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<SEC-DOCUMENT>0000891804-06-001183.txt : 20060331
<SEC-HEADER>0000891804-06-001183.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331094745
ACCESSION NUMBER:		0000891804-06-001183
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN 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:		06725602

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


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


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


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


<PAGE>


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

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

  <TR>
    <TD width=193>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B><BR><B><FONT
      face=sans-serif size=1>Nuveen Municipal
      Value Fund, Inc. (NUV)</FONT></B><BR><I><FONT face=sans-serif size=1
     >January 31,
  2006</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Optional</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><B><FONT
      face=sans-serif size=1
     >Provisions (1)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Ratings (2)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Alabama &#150; 1.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Alabama Housing Finance Authority, Collateralized Home
      Mortgage Program Single Family Mortgage</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     ><FONT face=sans-serif size=1
     >&nbsp;$</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,262,394</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenue Bonds, Series 1998A-2, 5.450%, 10/01/28 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Courtland Industrial Development Board, Alabama, Solid Waste
      Disposal Revenue Bonds, Champion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,351,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >International Paper Corporation, Series 1999A, 6.700%,
      11/01/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,843,152</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Jefferson County, Alabama, Sewer Revenue Capital Improvement
      Warrants, Series 1999A, 5.375%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,786,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2/01/36 (Pre-refunded 2/01/09) &#150; FGIC Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >19,990</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Alabama</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,243,636</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Alaska &#150; 0.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,335</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,446,622</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >12/01/30 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Anchorage, Alaska, General Obligation Bonds, Series 2003B,
      5.000%, 9/01/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,162,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,770</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Northern Tobacco Securitization Corporation, Alaska, Tobacco
      Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,894,013</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2000, 6.200%, 6/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,105</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Alaska</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,502,995</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Arizona &#150; 1.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >14,588,946</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1999A, 6.625%, 7/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Arizona Health Facilities Authority, Hospital System Revenue
      Bonds, Phoenix Children&#146;s</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/09 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,058,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital, Series 1999A, 6.250%, 11/15/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Arizona Health Facilities Authority, Hospital System Revenue
      Bonds, Phoenix Children&#146;s</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,491,952</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital, Series 2002A, 6.250%, 2/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Phoenix Industrial Development Authority, Arizona, GNMA
      Collateralized Multifamily Housing</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,007,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%,
      10/20/44 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Arizona</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >24,146,608</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Arkansas &#150; 0.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,460</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Cabot School District 4, Lonoke County, Arkansas, General
      Obligation Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,716,479</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003, 5.000%, 2/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>85</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >87,141</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,753,190</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1997, 5.600%, 10/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >University of Arkansas, Fayetteville, Various Facilities
      Revenue Bonds, Series 2002, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,062,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >12/01/32 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,295</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Arkansas</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,619,110</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >California &#150; 9.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >California Department of Water Resources, Power Supply
      Revenue Bonds, Series 2002A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 5/01/19 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A2
      (3)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,964,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 5/01/20 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A2
      (3)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,034,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,310</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue Bonds,
      Loyola Marymount University,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/09 at
      39.19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,525,166</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2000, 0.000%, 10/01/24 (Pre-refunded 10/01/09) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,830</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >California Infrastructure Economic Development Bank, Revenue
      Bonds, J. David Gladstone</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,016,869</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Institutes, Series 2001, 5.250%, 10/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >17,155</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aa2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >17,171,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >California Projects, Series 1993A, 5.500%,
      6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority,
      Certificates of Participation, Internext</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,847,665</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Group, Series 1999, 5.375%, 4/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series
      2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >14,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/01/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,543,744</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 2/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,543,512</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,706,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,288,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Facilities District 98-2 &#150; Ladera, Series 1999, 5.750%,
      9/01/29 (Pre-refunded 9/01/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,005</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Central California Joint Powers Health Finance Authority,
      Certificates of Participation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,005,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Community Hospitals of Central California, Series 1993,
      5.000%, 2/01/23</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >30,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation Corridor Agency, California,
      Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >14,659,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1995A, 0.000%, 1/01/22 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation Corridor Agency, California,
      Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/07 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,564,375</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1995A, 6.000%, 1/01/34 (Pre-refunded 1/01/07)</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >21,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >22,847,076</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38
      (Pre-refunded 6/01/13) &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,941,595</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 2003A-1, 6.750%, 6/01/39</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Revenue Bonds, Series 2005A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 6/01/38 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,159,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 6/01/45</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,025,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Los Angeles Department of Water and Power, California,
      Waterworks Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,213,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2001A, 5.125%, 7/01/41</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/12 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,140,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Angeles International Airport, American Airlines Inc.
