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<SEC-DOCUMENT>0000891804-05-002926.txt : 20050929
<SEC-HEADER>0000891804-05-002926.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929140852
ACCESSION NUMBER:		0000891804-05-002926
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN 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:		051110801

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

<BODY>


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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-05120
&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;
07/31/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B><FONT face=sans-serif size=1
     >Nuveen Municipal Value Fund, Inc.
      (NUV)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<I><FONT face=sans-serif size=1
     >July 31, 2005</FONT></I>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><B><FONT
      face=sans-serif size=1
     >Optional Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Market</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Description</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"
     >&nbsp;<B><FONT face=sans-serif size=1
     >Provisions*</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><B><FONT
      face=sans-serif size=1
     >Ratings**</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Alabama - 1.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Alabama Housing
      Finance Authority, Collateralized Home Mortgage Program Single Family
      Mortgage</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,487,526</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Revenue Bonds,
      Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Courtland
      Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds,
      Champion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,441,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>International
      Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Huntsville
      Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%,
      6/01/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,860,793</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Jasper Medical
      Clinic Board, Alabama, Hospital Revenue Bonds, Walker Regional Medical
      Center Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,054,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1993,
      6.375%, 7/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Jefferson
      County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A,
      5.375%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>12,990,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2/01/36
      (Pre-refunded to 2/01/09) - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Alaska - 0.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,335</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Alaska Housing
      Finance Corporation, General Housing Purpose Bonds, Series 2005A,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,488,010</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>12/01/30 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Anchorage,
      Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,184,590</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Northern Tobacco
      Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,969,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2000, 6.200%,
      6/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Arizona - 1.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Arizona Health
      Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's
      Hospital,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/09 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,011,132</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1999A,
      6.250%, 11/15/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Arizona Health
      Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's
      Hospital,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,453,578</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2002A,
      6.250%, 2/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>13,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Arizona Health
      Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>14,761,211</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>1999A, 6.625%,
      7/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Phoenix
      Industrial Development Authority, Arizona, GNMA Collateralized Multifamily
      Housing Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,041,670</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Park Lee
      Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Arkansas - 0.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,460</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Cabot School
      District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds,
      Series 2003,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,873,588</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%, 2/01/32
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>355</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Conway,
      Arkansas, Sales and Use Tax Capital Improvement Bonds, Series 1997A,
      5.350%, 12/01/17 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/06 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>369,225</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Jefferson
      County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy
      Arkansas Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,753,575</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1997,
      5.600%, 10/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>University of
      Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,084,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>12/01/32 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >California - 9.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,310</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California
      Educational Facilities Authority, Revenue Bonds, Loyola Marymount
      University, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/09 at 39.19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,506,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2000, 0.000%,
      10/01/24 (Pre-refunded to 10/01/09) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California
      Infrastructure Economic Development Bank, Revenue Bonds, J. David
      Gladstone Institutes,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,101,405</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2001,
      5.250%, 10/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California,
      General Obligation Bonds, Series 2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>14,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      2/01/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,539,218</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>11,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%,
      2/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,682,112</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California,
      General Obligation Bonds, Series 2004, 5.000%, 2/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,802,925</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California
      Department of Water Resources, Power Supply Revenue Bonds, Series
      2002A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.125%,
      5/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,650,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      5/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,751,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>17,155</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California State
      Public Works Board, Lease Revenue Refunding Bonds, Various University
      of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>17,176,615</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California
      Projects, Series 1993A, 5.500%, 6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>California
      Statewide Community Development Authority, Certificates of Participation,
      Internext</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,888,895</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Group, Series
      1999, 5.375%, 4/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Capistrano
      Unified School District, Orange County, California, Special Tax Bonds,
      Community</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,353,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Facilities
      District 98-2 - Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded to
      9/01/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,895</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Central
      California Joint Powers Health Finance Authority, Certificates of
      Participation, Community</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,895,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Hospitals of
      Central California, Series 1993, 5.000%, 2/01/23</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Foothill/Eastern
      Transportation Corridor Agency, California, Toll Road Revenue Bonds,
      Series 1995A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>30,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      1/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>14,845,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.000%, 1/01/34
      (Pre-refunded to 1/01/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/07 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,614,475</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Tobacco Settlement
      Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,031,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2003A-1,
      6.750%, 6/01/39</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>33,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Enhanced Tobacco
      Settlement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>36,109,301</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Asset-Backed
      Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded to 6/01/13) - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Tobacco Settlement
      Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,055,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Revenue Bonds,
      Series 2005A, 5.000%, 6/01/45 (WI, settling 8/04/05)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Los Angeles
      Department of Water and Power, California, Waterworks Revenue Refunding
      Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,314,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2001A, 5.125%,
      7/01/41</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Los Angeles
      Regional Airports Improvement Corporation, California, Sublease Revenue
      Bonds, Los</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/12 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>B-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,282,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Angeles
      International Airport, American Airlines Inc. Terminal 4 Project, Series
      2002C, 7.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>12/01/24
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Rancho Mirage
      Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower
      Medical</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,428,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Center, Series
      2004, 5.625%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>San Diego
