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<SEC-DOCUMENT>0000950136-03-003225.txt : 20031230
<SEC-HEADER>0000950136-03-003225.hdr.sgml : 20031230
<ACCEPTANCE-DATETIME>20031230154804
ACCESSION NUMBER:		0000950136-03-003225
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031230
EFFECTIVENESS DATE:		20031230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		031077838

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19930112
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY><PRE>
<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06590

Morgan Stanley Insured Municipal Income Trust
               (Exact name of registrant as specified in charter)

1221 Avenue of the Americas, New York, New York 10020
      (Address of principal executive offices)                        (Zip code)

Ronald E. Robison
1221 Avenue of the Americas, New York, New York 10020
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-4000

Date of fiscal year end: October 31, 2003

Date of reporting period: October 31, 2003


Item 1 - Report to Shareholders
</PRE>

<page>
<p style="font-family:sans-serif;font-weight:normal;color:#999999;font-size:19pt;  width: 444pt; text-align: left; font-style: normal; line-height: 29pt; padding-top:8pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Welcome, Shareholder:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#999999;font-size:19pt;  width: 444pt; text-align: left; font-style: normal; line-height: 29pt; padding-top:8pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In this report, you'll learn about how your investment in
Morgan Stanley Insured Municipal Income Trust performed during the
annual period. We will provide an overview of the market conditions,
and discuss some of the factors that affected performance during the
reporting period. In addition, this report includes the Trust's
financial statements and a list of Trust investments.</p>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#999999;font-size: 8pt;  width: 42pt;  padding-top: 24pt"><img src="spacer.gif" height="1" width="42"></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#999999;font-size: 8pt;  padding-bottom: 0pt; font-style: normal; padding-top: 24pt">Market forecasts provided in
this report may not necessarily come to pass. There is no assurance
that the Trust will achieve its investment objective. The Trust is
subject to market risk, which is the possibility that market values of
securities owned by the Trust will decline and, therefore, the value of
the Trust shares may be less than what you paid for them. Accordingly,
you can lose money investing in this Trust.</td>

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<td bgcolor="#064731"><img src="spacer.gif" height="156" width="1"></td>

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<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



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<td><img src="spacer.gif" height="1" width="639"></td>

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<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom">Fund Report</td>

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<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">For the year ended October 31, 2003</td>

</tr>

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<td><img src="spacer.gif" height="16" width="55"></td>

<td><img src="spacer.gif" height="1" width="1"></td>

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<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Market
Conditions</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Over the past 12 months the tone of the U.S. economy
shifted from weak to accelerating growth culminating in 8.2 percent GDP
growth in the third quarter of 2003. One of the most closely watched
economic indicators, employment strength, was in negative territory for
much of the period. Repeated comments from government and private
sector economists suggesting that the U.S. economy might be entering a
deflationary period also weighed heavily on investors during much of
the year. At the same time, ongoing budgetary and fiscal difficulties
at the state and local levels contributed to ratings downgrades for
many municipal bonds. The Federal Reserve Board attempted to allay
these fears and keep the economy moving forward by cutting the federal
funds target rate twice to a level of 1.0 percent.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The uncertain
economic climate had an effect on the municipal bond market. While
yields on intermediate- and long-term bonds ended the period roughly
where they began, the road between those two points was decidedly
bumpy. The 12-month period can be divided into two distinct market
environments. The first, which lasted from October 2002 to mid-June
2003, saw municipal yields fall by roughly 75 basis points to levels
not seen since the late 1960s. Plummeting yields led to a surge in
issuance as municipalities moved to lock in new low financing rates
and, in the case of older bonds, low refinancing costs. Record levels
of supply met with strong demand by investors in search of tax-exempt
income to offset low money market rates. Also, the relatively
attractive yield of municipal bonds versus Treasuries created demand
from institutional taxable investors who
"crossed-over" to purchase
municipals.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The municipal market reversed abruptly in mid-June,
when yields began to climb from their lows and investors shifted their
attention to the improving equity market. Participation from cross-over
investors also evaporated as taxable yields rose faster than those of
tax-exempts. Issuance remained strong through July, but declined over
the last three months as yields rose. These forces combined to push
municipal-bond yields above their historic lows, ending the fiscal year
near where they began.</p>

<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Performance Analysis</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The net asset
value (NAV) of Morgan Stanley Insured Municipal Income Trust (IIM)
increased from $15.67 to $15.76 per share for the fiscal year ended
October 31, 2003. Based on this change plus reinvestment of tax-free
dividends totaling $0.9025 per share the Trust's total NAV return
was 6.99 percent. IIM's value on the New York Stock Exchange
(NYSE) increased from $14.05 to $14.73 per share during the same
period. Based on this change plus reinvestment of tax-free dividends,
the Trust's total market return was 11.53 percent. On October 31,
2003, IIM's NYSE market price was at a 6.54 percent discount to
its NAV. <font style="font-weight: normal; color: #000000;">
<i>Past performance is no guarantee of future
results.</i>
</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Monthly dividends for the fourth quarter of 2003
were declared in September. Beginning with the October </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">2</p>

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<td><img src="spacer.gif" height="1" width="639"></td>

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<td><img src="spacer.gif" height="1" width="1"></td>

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<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom"></td>

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<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top"></td>

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<td><img src="spacer.gif" height="1" width="1"></td>

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
payment the monthly payment increased from
$0.075 to $0.0775 per share. The new dividend reflects the level of the
Trust's undistributed net investment income and projected
earnings power. The Trust's level of undistributed net investment
income was $0.194 per share on October 31, 2003, versus $0.187 per
share as of October 31, 2002.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">From a strategic point of view,
with interest rates at multi-decade lows, we also became increasingly
concerned that the next significant shift in interest rates might be
upward. As a result, we began to establish a hedge position by selling
Treasury futures to reduce the portfolio's duration (a measure of
interest rate sensitivity). This allowed us to maintain an average
maturity target range of 20 years in order to take advantage of the
steepness of the municipal yield curve. Nevertheless, market yields on
new investments were lower than the book yields on portfolio holdings
called for redemption. The portfolio's duration adjusted for
leverage was 11.6 years. We continued to emphasize revenue bonds in
sectors tied to reliable income streams from essential services such as
municipal electric, transportation and water and sewer. As of October
31, 2003, the Trust's net assets, including preferred shares, of
$537 million were diversified across 82 credits in 12 long-term
sectors.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As discussed in previous reports, the total income
available for distributon to holders of common shares includes
incremental income provided by the Trust's outstanding Auction
Rate Preferred Shares (ARPS). ARPS dividends reflect prevailing
interest rates on maturities normally ranging from one week to two
years. Incremental income to holders of common shares depends on two
factors. The first is the amount of ARPS outstanding, the second the
spread between the portfolio's cost yield and its ARPS expenses
(ARPS auction rate and expenses). The greater the spread and the amount
of ARPS outstanding, the greater the amount of incremental income
available for distribution to holders of common shares. The level of
net investment income available for distribution varies with the level
of short-term interest rates. ARPS leverage also increases the price
volatility of common shares and has the effect of extending portfolio
duration.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">During the 12-month period, ARPS leverage contributed
approximately $0.19 per share to common share earnings. The Trust has
five ARPS series totaling $155 million and representing 29 percent of
net assets, including preferred shares. All five series are currently
in two-year auction modes with maturities ranging from January 2004 to
September 2005. The yields range from 1.20 to 2.47 percent.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust's procedure for reinvesting all dividends and distributions
in common shares is through purchases in the open market. This method
helps support the market value of the Trust's shares. In
addition, we would like to remind you that the Trustees have approved a
procedure whereby the Trust may, when appropriate, purchase shares in
the open market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the time
of purchase. The Trust may also utilize </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">3</p>

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<td><img src="spacer.gif" height="1" width="55"></td>

<td><img src="spacer.gif" height="1" width="639"></td>

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<td><img src="spacer.gif" height="1" width="1"></td>

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<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom"></td>

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<td><img src="spacer.gif" height="31" width="1"></td>

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top"></td>

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<td><img src="spacer.gif" height="1" width="1"></td>

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
procedures to reduce or eliminate the amount
of outstanding ARPS, including their purchase in the open market or in
privately negotiated transactions. During the 12-month period ended
October 31, 2003, the Trust purchased and retired 1,047,375 shares of
common stock at a weighted average market discount of 7.9
percent.</p>

<img src="spacer.gif" height="10" width="1">
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<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" style="margin-left: 42pt;" width="421" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #064731;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">LARGEST
SECTORS</td>

<td bgcolor="#064731" style="border-bottom: 3px solid #064731"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #064731;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Transportation</td>

<td bgcolor="#cccccc"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">22.0</font></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">General
Obligation</td>

<td bgcolor="#999999"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #999999; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #999999;">15.2</font></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #999999 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Electric</td>

<td bgcolor="#cccccc"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">14.1</font></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Water
&amp; Sewer</td>

<td bgcolor="#999999"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #999999; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #999999;">13.4</font></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #999999 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Public
Facilities</td>

<td bgcolor="#cccccc"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">7.8</font></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" style="margin-left: 42pt;" width="421" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #064731;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">CREDIT
ENHANCEMENTS</td>

<td bgcolor="#064731" style="border-bottom: 3px solid #064731"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #064731;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Ambac</td>

<td bgcolor="#cccccc"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">30.4</font></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">MBIA</td>

<td bgcolor="#999999"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #999999; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #999999;">29.4</font></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #999999 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">FGIC</td>

<td bgcolor="#cccccc"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">23.7</font></td>