      Terminal 4 Project, Series 2002C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.500%, 12/01/24 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,360,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Center, Series 2004, 5.625%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,670,256</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.250%, 9/01/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,474</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,472,516</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Electric Company, Series 1966A, 4.000%, 3/01/16</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >204,074</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total California</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >191,701,559</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Colorado &#150; 2.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural Facilities Authority,
      Charter School Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,154,348</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31
      (Pre-refunded 8/15/11)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Colorado Health Facilities Authority, Revenue Bonds, Catholic
      Health Initiatives, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,282,112</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002A, 5.500%, 3/01/32 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,580</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Colorado Health Facilities Authority, Revenue Bonds, Sisters
      of Charity Healthcare Systems</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,591,610</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Inc., Series 1994, 5.250%, 5/15/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >530,045</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.750%, 1/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,915</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Denver, Colorado, Airport System Revenue Refunding Bonds,
      Series 2003B, 5.000%, 11/15/33 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >19,523,117</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/10 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,501,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >39,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >E-470 Public Highway Authority, Colorado, Senior Revenue
      Bonds, Series 2000B, 0.000%, 9/01/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/10 at
      31.42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,531,219</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 9/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >E-470 Public Highway Authority, Colorado, Senior Revenue
      Bonds, Series 2000B, 0.000%, 9/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,261,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
      Series 2004B, 0.000%, 3/01/36 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,053,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Northwest Parkway Public Highway Authority, Colorado, Revenue
      Bonds, Senior Series 2001A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/11 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,596,493</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/15/19 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Northwest Parkway Public Highway Authority, Colorado, Revenue
      Bonds, Senior Series 2001C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,997,390</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >104,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Colorado</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >57,022,984</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >District of Columbia &#150; 1.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington Convention Center Authority, District of Columbia,
      Senior Lien Dedicated Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Revenue Bonds, Series 1998:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 10/01/15 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/08 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,628,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >35,625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >4.750%, 10/01/28 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >35,724,394</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >38,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total District of Columbia</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >38,353,269</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Florida &#150; 2.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Escambia County Health Facilities Authority, Florida, Revenue
      Bonds, Ascension Health Credit</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,322,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Group, Series 2002C, 5.750%, 11/15/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Florida State Board of Education, Public Education Capital
      Outlay Bonds, Series 2005E, 4.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/15 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,784,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/01/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,690</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Jacksonville, Florida, Better Jacksonville Sales Tax Revenue
      Bonds, Series 2001, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,983,654</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >10/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,880</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Lee County, Florida, Airport Revenue Bonds, Series 2000A,
      6.000%, 10/01/32 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,324,373</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Orange County Health Facilities Authority, Florida, Hospital
      Revenue Bonds, Orlando Regional</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,259,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Healthcare System, Series 1999E, 6.000%,
      10/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Orange County School Board, Florida, Certificates of
      Participation, Series 2002A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,524,890</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >42,820</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Florida</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >44,198,907</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Georgia &#150; 2.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series
      1999A, 5.000%, 11/01/38 &#150; FGIC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,397,389</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series
      2001A, 5.000%, 11/01/33 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,569,325</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Augusta, Georgia, Water and Sewerage Revenue Bonds, Series
      2004, 5.250%, 10/01/39 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,264,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >510,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Medical Center Inc., Series 1997A, 6.250%, 12/01/06
      (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >21,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >22,043,381</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Medical Center Inc., Series 1997A, 6.750%, 12/01/26
      (Pre-refunded 12/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Royston Hospital Authority, Georgia, Revenue Anticipation
      Certificates, Ty Cobb Healthcare</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,118,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >System Inc., Series 1999, 6.500%, 7/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >40,590</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Georgia</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >41,904,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Hawaii &#150; 1.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Hawaii, General Obligation Bonds, Series 2003DA, 5.250%,
      9/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,099,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,325</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Honolulu City and County, Hawaii, General Obligation Bonds,
      Series 2003A, 5.250%, 3/01/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >13,078,797</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(WI/DD, Settling 2/09/06) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >19,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Hawaii</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,177,897</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Illinois &#150; 11.4%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,220,948</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,425</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,541,667</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenues, Series 1997A, 5.250%, 12/01/22 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago Board of Education, Illinois, Unlimited Tax General
      Obligation Bonds, Dedicated Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,288,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenues, Series 1998B-1, 0.000%, 12/01/24 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago Greater Metropolitan Sanitary District, Illinois,
      General Obligation Capital</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,258,324</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Improvement Bonds, Series 1991, 7.000%, 1/01/11
      (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago Housing Authority, Illinois, Revenue Bonds, Capital
      Fund Program, Series 2001, 5.375%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,334,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>285</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, General Obligation Bonds, Series 2002A,
      5.625%, 1/01/39 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >311,226</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,715</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, General Obligation Bonds, Series 2002A,
      5.625%, 1/01/39 (Pre-refunded</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,835,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,575</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Chicago, Illinois, Second Lien Passenger Facility Charge
      Revenue Bonds, O&#146;Hare International</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,625,702</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport, Series 2001C, 5.100%, 1/01/26 &#150; AMBAC Insured
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,020</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Cook County High School District 209, Proviso Township,
      Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,906,357</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004, 0.000%, 12/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >DuPage County Community School District 200, Wheaton,
      Illinois, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,166,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003B, 5.250%, 11/01/20 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Gas Supply Revenue
      Bonds, Peoples Gas, Light and Coke</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,092,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put
      11/01/18) &#150; AMBAC Insured (Alternative</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >28,030</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Local Government
      Program Revenue Bonds, Kane, Cook and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,935,896</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >DuPage Counties School District U46 &#150; Elgin, Series 2002,
      0.000%, 1/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Local Government
      Program Revenue Bonds, Winnebago and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,019,628</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Boone Counties School District 205 &#150; Rockford, Series 2000,
      0.000%, 2/01/19 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,180</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Revenue Bonds,
      Chicago Charter School Foundation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/21 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,293,176</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002A, 6.250%, 12/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Revenue Bonds,
      Illinois Wesleyan University, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,240,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001, 5.125%, 9/01/35 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>990</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Revenue Bonds,
      Presbyterian Home of Lake Forest,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,026,185</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1996B, 6.400%, 9/01/31 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Revenue Bonds,
      Presbyterian Home of Lake Forest,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,741,355</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1996B, 6.400%, 9/01/31 (Pre-refunded
      9/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Finance Authority, Revenue Bonds, Northwestern
      Memorial Hospital, Series 2004A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,318,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 8/15/43</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds, Condell
      Medical Center, Series 2000,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >16,053,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 5/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds, Edward
      Hospital Obligated Group, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,556,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001B, 5.250%, 2/15/34 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,015</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds,
      Rush-Presbyterian St. Luke&#146;s Medical</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >18,038,780</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Center Obligated Group, Series 1993, 5.250%, 11/15/20 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds, Sherman
      Health Systems, Series 1997,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,395,947</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 8/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds, South
      Suburban Hospital, Series 1992,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,242,577</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.000%, 2/15/18 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Illinois Sports Facility Authority, State Tax Supported
      Bonds, Series 2001, 0.000%, 6/15/30 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/15 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,301,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Pier and Exposition Authority, Illinois, Revenue
      Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Project, Series 1992A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/17 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,659,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,830</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/18 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,519,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Pier and Exposition Authority, Illinois, Revenue
      Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Project, Series 1994B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,249,370</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,385</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,707,902</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,831,655</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/29 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,697,148</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Pier and Exposition Authority, Illinois, Revenue
      Bonds, McCormick Place Expansion</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Project, Series 2002A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/24 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/22 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,212,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >21,375</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/34 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,612,648</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >21,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 12/15/35 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,139,330</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,783,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,055</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/39 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,539,801</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 6/15/42 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,247,094</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Pier and Exposition Authority, Illinois, Revenue
      Refunding Bonds, McCormick Place</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Expansion Project, Series 1996A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >16,550</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 12/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,158,985</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,650</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 6/15/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,691,646</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Metropolitan Pier and Exposition Authority, Illinois, Revenue
      Refunding Bonds, McCormick Place</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Expansion Project, Series 2002B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,775</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/17 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,988,517</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,950</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/15/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/17 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,327,963</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tri-City Regional Port District, Illinois, Port and Terminal
      Facilities Revenue Refunding</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,055,474</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Delivery Network Project, Series 2003A, 4.900%,
      7/01/14 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>720</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tri-City Regional Port District, Illinois, Port and Terminal
      Facilities Revenue Refunding</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >734,796</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Dock 2 Enhancement Project, Series 1998B, 5.875%,
      7/01/08 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>720</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >431,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 1999, 0.000%, 1/01/18 (ETM) &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,575</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >938,732</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 1999, 0.000%, 1/01/18 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >351,375</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Illinois</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >228,273,359</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Indiana &#150; 4.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Indiana Bond Bank, State Revolving Fund Program Bonds, Series
      2001A, 5.375%, 2/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,975,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >17,105</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority, Hospital Revenue
      Bonds, Clarian Health Partners</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >17,896,106</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Inc., Series 1996A, 6.000%, 2/15/21 (Pre-refunded
      2/15/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority, Hospital Revenue
      Bonds, Deaconess Hospital Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,118,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004A, 5.375%, 3/01/34 &#150; AMBAC Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority, Hospital Revenue
      Bonds, Sisters of St. Francis</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Health Services Inc., Series 1997A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>850</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 11/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >886,057</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,520</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 11/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,997,398</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >20,725,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Indianapolis Local Public Improvement Bond Bank, Indiana,
      Series 1999E:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 2/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,384,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >14,595</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 2/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,463,638</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Mooresville School Building Corporation, Morgan County,