      County, California, Certificates of Participation, Burnham Institute,
      Series 1999,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,661,204</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.250%,
      9/01/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,599</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Yuba County
      Water Agency, California, Yuba River Development Revenue Bonds, Pacific
      Gas and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,582,730</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Electric
      Company, Series 1966A, 4.000%, 3/01/16</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Colorado - 2.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Colorado
      Educational and Cultural Facilities Authority, Charter School Revenue
      Bonds, Peak-to-Peak</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,198,016</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Charter School,
      Series 2001, 7.625%, 8/15/31 (Pre-refunded to 8/15/11)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Colorado Health
      Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series
      2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,322,075</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      3/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Colorado Health
      Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series
      2001,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>532,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.750%,
      1/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,580</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Colorado Health
      Facilities Authority, Revenue Bonds, Sisters of Charity Healthcare Systems
      Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,610,109</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1994,
      5.250%, 5/15/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>18,915</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Denver,
      Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%,
      11/15/33 - XLCA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>19,795,682</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>E-470 Public
      Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%,
      9/01/35 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,603,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>E-470 Public
      Highway Authority, Colorado, Senior Revenue Bonds, Series
      2000B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>39,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 9/01/28
      (Pre-refunded to 9/01/10) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/10 at 31.42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,400,606</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 9/01/32
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,041,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>E-470 Public
      Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
      3/01/36 - MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,921,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Northwest
      Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series
      2001A, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/11 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,616,185</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6/15/19 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Northwest
      Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series
      2001C, 0.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,862,010</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6/15/21 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >District of Columbia - 1.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Washington
      Convention Center Authority, District of Columbia, Senior Lien Dedicated
      Tax Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Series
      1998:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%, 10/01/15
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,664,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>32,815</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>4.750%, 10/01/28
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>32,980,716</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Florida - 1.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Escambia County
      Health Facilities Authority, Florida, Revenue Bonds, Ascension Health
      Credit Group,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,389,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2002C,
      5.750%, 11/15/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,690</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Jacksonville,
      Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,
      10/01/30 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,094,189</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,880</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Lee County,
      Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32
      (Alternative Minimum</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,420,411</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tax) - FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Orange County
      Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando
      Regional</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,308,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Healthcare
      System, Series 1999E, 6.000%, 10/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Orange County
      School Board, Florida, Certificates of Participation, Series 2002A,
      5.000%, 8/01/27 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,624,055</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Georgia - 2.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Atlanta,
      Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%,
      11/01/33 - MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,600,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,040</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Atlanta,
      Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%,
      11/01/38 - FGIC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,350,336</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Augusta,
      Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 -
      FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,305,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Coffee County
      Hospital Authority, Georgia, Revenue Anticipation Certificates, Coffee
      Regional</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Medical Center
      Inc., Series 1997A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.250%,
      12/01/06</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>936,513</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>21,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.750%, 12/01/26
      (Pre-refunded to 12/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>22,498,086</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Royston Hospital
      Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare
      System</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,103,255</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Inc., Series
      1999, 6.500%, 7/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Hawaii - 0.4%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Hawaii, General
      Obligation Bonds, Series 2003DA, 5.250%, 9/01/23 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,211,600</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Illinois - 11.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Aurora,
      Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%,
      1/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,245,091</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Chicago,
      Illinois, General Obligation Refunding Bonds, Series 2002A, 5.625%,
      1/01/39 - AMBAC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,094,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,425</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Chicago Board of
      Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
      Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,576,902</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Revenues, Series
      1997A, 5.250%, 12/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Chicago Board of
      Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
      Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,073,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Revenues, Series
      1998B-1, 0.000%, 12/01/24 - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=Arial
      size=1>&nbsp;</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Chicago Housing
      Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001,
      5.375%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,326,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>7/01/18</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Chicago Greater Metropolitan
      Sanitary District, Illinois, General Obligation Capital Improvement</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,294,864</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Bonds, Series 1991, 7.000%,
      1/01/11</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,575</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Chicago, Illinois, Second Lien
      Passenger Facility Charge Revenue Bonds, O'Hare International</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,659,666</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Airport, Series 2001C, 5.100%,
      1/01/26 (Alternative Minimum Tax) - AMBAC Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,020</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Cook County High
      School District 209, Proviso Township, Illinois, General Obligation Bonds,
      Series</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,856,407</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2004, 0.000%, 12/01/19 - FSA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>DuPage County Community School
      District 200, Wheaton, Illinois, General Obligation Bonds, Series</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,187,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2003B, 5.250%, 11/01/20 - FSA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois
      Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas,
      Light and Coke</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,142,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Company, Series
      2003E, 4.875%, 11/01/38 (Alternative Minimum Tax) (Mandatory put 11/01/18)
      -</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>AMBAC Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>28,030</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Development Finance
      Authority, Local Government Program Revenue Bonds, Kane, Cook and</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,465,272</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>DuPage Counties
      School District U46 - Elgin, Series 2002, 0.000%, 1/01/19 - FSA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois
      Development Finance Authority, Revenue Bonds, Presbyterian Home of Lake
      Forest, Series</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>1996</FONT> <FONT face=Arial
      size=1>B:</FONT></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>6.400%, 9/01/31 (Pre-refunded to
