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<SEC-DOCUMENT>0001287695-05-000701.txt : 20051228
<SEC-HEADER>0001287695-05-000701.hdr.sgml : 20051228
<ACCEPTANCE-DATETIME>20051228150632
ACCESSION NUMBER:		0001287695-05-000701
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20051031
FILED AS OF DATE:		20051228
DATE AS OF CHANGE:		20051228
EFFECTIVENESS DATE:		20051228

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:		051288770

	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
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 10/31/2005
000 C000000 0000883412
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MUNIYIELD INSURED FUND, INC.
001 B000000 811-6540
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008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PLAINSBORO
008 D020001 NJ
008 D030001 08536
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
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011 C020001 NY
011 C030001 10281
011 C040001 1201
012 A000001 EQUISERVE TRUST COMPANY N.A. (COMMON)
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
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<PAGE>      PAGE  2
012 A000002 THE BANK OF NEW YORK (PREFERRED)
012 B000002 85-05006
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10286
013 A000001 ERNST & YOUNG LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
013 B040001 7096
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015 C030002 10286
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015 C030003 10006
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015 C010004 NEW YORK
015 C020004 NY
015 C030004 10017
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015 C030005 10167
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015 B000006 S
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<PAGE>      PAGE  3
019 C000000 MERRILLLYN
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 A000001 J.P. MORGAN SECURITIES INC.
022 B000001 13-3224016
022 C000001    588748
022 D000001    632000
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002    427502
022 D000002    478501
022 A000003 MORGAN STANLEY
022 B000003 13-2655998
022 C000003    362559
022 D000003    389941
022 A000004 UBS FINANCIAL SERVICES INC.
022 B000004 13-2638166
022 C000004    327542
022 D000004    228274
022 A000005 CITIGROUP GLOBAL MARKETS INC.
022 B000005 11-2418191
022 C000005    258471
022 D000005    227904
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2518466
022 C000006    212646
022 D000006    212465
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007    219998
022 D000007    150492
022 A000008 MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT FUND
022 B000008 22-2509978
022 C000008    165500
022 D000008    165631
022 A000009 SUNTRUST CAPITAL MARKETS, INC.
022 B000009 62-0871146
022 C000009     75010
022 D000009     79660
022 A000010 MORGAN KEEGAN & COMPANY, INC.
<PAGE>      PAGE  4
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
075 A000000        0
075 B000000  1624008
076  000000    14.70
077 A000000 Y
077 B000000 Y
077 O000000 Y
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078  000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000     1500
081 A000000 Y
081 B000000 137
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086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>myins77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Report of Independent Registered Public Accounting Firm</TITLE>
<META NAME="author" CONTENT="Eduardo &nbsp;Lunar">
<META NAME="date" CONTENT="12/08/2005">
</HEAD>
<BODY>
<BR>
<BR>
<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>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:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">To the Shareholders and</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Board of Directors of MuniYield Insured Fund, Inc. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<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=justify>In planning and performing our audit of the financial statements of MuniYield Insured Fund, Inc. as of and for the year ended October 31, 2005, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of MuniYield Insured Fund, Inc.&#146;s internal control over financial reporting. &nbsp;Accordingly, we express no such opinion. &nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify><BR></P>
<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=justify>The management of MuniYield Insured Fund, Inc. is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company&#146;s internal control over financial reporting is a process designed 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. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company&#146;s assets that could have a material effect on the financial statements.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify><BR></P>
<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=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify><BR></P>
<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=justify>A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company&#146;s ability to initiate, authorize, record, process or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the company&#146;s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or 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. &nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify><BR></P>
<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=justify>Our consideration of MuniYield Insured Fund, Inc.&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in MuniYield Insured Fund, Inc.&#146;s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2005.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify><BR></P>
<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=justify>This report is intended solely for the information and use of management and the Board of Directors 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:12pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:252pt; line-height:12pt; font-size:12pt; color:#000000" align=justify>/s/Ernst &amp; Young LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Philadelphia, Pennsylvania</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">December 9, 2005</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<BR>
<BR>
<BR>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<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=84><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>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=150><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=126><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; 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; 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>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; 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>LIST OF UNDERWRITERS</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">5/20/2005</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">NY City 5% 6/1/16, 30, or 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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">853,135,000</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">9,000,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial Services</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Roosevelt &amp; Cross</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advest Inc</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">6/3/2005</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">Puerto Rico IFA 5%7/1/41</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">1,332,962,916</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">11,400,000</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 Financial Services</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">6/8/2005</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">University of Calif. 4.75% 5/15/26-27</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">558,425,000</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">12,000,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Alamo Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">E.J. De La Rosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Great Pacific</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">6/9/2005</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">Miami Dade Florida Subordinate 10/1/31 - 37</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">184,312,247</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">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">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Estrada Hinojosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Guzman &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">7/15/2005</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">Mass School Building Authority 5% 8/15/30</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">2,500,000,000</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">19,330,000</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 Financial Services </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global Markets </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brother, J.P. Morgan Securities Inc. Merrill Lynch &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advest Inc.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards &amp; Sons,</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Cabrera Capital Markets Corby Capital Markets Finacorp Securities </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Melvin Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Moors &amp; Cabot </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal &amp; Company</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">National Financial Markets Group</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Oppenheimer &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co., Inc.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James &amp; Assoc., </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford Shank.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Southwest Securities.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sovereign Securities</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">7/15/2005</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">New York City GO 5% 8/1/30 </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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">846,810,000</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">8,500,000</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">M.R. Beal &amp; Company</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brother </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Roosevelt </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advest</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Apex Pryor Sec.