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">FSA</td>

<td bgcolor="#999999"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #999999; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #999999;">16.5</font></td>

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #999999 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">Subject
to change daily. Largest sectors and credit enhancements are a
percentage of total long-term investments. Provided for informational
purposes only and should not be deemed as a recommendation to buy or
sell the securities mentioned. Morgan Stanley is a full-service firm
engaged in securities trading and brokerage activities, investment
banking, research and analysis, financing and financial advisory
services.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Results of Annual Shareholder
Meeting</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On October 29, 2003, an annual meeting of the
Trust's shareholders was held for the purpose of voting on the
following matter, the results of which were as follows:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">(1)
Election of
Trustees:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="left">
<table cellpadding="0" cellspacing="0" border="0" style="margin-left: 42pt;" width="265" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Edwin
J.
Garn</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">For:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,238,244</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Withheld:</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">372,841</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 1px solid #000000 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Joseph
J.
Kearns</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">For:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,253,717</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Withheld:</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">357,368</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 1px solid #000000 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Michael
E.
Nugent</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">For:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,248,958</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Withheld:</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,127</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 1px solid #000000 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Philip
J.
Purcell</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">For:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,240,232</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Withheld:</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">370,853</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 1px solid #000000 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Fergus
Reid</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">For:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,240,961</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Withheld:</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">370,124</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;     border-bottom: 1px solid #000000 ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
following Trustees were not standing for reelection  at this
meeting: Michael Bozic, Charles A. Fiumefreddo, Wayne E. Hedien, James
F. Higgins and Dr. Manuel H.
Johnson.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">4</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<table cellpadding="0" cellspacing="0" bgcolor="#064731" border="0" width="694">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>

<td><img src="spacer.gif" height="1" width="639"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="78" width="1"></td>

<td><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="31" width="1"></td>

<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom">Distribution by Maturity</td>

</tr>

<tr>
<td><img src="spacer.gif" height="31" width="1"></td>

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">(% of Long-Term Portfolio)</td>

</tr>

<tr>
<td><img src="spacer.gif" height="16" width="55"></td>

<td><img src="spacer.gif" height="1" width="1"></td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Weighted
Average Maturity: 20
Years</p>
<div align="center" style="width:  593;"><img src="html_62197dbm1.jpg" style="margin-left:44pt;" align="left"></div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -12pt">Portfolio
structure is subject to
change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:;font-size:10pt;  width: 444pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Geographic Summary
of Investments<br>Based on Market Value as a Percent of Total
Investments<br>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="562" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="103"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Arizona</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.5</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">California</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10.8</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Colorado</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">District
of
Columbia</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Florida</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Hawaii</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.1</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Illinois</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.6</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Indiana</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Kentucky</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Louisiana</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.0</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Massachusetts</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Michigan</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.6</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Minnesota</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.0</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Missouri</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.0</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Nebraska</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Nevada</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">New
Hampshire</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.8</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">New
Jersey</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.0</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">New
York</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.3</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">North
Carolina</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.2</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Ohio</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Pennsylvania</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.6</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Rhode
Island</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">South
Carolina</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.6</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Tennessee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.8</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Texas</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12.1</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Utah</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.7</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Virginia</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.2</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Washington</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.5</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">West
Virginia</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.1</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.0</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">5</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<table cellpadding="0" cellspacing="0" bgcolor="#064731" border="0" width="694">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>

<td><img src="spacer.gif" height="1" width="639"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="78" width="1"></td>

<td><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="31" width="1"></td>

<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom">Call and Cost (Book) Yield Structure</td>

</tr>

<tr>
<td><img src="spacer.gif" height="31" width="1"></td>

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="16" width="55"></td>

<td><img src="spacer.gif" height="1" width="1"></td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Years
Bonds Callable&mdash;Weighted Average Call Protection: 8
Years</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">(Based on Long-Term Portfolio) As of
10/31/03</p>
<div align="center" style="width:  593;"><img src="html_62197call.jpg" style="margin-left:44pt;" align="left"></div>
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Cost (Book)
Yield<sup>(b)</sup>&mdash;Weighted Average Book Yield:
5.2%</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">(Based on Long-Term Portfolio) As of
10/31/03</p>
<div align="left" style="width:  593;"><img src="html_62197cost.jpg" style="margin-left:44pt;" align="left"></div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(a)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
May include issues callable in previous
years.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -16"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -16pt">(b)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -16pt"> Cost or
"book" yield is the annual income earned on a
portfolio investment based on its original purchase price before the
Trust's operating expenses. For example, the Trust is earning a
book yield of 5.9% on 11% of the long-term portfolio that
is callable in 2003. Portfolio structure is subject to
change.</td>

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</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">6</p>

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<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003</p>

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<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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<td><img src="spacer.gif" height="1" width="8"></td>

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<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