      Indiana, First Mortgage Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,296,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1998, 5.000%, 7/15/15 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >13,580,901</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >105,670</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Indiana</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >94,324,075</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Iowa &#150; 0.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Iowa Higher Education Loan Authority, Private College
      Facility Revenue Bonds, Wartburg</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,857,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >College, Series 2002, 5.500%, 10/01/33 (Pre-refunded
      10/01/12) &#150; ACA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Iowa Tobacco Settlement Authority, Asset Backed Settlement
      Revenue Bonds, Series 2005C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,987,190</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.625%, 6/01/46</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,160</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Iowa Tobacco Settlement Authority, Tobacco Settlement
      Asset-Backed Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,777,786</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >16,660</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Iowa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >17,622,046</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Kansas &#150; 0.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Kansas Department of Transportation, Highway Revenue Bonds,
      Series 2004A, 5.000%, 3/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,560,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Kentucky &#150; 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,755</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Greater Kentucky Housing Assistance Corporation, FHA-Insured
      Section 8 Mortgage Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,756,878</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, Series 1997A, 6.100%, 1/01/24 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Louisiana &#150; 2.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds,
      Georgia Pacific Corporation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B2</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >995,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Louisiana Public Facilities Authority, Hospital Revenue
      Bonds, Franciscan Missionaries of Our</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,272,106</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Lady Health System, Series 2005A, 5.250%,
      8/15/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,385</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Louisiana Public Facilities Authority, Hospital Revenue
      Refunding Bonds, Southern Baptist</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,214,462</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Hospital, Series 1986, 8.000%, 5/15/12 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,980</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tobacco Settlement Financing Corporation, Louisiana, Tobacco
      Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,975,711</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2001B, 5.875%, 5/15/39</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >40,515</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Louisiana</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >43,458,179</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Maryland &#150; 0.4%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Maryland Energy Financing Administration, Revenue Bonds, AES
      Warrior Run Project, Series 1995,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/07 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,548,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.400%, 9/01/19 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Maryland Health and Higher Educational Facilities Authority,
      Revenue Bonds, MedStar Health,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,821,674</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004, 5.500%, 8/15/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Maryland</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,370,534</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Massachusetts &#150; 3.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Bay Transportation Authority, Senior Sales Tax
      Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,306,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002A, 5.000%, 7/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,729,391</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Associates, Series 1998B, 5.100%, 12/01/12 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,501,535</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Inc., Series 2001C, 5.250%, 11/15/31 &#150; RAAI
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Health and Educational Facilities Authority,
      Revenue Bonds, Northern Berkshire</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Community Services Inc., Series 2004B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,340</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.250%, 7/01/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,414,759</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,052,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Turnpike Authority, Metropolitan Highway System
      Revenue Bonds, Senior Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >1997A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 1/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,241,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,040</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 1/01/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >22,376,330</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Turnpike Authority, Metropolitan Highway System
      Revenue Bonds, Subordinate</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,251,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1997B, 5.125%, 1/01/37 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,405</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Turnpike Authority, Metropolitan Highway System
      Revenue Bonds, Subordinate</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,491,787</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1999A, 5.000%, 1/01/39 &#150; AMBAC Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Water Pollution Abatement Trust, Pooled Loan
      Program Bonds, Series 6, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,569,898</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/01/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Massachusetts Water Pollution Abatement Trust, Pooled Loan
      Program Bonds, Series 6, 5.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,906,625</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/01/30 (Pre-refunded 8/01/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >71,845</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Massachusetts</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >73,842,265</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Michigan &#150; 4.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dearborn Hospital Finance Authority, Michigan, Hospital
      Revenue Refunding Bonds, Oakwood</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,047,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Obligated Group, Series 1994A, 5.250%, 8/15/21 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,390</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Detroit Local Development Finance Authority, Michigan, Tax
      Increment Bonds, Series 1998A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,939,594</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 5/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >14,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >14,515,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/35 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Michigan Municipal Bond Authority, Clean Water Revolving Fund
      Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,665,855</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002, 5.250%, 10/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Michigan Municipal Bond Authority, Public School Academy
      Revenue Bonds, Detroit Academy of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Arts and Sciences Charter School, Series 2001A:</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.500%, 10/01/12</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,793,585</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.900%, 10/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,413,350</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >8.000%, 10/01/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,791,095</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,235</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Michigan State Hospital Finance Authority, Hospital Revenue
      Bonds, Detroit Medical Center</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/08 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,022,081</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Obligated Group, Series 1998A, 5.250%, 8/15/28</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Michigan State Hospital Finance Authority, Revenue Refunding
      Bonds, Detroit Medical Center</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Obligated Group, Series 1993A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.250%, 8/15/13</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,000,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,925</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 8/15/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,931,721</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Michigan Strategic Fund, Limited Obligation Resource Recovery
      Revenue Refunding Bonds, Detroit</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,507,584</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Edison Company, Series 2002D, 5.250%, 12/15/32 &#150; XLCA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >89,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Michigan</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >89,628,585</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Minnesota &#150; 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Breckenridge, Minnesota, Revenue Bonds, Catholic Health
