332,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,425</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 2/01/27 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,117,184</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Mooresville School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 1998,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,288,150</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/15/15 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,100</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Noblesville, Indiana, Revenue Bonds, Catholic High School Corporation, Series 2003,  5.750%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,883,719</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/22</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Iowa - 0.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,556,070</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 2002,  5.500%, 10/01/33 - ACA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,105</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Iowa Housing Finance Authority, Single Family Housing Bonds, Series 1984A,  0.000%, 9/01/16 - AMBAC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">286,051</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,820</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,449,623</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 6/01/35</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Kansas - 0.9%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A,  5.000%, 3/01/22</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,342,100</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,650</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Newton, Kansas, Hospital Revenue Bonds, Newton Healthcare Corporation, Series 1994A,  7.750%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/04 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,900,705</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;11/15/24 (Pre-refunded to 11/15/04)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Kentucky - 0.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,755</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,756,457</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 1997A,  6.100%, 1/01/24 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Louisiana - 1.9%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">978,640</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1998,  5.350%, 9/01/11 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,770</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist Hospital,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/04 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,584,128</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1986,  8.000%, 5/15/12</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,880</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,060,213</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2001B,  5.875%, 5/15/39</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Maryland - 1.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,900</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Maryland Community Development Administration, Residential Revenue Bonds, Series 1997B,  5.875%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/07 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,257,302</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;9/01/25 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,578,785</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7.400%, 9/01/19 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Medstar Health, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,479,572</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2004,  5.500%, 8/15/33</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Massachusetts - 2.8%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series 2002A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,009,300</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Municipal Wholesale Electric Company, Power Supply System Revenue Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 1987A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">105</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8.750%, 7/01/18 (Pre-refunded to 1/01/05)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">108,205</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">110</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8.750%, 7/01/18 (Pre-refunded to 7/01/05)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">117,158</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E,  5.250%, 1/01/22 - FGIC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,370,550</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,720</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,649,944</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1998B,  5.100%, 12/01/12 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,011,320</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc., Series 2001C,  5.250%, 11/15/31 - RAAI Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,282,084</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 1/01/37 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,034,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1997B,  5.125%, 1/01/37 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,947,100</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1999A,  5.000%, 1/01/39 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 6,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,262,140</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8/01/30</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Michigan - 5.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dearborn Economic Development Corporation, Michigan, Hospital Revenue Refunding Bonds, Oakwood</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/04 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,130,920</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Obligated Group, Series 1994A,  5.250%, 8/15/21 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,993,676</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Detroit, Michigan, Sewerage Disposal System Revenue Refunding Bonds, Series 1995B,  5.250%, 7/01/15 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/05 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,449,280</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Sciences Charter School, Series 2001A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7.500%, 10/01/12</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,071,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7.900%, 10/01/21</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,091,050</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8.000%, 10/01/31</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,604,685</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Obligated Group, Series 1993A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.250%, 8/15/13</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">877,140</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,925</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.500%, 8/15/18</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,208,560</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">37,490</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Ba3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">26,252,747</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Group, Series 1998A,  5.250%, 8/15/28</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,180</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1995B,  6.150%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,532,170</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;10/01/15 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">25,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">26,603,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Detroit Edison Company, Series 1995AA,  6.400%, 9/01/25 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Michigan Strategic Fund, Resource Recovery Limited Obligation Revenue Refunding Bonds, Detroit</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,282,224</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Edison Company, Series 2002D,  5.250%, 12/15/32 - XLCA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Minnesota - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,935</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D,  5.900%, 8/01/15 - MBIA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,010,165</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Missouri - 2.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,001,320</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B,  5.000%, 10/01/32 -</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">40,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">40,350,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003,  5.250%, 5/15/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,966,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003A,  5.650%, 6/01/37 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Medical Center, Series 1997:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 11/15/12</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,747,078</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 11/15/17</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">966,370</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,075</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,156,334</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Medical Center, Series 1999,  6.750%, 11/15/24</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Montana - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,771,113</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A,  5.000%, 3/01/31 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Nevada - 1.