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<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tax-Exempt Municipal Bonds
(134.9%)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>General
Obligation
(20.5%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Solano
County Community College District, California,<br>Election of 2002,
Ser A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.75&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,917,650</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">District
of
Columbia,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 1993 B
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/09</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,665,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 1993 B
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,805,920</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Florida
State Board of Education, Capital Outlay Refg 2002 Ser
C<br>(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,403,920</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Aurora
West School District 129,
Illinois,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">School
Building Ser 2002 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,104,860</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">School
Building Ser 2002 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,200,940</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chicago,
Illinois, Neighborhoods Alive 21 Ser 2001 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/36</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,663,450</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Massachusetts,
Refg 2003 Ser D
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,965,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Washoe
County, Nevada, Reno - Sparks Convention Ltd Tax Ser  1993 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,489,120</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Pennsylvania,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">995</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">First
Ser 2003 RITES PA - 1112 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.481</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,107,216</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,555</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">First
Ser 2003 RITES PA - 1112 B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.481</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,703,907</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Houston,
Texas, Public Impr &amp; Refg Ser 2001 B
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,401,760</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">72,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">78,430,443</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Educational
Facilities Revenue
(6.1%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">University
of Arizona COPs 2003 Ser B
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,551,425</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">University
of California, Ser 2003 B (Ambac)
(WI)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,109,880</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">District
of Columbia, American Association for the Advancement of Science Ser
1997
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,018,540</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Illinois
Educational Facilities Authority, DePaul University<br>Refg Ser
1997
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,360,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
Hampshire Health &amp; Education Facilities Authority, University of
New Hampshire Ser 2001
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/33</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,064,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
Jersey Educational Facilities Authority, Higher Education Capital
Improvement Fund, Ser 2002 A
(Ambac)&dagger;&dagger;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,292,950</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">22,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,397,235</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Electric
Revenue
(19.0%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Department of Water Resources, Power Supply<br>Ser 2002 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,843,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,275</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Massachusetts
Municipal Wholesale Electric Company,<br>1993 Ser A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,577,774</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Nebraska
Public Power District, 2003 Ser A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/35</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,032,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">7</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Long
Island Power Authority, New York, Electrical System<br>Refg Ser 2003 C
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,030,690</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">North
Carolina Municipal Power Agency #1, Catawba Ser 2003 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,385,620</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Piedmont
Municipal Power Agency, South Carolina, Refg Ser 1993
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,194,430</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">South
Carolina Public Service Authority, Ser 2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,106,300</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Lower
Colorado River Authority,
Texas,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 1999 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,358,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 2001
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,024,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 2002
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/31</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,839,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Intermountain
Power Agency, Utah, 2003 Ser A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,138,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">69,075</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">72,532,364</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Hospital
Revenue
(10.1%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Mesa
Industrial Development Authority, Arizona, Discovery Health Ser 1999 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,638,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Sarasota
County Public Hospital Board, Florida, Sarasota Memorial Hospital Refg
Ser 1998 B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,252,150</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Indiana
Health Facilities Financing Authority, Deaconess Hospital Inc Refg Ser
1993
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/15</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,070,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Massachusetts
Health &amp; Educational Facilities Authority, Lahey Clinic Medical
Center Ser B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/15</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,629,195</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Missouri
Health &amp; Educational Facilities Authority, SSM Health Care Ser 1998
A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,024,520</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Washington
County Hospital Authority, Pennsylvania, Washington Hospital Ser 1993
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,090,240</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chattanooga-Hamilton
County Hospital Authority, Tennessee, Erlanger Medical Center Refg Ser
1993
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/13</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,093,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Amarillo
Health Facilities Corporation,
Texas,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,020</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Baptist
St Anthony's Hospital Ser 1998
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,324,205</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,075</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Baptist
St Anthony's Hospital Ser 1998
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,574,735</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">36,595</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">38,698,045</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Industrial
Development/Pollution Control Revenue
(8.8%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Adams
County, Colorado, Public Service Co of Colorado<br>Refg 1993 Ser A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">04/01/14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,601,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Hawaii
Department of Budget and Finance, Hawaiian Electric Co Ser  1999
C (AMT)
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,593,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Indiana
Development Finance Authority, PSI Energy Inc Ser 1993 B (AMT)
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/15/28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,279,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">8</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;4,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Monroe
County, Michigan, Detroit Edison Co Ser CC (AMT)
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.55&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,019,707</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
York State Energy Research &amp; Development Authority,<br>Brooklyn
Union Gas Co 1991 Ser D (AMT)
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10.074</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/08/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,148,920</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">32,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33,643,177</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Mortgage
Revenue &ndash; Multi-Family
(0.8%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">West
Virginia Housing Development Fund, Ser A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.65</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,911,455</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Public
Facilities Revenue
(10.5%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">San
Jose Financing Authority, California, Civic Center Ser 2002 B
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/37</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,019,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Miami-Dade
County School Board, Florida, 2003 Ser A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,125,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Orange
County School Board, Florida, Ser 2001 A COPs
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,309,630</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Marion
County Convention &amp; Recreational Facilities Authority, Indiana,
Refg Ser 2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,481,144</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Kentucky
Property &amp; Building
Commission,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,660</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Project
#74 Refg Ser 2002 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,804,353</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Project
#74 Refg Ser 2002 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,620,630</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Project
# 79
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,110,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
York State Dormitory Authority, School Districts<br>2002 Ser E
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,655,154</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Pennsylvania
Public School Building Authority, Philadelphia School District Ser 2003
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/33</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,012,020</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">38,760</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">40,138,411</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Recreational
Facilities Revenue
(1.9%)</i></font>&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Metropolitan
Pier &amp; Exposition Authority,
Illinois,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">McCormick
Place, Refg Ser 2002 B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">#&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,981,830</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">McCormick
Place, Ser 2002 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,117,650</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,099,480</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Transportation
Facilities Revenue
(29.7%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Infrastructure &amp; Economic Development
Bank,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Bay
Area Toll Bridges Seismic Retrofit First Lien Ser 2003 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,041,650</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Bay
Area Toll Bridges Seismic Retrofit First Lien Ser 2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/33</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,052,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Long
Beach California, Harbor Refg Ser 1998 A (AMT)
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,481,490</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Miami-Dade
County, Florida, Miami Int'l Airport Ser 2003 A (AMT)
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/33</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,926,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Illinois
Toll Highway Authority, Priority Refg 1998 Ser A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/15</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,520,480</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Minneapolis-St
Paul Metropolitan Airports Commission, Minnesota, Ser 2001 C
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,118,650</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">9</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;3,250</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">St
Louis, Missouri, Lambert Int'l Airport Ser 2001 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,328,780</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Nevada
Department of Business &amp; Industry, Las Vegas Monorail 1st
Tier  Ser  2000
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/40</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,406,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Metropolitan
Transportation Authority, New
York,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dedicated
Tax Fund Ser 2002 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,122,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Transportation
Refg Ser 2002 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,115,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Triborough
Bridge &amp; Tunnel Authority, New York, Refg 2002 E
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,529,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">South
Carolina Transportation Infrastructure Bank, Ser 1999 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,568,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dallas-Fort
Worth Int'l Airport, Texas, Ser 2003 A (AMT)
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,275,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Texas
Turnpike Authority, Central Texas First Tier Ser 2002 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/39</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,283,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Salt
Lake City, Utah, Airport Refg Ser 1993 B
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,093,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Richmond
Metropolitan Authority, Virginia, Refg Ser 2002
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/15/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,262,380</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Port
of Seattle, Washington, Ser 2001 B (AMT)
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,193,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">108,250</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">113,321,090</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Water
&amp; Sewer Revenue
(18.1%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">San
Diego County Water Authority, California, Ser 2002A COPs
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,041,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Lee
County, Florida, Water &amp; Sewer Ser B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,011,660</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tampa
Bay Water Authority, Florida, Ser 2001 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,049,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Detroit,
Michigan,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Sewage
Refg Ser 2003 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,029,580</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Sewage
Refg Ser 2003 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,065,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Sewage
Disposal System, Ser 2001 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/31</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,039,630</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Las
Vegas Water District, Nevada, Impr &amp; Refg Ser 2003 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,404,155</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Cleveland,
Ohio,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Waterworks
2002 Ser K
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,586,580</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,300</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Waterworks
2002 Ser K
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,368,666</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Waterworks
Impr &amp; Refg 1998 Ser I
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,028,460</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Hamilton
County, Ohio, Sewer System Impr &amp; Refg Ser 2003 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,558,007</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Allegheny
County Sanitary Authority, Pennsylvania, Sewer Ser 2000
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,253,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Philadelphia,
Pennsylvania, Water &amp; Wastewater Ser 1998
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/15/14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,570,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Houston,
Texas, Water &amp; Sewer Jr Lien Refg Ser 2000 B
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,233,300</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">King
County, Washington, Sewer Refg 2001
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/31</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,019,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">10</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Seattle,
Washington,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,445</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">RITES
- - PA -1143 - A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.435</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,549,329</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;1,435</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">RITES
- - PA -1143 - B
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.435</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,483,905</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">West
Virginia Water Development Authority, Refg Ser B
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,051,061</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">67,210</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">69,344,193</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Other
Revenue
(3.4%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Nassau
County Interim Finance Authority, New York, Sales Tax Ser
2003  A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,023,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
York City Transitional Finance Authority, New
York</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">2000
Ser C
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,114,780</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">2000
Ser C
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,628,675</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Alexandria