      Initiatives, Series 2004A, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,808,415</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5/01/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>465</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Minnesota Housing Finance Agency, Rental Housing Bonds,
      Series 1995D, 5.900%, 8/01/15 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >470,162</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,215</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Minnesota</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,278,577</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Missouri &#150; 2.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >40,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Missouri Health and Educational Facilities Authority, Revenue
      Bonds, BJC Health System, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >41,715,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003, 5.250%, 5/15/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Missouri-Illinois Metropolitan District Bi-State Development
      Agency, Mass Transit Sales Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,076,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Appropriation Bonds, Metrolink Cross County Extension
      Project, Series 2002B, 5.000%, 10/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >&#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Sugar Creek, Missouri, Industrial Development Revenue Bonds,
      Lafarge North America Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,147,520</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003A, 5.650%, 6/01/37 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >West Plains Industrial Development Authority, Missouri,
      Hospital Facilities Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Ozark Medical Center, Series 1997:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 11/15/12</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,782,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.600%, 11/15/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,007,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >West Plains Industrial Development Authority, Missouri,
      Hospital Facilities Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,217,772</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Ozark Medical Center, Series 1999, 6.750%,
      11/15/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >51,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Missouri</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >53,946,477</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Montana &#150; 0.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Forsyth, Rosebud County, Montana, Pollution Control Revenue
      Refunding Bonds, Puget Sound</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,887,325</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Energy, Series 2003A, 5.000%, 3/01/31 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Nevada &#150; 1.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe
      Hospital, Series 2003A, 5.125%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,555,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >9/01/29 &#150; RAAI Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Director of Nevada State Department of Business and Industry,
      Revenue Bonds, Las Vegas</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Monorail Project, First Tier, Series 2000:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,095</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 1/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,379,902</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 1/01/25 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,415,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.625%, 1/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/10 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,161,540</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,010</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 1/01/40 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >22,996,488</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >52,605</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Nevada</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >38,509,155</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >New Jersey &#150; 4.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >23,625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Economic Development Authority, Special Facilities
      Revenue Bonds, Continental</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,928,253</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Economic Development Authority, Special Facilities
      Revenue Bonds, Continental</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,915,130</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Health Care Facilities Financing Authority,
      Revenue Bonds, Trinitas Hospital</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Obligated Group, Series 2000:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.375%, 7/01/15</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >281,330</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.500%, 7/01/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,469,072</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Transportation Trust Fund Authority,
      Transportation System Bonds, Series 2003C,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,373,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/15/24 (Pre-refunded 6/15/13)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>310</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Turnpike Authority, Revenue Bonds, Series 1991C,
      6.500%, 1/01/16 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >363,946</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New Jersey Turnpike Authority, Revenue Bonds, Series
      1991C:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>105</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 1/01/16 (ETM) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >123,793</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 1/01/16 (ETM) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,753,238</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >26,680</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tobacco Settlement Financing Corporation, New Jersey, Tobacco
      Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >28,386,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002, 6.125%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,015</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tobacco Settlement Financing Corporation, New Jersey, Tobacco
      Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,598,718</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003, 6.250%, 6/01/43</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >87,175</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total New Jersey</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >90,193,725</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >New Mexico &#150; 0.6%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >University of New Mexico, Revenue Refunding Bonds, Series
      1992A, 6.000%, 6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,759,425</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >University of New Mexico, Subordinate Lien Revenue Refunding
      and Improvement Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,864,096</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002A, 5.000%, 6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total New Mexico</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,623,521</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >New York &#150; 14.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, FHA-Insured
      Mortgage Revenue Bonds, Kaleida</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,866,435</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Health, Series 2004, 5.050%, 2/15/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>445</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Improvement
      Revenue Bonds, Mental Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >461,149</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Services Facilities, Series 1999D, 5.250%,
      2/15/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Improvement
      Revenue Bonds, Mental Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Services Facilities, Series 1999D:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>65</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >69,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 2/15/29 (Pre-refunded 8/15/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,936,837</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, New York City,
      Lease Revenue Bonds, Court</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,767,944</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded
      5/15/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Mount Sinai NYU Health Obligated</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,531,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Group, Series 2000A, 5.500%, 7/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Mount Sinai NYU Health, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,653,508</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2000C, 5.500%, 7/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >East Rochester Housing Authority, New York, FHA-Insured
      Mortgage Revenue Bonds, St. John&#146;s</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,630,787</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Meadows Project, Series 1997A, 5.600%, 8/01/17 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/08 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,500,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 12/01/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >16,568,415</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.375%, 9/01/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City Industrial Development Agency, New York,
      Special Facilities Revenue Bonds, JFK</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,739,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport &#150; American Airlines Inc., Series 2002B, 8.500%,