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital Project, Series 2003A,  5.125%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,463,425</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;9/01/29 - RAAI Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Project, First Tier Series 2000:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,095</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 1/01/24 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,233,286</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 1/01/25 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,548,600</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.625%, 1/01/32 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,119,820</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">19,510</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.375%, 1/01/40 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">19,945,658</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>New Jersey - 3.9%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">23,625</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">B</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">17,714,025</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc., Series 1999,  6.250%, 9/15/29 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">B</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,070,130</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc., Series 2000,  7.000%, 11/15/30 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital Obligated</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Group, Series 2000:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7.375%, 7/01/15</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">284,070</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7.500%, 7/01/30</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,438,160</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,001,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/15/24</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,490</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.500%, 1/01/16 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,786,421</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">415</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.500%, 1/01/16 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">496,813</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">26,680</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">21,437,647</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002,  6.125%, 6/01/42</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,112,250</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003,  6.250%, 6/01/43</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>New Mexico - 0.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">University of New Mexico, System Revenue Refunding Bonds, Series 1992A,  6.000%, 6/01/21</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,749,915</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>New York - 15.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,360</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St. John's Meadows</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,670,987</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 1997A,  5.600%, 8/01/17 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,251,460</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 12/01/26 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,930,900</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.375%, 9/01/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,395</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 1998D,  5.500%, 8/01/10</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,223,749</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 1997G:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,685</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 10/15/26 (Pre-refunded to 10/15/07)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,368,962</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">33,925</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 10/15/26</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">36,197,636</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 1997E:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">610</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 8/01/16 (Pre-refunded to 8/01/06)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/06 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">667,871</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,390</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 8/01/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/06 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,065,517</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 2003J:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/21</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,099,650</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/22</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,695,500</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City, New York, General Obligation Bonds, Fiscal Series 1996G:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,830</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 2/01/14 (Pre-refunded to 2/01/06)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/06 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,036,109</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,170</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 2/01/14</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/06 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,304,779</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Municipal Water Finance Authority, New York, Water and Sewerage</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">System Revenue Bonds, Fiscal Series 1996B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,280</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 6/15/26 (Pre-refunded to 6/15/06) - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/06 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,707,838</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,720</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 6/15/26 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/06 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,434,517</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">CCC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,658,500</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Airport - American Airlines Inc., Series 2002B,  8.500%, 8/01/28 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dormitory Authority of the State of New York, New York City, Court Facilities Lease Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,489,536</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999,  6.000%, 5/15/39</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Kaleida</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,573,440</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Health, Series 2004,  5.050%, 2/15/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Facilities, Series 1999D:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,490</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 2/15/29 (Pre-refunded to 8/15/09)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,222,981</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">510</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 2/15/29</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">516,722</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,665</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,894,950</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Revenue Bonds, St. Luke's-Roosevelt Hospital Center, Series 1993A,  5.600%, 8/15/13</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Power Authority of the State of New York, General Revenue Bonds, Series 2000A,  5.250%, 11/15/40</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,621,125</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Group, Series 2002C:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,350</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 7/01/13 (Optional put 7/01/05)</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,368,662</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.000%, 7/01/26</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,532,175</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,980,340</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities and Equipment, Series 2002C-1,  5.000%, 3/15/33</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,802,425</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;LLC, Sixth Series 1997,  6.250%, 12/01/10 (Alternative Minimum Tax) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">New York Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Contingency Contract-Backed Bonds, Series 2003A-1:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/17</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,639,700</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">26,190</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/18</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">28,071,490</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">33,810</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">36,212,201</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>North Carolina - 0.9%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,489,695</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003G,  5.000%, 6/01/33</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,436,450</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003D,  5.125%, 1/01/26</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,105</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1996A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,206,682</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.700%, 1/01/13 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,  6.