Industrial Development Authority, Virginia, Institute for Defense
Analysis Ser 2000 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.90</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,341,550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,108,705</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Refunded
(6.0%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Redding,
California, Ser 1993 A COPs
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10.222</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/30/05&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,675,040</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Miami-Dade
County School Board, Florida,Ser 2001 A COPs
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/11&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,589,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Allegheny
County Hospital Development Authority, Pennsylvania, Pittsburgh Mercy
Health Ser 1996 (Ambac)
(ETM)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,524,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Rhode
Island Depositors Economic Protection Corporation<br>Refg 1992 Ser B
(MBIA)
(ETM),</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,224,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,013,340</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">492,315</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Tax-Exempt Municipal Bonds <font style="font-weight: normal; color: #000000;"><i>(Cost
$496,097,975)</i></font></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">515,637,938</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Short-Term
Tax-Exempt Municipal Obligations
(4.2%)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">East
Baton Rouge Parish, Louisiana, Exxon Corporation Ser 1993 (Demand
11/03/03)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,600,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Louisiana
Public Facilities Authority, Our Lady of the Lake Regional Medical
Center Ser 1993 D &amp; E
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.386</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/28/04&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,495,270</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,450</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Short-Term Tax-Exempt Municipal Obligations <font style="font-weight: normal; color: #000000;"><i>(Cost
$15,509,953)</i></font></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,095,270</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">507,765</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="top" colspan="7">Total
Investments <font style="font-weight: normal; color: #000000;"><i>(Cost $511,607,928) (a)
(b)</i></font></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">139.1&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">531,733,208</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="7">Other
Assets in Excess of
Liabilities</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,640,999</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="top" colspan="7">Preferred
Shares of Beneficial Interest</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(40.6</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(155,228,788</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="7">Net
Assets Applicable to Common
Shareholders</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.0&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,145,419</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">11</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 23pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">Note:<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">The
categories of investments are shown as a percentage of net assets
applicable to common
shareholders.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 7"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 7pt">AMT</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 7pt">
Alternative Minimum Tax.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">COPs</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Certificates of
Participation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">ETM</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Escrowed to
maturity.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">RITES</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Residual Interest
Tax-Exempt Securities.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">WI</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Security purchased on a when-issued
basis.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Prerefunded to
call date shown.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
A portion of this security has been physically segregated in connection
with open futures
contracts.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&Dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Current
coupon rate for residual interest bond. This rate resets periodically
as the auction rate on the related security
changes.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">#</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Currently a zero
coupon security; will convert to 5.30% on June 15,
2012.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Current coupon of
variable rate demand
obligation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(a)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Securities have
been designated as collateral in an amount equal to $143,748,846 in
connection with the open futures contracts and the purchase of a
when-issued security.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(b)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The
aggregate cost for federal income tax purposes is $511,554,731. The
aggregate gross unrealized appreciation is $21,672,573 and the
aggregate gross unrealized depreciation is $1,494,096, resulting in net
unrealized appreciation of
$20,178,477.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="NaN">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 12pt"><u>Bond
Insurance:</u></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 4"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">Ambac<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 4pt">Ambac
Assurance
Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FGIC<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">Financial
Guaranty Insurance
Company.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FSA<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">Financial
Security Assurance
Inc.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 54pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">MBIA<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">Municipal Bond
Investors Assurance
Corporation.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Futures Contracts Open
at October 31,
2003:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="601" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">NUMBER
OF<br>CONTRACTS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">LONG/SHORT</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">DESCRIPTION,
DELIVERY<br>MONTH AND YEAR</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">UNDERLYING FACE<br>AMOUNT AT
VALUE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">UNREALIZED<br>DEPRECIATION</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">650</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Short</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">U.S.
Treasury Note 5 Yr&nbsp;&nbsp;<br>December /
2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(72,678,125)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">
														(1,298,817</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">650</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Short</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">U.S.
Treasury Note 10 Yr<br>December /
2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">(72,992,972)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;(1,539,359</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="11">Total
unrealized
depreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(2,838,176)</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">12</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement
of Assets and Liabilities</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">October 31,
2003</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Assets:</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments
in securities, at value<br>(cost
$511,607,928)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">531,733,208</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Cash</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,090,668</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Interest
receivable</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,526,621</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Prepaid
expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">920,976</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total
Assets</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">542,271,473</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Liabilities:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Payable
for:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments
purchased</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,088,120</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Variation
margin</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">335,153</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investment management
fee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">180,262</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Common shares of
beneficial interest
repurchased</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">175,375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="left" valign="bottom" colspan="3">Accrued
expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">118,356</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total
Liabilities</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,897,266</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred
shares of beneficial interest (at liquidation value) (<font style="font-weight: normal; color: #000000;"><i>1,000,000
shares authorized of non-participating $.01 par value, 3,100 shares
outstanding</i></font>)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">155,228,788</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Assets Applicable to Common
Shareholders</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,145,419</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Composition
of Net Assets Applicable to Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Common shares of
beneficial interest (<font style="font-weight: normal; color: #000000;"><i>unlimited shares authorized of $.01 par
value,<br>24,240,138 shares
outstanding</i></font>)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">350,384,424</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net unrealized
appreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17,287,104</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Accumulated
undistributed net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,694,906</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Accumulated undistributed
net realized
gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,778,985</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Assets Applicable to Common
Shareholders</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,145,419</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Asset Value Per Common Share<br>&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-weight: normal; color: #000000;"><i>($382,145,419 divided by
24,240,138 common shares
outstanding)</i></font></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.76</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">13</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement of Operations</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">For the
year ended October 31,
2003</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Investment
Income:</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" align="left" valign="bottom" colspan="3">Interest
Income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,923,273</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investment
management fee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,919,569</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Auction commission
fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">610,192</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Transfer agent fees and
expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">146,606</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Professional
fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">71,486</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Auction agent
fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">38,637</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Shareholder reports and
notices</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">36,622</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Trustees' fees and
expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,471</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Registration
fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,317</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Custodian
fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,458</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Other</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">56,523</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total
Expenses</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,929,881</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Less:
expense
offset</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(12,261</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,917,620</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Investment
Income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,005,653</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Realized and Unrealized Gain
(Loss):</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net Realized
Gain
on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,702,276</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures
contracts</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,523,509</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Realized
Gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,225,785</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Change in Unrealized Appreciation
on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,396,830</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures
contracts</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,838,176</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Depreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,235,006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">990,779</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Dividends
to preferred shareholders from net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,573,199</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="left" valign="bottom" colspan="3">Net
Increase</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,423,233</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">14</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Statement of Changes in Net
Assets</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="390"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000; ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR
THE YEAR<br>ENDED<br>OCTOBER 31, 2003</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000; ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR THE
YEAR<br>ENDED<br>OCTOBER 31,
2002</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Increase (Decrease) in Net
Assets:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,005,653</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,968,728</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
realized
gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,225,785</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,550,941</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net change
in unrealized
appreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,235,006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,766,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Dividends
to preferred shareholders from net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,573,199</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(3,456,880</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Increase</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,423,233</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,295,889</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 10pt;" align="left" valign="bottom" colspan="3">Dividends
to common shareholders from net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(22,402,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(21,133,899</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Decrease
from transactions in common shares of beneficial
interest</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(15,235,304</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(14,028,728</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Decrease</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(14,214,171</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(8,866,738</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 10pt;" align="left" valign="bottom" colspan="3">Net
Assets Applicable to Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Beginning of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">396,359,590</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,226,328</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">End
of Period<br><font style="font-weight: normal; color: #000000;"><i>(Including accumulated undistributed net
investment income of $4,694,906 and $4,722,041,
respectively</i></font>)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,145,419</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">396,359,590</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">15</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2003</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">1.&nbsp;&nbsp;&nbsp;Organization
and Accounting
Policies</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Insured Municipal Income
Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide current income which is exempt from federal
income tax. The Trust was organized as a Massachusetts business trust
on March 12, 1992 and commenced operations on February 26,
1993.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The following is a summary of significant accounting
policies:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">A.&nbsp;&nbsp;&nbsp;Valuation of Investments &mdash; </font> (1) portfolio
securities are valued by an outside independent pricing service
approved by the Trustees. The pricing service uses both a computerized
grid matrix of tax-exempt securities and evaluations by its staff, in
each case based on information concerning market transactions and
quotations from dealers which reflect the bid side of the market each
day. The portfolio securities are thus valued by reference to a
combination of transactions and quotations for the same or other
securities believed to be comparable in quality, coupon, maturity, type
of issue, call provisions, trading characteristics and other features
deemed to be relevant; (2) futures are valued at the latest sale price
on the commodities exchange on which they trade unless it is determined
that such price does not reflect their market value, in which case they
will be valued at their fair value as determined in good faith under
procedures established by and under the supervision of the Trustees;
and (3) short-term debt securities having a maturity date of more than
sixty days at time of purchase are valued on a mark-to-market basis
until sixty days prior to maturity and thereafter at amortized cost
based on their value on the 61st day. Short-term debt securities having
a maturity date of sixty days or less at the time of purchase are
valued at amortized cost.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">B.&nbsp;&nbsp;&nbsp;Accounting for
Investments &mdash; </font>Security transactions are accounted for on the trade
date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost
method. Discounts are accreted and premiums are amortized over the life
of the respective securities. Interest income is accrued
daily.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">C.&nbsp;&nbsp;&nbsp;Futures Contracts &mdash; </font>A futures contract is an
agreement between two parties to buy and sell financial instruments or
contracts based on financial indices at a set price on a future date.
Upon entering into such a contract, the Trust is required to pledge to
the broker cash, U.S. Government securities or other liquid portfolio
securities equal to the minimum initial margin requirements of the
