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<SEC-DOCUMENT>0000950136-04-002103.txt : 20040630
<SEC-HEADER>0000950136-04-002103.hdr.sgml : 20040630
<ACCEPTANCE-DATETIME>20040630124101
ACCESSION NUMBER:		0000950136-04-002103
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040630
EFFECTIVENESS DATE:		20040630

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:		04890690

	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>SEMIANNUAL 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, 2004

Date of reporting period: April 30, 2004


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 semiannual 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's shares may be
less than what you paid for them. Accordingly, you can lose money
investing in this Trust.</td>

</tr>

</table>

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<td><img src="spacer.gif" height="24" width="1"></td>

</tr>

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

</tr>

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



<page>
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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">Fund Report</td>

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

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">For the six-month period ended April 30, 2004</td>

</tr>

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

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

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</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; ">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">The U.S. economy continued to show improvement over
the six-month period under review. Gross domestic product growth topped
4 percent in both quarters. While strength in output has historically
led to higher interest rates, yields remained stubbornly low across the
curve. These yields reflected low levels of observed inflation in the
economy and gradual improvement in employment. The Federal Open
Market  Committee maintained its accommodative monetary
policy.</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">Surprising job growth in March, combined with escalating
oil prices, led investors to anticipate that the Fed would raise
interest rates sooner rather than later. Yet at its April meeting, the
Federal Reserve did not change its short-term lending rate but did
signal a prospective shift in policy. As a result, bond yields spiked
across sectors and maturities.</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 supply of new municipal bonds
in calendar 2003 reached record levels as municipalities took advantage
of historically low interest rates. Many cities and states reduced
expenditures by refinancing existing debt at lower yields. In other
cases, municipalities attempted to meet budget needs by issuing
additional debt. In the first months of 2004, bond sales began to
slow.</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">Low interest rates also had an impact on the demand for
municipal bonds. Retail and mutual fund activity slowed as holders of
municipal bonds saw little reason to sell bonds purchased at higher
yields and reinvest at historically low yields. However, insurance
companies and hedge funds purchased municipal bonds based on their
attractiveness relative to taxable securities. Additionally, investors
stretched for yield by buying lower-rated bonds, causing credit spreads
to tighten.</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) decreased
from $15.76  to $15.17 per share for the six-month period ended
April 30, 2004. Based on this change plus reinvestment of tax-free
dividends totaling $0.465 per share and long-term capital gains of
$0.287107 per share, the Trust's total NAV return was 1.21
percent. The Trust's value on the New York Stock Exchange (NYSE)
decreased from $14.73 to $13.64 per share during the same period. Based
on this change plus reinvestment of distributions, the Trust's
total market return was &ndash;2.63 percent. On April 30, 2004,
IIM's NYSE market price was at a 10.09 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 second quarter of 2004,
declared in March, were unchanged at $0.0775 per share. The 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 $0.144 per share on April 30,
2004, versus $0.194 per share six months
earlier.</p>

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

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

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

</tr>

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

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

</tr>

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

</tr>

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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>

</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: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 Trust's
duration*
was targeted to be shorter than its benchmark index. The duration,
adjusted for leverage, was 11.1 years. Treasury futures were sold to
reduce interest-rate exposure without raising the level of cash in the
portfolio. We maintained an average tax-exempt bond maturity objective
of 20 years to take advantage of the steepness of the municipal yield
curve. Revenue bonds in sectors with reliable income streams from
essential services such as municipal electric, transportation and water
and sewer systems were emphasized. The Trust's net assets,
including preferred shares, of $518 million were diversified across 78
credits in 11 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 distribution to holders of
common shares includes incremental income provided by the Trust's
outstanding Auction Rate Preferred Shares (ARPS). ARPS dividends
reflect prevailing short-term interest rates on maturities ranging from
one week to two years. Incremental income to holders of common shares
depends on two factors: the amount of ARPS outstanding, and the spread
between the portfolio's cost yield and its ARPS auction rate and
expenses. The greater the spread and the higher the amount of ARPS
outstanding, the greater the amount of incremental income there is
available for distribution to holders of common shares. The level of
net investment income available for distribution to holders of common
shares 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
six-month period under review, ARPS leverage contributed approximately
$0.08 per share to common-share earnings. The Trust has five ARPS
series totaling $155 million and representing 30 percent of net assets,
including preferred shares. These series are currently in two-year
auction modes with maturities ranging from July 2004 to January 2006.
The yields ranged from 1.20 to 2.20 percent. The latest auction of $20
million Series 4 ARPS in January received a rate of 1.48
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 procedures to reduce or eliminate the amount of outstanding
ARPS, including their purchase in the open market or in privately
negotiated transactions.</p>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
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<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -3pt">*
A measure of the sensitivity of a bond's price to changes in
interest rates, expressed in years. Each year of duration represents an
expected 1 percent change in the price of a bond for every 1 percent
change in interest rates. The longer a bond's duration, the
greater the effect of interest-rate movements on its price. Typically,
Trusts with shorter durations perform better in rising-interest-rate
environments, while Trusts with longer durations perform better when
rates decline.</td>