      9/01/06)</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,876,257</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>990</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>6.400%, 9/01/31 - FSA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,044,183</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Development Finance
      Authority, Local Government Program Revenue Bonds, Winnebago and
      Boone</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>990,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Counties School District 205 -
      Rockford, Series 2000, 0.000%, 2/01/19 - FSA Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,180</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Development Finance
      Authority, Revenue Bonds, Chicago Charter School Foundation, Series</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/21 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,303,670</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2002A 6.250%, 12/01/32</FONT>
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Development Finance
      Authority, Revenue Bonds, Illinois Wesleyan University, Series
      2001,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,332,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.125%, 9/01/35 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Finance Authority,
      Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,
      5.500%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,392,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>8/15/43</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>18,015</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Health Facilities
      Authority, Revenue Bonds, Rush-Presbyterian St. Luke's Medical
      Center</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>18,116,424</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Obligated Group, Series 1993,
      5.250%, 11/15/20 - MBIA Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois Health
      Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,
      7.000%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,335,623</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2/15/18</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois Health
      Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,
      5.250%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,502,647</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>8/01/22 - AMBAC Insured</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Illinois Health Facilities
      Authority, Revenue Bonds, Condell Medical Center, Series 2000,
      6.500%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>16,219,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5/15/30</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois Health
      Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group,
      Series 2001B,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,777,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.250%, 2/15/34 - FSA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Illinois Sports
      Facility Authority, State Tax Supported Bonds, Series 2001 0.000%, 6/15/30
      -</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/15 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,196,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>AMBAC Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Metropolitan Pier and Exposition
      Authority, Illinois, Revenue Bonds, McCormick Place Expansion</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Project, Series 1992A:</FONT>
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>18,955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/17 - FGIC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,409,015</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,830</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/18 - FGIC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,352,873</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Metropolitan Pier and Exposition
      Authority, Illinois, Revenue Bonds, McCormick Place Expansion</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Project, Series 1994B:</FONT>
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/18 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,154,975</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,385</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/21 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,668,636</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/28 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,785,049</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 6/15/29 - FGIC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,585,972</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Metropolitan Pier and Exposition
      Authority, Illinois, Revenue Refunding Bonds, McCormick Place</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Expansion
      Project, Series 1996A:</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>16,550</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 12/15/21 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,972,135</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,650</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.250%, 6/15/27 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,709,516</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Metropolitan
      Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
      Expansion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Project, Series
      2002A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=Arial
      size=1>&nbsp;</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/24
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/22 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,136,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>21,375</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/34
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,402,318</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>21,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 12/15/35
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,941,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>20,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/36
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,588,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>22,055</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/39
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,356,745</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%, 6/15/42
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,284,117</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Metropolitan
      Pier and Exposition Authority, Illinois, Revenue Refunding Bonds,
      McCormick Place</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Expansion
      Project, Series 2002B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,775</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/20
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/17 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,938,158</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,950</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/15/21
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/17 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,290,675</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tri-City
      Regional Port District, Illinois, Port and Terminal Facilities Revenue
      Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>742,522</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dock 2
      Enhancement Project, Series 1998B, 5.875%, 7/01/08 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tri-City
      Regional Port District, Illinois, Port and Terminal Facilities Revenue
      Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,061,707</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Delivery Network
      Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,295</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Will County
      Community School District 161, Summit Hill, Illinois, Capital Appreciation
      School</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,331,674</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Series
      1999, 0.000%, 1/01/18 - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Indiana - 4.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indiana Bond
      Bank, State Revolving Fund Program Bonds, Series 2001A 5.375%,
      2/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,130,100</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indiana Health
      Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital
      Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,154,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2004A,
      5.375%, 3/01/34 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indiana Health
      Facility Financing Authority, Hospital Revenue Bonds, Sisters of St.
      Francis Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,155,513</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Services Inc.,
      Series 1997A, 5.375%, 11/01/27 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>17,105</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indiana Health
      Facility Financing Authority, Hospital Revenue Bonds, Clarian Health
      Partners Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>17,939,211</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1996A
      6.000%, 2/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>20,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indiana
      Transportation Finance Authority, Highway Revenue Bonds, Series 2003A,
      5.000%, 6/01/28 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>20,915,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Indianapolis
      Local Public Improvement Bond Bank, Indiana, Series 1999E:</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 2/01/21
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,165,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>14,595</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 2/01/27
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,284,704</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Mooresville
      School Building Corporation, Morgan County, Indiana, First Mortgage Bonds,
      Series 1998,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,335,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%, 7/15/15
      - FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>13,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Noblesville,
      Indiana, Revenue Bonds, Catholic High School Corporation, Series 2003,
      5.750%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>13,651,248</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >7/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Iowa - 0.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Iowa Higher
      Education Loan Authority, Private College Facility Revenue Bonds, Wartburg
      College,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,713,395</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2002,
      5.500%, 10/01/33 - ACA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,820</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Iowa Tobacco
      Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
      Series 2001B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,005,483</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.600%,
      6/01/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Kansas - 0.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Kansas
      Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%,