applicable futures exchange. Pursuant to the contract, the Trust agrees
to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in the value of the contract. Such receipts or
payments known as variation margin are recorded by the Trust as
unrealized gains and losses. Upon closing of the contract, the Trust
realizes a gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it was
closed.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">D.&nbsp;&nbsp;&nbsp;Federal Income Tax Policy &mdash; </font>It is the
Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable and nontaxable income to
its shareholders. Accordingly, no federal income tax provision is
required.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">16</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">E.&nbsp;&nbsp;&nbsp;Dividends and Distributions to
Shareholders &mdash; </font>Dividends and distributions to shareholders are
recorded on the ex-dividend date.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">F.&nbsp;&nbsp;&nbsp;Use of
Estimates &mdash; </font>The preparation of financial statements in accordance
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and
disclosures. Actual results could differ from those
estimates.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">2.&nbsp;&nbsp;&nbsp;Investment
Management Agreement</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to
an Investment Management Agreement with Morgan Stanley Investment
Advisors Inc. (the "Investment Manager") the
Trust pays a management fee, calculated weekly and payable monthly, by
applying the annual rate of 0.35% to the Trust's weekly
net assets including preferred
shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">3.&nbsp;&nbsp;&nbsp;Security Transactions
and Transactions with
Affiliates</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The cost of purchases and
proceeds from sales of portfolio securities, excluding short-term
investments, for the year ended October 31, 2003 aggregated
$242,162,880 and $228,243,307, respectively. Included in the
aforementioned transactions are purchases and sales of $48,758,820 and
$46,433,785, respectively with other Morgan Stanley funds, including a
net realized loss of $1,816,452.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Trust, an
affiliate of the Investment Manager, is the Trust's transfer
agent. At October 31, 2003, the Trust had transfer agent fees and
expenses payable of approximately $11,300.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust has an
unfunded noncontributory defined benefit pension plan covering all
independent Trustees of the Trust who will have served as independent
Trustees for at least five years at the time of retirement. Benefits
under this plan are based on years of service and compensation during
the last five years of service. Aggregate pension costs for the year
ended October 31, 2003 included in Trustees' fees and expenses in
the Statement of Operations amounted to $6,101. At October 31, 2003,
the Trust had an accrued pension liability of $49,319 which is included
in accrued expenses in the Statement of Assets and
Liabilities.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">4.&nbsp;&nbsp;&nbsp;Preferred Shares
of Beneficial Interest</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust is authorized to issue up to 1,000,000 non-participating
preferred shares of beneficial interest having a par value of $.01 per
share, in one or more series, with rights as determined by the
Trustees, without approval of the common shareholders. The Trust has
issued Series 1 through 5 Auction Rate Preferred Shares
("Preferred Shares") which have a liquidation
value of $50,000 per share plus the redemption premium, if any, plus
accumulated but unpaid dividends, whether or not declared, thereon to
the date of distribution. The Trust may redeem such shares, in whole or
in part, at the original purchase price of $50,000 per share plus
accumulated but unpaid dividends, whether or not declared, thereon to
the date of redemption.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">17</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Dividends, which are cumulative, are reset
through auction
procedures.</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="35"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="135"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SERIES</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SHARES*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">AMOUNT
IN<br>THOUSANDS*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RATE*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RESET<br>DATE</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RANGE
OF<br>DIVIDEND
RATES**</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.36</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/10/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">0.65%
&ndash;
1.70%</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">45,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/11/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">0.80&nbsp;&nbsp;
&ndash;
1.75&nbsp;&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">3</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">50,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/12/04</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2.20</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">4</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.47</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/05/04</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2.47</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">5</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.70</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/12/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">0.64&nbsp;&nbsp;
&ndash; 1.70&nbsp;&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> As of
October 31, 2003.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> For the year ended October
31, 2003.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Subsequent to October 31, 2003 and up through
December 5, 2003, the Trust paid dividends to each of the Series 1
through 5 at rates ranging from 1.20% to 2.47% in the
aggregate amount of $457,576.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is subject to certain
restrictions relating to the preferred shares. Failure to comply with
these restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares and/or
could trigger the mandatory redemption of preferred shares at
liquidation value.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The preferred shares, which are entitled to
one vote per share, generally vote with the common shares but vote
separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred
shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">5.&nbsp;&nbsp;&nbsp;Common Shares of
Beneficial Interest</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Transactions
in common shares of beneficial interest were as
follows:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="359"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SHARES</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PAR
VALUE</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">CAPITAL<br>PAID IN<br>EXCESS OF<br>PAR
VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance, October 31,
2001</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,284,013</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">262,840</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">379,385,616</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Treasury
shares purchased and retired (weighted average discount
8.17%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(996,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,965</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(14,018,763</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance,
October 31,
2002</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,287,513</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">252,875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">365,366,853</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Treasury
shares purchased and retired (weighted average discount
7.90%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,047,375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(10,474</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(15,224,830</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance,
October 31,
2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,240,138</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">242,401</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">350,142,023</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
The Trustees have voted to retire the shares
purchased.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">18</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">6.&nbsp;&nbsp;&nbsp;Dividends to
Common Shareholders</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On September
23, 2003, the Trust declared the following dividends from net
investment
income:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="406" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="125"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">AMOUNT<br>PER
SHARE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RECORD<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PAYABLE<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$0.0775</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">November
7,
2003&nbsp;&nbsp;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">November
21, 2003&nbsp;&nbsp;&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$0.0775</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">December 5,
2003&nbsp;&nbsp;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">December 19,
2003&nbsp;&nbsp;&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 7pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">7.&nbsp;&nbsp;&nbsp;Expense
Offset</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The expense offset represents a reduction
of the custodian fees for earnings on cash balances maintained by the
Trust.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">8.&nbsp;&nbsp;&nbsp;Risks Relating to
Certain Financial
Instruments</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may invest a
portion of its assets in residual interest bonds, which are inverse
floating rate municipal obligations. The prices of these securities are
subject to greater market fluctuations during periods of changing
prevailing interest rates than are comparable fixed rate
obligations.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">At October 31, 2003, the Trust held positions in
residual interest bonds having a total value of $18,163,587, which
represents 4.8% of the Trust's net assets applicable to
common shareholders.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To hedge against adverse interest rate
changes, the Trust may invest in financial futures contracts or
municipal bond index futures contracts ("futures
contracts").</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">These futures contracts involve
elements of market risk in excess of the amount reflected in the
Statement of Assets and Liabilities. The Trust bears the risk of an
unfavorable change in the value of the underlying securities.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">At
October 31, 2003, the Trust had outstanding futures
contracts.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">9.&nbsp;&nbsp;&nbsp;Federal Income
Tax Status</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The amount of dividends
and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations
which may differ from generally accepted accounting principles. These
"book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are
permanent in nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized
capital gains for tax purposes are reported as distributions of
paid-in-capital.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">19</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2003<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The tax character of distributions paid
was as
follows:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="343"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR
THE YEAR<br>ENDED<br>OCTOBER 31, 2003</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR THE
YEAR<br>ENDED<br>OCTOBER 31, 2002</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Tax-exempt
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,879,299</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,724,934</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:9pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As
of October 31, 2003, the tax-basis components of accumulated earnings
were as
follows:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="left">
<table cellpadding="0" cellspacing="0" border="0" width="312" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="468"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Undistributed
tax-exempt income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,919,816</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Undistributed
long-term gains</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,940,809</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
accumulated earnings</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,860,625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Temporary
differences</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(278,107</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net unrealized
appreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,178,477</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
accumulated
earnings</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31,760,995</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of
October 31, 2003, the Trust had temporary book/tax differences
primarily attributable to book amortization of discounts on debt
securities, mark-to-market of open futures contracts and dividend
payable and permanent book/tax differences attributable to tax
adjustments on debt securities sold by the Trust. To reflect
reclassifications arising from the permanent differences, accumulated
undistributed net investment income was charged and accumulated
undistributed net realized gain was credited
$57,489.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">20</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Highlights</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Selected
ratios and per share data for a common share of beneficial interest
outstanding throughout<br>each
period:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="281"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="19">FOR
THE YEAR ENDED OCTOBER
31,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2002</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2001</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1999</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Selected
Per Share
Data:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
asset value, beginning of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.67</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.44</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;13.69</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.47</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Income
(loss) from investment
operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment
income*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.04</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
realized and unrealized gain
(loss)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.11</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.90</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.79</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1.77</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Common
share equivalent of dividends paid<br>to preferred
shareholders*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.13</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
income (loss) from investment
operations</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.94</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.02</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.71</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.58</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.95</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">Less
dividends from net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.90</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.82</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.78</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.86</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.84</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">Anti-dilutive
effect of acquiring treasury shares*
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">Net
asset value, end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.76</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.67</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;14.44</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.69</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Market
value, end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.73</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.13</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12.813</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
Return&dagger;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11.53 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.35
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16.70 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.29
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(5.17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Ratios
to Average Net Assets of Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Expenses
(before expense
offset)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<sup>(1)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.72</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.71</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.73
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.70</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income before preferred stock
dividends</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.38</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.82</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.84</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.27
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.71</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred
stock
dividends</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.66</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.87</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.43</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.59
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income available to common
shareholders</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.72</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.95</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.41</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.68
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.45</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Supplemental
Data:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
assets applicable to common shareholders, end of<br>&nbsp;&nbsp;&nbsp;&nbsp;period, in
thousands</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">382,145</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">396,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,226</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">392,513</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">384,277</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Asset
coverage on preferred shares at end of period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">346
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">355 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">361 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">352
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">347</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Portfolio
turnover rate</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">43 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">17 </font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 16"><img src="spacer.gif" height="1" width="1"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 16pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 16pt">
The per share amounts were computed using an average number of common
shares outstanding during the period.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Total return is based upon the current market value on the last day of
each period reported. Dividends are assumed to be reinvested at the
prices obtained under the Trust's dividend reinvestment plan.
Total return does not reflect brokerage
commissions.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(1)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Does not reflect the effect of
expense offset of
0.01%.</td>