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Commerce Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Janney Montgomery</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Legg Mason</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Popular Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Prager, Sealy &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">7/28/2005</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">Golden State Tobacco 0% 6/1/27</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">3,140,563,508</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">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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford Shank.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards &amp; Sons,</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Alamo Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">E.J. De La Rosa &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Great Pacific Sec</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P. Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Prager, Sealy &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Southwest Sec.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stone &amp; Youngberg</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">7/28/2005</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">Golden State Tobacco 5% 6/1/35</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">3,140,563,508</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">28,000,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford Shank.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards &amp; Sons,</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Alamo Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">E.J. De La Rosa &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Great Pacific Sec</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P. Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Prager, Sealy &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Southwest Sec.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stone &amp; Youngberg</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/3/2005</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">Pennsylvania Higher Ed 5% 7/15/38</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">141,620,000</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">5,365,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">PNC Capital Markets</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/11/2005</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">San Francisco Bay Area Rapid Transit 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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">352,095,000</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">10,855,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Backstrom McCarley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/25/2005</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">Kentucky Property 5% 8/1/25</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">218,275,000</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">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">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JJB Hilliard</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NatCity Investments</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ross Sinclaire</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">AG Edwards</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Edward D. Jones</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Kentucky</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Seasongood &amp; Mayer</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/31/2005</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">Phoenix AZ Civic Impt Muni 5% 7/1/2035</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">300,000,000</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">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">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stone &amp; Youngberg</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Hutchinson, Shockey, Erley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Zions First Nat&#146;l Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/31/2005</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">Phoenix AZ Civic Impt Muni 5% 7/1/2030</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">300,000,000</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">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">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stone &amp; Youngberg</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Hutchinson, Shockey, Erley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Zions First Nat&#146;l</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">9/15/2005</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">Miami Dade Cnty Florida Jackson Health 5% 6/1/30</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">300,000,000</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">6,575,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Estrada Hinojosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Guzman &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">9/15/2005</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">Miami Dade Cnty Florida Jackson Health 5% 6/1/31</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">300,000,000</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">6,910,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Estrada Hinojosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Guzman &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">9/30/2005</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">Mass St Muni GO 5% 09/01/2024</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">761,095,000</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">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">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards &amp; Sons</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advest</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Corby Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Edward D. Jones</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">National Financial</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Southwest Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Eastern Bank </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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">9/30/2005</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">NYC Muni Water Finance Authority &nbsp;5% 6/15/2032</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">524,530,000</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">1,000,000</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">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First American Municipals</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Roosevelt &amp; Cross</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">10/6/2005</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">Oregon State COP 5% 11/1/30</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">159,325,000</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">8,000,000</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">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">10/13/2005</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">NJ Transportation Trust 5.00% 6/15/19,20</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">953,020,000</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">16,880,000</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>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Financial Services</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advest Inc</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">NW Capital </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Piper jaffray</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Popular Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Powell Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sterne Agee &amp; Leach</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">10/20/2005</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">Miami Dade Airport Florida 5.00% 10/1/30</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">600,000,000</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">11,400,000</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">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Estrada Hinojosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">MR Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Guzman &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford Shank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stifel, Nicolaus &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=84><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">10/20/2005</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">Miami Dade Airport Florida 5.00% 10/1/35</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=126><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">600,000,000</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">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">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Estrada Hinojosa</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">MR Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Guzman &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Dain Rauscher</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford Shank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Stifel, Nicolaus &amp; Co.</P>
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<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>myin77q2.htm
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<TITLE>MuniVest California Insured Fund, Inc.</TITLE>
<META NAME="author" CONTENT="Heather Reilly">
<META NAME="date" CONTENT="12/07/2005">
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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>MuniYield Insured Fund, Inc.</B></P>
<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>File No. &nbsp;811-6540</B></P>
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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>Item No. 77Q2</B></P>
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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>Compliance with Section 16(a) of the</B></P>
<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>Securities Exchange Act of 1934</B></P>
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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">Kenneth A. Froot, a Director for the Registrant, was subject to Section 16 of the Securities Exchange Act of 1934 with respect to the Registrant. &nbsp;A Form 3 should have been filed on behalf of Mr. Froot by June 1, 2005. &nbsp;A late filing was executed on July 1, 2005.</P>
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