      3/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,671,800</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Kentucky - 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,755</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Greater Kentucky
      Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue
      Refunding</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,757,018</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Series
      1997A, 6.100%, 1/01/24 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Louisiana - 1.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>East Baton Rouge
      Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation
      Project,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,005,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1998,
      5.350%, 9/01/11 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>13,385</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Louisiana Public
      Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist
      Hospital,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,616,413</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1986,
      8.000%, 5/15/12</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>20,880</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tobacco
      Settlement Financing Corporation, Louisiana, Tobacco Settlement
      Asset-Backed Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>22,119,437</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2001B, 5.875%,
      5/15/39</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Maryland - 0.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,585</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Maryland
      Community Development Administration, Residential Revenue Bonds, Series
      1997B, 5.875%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/07 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,729,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>9/01/25
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Maryland Energy
      Financing Administration, Revenue Bonds, AES Warrior Run Project, Series
      1995,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,572,380</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7.400%, 9/01/19
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Maryland Health
      and Higher Educational Facilities Authority, Revenue Bonds, MedStar
      Health, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,818,408</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2004, 5.500%,
      8/15/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Massachusetts - 2.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds,
      Series 2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,418,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%,
      7/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Development Finance Agency, Resource Recovery Revenue Bonds, Ogden
      Haverhill</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,735,876</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Associates,
      Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Health and Educational Facilities Authority, Revenue Bonds, Cape Cod
      Health Care</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,556,523</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Inc., Series
      2001C, 5.250%, 11/15/31 - RAAI Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Health and Educational Facilities Authority, Revenue Bonds, Northern
      Berkshire</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Community
      Services Inc., Series 2004B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.250%,
      7/01/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,424,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.375%,
      7/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,059,910</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>16,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior
      Series 1997A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>16,836,732</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%, 1/01/37
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,340,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>1997B, 5.125%,
      1/01/37 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,132,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>1999A, 5.000%,
      1/01/39 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Massachusetts
      Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series
      6:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%, 8/01/30
      (Pre-refunded to 8/01/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,933,645</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      8/01/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,646,270</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Michigan - 6.6%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dearborn
      Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds,
      Oakwood Obligated</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,069,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Group, Series
      1994A, 5.250%, 8/15/21 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,390</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Detroit Local
      Development Finance Authority, Michigan, Tax Increment Bonds, Series
      1998A, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,763,483</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >5/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>14,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Detroit,
      Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series
      2005A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>14,766,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7/01/35 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan
      Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding
      Bonds, Series 2002,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,745,555</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      10/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan
      Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit
      Academy of Arts and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Sciences Charter
      School, Series 2001A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7.500%,
      10/01/12</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,017,002</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7.900%,
      10/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,376,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>8.000%,
      10/01/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,764,215</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan State
      Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical
      Center</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Obligated Group,
      Series 1993A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.250%,
      8/15/13</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,000,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,925</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.500%,
      8/15/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>12,928,231</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>22,235</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan State
      Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center
      Obligated</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>20,013,056</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Group, Series
      1998A, 5.250%, 8/15/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,805</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan Housing
      Development Authority, Rental Housing Revenue Bonds, Series 1995B,
      6.150%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,014,043</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>10/01/15 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>25,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Michigan Strategic Fund,
      Collateralized Limited Obligation Pollution Control Revenue
      Refunding</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>25,574,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Bonds, Detroit Edison Company,
      Series 1995AA, 6.400%, 9/01/25 - MBIA Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Michigan
      Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding
      Bonds, Detroit</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,623,504</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Edison Company, Series 2002D,
      5.250%, 12/15/32 - XLCA Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,690</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>River Rouge School District,
      Wayne County, Michigan, General Obligation Refunding Bonds, Series</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,215,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2002, 5.000%, 5/01/19 - FGIC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Minnesota - 0.1%</FONT></B> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Breckenridge, Minnesota, Revenue
      Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,831,970</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>465</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Minnesota
      Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%,
      8/01/15 - MBIA</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>474,779</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Missouri - 2.7%</FONT></B> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Missouri-Illinois Metropolitan
      District Bi-State Development Agency, Mass Transit Sales Tax</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,097,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Appropriation Bonds, Metrolink
      Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 -</FONT>
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>FSA Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>40,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Missouri Health and Educational
      Facilities Authority, Revenue Bonds, BJC Health System, Series</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>42,317,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2003, 5.250%, 5/15/32</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Sugar Creek, Missouri,
      Industrial Development Revenue Bonds, Lafarge North America Inc.,
      Series</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,174,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>2003A, 5.650%, 6/01/37
      (Alternative Minimum Tax)</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>West Plains Industrial
      Development Authority, Missouri, Hospital Facilities Revenue Bonds,
      Ozark</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Medical Center, Series
      1997:</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.500%, 11/15/12</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,785,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.600%, 11/15/17</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,006,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>West Plains Industrial
      Development Authority, Missouri, Hospital Facilities Revenue Bonds,
      Ozark</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,226,259</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Medical Center, Series 1999,
      6.750%, 11/15/24</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Montana - 0.2%</FONT></B> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Forsyth, Rosebud County,
      Montana, Pollution Control Revenue Refunding Bonds, Puget Sound