</tr>

</table>

<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">21</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Mogan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Independent Auditors' Report  </p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">To
the Shareholders and Board of Trustees of<br>Morgan Stanley Insured
Municipal Income Trust:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We have audited the accompanying
statement of assets and liabilities of Morgan Stanley Insured Municipal
Income Trust (the "Trust"), including the
portfolio of investments, as of October  31, 2003, and the
related statements of operations for the year then ended and changes in
net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We conducted our audits in
accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of October  31,
2003, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In our opinion, the financial
statements and financial highlights referred to above present fairly,
in all material respects, the financial position of Morgan Stanley
Insured Municipal Income Trust as of October  31, 2003, the
results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in
the United States of America.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Deloitte &amp; Touche
LLP<br>
<font style="font-weight: normal; color: #000000;">
<i>New York, New York<br>December  15,
2003</i>
</font>
<br>&nbsp;&nbsp;&nbsp;&nbsp;</p>

<div style="background: #cccccc; width: 414pt; margin-left: 24pt; ">
<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 390pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">2003 Federal Tax Notice
(unaudited)</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 390pt; text-align: left; font-style: normal; line-height: normal; padding-top:0pt; padding-left:12pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #cccccc">For the year ended
October  31, 2003, all of the Trust's dividends from net
investment income received by both common and preferred shareholder
classes were exempt interest dividends, excludable from gross income
for Federal income tax
purposes.</p>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">22</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Trustee and Officer Information  </p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Independent
Trustees:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="164"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="35"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="60"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="148"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="44"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Independent
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s) Held with Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by Trustee***</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other
Directorships Held by Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Michael Bozic
(62)<br>c/o Mayer, Brown, Rowe &amp; Maw LLP Counsel to the
Independent Directors<br>1675 Broadway<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>April
1994</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Retired; Director or Trustee of the Retail Funds and
TCW/DW Term Trust 2003 (since April 1994) and the Institutional Funds
(since July 2003); formerly Vice Chairman of Kmart Corporation
(December 1998-October 2000), Chairman and Chief Executive Officer of
Levitz Furniture Corporation (November 1995-November 1998) and
President and Chief Executive Officer of Hills Department Stores (May
1991-July 1995); formerly variously Chairman, Chief Executive Officer,
President and Chief Operating Officer (1987-1991) of the Sears
Merchandise Group of Sears, Roebuck &amp;
Co.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of Weirton
Steel Corporation.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Edwin J. Garn (71)<br>c/o
Summit Ventures LLC<br>1 Utah Center<br>201 S. Main Street<br>Salt
Lake City, UT<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since January
1993</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director or Trustee of the Retail Funds and TCW/DW Term
Trust 2003 (since January 1993) and the Institutional Funds (since July
2003); member of the Utah Regional Advisory Board of Pacific Corp.;
formerly United States Senator (R-Utah) (1974-1992) and Chairman,
Senate Banking Committee (1980-1986), Mayor of Salt Lake City, Utah
(1971-1974), Astronaut, Space Shuttle Discovery (April 12-19, 1985),
and Vice Chairman, Huntsman Corporation (chemical
company).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of Franklin Covey (time
management systems), BMW Bank of North America, Inc. (industrial loan
corporation), United Space Alliance (joint venture between Lockheed
Martin and the Boeing Company) and Nuskin Asia Pacific (multilevel
marketing); member of the board of various civic and charitable
organizations.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Wayne E. Hedien (69)<br>c/o
Mayer, Brown, Rowe &amp; Maw LLP<br>Counsel to the Independent
Directors<br>1675 Broadway<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since September
1997</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Retired; Director or Trustee of the Retail Funds and
TCW/DW Term Trust 2003; (Since September 1997) and the Institutional
Funds (since July 2003); formerly associated with the Allstate
Companies (1966-1994), most recently as Chairman of The Allstate
Corporation (March 1993-December 1994) and Chairman and Chief Executive
Officer of its wholly-owned subsidiary, Allstate Insurance Company
(July 1989-December 1994).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of The PMI
Group Inc. (private mortgage insurance); Trustee and Vice Chairman of
The Field Museum of Natural History; director of various other business
and charitable organizations.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">23</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Trustee and Officer Information  <font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="164"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="35"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="60"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="148"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="44"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Name, Age and
Address of<br>Independent Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Position(s) Held with
Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Term of<br>Office and<br>Length
of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)<br>During Past
5 Years**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Number of Portfolios<br>in Fund Complex Overseen by
Trustee***</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 27pt;" align="center" valign="bottom" colspan="3">Other Directorships Held by
Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dr. Manuel H. Johnson (54)<br>c/o Johnson
Smick International, Inc.<br>2099 Pennsylvania<br>Avenue,
N.W.<br>Suite 950<br>Washington,
D.C.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
1991<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Audit Committee and Director or
Trustee of the Retail Funds and TCW/DW Term Trust 2003 (since July
1991) and the Institutional Funds (since July 2003); Senior Partner,
Johnson Smick International, Inc., a consulting firm; Co-Chairman and a
founder of the Group of Seven Council (G7C), an international economic
commission; formerly Vice Chairman of the Board of Governors of the
Federal Reserve System and Assistant Secretary of the U.S.
Treasury.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of
NVR, Inc. (home construction); Chairman and Trustee of the Financial
Accounting Foundation (oversight organization of the Financial
Accounting Standards Board); Director of RBS Greenwich Capital Holdings
(financial holding company).<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Joseph J. Kearns
(61)<br>PMB754<br>23852 Pacific Coast Highway<br>Malibu,
CA<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Deputy Chairman of the Audit Committee and Director
or Trustee of the Retail Funds and TCW/DW Term Trust 2003 (since July
2003) and the Institutional Funds (since August 1994); previously
Chairman of the Audit Committee of the Institutional Funds (October
2001-July 2003); President, Kearns &amp; Associates LLC (investment
consulting); formerly CFO of the J. Paul Getty Trust.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">212</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of Electro Rent Corporation (equipment leasing), The Ford
Family Foundation, and the UCLA
Foundation.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Michael E. Nugent (67)<br>c/o
Triumph Capital, L.P.<br>445 Park Avenue<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
1991<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Insurance Committee and Director or
Trustee of the Retail Funds and TCW/DW Term Trust 2003 (since July
1991) and the Institutional Funds (since July 2001); General Partner of
Triumph Capital, L.P., a private investment partnership; formerly Vice
President, Bankers Trust Company and BT Capital Corporation
(1984-1988).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of various business
organizations.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Fergus Reid (71)<br>85 Charles
Colman Blvd.<br>Pawling,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Governance Committee and Director or
Trustee of the Retail Funds and TCW/DW Term Trust 2003 (since July
2003) and the Institutional Funds (since June 1992); Chairman of
Lumelite Plastics Corporation.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">212</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee and Director
of certain investment companies in the JPMorgan Funds complex managed
by JP Morgan Investment Management
Inc.<br></td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">24</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Trustee and Officer Information  <font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Interested Trustees:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="148"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="52"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="60"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="151"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="44"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and
Address of<br>Interested Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s) Held with
Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term of<br>Office and<br>Length
of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)<br>During Past
5 Years**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of Portfolios<br>in Fund Complex Overseen by
Trustee***</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships Held by
Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Charles A. Fiumefreddo (70)<br>c/o Morgan
Stanley Trust<br>Harborside Financial Center,<br>Plaza
Two,<br>Jersey City, NJ<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Board and
Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July 1991</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman and Director
or Trustee of the Retail Funds and TCW/DW Term Trust 2003 (since July
1991) and the Institutional Funds (since July 2003); formerly Chief
Executive Officer of the Retail Funds and the TCW/DW Term Trust 2003
(until September
2002).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">None<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">James
F. Higgins (55)<br>c/o Morgan Stanley Trust<br>Harborside Financial
Center,<br>Plaza Two,<br>Jersey City,
NJ<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>June
2000<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director or Trustee of the Retail Funds and TCW/DW
Term Trust 2003 (since June 2000) and the Institutional Funds (since
July 2003); Senior Advisor of Morgan Stanley (since August 2000);
Director of the Distributor and Dean Witter Realty Inc.; previously
President and Chief Operating Officer of the Private Client Group of
Morgan Stanley (May 1999-August 2000), and President and Chief
Operating Officer of Individual Securities of Morgan Stanley (February
1997-May 1999).<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of AXA Financial,
Inc. and The Equitable Life Assurance Society of the United States
(financial services).<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Philip J. Purcell
(60)<br>1585 Broadway<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>April
1994<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director or Trustee of the Retail Funds and TCW/DW
Term Trust 2003 (since April 1994) and the Institutional Funds (since
July 2003); Chairman of the Board of Directors and Chief Executive
Officer of Morgan Stanley and Morgan Stanley DW Inc.; Director of the
Distributor; Chairman of the Board of Directors and Chief Executive
Officer of Novus Credit Services Inc.; Director and/or officer of
various Morgan Stanley subsidiaries.<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">211</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director
of American Airlines, Inc. and its parent company, AMR
Corporation.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
This is the earliest date the Trustee began serving the funds advised
by Morgan Stanley Investment Advisors Inc. (the
"Investment Manager") (the
"Retail
Funds").</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&nbsp;&nbsp;**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The
dates referenced below indicating commencement of services as
Director/Trustee for the Retail Funds and the funds advised by Morgan
Stanley Investment Management Inc., Morgan Stanley Investments LP and
Morgan Stanley AIP GP LP (the "Institutional
Funds") reflect the earliest date the Director/Trustee
began serving the Retail or Institutional Funds as
applicable.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">***</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The Fund Complex
includes all open-end and closed-end funds (including all of their
portfolios) advised by the Investment Manager and any funds that have
an investment advisor that is an affiliated person of the Investment
Manager (including but not limited to Morgan Stanley Investment
Management Inc. and Morgan Stanley Investments
LP).</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">25</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Trustee and Officer Information  <font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Officers:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="335"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Name,
Age and Address of<br>Executive Officer</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held
with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>Term of<br>Office
and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)
During Past 5 Years**</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Mitchell M. Merin
(50)<br>1221 Avenue of the Americas<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since May
1999<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President and Chief Operating Officer of Morgan
Stanley Investment Management Inc.; President, Director and Chief
Executive Officer of the Investment Manager and Morgan Stanley
Services; Chairman, Chief Executive Officer and Director of the
Distributor; Chairman and Director of the Transfer Agent; Director of
various Morgan Stanley subsidiaries; President Morgan Stanley
Investments LP (since February 2003); President of the Institutional
Funds (since July 2003) and President of the Retail Funds and TCW/DW
Term Trust 2003 (since May 1999); Trustee (since July 2003) and
President (since December 2002) of the Van Kampen Closed-End Funds;
Trustee (since May 1999) and President (since October 2002) of the Van
Kampen Open-End Funds.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Ronald E. Robison
(64)<br>1221 Avenue of the Americas<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Vice President and Principal Executive
Officer<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since April 2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chief Global
Operations Officer and Managing Director of Morgan Stanley Investment
Management Inc.; Managing Director of Morgan Stanley &amp; Co.
Incorporated; Managing Director of Morgan Stanley; Managing Director,
Chief Administrative Officer and Director of the Investment Manager and
Morgan Stanley Services; Chief Executive Officer and Director of the
Transfer Agent; Executive Vice President and Principal Executive
Officer of the Institutional Funds (since July 2003); and the TCW/DW
Term Trust 2003 (since April 2003); previously President of the
Institutional Funds (March 2001-July 2003) and Director of the
Institutional Funds (March 2001-July 2003).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Barry
Fink (48)<br>1221 Avenue of the Americas<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President and General
Counsel<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>February 1997<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">General
Counsel (since May 2000) and Managing Director (since December 2000) of
Morgan Stanley Investment Management; Managing Director (since December
2000), Secretary (since February 1997) and Director (since July 1998)
of the Investment Manager and Morgan Stanley Services; Assistant
Secretary of Morgan Stanley DW; Chief Legal Officer of Morgan Stanley
Investments LP (since July 2002); Vice President of the Institutional
Funds (since July 2003); Vice President and Secretary of the
Distributor; previously Secretary of the Retail Funds (February
1997-July 2003); previously Vice President and Assistant General
Counsel of the Investment Manager and Morgan Stanley Services (February
1997-December 2001).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Joseph J. McAlinden
(60)<br>1221 Avenue of the Americas<br>New York, NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice
President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since July 1995<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing Director
and Chief Investment Officer of the Investment Manager, Morgan Stanley
Investment Management Inc. and Morgan Stanley Investments LP; Director
of the Transfer Agent, Chief Investment Officer of the Van Kampen
Funds; Vice President of the Institutional Funds (since July 2003) and
the Retail Funds (since July 1995).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Stefanie V.
Chang (36)<br>1221 Avenue of the Americas<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Director of Morgan Stanley &amp; Co. and
Morgan Stanley Investment Management Inc. and Vice President of the
Institutional Funds (since December 1997) and the Retail Funds (since
July 2003); formerly practiced law with the New York law firm of Rogers
&amp; Wells (now Clifford Chance
LLP).</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">26</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Insured Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Trustee and Officer Information  <font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="335"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 36pt;" align="center" valign="bottom" colspan="3">Name,
Age and Address of<br>Executive Officer</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 36pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held
with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 36pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>Term of<br>Office
and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 36pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)
During Past 5 Years**</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Francis J. Smith (38)<br>c/o
Morgan Stanley Trust<br>Harborside Financial Center,<br>Plaza
Two,<br>Jersey City, NJ<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Treasurer and Chief Financial
Officer<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Treasurer since July 2003 and Chief Financial
Officer since September 2002<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Director of the
Investment Manager and Morgan Stanley Services (since December 2001);
previously Vice President of the Retail Funds (September 2002-July
2003); previously Vice President of the Investment Manager and Morgan
Stanley Services (August 2000-November 2001) and Senior Manager at
PricewaterhouseCoopers LLP (January 1998-August
2000).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Thomas F. Caloia (57)<br>c/o Morgan Stanley
Trust<br>Harborside Financial Center,<br>Plaza Two,<br>Jersey City,
NJ</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Director (since December 2002) and
Assistant Treasurer of the Investment Manager, the Distributor and
Morgan Stanley Services; previously Treasurer of the Retail Funds
(April 1989-July 2003); formerly First Vice President of the Investment
Manager, the Distributor and Morgan Stanley
Services.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Mary E. Mullin (36)<br>1221 Avenue
of the Americas<br>New York,
NY<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Secretary<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President of Morgan Stanley &amp; Co.
Incorporated and Morgan Stanley Investment Management Inc.; Secretary
of the Institutional Funds (since June 1999) and the Retail Funds
(since July 2003); formerly practiced law with the New York law firms
of McDermott, Will &amp; Emery and Skadden, Arps, Slate, Meagher &amp;
Flom
LLP.<br></td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 8"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 8pt">
This is the earliest date the Officer began serving the Retail Funds.
Each Officer serves an indefinite term, until his or her successor is
elected.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="right" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&nbsp;&nbsp;**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The dates
referenced below indicating commencement of service as an Officer for
the Retail and Institutional Funds reflect the earliest date the
Officer began serving the Retail or Institutional Funds as
applicable.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">27</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<table cellpadding="0" cellspacing="0" border="0" width="550">
<tr>
<td><img src="spacer.gif" height="1" width="250"></td>