</tr>

</table>

<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="639"></td>

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

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

<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="16" width="55"></td>

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

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</table>

<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="218"></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"><b>LARGEST
SECTORS</b>&nbsp;</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">Electric</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;">15.8</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">General
Obligation</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;">15.7</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">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;">14.4</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;">6.1</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><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="218"></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"><b>CREDIT
ENHANCEMENTS</b>&nbsp;</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">MBIA</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;">30.7</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">Ambac</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;">30.0</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;">23.3</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;">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">XLCA</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;">0.8</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>
<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">Data
as April 30, 2004. Subject to change daily. All percentages are as a
percentage of long-term investments. Provided for informational
purposes only and should not be deemed a recommendation to buy or sell
the securities mentioned. Morgan Stanley is a full-service securities
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: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) As of April 30, 2004</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: 19
Years</p>
<div align="center" style="width:  593;"><img src="html_62289dbm.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: -3pt">Portfolio structure is subject to
change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;  width: 534pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">
<font style="font-weight: normal; font-style: normal">Geographic
Summary of Investments<br>Based on Market Value as a Percent of Total
Investments</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="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="104"></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;">1.6</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">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;">11.5</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">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;">1.5</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">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;">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">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;">9.1</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">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;">6.9</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">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;">3.8</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">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;">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">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;">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">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;">5.1</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">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;">3.8</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">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;">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">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;">4.5</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">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;">1.8</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
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;">9.6</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">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;">1.3</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">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;">1.0</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">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;">4.3</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">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;">2.0</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">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;">3.7</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">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;">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;%&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;">12.2</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">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;">1.0</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">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;">1.3</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">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;">2.6</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">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: 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;">0.6</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">Joint
exemptions*</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;">(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">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;%&nbsp;</td>

</tr>

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

</tr>

</table>

</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>

</tr>

<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="60"></td>

<td><img src="spacer.gif" height="1" width="533"></td>

</tr>

<tr>
<td><img src="spacer.gif" height="8" width="1"></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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 12pt; 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">
Joint exemptions have been included in each geographic
location.</td>

</tr>

</table>

<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">(Based on Long-Term Portfolio) As of April 30, 2004</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: 6pt; ">Years
Bonds Callable<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>&mdash;<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>Weighted Average Call
Protection: 8
Years</p>
<div align="center" style="width:  593;"><img src="html_62289call.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: 6pt; ">Cost (Book)
Yield<sup>(b)</sup>
<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>&mdash;<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>Weighted Average Book
Yield:
5.2%</p>
<div align="center" style="width:  593;"><img src="html_62289cost.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="left" 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: -10"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" 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: -10pt">(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: -10pt"> 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 12% of the long-term portfolio that
is callable in 2004.</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="left" 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">&nbsp;&nbsp;&nbsp;</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"> Portfolio structure
is subject to change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">6</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">  April 30, 2004 (unaudited)</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;&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
(134.2%)</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
(21.0%)</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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, 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;4,862,400</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: 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>

</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;">5,551,050</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">6,675,780</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;">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">Florida
State Board of Education, Capital Outlay Refg 2002 Ser C
(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;">8,310,400</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: 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>

</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">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;">1,099,650</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;">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">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;">2,190,580</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;">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;">15,553,200</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;">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;">16,592,550</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;">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 &ndash; 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;">8,313,040</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: 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>

</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 &ndash; 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;">8.662</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">1,082,361</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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 &ndash; 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;">8.662</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">1,675,606</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: 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;">4,330,440</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">71,550</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;">76,237,057</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(6.4%)</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>

</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;">2,526,275</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="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)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,088,960</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,008,850</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;">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;">4,305,080</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">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;">4,037,720</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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 Impr
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;">5,252,650</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;">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;">23,219,535</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(21.3%)</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>

</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;">10,714,500</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;">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, 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;">3,518,038</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">4,993,400</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><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">  April 30, 2004 (unaudited)<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;&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, 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;3,010,470</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">6,330,720</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,149,670</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">10,061,500</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Memphis,
Tennessee, Jr Lien Refg 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;">12/01/15</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;">5,298,600</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">Lower
Colorado River Authority,
Texas,</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;">11,207,200</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: 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;">5,001,350</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">8,741,656</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">5,108,500</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: 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;">74,075</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;">77,135,604</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(8.6%)</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;">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;">5,564,500</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: 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;">5,212,450</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;">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;">5,622,760</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: 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;">2,014,000</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;">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;">4,090,080</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">Amarillo
Health Facilities Corporation,
Texas,</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;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;">3,284,491</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;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;">5,506,984</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">29,595</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;">31,295,265</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(7.8%)</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>

</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;">7,526,625</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>

</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;">5,489,350</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">  April 30, 2004 (unaudited)<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;&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;">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&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;">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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;12,147,000</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;">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;">10.093</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">3,079,830</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;">27,500</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;">28,242,805</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(8.2%)</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>