      8/01/28 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City Municipal Water Finance Authority, New York,
      Water and Sewerage System Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,905,166</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City Municipal Water Finance Authority, New York,
      Water and Sewerage System Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,381,587</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 (Pre-refunded
      6/15/06) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City Municipal Water Finance Authority, New York,
      Water and Sewerage System Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,717,415</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,280</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1997E, 6.000%, 8/01/16</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/06 at
      101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,315,213</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1997E, 6.000%, 8/01/16</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/06 at
      101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,969,392</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 8/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >39,610</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >41,771,122</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 10/15/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,320</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1998D, 5.500%, 8/01/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,668,568</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 1998D, 5.500%, 8/01/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/07 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,246,517</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Pre-refunded 8/01/07)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York City, New York, General Obligation Bonds, Fiscal
      Series 2003J:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >16,263,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,815,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 8/15/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,511,760</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 8/15/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,383,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aa2</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,913,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >New York State Tobacco Settlement Financing Corporation,
      Tobacco Settlement Asset-Backed and</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >State Contingency Contract-Backed Bonds, Series
      2003A-1:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,785,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >26,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >28,558,362</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >33,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 6/01/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >37,286,006</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Port Authority of New York and New Jersey, Special Project
      Bonds, JFK International Air</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,744,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 &#150; MBIA
      Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >271,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total New York</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >288,962,948</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >North Carolina &#150; 0.9%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Charlotte, North Carolina, Certificates of Participation,
      Governmental Facilities Projects,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,535,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003G, 5.000%, 6/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,105</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >North Carolina Eastern Municipal Power Agency, Power System
      Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,149,741</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1996A, 5.700%, 1/01/13 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >North Carolina Eastern Municipal Power Agency, Power System
      Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,573,175</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003D, 5.125%, 1/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >North Carolina Infrastructure Finance Corporation,
      Certificates of Participation, Correctional</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,571,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Facilities, Series 2004A, 5.000%, 2/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >North Carolina Municipal Power Agency 1, Catawba Electric
      Revenue Bonds, Series 1999B, 6.500%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,962,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >16,605</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total North Carolina</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >17,791,716</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Ohio &#150; 0.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,110,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 12/01/31 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Oklahoma &#150; 1.0%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,487,514</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, Series 1996, 5.250%, 7/01/16 (Pre-refunded
      7/01/06) &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Oklahoma Development Finance Authority, Revenue Bonds, St.
      John Health System, Series 2004,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >15,478,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.125%, 2/15/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >19,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Oklahoma</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >19,965,714</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Oregon &#150; 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Clackamas County Hospital Facility Authority, Oregon, Revenue
      Refunding Bonds, Legacy Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,630,175</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >System, Series 2001, 5.250%, 5/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Pennsylvania &#150; 1.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pennsylvania Higher Educational Facilities Authority, Revenue
      Bonds, University of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,525,380</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Pennsylvania, Series 1998, 4.500%, 7/15/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
      Series 2004A, 5.500%, 12/01/31 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,145,515</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,338,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/01/34 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >State Public School Building Authority, Pennsylvania, Lease
      Revenue Bonds, Philadelphia School</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,395,587</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >District, Series 2003, 5.000%, 6/01/33 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >29,075</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Pennsylvania</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >30,404,642</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Puerto Rico &#150; 1.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,933,524</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Financing Authority, Co-Generation Facility Revenue Bonds,
      Series 2000A, 6.625%, 6/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Puerto Rico Infrastructure Financing Authority, Special
      Obligation Bonds, Series 2000A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,797,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 10/01/40 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%,
      7/01/19 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,414,150</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,450</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Puerto Rico</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >22,145,074</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Rhode Island &#150; 1.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,482,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >16,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >16,908,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002A, 6.250%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Rhode Island</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >23,391,515</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >South Carolina &#150; 2.7%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Dorchester County School District 2, South Carolina,
      Installment Purchase Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,229,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >GROWTH, Series 2004, 5.250%, 12/01/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,099,930</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 6/01/36 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,475</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Piedmont Municipal Power Agency, South Carolina, Electric
      Revenue Refunding Bonds, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/25 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,475,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1986, 5.000%, 1/01/25</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >South Carolina JOBS Economic Development Authority, Economic
      Development Revenue Bonds, Bon</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,834,603</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Secours Health System Inc., Series 2002A, 5.625%,
      11/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/10 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Baa2
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >9,474,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded
      12/15/10)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,215</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Spartanburg Sanitary Sewer District, South Carolina, Sewer
      System Revenue Bonds, Series 2003B,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,366,445</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.000%, 3/01/38 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>110</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Tobacco Settlement Revenue Management Authority, South