      Energy,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,921,638</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Series 2003A, 5.000%, 3/01/31 -
      AMBAC Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Nevada - 1.9%</FONT></B> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Carson City, Nevada, Hospital
      Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,589,425</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>9/01/29 - RAAI Insured</FONT>
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Director of
      Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas
      Monorail</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Project, First Tier, Series
      2000:</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,095</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 1/01/24 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,328,277</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>11,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>0.000%, 1/01/25 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,366,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.625%, 1/01/32 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,193,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>22,010</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>5.375%, 1/01/40 - AMBAC
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>23,334,562</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1>New
      Jersey - 4.5%</FONT></B> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>23,625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New Jersey
      Economic Development Authority, Special Facilities Revenue Bonds,
      Continental Airlines</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>21,636,484</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Inc., Series
      1999, 6.250%, 9/15/29 (Alternative Minimum Tax)</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New Jersey
      Economic Development Authority, Special Facilities Revenue Bonds,
      Continental Airlines</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,896,770</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>Inc., Series 2000, 7.000%,
      11/15/30 (Alternative Minimum Tax)</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>New Jersey Health Care
      Facilities Financing Authority, Revenue Bonds, Trinitas Hospital
      Obligated</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Group, Series
      2000:</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>7.375%, 7/01/15</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>284,530</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>11,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>7.500%, 7/01/30</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>12,623,408</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>New Jersey Transportation Trust
      Fund Authority, Transportation System Bonds, Series 2003C, 5.500%,</FONT>
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,496,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>6/15/24 (Pre-refunded to
      6/15/13)<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>New Jersey Turnpike Authority,
      Revenue Bonds, Series 1991C:</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>6.500%, 1/01/16 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,787,404</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>415</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=1>6.500%, 1/01/16 - MBIA
      Insured</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>498,656</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>26,680</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tobacco
      Settlement Financing Corporation, New Jersey, Tobacco Settlement
      Asset-Backed Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>28,847,216</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2002, 6.125%,
      6/01/42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tobacco
      Settlement Financing Corporation, New Jersey, Tobacco Settlement
      Asset-Backed Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,226,563</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2003, 6.250%,
      6/01/43</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1>New
      Mexico - 0.6%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>University of
      New Mexico, Revenue Refunding Bonds, Series 1992A 6.000%,
      6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,780,320</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>University of
      New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds,
      Series 2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,973,824</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%,
      6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1>New
      York - 15.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>East Rochester
      Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St.
      John's Meadows</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,736,165</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Project, Series
      1997A, 5.600%, 8/01/17 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>11,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Long Island
      Power Authority, New York, Electric System General Revenue Bonds, Series
      1998A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,682,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%, 12/01/26
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Long Island
      Power Authority, New York, Electric System General Revenue Bonds, Series
      2001A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>16,766,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.375%,
      9/01/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>39,610</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 1997G, 6.000%,
      10/15/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>42,663,931</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>(Pre-refunded to
      10/15/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 1997E:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.000%, 8/01/16
      (Pre-refunded to 8/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/06 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,132,805</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.000%,
      8/01/16</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/06 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,335,014</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 2003J:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>16,379,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      6/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,905,400</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 1996G, 5.750%,
      2/01/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/06 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,152,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>(Pre-refunded to
      2/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 2004C:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      8/15/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,554,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      8/15/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,396,420</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City,
      New York, General Obligation Bonds, Fiscal Series 1998D:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%, 8/01/10
      (Pre-refunded to 8/01/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,324,838</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,320</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      8/01/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,818,434</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City
      Municipal Water Finance Authority, New York, Water and Sewerage System
      Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Fiscal Series
      1996B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.750%, 6/15/26
      (Pre-refunded to 6/15/06) - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/06 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,472,034</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.750%, 6/15/26
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/06 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,064,185</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City
      Municipal Water Finance Authority, New York, Water and Sewerage System
      Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,794,305</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Fiscal Series
      2005B 5.000%, 6/15/36 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York City
      Industrial Development Agency, New York, Special Facilities Revenue Bonds,
      JFK</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>CCC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,041,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Airport -
      American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Lease Revenue Bonds, Court Facilities,
      Series 1999,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,880,836</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.000%, 5/15/39
      (Pre-refunded to 5/15/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health,
      Series 2000C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,672,644</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      7/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health
      Obligated</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,545,375</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Group, Series
      2000A, 5.500%, 7/01/26 (WI, settling 8/03/05)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds,
      Kaleida Health,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,952,285</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2004,
      5.050%, 2/15/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dormitory
      Authority of the State of New York, Improvement Revenue Bonds, Mental
      Health Services</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Facilities,
      Series 1999D:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%, 2/15/29
      (Pre-refunded to 8/15/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,071,439</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>65</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%, 2/15/29
      (Pre-refunded to 8/15/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>70,823</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>445</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.250%,
      2/15/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>464,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>&nbsp;</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,585</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York State
      Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue
      Bonds, St.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,775,636</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Luke's-Roosevelt
      Hospital Center, Series 1993A, 5.600%, 8/15/13</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York State
      Power Authority, General Revenue Bonds, Series 2000A, 5.250%,
      11/15/40</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,123,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Port Authority
      of New York and New Jersey, Special Project Bonds, JFK International Air
      Terminal</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,787,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>LLC, Sixth
