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<SEC-DOCUMENT>0001287695-04-000752.txt : 20041223
<SEC-HEADER>0001287695-04-000752.hdr.sgml : 20041223
<ACCEPTANCE-DATETIME>20041223083812
ACCESSION NUMBER:		0001287695-04-000752
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20041031
FILED AS OF DATE:		20041223
DATE AS OF CHANGE:		20041223
EFFECTIVENESS DATE:		20041223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD INSURED FUND INC
		CENTRAL INDEX KEY:			0000883412
		IRS NUMBER:				223165131
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		041222432

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08530
		BUSINESS PHONE:		6092822800
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
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<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  2
012 A000002 THE BANK OF NEW YORK (PREFERRED)
012 B000002 85-05006
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012 C020002 NY
012 C030002 10286
013 A000001 ERNST & YOUNG LLP
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022 A000002 GOLDMAN, SACHS & CO.
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022 A000003 MORGAN STANLEY
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022 A000004 CITIGROUP GLOBAL MARKETS INC.
022 B000004 11-2418191
022 C000004    330481
022 D000004    293480
022 A000005 UBS FINANCIAL SERVICES INC.
022 B000005 13-2638166
022 C000005    309209
022 D000005    256864
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2518466
022 C000006    279723
022 D000006    185697
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007    240157
022 D000007    135909
022 A000008 MORGAN KEEGAN & COMPANY, INC.
022 B000008 64-0474907
022 C000008    119520
022 D000008    137995
022 A000009 STONE & YOUNGBERG LLC
022 B000009 94-1052545
022 C000009     75258
022 D000009     47440
022 A000010 BANC OF AMERICA SECURITIES LLC
<PAGE>      PAGE  4
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


</TEXT>
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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>myins77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Board of Directors</TITLE>
<META NAME="author" CONTENT="Richard C. Hinners Jr">
<META NAME="date" CONTENT="12/21/2004">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center>Report of Independent Registered Public Accounting Firm</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">To the Shareholders and Board of Directors</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">MuniYield Insured Fund, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=justify>In planning and performing our audit of the financial statements of MuniYield Insured Fund, Inc., for the period ended October 31, 2004, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=justify>The management of MuniYield Insured Fund, Inc. is responsible for establishing and maintaining internal control. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;Generally, internal controls that are relevant to an audit pertain to the entity&#146;s objective of preparing financial statements for external purposes that are fairly presented in conformity with U.S. generally accepted accounting principles. &nbsp;Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=justify>Because of inherent limitations in internal control, error or fraud may occur and not be detected. &nbsp;Also, projection of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=justify>Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under the standards of the Public Company Accounting Oversight Board (United States). &nbsp;A material weakness is a significant deficiency, or a combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities that we consider to be material weaknesses as defined above as of October 31, 2004.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=justify>This report is intended solely for the information and use of the Board of Directors and management of MuniYield Insured Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:324pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:324pt; line-height:11pt; font-size:11pt; color:#000000">/s/Ernst &amp; Young LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:216pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Philadelphia, Pennsylvania</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">December 17, 2004</P>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>myins77c.htm
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>MuniInsured</B></P>
<TABLE style="margin-left:0pt; border:1pt solid #000000" align=center><TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=1326 colspan=6><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>Final Proxy Results -MuniInsured Fund, Inc.</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=1326 colspan=6><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#FF00FF" align=center><B>Meeting Date: May 19, 2004</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=1326 colspan=6><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Record Date: March 12, 2004</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=1326 colspan=6><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>As of: &nbsp;May 19, 2004</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=434.667 colspan=3><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Units Voted</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>COMMON</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Outstanding Shares</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Votes Needed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% + 1 of Shares Voted</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>For</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Shares Withheld from Voting</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Total Units Voted</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Proposal 1:</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Election of Directors</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Class III:</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Herbert I. London</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>8,083,214</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>3,906,604</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,203,403</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>609,802</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,813,205</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Andre F. Perold</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>8,083,214</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>3,906,604</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,203,403</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>609,802</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,813,205</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Robert S. Salomon, Jr.</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>8,083,214</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>3,906,604</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,203,403</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>609,802</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>7,813,205</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=597.867 colspan=4><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Units Voted</P>
</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733>&nbsp;</TD><
TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Outstanding Shares</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Votes Needed &nbsp;50% + 1 Outstanding Shares</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>For</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Against</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Abstain</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center>Total</P>
</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Proposal 2:</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Agreement and Plan of Reorganization of </P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">MuniInsured Fund into MuniYield Insured Fund</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>8,083,214</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>4,041,608</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>4,331,367</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>498,373</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>144,636</P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=right>4,974,376</P>
</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Voting Requirements: &nbsp;</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Proposal 1:</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Assuming a quorum is present, the election of the Class III Directors will require the affirmative vote of a plurality of all votes </B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>cast by the stockholders entitled to vote thereon.</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Proposal 2:</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>Assuming a quorum is present, the approval of the Agreement and Plan requires the affirmative vote of stockholders</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
<TR><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=493.667><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>representing a majority of the outstanding shares of Common Stock entitled to vote thereon.</B></P>
</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=175.533>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=222.133>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=135.733>&nbsp;</TD><TD style="padding-left:3pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt" align=left valign=bottom width=163.2>&nbsp;</TD></TR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77M MERGERS