      Carolina, Tobacco Settlement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >115,954</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Asset-Backed Bonds, Series 2001B, 6.000%,
      5/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >51,550</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total South Carolina</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >54,595,742</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Tennessee &#150; 0.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Knox County Health, Educational and Housing Facilities Board,
      Tennessee, Hospital Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Bonds, Baptist Health System of East Tennessee Inc., Series
      2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 4/15/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,185,970</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 4/15/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,650,625</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Tennessee</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,836,595</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Texas &#150; 6.0%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Alliance Airport Authority, Texas, Special Facilities Revenue
      Bonds, American Airlines Inc.,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>CCC</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >11,202,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1990, 7.500%, 12/01/29 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,900</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,945,866</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 4/01/21 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,440</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Austin, Texas, Combined Utility System Revenue Bonds, Series
      1992A, 12.500%, 11/15/07 (ETM) &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,286,954</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >18,825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Austin, Texas, Combined Utility System Revenue Bonds, Series
      1992A, 12.500%, 11/15/07 &#150; MBIA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >21,749,652</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,110</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Brazos River Authority, Texas, Pollution Control Revenue
      Refunding Bonds, TXU Electric</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,056,423</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Central Texas Regional Mobility Authority, Travis and
      Williamson Counties, Toll Road Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,117,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 2005, 5.000%, 1/01/35 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Harris County-Houston Sports Authority, Texas, Senior Lien
      Revenue Bonds, Series 2001G,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>11/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,810,376</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.250%, 11/15/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >23,875</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >7,805,931</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Project, Series 2001B, 0.000%, 9/01/29 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Houston, Texas, Subordinate Lien Airport System Revenue
      Bonds, Series 2000A, 5.875%, 7/01/16 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,756,186</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >FSA Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Irving Independent School District, Texas, Unlimited Tax
      School Building Bonds, Series 1997:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,685</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 2/15/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,905,473</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,470</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 2/15/11</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,872,154</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Kerrville Health Facilities Development Corporation, Texas,
      Revenue Bonds, Sid Peterson</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,073,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Memorial Hospital Project, Series 2005, 5.375%,
      8/15/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >22,060</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Leander Independent School District, Williamson and Travis
      Counties, Texas, Unlimited Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/09 at
      31.45</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,942,302</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >School Building and Refunding Bonds, Series 2000, 0.000%,
      8/15/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Matagorda County Navigation District 1, Texas, Revenue Bonds,
      Reliant Energy Inc., Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,503,220</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1999C, 8.000%, 5/01/29 (Mandatory put 4/01/08)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>3/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,541,038</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.100%, 3/01/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Port Corpus Christi Industrial Development Corporation,
      Texas, Environmental Facilities</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>5/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,270,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenue Bonds, Citgo Petroleum Corporation, Series 2003,
      8.250%, 11/01/31 (Alternative Minimum</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Port Corpus Christi Industrial Development Corporation,
      Texas, Revenue Refunding Bonds, Valero</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,221,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<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 vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Richardson Hospital Authority, Texas, Revenue Bonds,
      Richardson Regional Medical Center,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,375,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004, 6.000%, 12/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Sabine River Authority, Texas, Pollution Control Revenue
      Refunding Bonds, TXU Electric</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,143,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Company, Series 2003A, 5.800%, 7/01/22</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >147,360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Texas</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >119,579,435</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Utah &#150; 1.4%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,204,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,345</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,510,511</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/19 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,655</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,742,814</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/19 (Pre-refunded 7/01/07) &#150; MBIA Insured</FONT>&nbsp;
</TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,040</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/10 at
      101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,068,621</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/01/30 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Utah State Board of Regents, Utah State University, Revenue
      Bonds, Series 2004, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,831,424</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >4/01/35 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,810</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Utah Water Finance Agency, Revenue Bonds, Pooled Loan
      Financing Program, Series 2002C, 5.250%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,066,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >10/01/28 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >26,550</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Utah</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >27,423,680</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Virgin Islands &#150; 0.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Virgin Islands Public Finance Authority, Revenue Bonds,
      Refinery Project &#150; Hovensa LLC, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,745,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003, 6.125%, 7/01/22 (Alternative Minimum Tax)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Virginia &#150; 1.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>10/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,494,394</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.750%, 10/01/16 &#150; FGIC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pocahontas Parkway Association, Virginia, Senior Lien Revenue
      Bonds, Route 895 Connector Toll</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/08 at
      28.38</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,684,450</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Road, Series 1998A, 0.000%, 8/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Pocahontas Parkway Association, Virginia, Senior Lien Revenue
      Bonds, Route 895 Connector Toll</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Road, Series 1998B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >19,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 8/15/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/08 at
      23.55</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,957,988</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >60,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 8/15/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/08 at
      20.95</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >10,977,725</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,245</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Virginia Housing Development Authority, Multifamily Housing