      Series 1997, 6.250%, 12/01/10 (Alternative Minimum Tax) - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>New York State
      Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
      and State</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Contingency
      Contract-Backed Bonds, Series 2003A-1:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      6/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,061,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>26,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      6/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>29,156,279</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>33,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      6/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>37,709,645</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >North Carolina - 0.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Charlotte, North
      Carolina, Certificates of Participation, Governmental Facilities Projects,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,564,590</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2003G, 5.000%,
      6/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>North Carolina
      Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,
      Series 2003D,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,566,625</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.125%,
      1/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,105</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>North Carolina
      Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,
      Series 1996A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,167,631</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.700%, 1/01/13
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>North Carolina
      Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,
      6.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,124,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >1/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>North Carolina
      Infrastructure Finance Corporation, Certificates of Participation,
      Correctional</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,588,935</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Facilities,
      Series 2004A, 5.000%, 2/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Ohio - 0.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Columbus City
      School District, Franklin County, Ohio, General Obligation Bonds, Series
      2003,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,143,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%, 12/01/31
      - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Oklahoma - 1.0%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Central Oklahoma
      Transportation and Parking Authority, Oklahoma City, Parking System
      Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,539,668</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Refunding Bonds,
      Series 1996, 5.250%, 7/01/16 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Oklahoma
      Development Finance Authority, Revenue Bonds, St. John Health System,
      Series 2004,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>15,534,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.125%,
      2/15/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Oregon - 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Clackamas County
      Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy
      Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,646,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>System, Series
      2001, 5.250%, 5/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Pennsylvania - 1.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Pennsylvania
      Convention Center Authority, Revenue Refunding Bonds, Series 1994A,
      6.750%, 9/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,089,523</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Pennsylvania
      Higher Educational Facilities Authority, Revenue Bonds, University of
      Pennsylvania,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,532,805</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1998,
      4.500%, 7/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Pennsylvania
      Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%,
      12/01/31 - AMBAC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,255,885</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Philadelphia
      School District, Pennsylvania, General Obligation Bonds, Series 2004D,
      5.125%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,461,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6/01/34 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>State Public
      School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia
      School</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,529,282</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>District, Series
      2003, 5.000%, 6/01/33 - FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Puerto Rico - 1.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Puerto Rico,
      General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,503,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Puerto Rico
      Infrastructure Financing Authority, Special Obligation Bonds, Series
      2000A, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,999,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >10/01/40</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>&nbsp;</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Puerto Rico
      Industrial, Tourist, Educational, Medical and Environmental Control
      Facilities</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,914,122</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Financing
      Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%,
      6/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>(Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Rhode Island - 1.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Rhode Island
      Health and Educational Building Corporation, Hospital Financing Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,563,688</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Lifespan
      Obligated Group, Series 1996, 5.250%, 5/15/26 - MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>16,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Rhode Island
      Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>17,289,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2002A,
      6.250%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >South Carolina - 2.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Dorchester
      County School District 2, South Carolina, Installment Purchase Revenue
      Bonds, GROWTH,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,336,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2004,
      5.250%, 12/01/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Myrtle Beach,
      South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series
      2004A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,140,970</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%, 6/01/36
      - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,475</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Piedmont
      Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds,
      Series 1986,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,474,576</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.000%,
      1/01/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>20,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>South Carolina
      JOBS Economic Development Authority, Economic Development Revenue Bonds,
      Bon Secours</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>22,022,183</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Health System
      Inc., Series 2002A, 5.625%, 11/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>South Carolina
      JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto
      Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>9,700,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Alliance, Series
      2000A, 7.375%, 12/15/21 (Pre-refunded to 12/15/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>110</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Tobacco
      Settlement Revenue Management Authority, South Carolina, Tobacco
      Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>117,291</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Series
      2001B, 6.000%, 5/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Tennessee - 0.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Knox County
      Health, Educational and Housing Facilities Board, Tennessee, Hospital
      Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Baptist Health
      System of East Tennessee Inc., Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.375%,
      4/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,192,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.500%,
      4/15/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,666,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Texas - 5.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Alliance Airport
      Authority, Texas, Special Facilities Revenue Bonds, American Airlines
      Inc., Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>CCC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,688,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>1990, 7.500%,
      12/01/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>1,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Alliance Airport
      Authority, Texas, Special Facilities Revenue Bonds, FedEx Inc., Series
      1996,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,980,484</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.375%, 4/01/21
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>24,265</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Austin, Texas,
      Combined Utility System Revenue Refunding Bonds, Series 1992A, 12.500%,
      11/15/07 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>29,281,789</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,110</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Brazos River
      Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
      Company,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,067,563</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1999C,
      7.700%, 3/01/32 (Alternative Minimum Tax)(a)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Central Texas
      Regional Mobility Authority, Travis and Williamson Counties, Toll Road
      Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,163,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2005,
      5.000%, 1/01/35 - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Harris
      County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series
      2001G, 5.250%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>11/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,846,043</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>11/15/30 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Houston, Texas,
      Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%,
      7/01/16</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,951,159</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>(Alternative
      Minimum Tax) - FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>23,875</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Houston, Texas,
      Hotel Occupancy Tax and Special Revenue Bonds, Convention and