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,967,300</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1/01/20</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,558,065</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities, Series 2004A,  5.000%, 2/01/20</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Ohio - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2003,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,009,360</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 12/01/31 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Oklahoma - 1.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,450</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Central Oklahoma Transportation and Parking Authority, Oklahoma City, Oklahoma, Parking System</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/06 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,658,660</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Revenue and Refunding Bonds, Series 1996,  5.250%, 7/01/16 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">15,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,775,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 2/15/31</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Oregon - 0.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Hospital Facility Authority of Clackamas County, Oregon, Revenue Refunding Bonds, Legacy Health</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,580,100</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;System, Series 2001,  5.250%, 5/01/21</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Pennsylvania - 2.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,955</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Pennsylvania Convention Center Authority, Revenue Refunding Bonds, Series 1994A,  6.750%, 9/01/19</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/04 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,094,466</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,830</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1993-36,  5.450%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/04 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,913,303</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;10/01/14</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/08 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,444,695</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1998,  4.500%, 7/15/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Pennsylvania Turnpike Commission, Pennsylvania Turnpike Revenue Bonds, Series 2004A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,929,650</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;12/01/31 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D,  5.125%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,066,480</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/01/34 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,075</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,005,785</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;District Project, Series 2003,  5.000%, 6/01/33 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Puerto Rico - 1.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico, General Obligation Bonds, Series 2000B,  5.625%, 7/01/19 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,578,750</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,571,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;10/01/40</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,450</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,663,477</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Financing Authority, Cogeneration Facility Revenue Bonds, Series 2000A,  6.625%, 6/01/26</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Rhode Island - 1.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,315,375</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Lifespan Obligated Group Issue, Series 1996,  5.250%, 5/15/26 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,265,920</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002A,  6.250%, 6/01/42</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>South Carolina - 2.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Dorchester County School District No. 2, South Carolina, Installment Purchase Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,883,870</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2004,  5.250%, 12/01/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,  5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,967,240</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6/01/36 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1986,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,147,460</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 1/01/25</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">South Carolina JOBS Economic Development Authority, Revenue Bonds, Bon Secours Health System Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,579,228</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002A,  5.625%, 11/15/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/10 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,830,560</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Alliance, Series 2000A,  7.375%, 12/15/21 (Pre-refunded to 12/15/10)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Texas - 5.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">13,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Alliance Airport Authority Inc., Texas, Special Facilities Revenue Bonds, American Airlines Inc. Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/04 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">CCC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,928,140</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1990,  7.500%, 12/01/29 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,900</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Alliance Airport Authority Inc., Texas, Special Facilities Revenue Bonds, Federal Express Corporation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,987,476</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 1996,  6.375%, 4/01/21 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">24,265</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Austin, Texas, Combined Utility System Revenue Refunding Bonds, Series 1992A,  12.500%, 11/15/07 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">31,670,193</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,110</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,877,778</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 1999C,  7.700%, 3/01/32 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">420</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Corpus Christi Housing Finance Corporation, Texas, Single Family Mortgage Senior Revenue Refunding</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">420,991</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 1991A,  7.700%, 7/01/11 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,  5.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,735,667</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;11/15/30 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,045</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Houston, Texas, Airport System Subordinate Lien Revenue Bonds, Series 2000A,  5.875%, 7/01/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,989,933</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">23,565</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention Project, Series 2001B,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,767,769</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 9/01/29 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,685</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 2/15/10</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,613,605</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,470</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 2/15/11</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,672,525</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">22,060</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 31.45</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,610,299</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;School Building and Refunding Bonds, Series 2000,  0.000%, 8/15/27</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series 1999C,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,611,880</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;8.000%, 5/01/29 (Mandatory put 4/01/08)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Midland, Texas, Tax and Limited Pledge Revenue Bonds, Certificates of Obligation, Series 2000,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,620,825</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.100%, 3/01/27 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Port Corpus Christi Industrial Development Corporation, Texas, Environmental Facilities Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,277,050</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, CITGO Petroleum Corporation, Series 2003,  8.250%, 11/01/31 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Port Corpus Christi Industrial Development Corporation, Texas,  Revenue Refunding Bonds, Valero</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,090,650</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Refining and Marketing Company Project, Series 1997A,  5.400%, 4/01/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,060,050</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2004,  6.000%, 12/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,025,460</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A,  5.800%, 7/01/22</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Utah - 1.