<td><img src="spacer.gif" height="1" width="50"></td>

<td><img src="spacer.gif" height="1" width="250"></td>

</tr>

<tr>
<td rowspan="3"><p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Trustees</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Michael Bozic<br>Charles
A. Fiumefreddo<br>Edwin J. Garn<br>Wayne E. Hedien<br>James F.
Higgins<br>Dr. Manuel H. Johnson<br>Joseph J. Kearns<br>Michael E.
Nugent<br>Philip J. Purcell<br>Fergus
Reid</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Officers</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Charles A.
Fiumefreddo<br><font style="font-weight: normal; color: #000000;"><i>Chairman of the Board</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mitchell M.
Merin<br><font style="font-weight: normal; color: #000000;"><i>President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Ronald E.
Robison<br><font style="font-weight: normal; color: #000000;"><i>Executive Vice President </i></font>and <font style="font-weight: normal; color: #000000;"><i>Principal Executive
Officer</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Barry Fink<br><font style="font-weight: normal; color: #000000;"><i>Vice President </i></font>and
<font style="font-weight: normal; color: #000000;"><i>General Counsel</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Joseph J. McAlinden<br><font style="font-weight: normal; color: #000000;"><i>Vice
President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Stefanie V. Chang<br><font style="font-weight: normal; color: #000000;"><i>Vice
President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Francis J. Smith<br><font style="font-weight: normal; color: #000000;"><i>Treasurer </i></font>and <font style="font-weight: normal; color: #000000;"><i>Chief
Financial Officer</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Thomas F. Caloia<br><font style="font-weight: normal; color: #000000;"><i>Vice
President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mary E.
Mullin<br><font style="font-weight: normal; color: #000000;"><i>Secretary</i></font></p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Transfer
Agent</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Trust<br>Harborside Financial
Center, Plaza Two<br>Jersey City, New Jersey 07311</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Independent
Auditors</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Deloitte &amp; Touche LLP<br>Two World
Financial Center<br>New York, New York 10281</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Investment
Manager</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.2pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Investment Advisors
Inc.<br>1221 Avenue of the Americas<br>New York, New York 10020</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:6.42pt;  width: 200pt; text-align: left; font-style: normal; line-height: 7.62pt; padding-top:60pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Investments and services offered through
Morgan Stanley DW Inc., member
SIPC.</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:6.42pt;  width: 200pt; text-align: left; font-style: normal; line-height: 8.42pt; padding-top:12pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&copy; 2003 Morgan
Stanley</p>
<img src="html_mslogok50.jpg" style="margin-left: 44pt"><br><br><font style="font-family: sans-serif; font-size: 8pt; padding-left: 44pt; margin-top: 20pt; padding-bottom: 10pt;">37958RPT-00-13047L03-0P-12/03</font></td>

<td rowspan="3"><img src="spacer.gif" height="1" width="50"></td>

<td align="right" valign="top"><font style="font-family: sans-serif; font-size: 10pt; padding-left: 44pt; margin-top: 20pt; padding-bottom: 10pt;  font-weight: bold; width: 150pt;">MORGAN STANLEY FUNDS</font></td>

</tr>

<tr>
<td align="right"><br><br><font style="font-size: 18pt; color: #064731; font-family: sans-serif">Morgan
Stanley<br>Insured Municipal<br>Income
Trust</font><br><br><br><br><br><br><font style="font-size: 12pt; color: #999999; font-family: sans-serif">Annual Report<br>October  31, 2003</font><br><br><br><br><br><br><br><br><br><br><br></td>

</tr>

<tr>
<td align="right" valign="bottom"><img src="html_mslogoko.jpg"></td>

</tr>

</table>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>

<PRE>
<PAGE>
Item 2.  Code of Ethics.

(a)      The Trust has adopted a code of ethics (the "Code of Ethics") that
applies to its principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the Trust or
a third party.

(b)      No information need be disclosed pursuant to this paragraph.

(c)      Not applicable.

(d)      Not applicable.

(e)      Not applicable.

(f)

         (1)      The Trust's Code of Ethics is attached hereto as Exhibit A.

         (2)      Not applicable.

         (3)      Not applicable.



Item 3.  Audit Committee Financial Expert.

The Trust's Board of Trustees has determined that it has two "audit committee
financial experts" serving on its audit committee, each of whom are
"independent" Trustees: Dr. Manuel H. Johnson and Joseph J. Kearns. Under
applicable securities laws, a person who is determined to be an audit committee
financial expert will not be deemed an "expert" for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of 1933,
as a result of being designated or identified as an audit committee financial
expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or
liabilities that are greater than the duties, obligations, and liabilities
imposed on such person as a member of the audit committee and Board of Trustees
in the absence of such designation or identification.



Item 4. Principal Accountant Fees and Services

Applicable only for reports covering fiscal years ending on or after December
15, 2003.




<PAGE>

Item 5. Audit Committee of Listed Registrants.

Applicable only for reports covering periods ending on or after the earlier of
(i) the first annual shareholder meeting after January 15, 2004 or (ii) October
31, 2004.


Item 6. [Reserved.]


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

The Trust invests in exclusively non-voting securities and therefore this item
is not applicable.


Item 8. [Reserved.]


Item 9 - Controls and Procedures

(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.

There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.


(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.


                                       2
<PAGE>



Item 10 Exhibits
(a) The Code of Ethics for Principal Executive and Senior Financial Officers is
attached hereto.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.



                                       3
<PAGE>








                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Insured Municipal Income Trust

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
December 18, 2003

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
December 18, 2003

/s/ Francis Smith
Francis Smith
Principal Financial Officer
December 18, 2003









                                       4
<PAGE>
                                                                    EXHIBIT 10 A

      CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
                              ADOPTED JULY 31, 2003



I.       This Code of Ethics (the "Code") for the investment companies within
         the Morgan Stanley complex identified in Exhibit A (collectively,
         "Funds" and each, a "Fund") applies to each Fund's Principal Executive
         Officer, President, Principal Financial Officer and Treasurer (or
         persons performing similar functions) ("Covered Officers" each of whom
         are set forth in Exhibit B) for the purpose of promoting:

         o        honest and ethical conduct, including the ethical handling of
                  actual or apparent conflicts of interest between personal and
                  professional relationships.

         o        full, fair, accurate, timely and understandable disclosure in
                  reports and documents that a company files with, or submits
                  to, the Securities and Exchange Commission ("SEC") and in
                  other public communications made by the Fund;

         o        compliance with applicable laws and governmental rules and
                  regulations;

         o        prompt internal reporting of violations of the Code to an
                  appropriate person or persons identified in the Code; and

         o        accountability for adherence to the Code.

                  Each Covered Officer should adhere to a high standard of
business ethics and should be sensitive to situations that may give rise to
actual as well as apparent conflicts of interest. Any question about the
application of the Code should be referred to the General Counsel or his/her
designee (who is set forth in Exhibit C).

II.      COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS
         OF INTEREST

         OVERVIEW. A "conflict of interest" occurs when a Covered Officer's
private interest interferes, or appears to interfere, with the interests of, or
his service to, the Fund.


                                       5
<PAGE>

For example, a conflict of interest would arise if a Covered Officer, or a
member of his family, receives improper personal benefits as a result of his
position with the Fund.

         Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act") and
the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with the Fund because of
their status as "affiliated persons" (as defined in the Investment Company Act)
of the Fund. The Fund's and its investment adviser's compliance programs and
procedures are designed to prevent, or identify and correct, violations of these
provisions. This Code does not, and is not intended to, repeat or replace these
programs and procedures, and such conflicts fall outside the parameters of this
Code, unless or until the General Counsel determines that any violation of such
programs and procedures is also a violation of this Code.

         Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and its investment adviser of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Fund or for the investment adviser, or for both), be involved
in establishing policies and implementing decisions that will have different
effects on the Fund and its investment adviser. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Fund and the investment adviser and is consistent with the performance by
the Covered Officers of their duties as officers of the Fund. Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically. In addition, it is recognized by the Funds' Boards of
Directors/Trustees ("Boards") that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other
codes.

         Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of
conflicts of interest under the Code, but Covered Officers should keep in mind
that these examples are not exhaustive. The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of the Fund.

         Each Covered Officer must not:

         o        use his personal influence or personal relationships
                  improperly to influence investment decisions or financial
                  reporting by the Fund whereby the Covered Officer would
                  benefit personally (directly or indirectly) to the detriment
                  of the Fund;



                                       6
<PAGE>

         o        cause the Fund to take action, or fail to take action, for the
                  individual personal benefit of the Covered Officer rather than
                  the benefit of the Fund; or

         o        use material non-public knowledge of portfolio transactions
                  made or contemplated for, or actions proposed to be taken by,
                  the Fund to trade personally or cause others to trade
                  personally in contemplation of the market effect of such
                  transactions.

         Each Covered Officer must, at the time of signing this Code, report to
the General Counsel all affiliations or significant business relationships
outside the Morgan Stanley complex and must update the report annually.

         Conflict of interest situations should always be approved by the
General Counsel and communicated to the relevant Fund or Fund's Board. Any
activity or relationship that would present such a conflict for a Covered
Officer would likely also present a conflict for the Covered Officer if an
immediate member of the Covered Officer's family living in the same household
engages in such an activity or has such a relationship. Examples of these
include:

         o        service or significant business relationships as a director on
                  the board of any public or private company;

         o        accepting directly or indirectly, anything of value, including
                  gifts and gratuities in excess of $100 per year from any
                  person or entity with which the Fund has current or
                  prospective business dealings, not including occasional meals
                  or tickets for theatre or sporting events or other similar
                  entertainment; provided it is business-related, reasonable in
                  cost, appropriate as to time and place, and not so frequent as
                  to raise any question of impropriety;

         o        any ownership interest in, or any consulting or employment
                  relationship with, any of the Fund's service providers, other
                  than its investment adviser, principal underwriter, or any
                  affiliated person thereof; and

         o        a direct or indirect financial interest in commissions,
                  transaction charges or spreads paid by the Fund for effecting
                  portfolio transactions or for selling or redeeming shares
                  other than an interest arising from the Covered Officer's
                  employment, such as compensation or equity ownership.

III.     DISCLOSURE AND COMPLIANCE

         o        Each Covered Officer should familiarize himself/herself with
                  the disclosure and compliance requirements generally
                  applicable to the Funds;

         o        each Covered Officer must not knowingly misrepresent, or cause
                  others to misrepresent, facts about the Fund to others,
                  whether within or outside the


                                       7
<PAGE>

                  Fund, including to the Fund's Directors/Trustees and auditors,
                  or to governmental regulators and self-regulatory
                  organizations;

         o        each Covered Officer should, to the extent appropriate within
                  his area of responsibility, consult with other officers and
                  employees of the Funds and their investment advisers with the
                  goal of promoting full, fair, accurate, timely and
                  understandable disclosure in the reports and documents the
                  Funds file with, or submit to, the SEC and in other public
                  communications made by the Funds; and

o                 it is the responsibility of each Covered Officer to promote
                  compliance with the standards and restrictions imposed by
                  applicable laws, rules and regulations.

IV.      REPORTING AND ACCOUNTABILITY

         Each Covered Officer must:

         o        upon adoption of the Code (thereafter as applicable, upon
                  becoming a Covered Officer), affirm in writing to the Boards
                  that he has received, read and understands the Code;

         o        annually thereafter affirm to the Boards that he has complied
                  with the requirements of the Code;

         o        not retaliate against any other Covered Officer, other officer
                  or any employee of the Funds or their affiliated persons for
                  reports of potential violations that are made in good faith;
                  and

         o        notify the General Counsel promptly if he/she knows or
                  suspects of any violation of this Code. Failure to do so is
                  itself a violation of this Code.

         The General Counsel is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any waivers(1) sought
by a Covered Officer must be considered by the Board of the relevant Fund or
Funds.

         The Funds will follow these procedures in investigating and enforcing
this Code:

         o        the General Counsel will take all appropriate action to
                  investigate any potential violations reported to him;


- -------------
(1)  Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
     a material departure from a provision of the code of ethics."


                                       8
<PAGE>

         o        if, after such investigation, the General Counsel believes
                  that no violation has occurred, the General Counsel is not
                  required to take any further action;

         o        any matter that the General Counsel believes is a violation
                  will be reported to the relevant Fund's Audit Committee;

         o        if the directors/trustees/managing general partners who are
                  not "interested persons" as defined by the Investment Company
                  Act (the "Independent Directors/Trustees/Managing General
                  Partners") of the relevant Fund concur that a violation has
                  occurred, they will consider appropriate action, which may
                  include review of, and appropriate modifications to,
                  applicable policies and procedures; notification to
                  appropriate personnel of the investment adviser or its board;
                  or a recommendation to dismiss the Covered Officer or other
                  appropriate disciplinary actions;

         o        the Independent Directors/Trustees/Managing General Partners
                  of the relevant Fund will be responsible for granting waivers
                  of this Code, as appropriate; and

         o        any changes to or waivers of this Code will, to the extent
                  required, be disclosed as provided by SEC rules.

V.       OTHER POLICIES AND PROCEDURES

         This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds, the Funds' investment advisers, principal
underwriters, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code unless any provision of this Code conflicts
with any applicable federal or state law, in which case the requirements of such
law will govern. The Funds' and their investment advisers' and principal
underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act
and Morgan Stanley's Code of Ethics are separate requirements applying to the
Covered Officers and others, and are not part of this Code.

VI.      AMENDMENTS

         Any amendments to this Code, other than amendments to Exhibits A, B or
C, must be approved or ratified by a majority vote of the Board of each Fund,
including a majority of Independent Directors/Trustees/Managing General
Partners.




                                       9
<PAGE>

VII.     CONFIDENTIALITY

         All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the Independent
Directors/Trustees/Managing General Partners of the relevant Fund or Funds and
their counsel, the relevant Fund or Funds and their counsel and the relevant
investment adviser and its counsel.




                                       10
<PAGE>





VIII.    INTERNAL USE

         The Code is intended solely for the internal use by the Funds and does
not constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion



I have read and understand the terms of the above Code. I recognize the
responsibilities and obligations incurred by me as a result of my being subject
to the Code. I hereby agree to abide by the above Code.


- --------------------------

Date:
     ---------------------




                                       11
<PAGE>





                                    EXHIBIT B

                               INSTITUTIONAL FUNDS
                                COVERED OFFICERS

                          Mitchell M. Merin - President
  Ronald E. Robison - Executive Vice President and Principal Executive Officer
            James W. Garrett - Chief Financial Officer and Treasurer

                                  RETAIL FUNDS
                                COVERED OFFICERS

                          Mitchell M. Merin - President
  Ronald E. Robison - Executive Vice President and Principal Executive Officer
               Frank Smith - Chief Financial Officer and Treasurer




                                       12
<PAGE>





                                    EXHIBIT C

                                 GENERAL COUNSEL

                                   Barry Fink



                                       13
<PAGE>




                                                                   EXHIBIT 10 B1

                  CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

                                 CERTIFICATIONS

I, Ronald E. Robison, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley Insured
     Municipal Income Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

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

[b)  Omitted.]

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

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

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

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and



                                       14
<PAGE>

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date:  December 18, 2003

                                                    /s/ Ronald E. Robison
                                                    Ronald E. Robison
                                                    Principal Executive Officer






                                       15
<PAGE>



                                                                   EXHIBIT 10 B2

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

                                 CERTIFICATIONS

I, Francis Smith, certify that:

6.   I have reviewed this report on Form N-CSR of Morgan Stanley Insured
     Municipal Income Trust;

7.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

8.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

9.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

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

[b)  Omitted.]

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

f)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

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

c)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and



                                       16
<PAGE>

d)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date:  December 18, 2003

                                                      /s/ Francis Smith
                                                      Francis Smith
                                                      Principal Financial Officer





                                       17
<PAGE>




                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Insured Municipal Income Trust

         In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2003 that is accompanied by
this certification, the undersigned hereby certifies that:

1.       The Report fully complies with the requirements of Section 13(a) or
         15(d) of the Securities Exchange Act of 1934; and

2.       The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations of
         the Issuer.



Date: December 18, 2003                           /s/ Ronald E. Robison
                                                  ---------------------------
                                                  Ronald E. Robison
                                                  Principal Executive Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Insured Municipal Income Trust and will be retained
by Morgan Stanley Insured Municipal Income Trust and furnished to the Securities
and Exchange Commission or its staff upon request.



                                       18
<PAGE>



                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Insured Municipal Income Trust

         In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2003 that is accompanied by
this certification, the undersigned hereby certifies that:

1.       The Report fully complies with the requirements of Section 13(a) or
         15(d) of the Securities Exchange Act of 1934; and

2.       The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations of
         the Issuer.



Date: December 18, 2003                             /s/ Francis Smith
                                                    ----------------------
                                                    Francis Smith
                                                    Principal Financial Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Insured Municipal Income Trust and will be retained
by Morgan Stanley Insured Municipal Income Trust and furnished to the Securities
and Exchange Commission or its staff upon request.





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