      Entertainment</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>7,496,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Project, Series
      2001B, 0.000%, 9/01/29 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Irving
      Independent School District, Texas, Unlimited Tax School Building Bonds,
      Series 1997:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,685</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      2/15/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,843,791</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,470</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      2/15/11</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,825,552</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>22,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Leander
      Independent School District, Williamson and Travis Counties, Texas,
      Unlimited Tax School</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/09 at 31.45</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,851,194</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Building and
      Refunding Bonds, Series 2000, 0.000%, 8/15/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Matagorda County
      Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series
      1999C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,594,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>8.000%, 5/01/29
      (Mandatory put 4/01/08)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Midland, Texas,
      Tax and Limited Pledge Revenue Bonds, Certificates of Obligation, Series
      2000,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>3/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,596,515</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.100%, 3/01/27
      - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Port Corpus
      Christi Industrial Development Corporation, Texas, Environmental
      Facilities Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>5/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,347,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Bonds, Citgo
      Petroleum Corporation, Series 2003, 8.250%, 11/01/31 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Port Corpus
      Christi Industrial Development Corporation, Texas, Revenue Refunding
      Bonds, Valero</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,211,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Refining and
      Marketing Company, Series 1997A, 5.400%, 4/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Richardson
      Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical
      Center, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,369,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2004, 6.000%,
      12/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Sabine River
      Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
      Company,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,154,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2003A,
      5.800%, 7/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Utah - 1.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Intermountain
      Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1996D,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>12,284,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1
     >7/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Intermountain
      Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B,
      5.750%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,333,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7/01/19 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Utah State Board
      of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,
      4/01/35 -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,881,522</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Utah Housing
      Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I,
      5.200%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/10 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,298,780</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7/01/30
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Virgin Islands - 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Virgin Islands
      Public Finance Authority, Refinery Revenue Bonds, Hovensa LLC, Series
      2003, 6.125%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,759,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>7/01/22
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Virginia - 1.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Metropolitan
      Washington D.C. Airports Authority, Airport System Revenue Bonds, Series
      2002A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,572,356</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.750%, 10/01/16
      (Alternative Minimum Tax) - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Pocahontas
      Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895
      Connector Toll Road,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/08 at 28.38</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,594,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1998A,
      0.000%, 8/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Pocahontas
      Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895
      Connector Toll Road,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series
      1998B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>19,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      8/15/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/08 at 23.55</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,860,794</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>60,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      8/15/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>8/08 at 20.95</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>10,707,895</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,245</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Virginia Housing
      Development Authority, Multifamily Housing Bonds, Series 1997E, 5.600%,
      11/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>1/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>3,367,726</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>(Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Washington - 2.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Cowlitz County
      Public Utilities District 1, Washington, Electric Production Revenue
      Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>9/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,697,088</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>2004, 5.000%,
      9/01/34 - FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Energy
      Northwest, Washington, Electric Revenue Refunding Bonds, Columbia
      Generating Station -</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>14,310,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Nuclear Project
      2, Series 2002B, 6.000%, 7/01/18 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Energy
      Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project
      3, Series 2003A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,413,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.500%,
      7/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Washington State
      Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,114,807</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 2002,
      6.625%, 6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Washington,
      Motor Vehicle Fuel Tax General Obligation Bonds, Series
      2002-03C:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/01/29
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,864,790</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>16,195</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%, 6/01/30
      - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,877,772</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Washington
      Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3,
      Series 1989B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif
      size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>5,609,948</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>0.000%,
      7/01/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="7%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="52%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="14%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="4%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="6%" background="">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><B><FONT
      face=sans-serif size=1
     >Wisconsin - 2.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Badger Tobacco
      Asset Securitization Corporation, Wisconsin, Tobacco Settlement
      Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series
      2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>8,205</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.125%,
      6/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>8,838,754</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>10,885</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>6.375%,
      6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>11,916,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Milwaukee
      Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools,
      Series 2003A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,397,980</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>5.125%, 8/01/22
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>12,180</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Wisconsin Health
      and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare
      Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>12,836,137</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Series 1997,
      5.250%, 8/15/27 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Wisconsin Health
      and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
      Services</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>2/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>4,025,470</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Inc., Series
      2002, 5.750%, 8/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Wisconsin Health
      and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters
      of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>6,446,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Christian
      Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif
      size=1>2,250,804</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Total Long-Term
      Investments (cost $1,818,931,007) - 98.6%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>1,987,046,816</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="11%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Other Assets
      Less Liabilities - 1.4%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>28,427,987</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="11%" colSpan=3></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT
      face=sans-serif size=1>Net Assets -
      100%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=sans-serif
      size=1>2,015,474,803</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="7%" background="">&nbsp;</TD>
    <TD width="2%"></TD>
    <TD width="52%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="20%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="10%" colSpan=3>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_13></A>
<TABLE style="WIDTH: 1040px; HEIGHT: 191px" cellSpacing=0 cellPadding=0
width=1040 border=0 >