<SEQUENCE>4
<FILENAME>myins77m.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Merrill Lynch Arizona Fund, Inc.</TITLE>
<META NAME="author" CONTENT="Catherine A. Johnston">
<META NAME="date" CONTENT="12/21/2004">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>MuniYield Insured Fund, Inc.</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>File No. 811-6540</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>Item No. 77M (Mergers) -- Attachment</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">During the fiscal semi-annual period ending December 31, 2004, MuniYield Insured Fund, Inc. (the &#147;Registrant&#148;) acquired substantially all of the assets and assumed substantially all of the liabilities of MuniInsured Fund, Inc. (&#147;MuniInsured Fund&#146;), File No. 811-5190.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">At a meeting of the Board of Directors of the Registrant and the MuniInsured Fund held on November 21, 2003, the Boards approved the proposal pursuant to which the Registrant would acquire substantially all of the assets of MuniInsured Fund and assume substantially all of the liabilities of MuniInsured Fund in return for newly issued shares of the Registrant to be distributed to the shareholders of MuniInsured Fund in proportion to such shareholders&#146; interest in MuniInsured Fund in liquidation of MuniInsured Fund. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">On March 9, 2004, in connection with the Reorganization, the Registrant filed a Registration Statement on Form N-14 (File Nos. 333-113433 and 811-6540) (the &#147;N-14 Registration Statement&#148;). &nbsp;The N-14 Registration Statement contained the proxy materials soliciting the approval of the Reorganization by the shareholders of MuniInsured Fund. &nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">On May 19, 2004, the shareholders of the Registrant and MuniInsured Fund approved the Reorganization at a special meeting of shareholders held for that purpose. &nbsp;On June 4, 2004 (the &#147;Reorganization Date&#148;), pursuant to the Agreement, MuniInsured Fund transferred assets valued at $76,288,851.68 to the Registrant and received in exchange 5,204,029 newly-issued shares of the Registrant. &nbsp;Such shares were then distributed to the shareholders of MuniInsured Fund on that date in proportion to each shareholder&#146;s interest (by Class) in the assets transferred. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">An Application for Deregistration on Form N-8F was filed by MuniInsured Fund with the Securities and Exchange Commission on October 29, 2004.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>5
<FILENAME>myins77o.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
<META NAME="author" CONTENT="reillhe">
<META NAME="date" CONTENT="06/08/1998">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>MUNIYIELD INSURED FUND, INC.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>FILE # 811-6540</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>ATTACHMENT 77O</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>TRADE DATE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>DESCRIPTION OF SECURITY</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>ISSUE SIZE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>AMOUNT PURCHASED</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED</B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/6/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">California Economic Recovery Bonds 5% 7/1/17</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>7,921,515,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>4,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/6/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Garden St. Preservation Trust 5.75% 11/1/28</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>500,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>15,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/12/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sacramento Muni Util District 5% 7/1/17</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>130,950,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>2,500,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/13/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NYC G.O. 5.25% 5/15/24</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>650,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>10,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/13/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Puerto Rico Public Building 5.25% 7/1/29;34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1,167,965,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>10,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/20/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Houston Comb Util Sys 5.125% 5/15/28</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1,652,220,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>15,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/20/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Houston Comb Util Sys 5.25% 5/15/25-26</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1,652,220,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>20,500,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>5/26/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">PA Turnpike 5.5% 12/1/31</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>269,245,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>15,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>6/3/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Commonwealth of MA 5% 1/1/34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>686,715,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>10,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>6/3/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Commonwealth of MA 5.25% 1/1/28</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>686,715,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>6,160,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>6/3/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Commonwealth of MA 5.75% 1/1/32</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>686,715,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>10,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>6/10/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">San Jose Calif. Airport 5% 3/1/28</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>110,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>3,310,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>6/16/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sch. Dist. Of Phila 5.25% 6/1/34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>100,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>6,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>7/9/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Metropolitan Wash Airport 5% 6/1/34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>111,545,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>8,230,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>7/21/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NYC WTR 5% 6/15/39</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>150,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>10,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Muriel Siebert &amp; CO</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>7/29/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Long Island Power Auth. 5% 9/1/34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>200,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>12,500,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>8/5/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NYC 5.25% 8/15/26</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>550,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>6,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>8/12/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Puerto Rico Electric Power Auth. 7/1/14</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>224,700,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>5,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Chase/JP Morgan</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>8/13/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NJ EDA Motor Vehicles 7/1/33</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>807,502,355</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>15,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>8/20/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">San Diego Unified Sch Dist. 4.75% 7/1/29</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>501,251,373</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>6,665,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bank of America/ Morgan Stanley</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>9/27/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Puerto Rico Commonwealth 5% 7/1/34</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>440,460,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>7,500,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>10/28/04</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=210><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sales Tax Asset Rec. Corp 5% 10/15/32</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1,869,010,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>5,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=150><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
</TD></TR>
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