      Bonds, Series 1997E, 5.600%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>1/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,357,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >11/01/17 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >102,270</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Virginia</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >26,471,802</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Washington &#150; 2.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Cowlitz County Public Utilities District 1, Washington,
      Electric Production Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,595,648</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2004, 5.000%, 9/01/34 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue Refunding
      Bonds, Columbia Generating Station &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >14,079,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Energy Northwest, Washington, Electric Revenue Refunding
      Bonds, Nuclear Project 3, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,372,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003A, 5.500%, 7/01/17 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington Public Power Supply System, Revenue Refunding
      Bonds, Nuclear Project 3, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,741,394</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >1989B, 0.000%, 7/01/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >4,059,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002, 6.625%, 6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Washington, Motor Vehicle Fuel Tax General Obligation Bonds,
      Series 2002-03C:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/01/29 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,962,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >16,195</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 6/01/30 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >5,070,169</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >59,995</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Washington</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >42,879,616</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Wisconsin &#150; 2.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Badger Tobacco Asset Securitization Corporation, Wisconsin,
      Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Bonds, Series 2002:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.125%, 6/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >8,613,060</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,385</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 6/01/32</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,202,557</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue
      Bonds, Public Schools, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,333,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003A, 5.125%, 8/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><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 vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >12,802,245</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1997, 5.250%, 8/15/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Wisconsin Health and Educational Facilities Authority,
      Revenue Bonds, Franciscan Sisters of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >6,388,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Christian Charity Healthcare Ministry, Series 2003A, 5.875%,
      9/01/33</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Wisconsin Health and Educational Facilities Authority,
      Revenue Bonds, Wheaton Franciscan</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>2/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,986,213</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Services Inc., Series 2002, 5.750%, 8/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >47,565</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Wisconsin</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >50,325,455</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>$
      2,247,859</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Long-Term Investments (cost $1,821,083,483) &#150;
      98.8%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,971,406,705</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><B><FONT face=sans-serif size=1
     >Short-Term Investments &#150; 0.2%</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Clark County School District, Nevada, General Obligation
      Bonds, Variable Rate Demand</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >VMIG-1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2,000,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Obligations, Series 2001B, 3.000%, 6/15/21 &#150; FSA Insured
      (4)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Idaho Health Facilities Authority, Revenue Bonds, St. Luke&#146;s
      Regional Medical Center, Variable</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="13%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >VMIG-1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,000,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     >&nbsp;<FONT face=sans-serif size=1
     >Rate Demand Obligations, Series 2000, 3.020%, 7/01/30 &#150; FSA
      Insured (4)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>$
      3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Short-Term Investments (cost $3,000,000)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >3,000,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Total Investments (cost $1,824,083,483) &#150; 99.0%</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >1,974,406,705</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities &#150; 1.0%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >20,872,413</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="55%"
     ><FONT face=sans-serif size=1
     >Net Assets &#150; 100%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >$1,995,279,118</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_12></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(1)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >may be subject to periodic principal
      paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(2)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s
      or Moody&#146;s rating. Ratings below Baa by Moody&#146;s Investor</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor&#146;s Group
      are considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(3)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust
      containing sufficient U.S. Government or U.S. Government</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >agency securities which ensures the timely payment
      of principal and interest. Such securities are</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >normally considered to be equivalent to AAA rated
      securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>(4)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Security has a maturity of more than one year, but
      has variable rate and demand features which</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >qualify it as a short-term investment. The rate
      disclosed is that in effect at the end of the reporting</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >period. This rate changes periodically based on
      market conditions or a specified market index.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >WI/DD</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Investment purchased on a when-issued or delayed
      delivery basis.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Investment is not rated.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >(ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="90%"
     ><FONT face=sans-serif size=1
     >Security is escrowed to maturity.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
BASEFACE="sans-serif">Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">The following information is presented on an income tax
basis. Differences between amounts for financial statement and federal income
tax purposes are primarily due to timing differences in recognizing taxable
market discount and timing differences in recognizing certain gains and losses
on investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
January 31, 2006, the cost of investments was $1,820,396,808.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Gross unrealized appreciation and gross unrealized
depreciation of investments at January 31, 2006, were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="37%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     >&nbsp;&nbsp; <FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="37%"><FONT
      face=sans-serif size=1
     >$157,282,356</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     >&nbsp;&nbsp; <FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="37%"><FONT
      face=sans-serif size=1
     >(3,272,459)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="37%"><FONT
      face=sans-serif size=1
     >$154,009,897</FONT>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=2>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>


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

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

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


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


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<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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


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


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


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


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


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


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


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

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<SEQUENCE>2
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<DESCRIPTION>CERTIFICATIONS
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<TITLE>Certifications</TITLE>
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<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>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

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

<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R. Zimmerman<BR>Chief Administrative Officer<BR>(principal executive officer)<BR><BR></H4>
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<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>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

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

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