  <TR vAlign=bottom>
    <TD noWrap align=right width="9%"><FONT face=sans-serif
      size=1>*</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>Optional Call
      Provisions: Dates (month and year) and prices of the earliest optional
      call or redemption. There</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>may be other
      call provisions at varying prices at later dates.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%"><FONT face=sans-serif
      size=1>**</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>Ratings: Using
      the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%"><FONT face=sans-serif
      size=1>***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>Securities are
      backed by an escrow or trust containing sufficient U.S. Government or U.S.
      Government agency</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>securities which
      ensures the timely payment of principal and interest. Such securities are
      normally considered</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>to be equivalent
      to AAA rated securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%"><FONT face=sans-serif
      size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>Investment is
      not rated.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=right width="9%" background=""><FONT size=1><FONT
      face=sans-serif>(a)</FONT></FONT></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="88%" background=""><FONT size=1><FONT
      face=sans-serif>The issuer has received a preliminary adverse
      determination from the Internal Revenue Service <FONT size=1><FONT
      face=sans-serif>(the</FONT></FONT></FONT></FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="9%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="88%" background=""><FONT size=1><FONT
      face=sans-serif>"IRS") regarding the tax-exempt status of the bonds'
      coupon payments.&nbsp; The Fund will continue to treat</FONT></FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="9%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="88%" background=""><FONT size=1><FONT
      face=sans-serif>coupon payments as tax-exempt income until such time that
      it is formally determined that the interest <FONT size=1><FONT
      face=sans-serif>on the</FONT></FONT></FONT></FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="9%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="88%" background=""><FONT size=1><FONT
      face=sans-serif>bonds should be treated as taxable.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%"><FONT face=sans-serif
      size=1>(WI)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>Security
      purchased on a when-issued basis.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=right width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><B><FONT
      face=sans-serif size=1
     >Income Tax Information</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD align=right width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>The following
      information is presented on an income tax basis. Differences between
      amounts for financial statement</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>and federal
      income tax purposes are primarily due to timing differences in recognizing
      income on taxable market</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>discount
      securities and timing differences in recognizing certain gains and losses
      on investment transactions.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=right width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT
      face=sans-serif size=1>At July 31,
      2005, the cost of investments was $1,815,625,646.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<TABLE style="WIDTH: 1070px; HEIGHT: 196px" cellSpacing=0 cellPadding=0
width=1070 border=0 >

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Gross unrealized
      appreciation and gross unrealized depreciation of investments at July 31,
      2005, were as</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background="">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%"><FONT
      face=sans-serif size=1
     >follows:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="87%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%">&nbsp;
      &nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>$174,572,654</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%">&nbsp;
      &nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>(3,151,484</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT
      face=sans-serif size=1>)</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="87%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%">&nbsp;</TD>
    <TD noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Net unrealized
      appreciation of investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>$171,421,170</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD width="11%" background=""></TD>
    <TD noWrap align=left width="61%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD noWrap align=right width="2%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD noWrap align=right width="20%" background="" colSpan=2>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

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

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

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

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<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATIONS
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<HEAD>
<TITLE>
Certifications
</TITLE>
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<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 and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
      for the registrant and have:


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

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

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

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

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

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

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

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

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

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen 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 and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
      for the registrant and have:

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

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

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

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

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

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

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

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

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