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1996D,  5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,144,120</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B,  5.750%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,488,700</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/19 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,845</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1993A,  5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A+***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,963,788</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/20</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004,  5.000%, 4/01/35 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,684,201</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,840</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I,  5.200%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 101.50</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,842,471</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/30 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Virgin Islands - 0.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Virgin Islands Public Finance Authority, Refinery Revenue Bonds, Hovensa LLC, Series 2003,  6.125%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,601,425</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/22 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Virginia - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,245</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1997E,  5.600%, 11/01/17</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,386,774</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Washington - 1.7%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">14,204,875</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002B,  6.000%, 7/01/18 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,330,760</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 7/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,270,837</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002,  6.625%, 6/01/32</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Washington, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/01/29 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,725,010</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">16,195</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 6/01/30 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,762,584</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,207,492</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;0.000%, 7/01/14</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Wisconsin - 2.1%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 2002:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,225</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.125%, 6/01/27</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,903,097</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,610</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;6.375%, 6/01/32</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,075,154</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,224,220</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 8/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,914,573</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1997,  5.250%, 8/15/27 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,834,900</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Inc., Series 2002,  5.750%, 8/15/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,016,380</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Christian Charity HealthCare Ministry, Series 2003A,  5.875%, 9/01/33</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">2,172,719</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Long-Term Investments (cost $1,817,815,680) - 98.2%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,880,016,580</FONT></P></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>   <TD colspan=5><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Short-Term Investments - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chester County Industrial Development Authority, Pennsylvania, Archdiocese of Philadelphia,</FONT></P></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">VMIG-1</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Variable Rate Demand Revenue Bonds, Series 2001,  1.140%, 7/01/31&#134;</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Short-Term Investments (cost $4,000,000)</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000,000</FONT></P></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>   <TD colspan=5><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Investments (cost $1,821,815,680) - 98.4%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,884,016,580</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Other Assets Less Liabilities - 1.6%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">31,192,212</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net Assets - 100%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$1,915,208,792</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=2></TD>
</TR>
</TABLE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="10%"></TH><TH width="56%"></TH><TH width="12%"></TH><TH width="20%"></TH>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">*&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">There may be other call provisions at varying prices at later dates.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">**&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">***&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">agency securities which ensures the timely payment of principal and interest.  Such securities are </FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">normally considered to be equivalent to AAA rated securities.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Investment is not rated.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&#134;&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Security has a maturity of more than one year, but has variable rate and demand features which qualify</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">based on market conditions or a specified market index.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Income Tax Information</B></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">The following information is presented on an income tax basis. Differences between amounts for financial</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">statement and federal income tax purposes are primarily due to timing differences in recognizing income</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">on taxable market discount securities and timing differences in recognizing certain gains and losses on</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">security transactions.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">At July 31, 2004, the cost of investments was $1,818,890,864.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2004 were as follows:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Appreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;97,689,161</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Depreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(32,563,445)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net unrealized appreciation of investments</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;65,125,716</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
</TABLE>






<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 Rules 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that has materially affected, or is 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 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<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 Municipal Value Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (Principal Executive Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.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 Municipal Value Fund, Inc.;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer(s) 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)
      for the registrant and have:


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

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

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

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

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

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

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/29/04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

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

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

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

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

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

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

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

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

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/29/04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

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



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