</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">San
Jose Financing Authority, California, Civic Center Ser 2002
(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;">2,953,560</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">14,966,850</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;">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;">3,264,060</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">Kentucky
Property &amp; Building Commission, 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;">4,085,760</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;">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" 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 Dormitory Authority, School Districts 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: 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;">4,577,160</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">29,200</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" 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;">29,847,390</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(2.6%)</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>

</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;">2,080,500</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">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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,077,550</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;">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" 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">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: 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;">2,462,472</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">10,400</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;">9,620,522</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(29.4%)</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">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>

</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 1st 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;">5,005,100</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;">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 1st Lien Ser 2003  A
(Ambac)&nbsp;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">9,976,400</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;">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;">10,128,240</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;">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, 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;">4,890,500</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;">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;">4,434,160</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
&ndash; 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;">5,091,050</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">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</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,060,450</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;">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;">9,186,390</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">  April 30, 2004 (unaudited)<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;&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">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>

</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;">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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;3,113,850</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;">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;">10,100,200</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;">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">Port
Authority of New York &amp; New Jersey, Cons 135 Ser
(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;">09/15/29</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;">4,008,640</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">10,501,499</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">5,461,600</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">Dallas
&ndash; 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;">9,283,050</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">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;">4,164,920</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;">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;">3,221,190</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">5,159,100</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: 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;">103,000</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;">106,786,339</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(19.4%)</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;">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">Oxnard
Financing Authority, California, Water Ser 2004
(XLCA)&nbsp;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">06/01/28</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;">3,985,960</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">4,996,600</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;">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;">1,001,820</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">5,009,300</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">Detroit,
Michigan,</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 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;">3,019,980</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,009,660</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;">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;">8,008,800</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;">5,080</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;">5,369,814</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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>

</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;">1,578,645</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">1,363,856</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">2,021,500</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;">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;">4,233,200</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;">5,479,700</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 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;">10,138,400</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;">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;">4,981,400</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><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">  April 30, 2004 (unaudited)<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;&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>

</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;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">Water System
RITES &ndash; PA &ndash; 1143 &ndash; 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;">8.633</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,530,660</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;">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">Water
System RITES &ndash; PA &ndash; 1143 &ndash; 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;">8.633</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">1,474,362</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,027,368</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">68,660</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" 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;">70,231,025</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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 (3.8%)</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;">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">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;">1,984,140</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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>

</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;">3,575</font></td>

<td bgcolor="#ffffff" style="font-family: 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">2004 Ser C
(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;">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;">3,704,594</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">2,107,240</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;">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;">2,619,975</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,278,550</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;">13,075</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;">13,694,499</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
(5.7%)</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>

</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, Electric 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;">10.12</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">06/01/05&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;">1,673,120</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;">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">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;">3,296,760</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: 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;">5,427,550</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;">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;">10,234,700</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;">19,600</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;">20,632,130</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">469,155</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="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&nbsp;<font style="font-weight: normal; color: #000000;"><i>(Cost
$473,564,466)</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;">486,942,171</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: 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
(5.3%)</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;">4,495</font></td>

<td bgcolor="#ffffff" style="font-family: 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
Facility Financing Authority, Clarian Health Ser 2000 B (Demand
05/03/04)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">03/01/30</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;">4,495,000</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;">2,800</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">East
Baton Rouge Parish, Louisiana, Exxon Corp Ser 1993<br>(Demand
05/03/04)</td>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,800,000</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><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">  April 30, 2004 (unaudited)<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;&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;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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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: 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;">7,173,046</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">4,900</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">Monroe
County, Michigan, Detroit Edison Co Ser CC (AMT) (MBIA) (Called for
redemption
06/01/04)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: 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;">4,969,727</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">19,045</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="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&nbsp;<font style="font-weight: normal; color: #000000;"><i>(Cost
$19,157,898)</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;">19,437,773</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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: 4pt;" 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: 4pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">488,200</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: 4pt" 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: 4pt;" align="left" valign="top" colspan="7">Total
Investments&nbsp;<font style="font-weight: normal; color: #000000;"><i>(Cost $492,722,364)</i></font> (a)
(b)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">139.5</font></td>

<td bgcolor="#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;%&nbsp;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">506,379,944</font></td>

<td bgcolor="#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: #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;3.2</font></td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,784,841</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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: 4pt;" 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: 4pt;" align="right" valign="bottom" colspan="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: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;(42.7</font></td>

<td bgcolor="#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">)<font style="letter-spacing: 6pt;">&nbsp;&nbsp;</font>&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: 4pt;" align="right" valign="bottom" colspan="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: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(155,212,304</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: 4pt" 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: 4pt;" 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: 4pt;" align="right" valign="bottom" colspan="1">&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: 4pt" 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: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&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: 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: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,952,481</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: 4pt" 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 18pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">Note:</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: 8"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 8pt">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: 8pt">
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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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 in the amount of
$1,586,250.</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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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 inverse floating rate municipal obligation. This rate
resets periodically as the auction rate on the related security
changes. Positions in inverse floating rate municipal obligations have
a total value of $17,688,985 which represents 4.9% 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: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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"> Joint exemption in
New York and New Jersey.</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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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
$149,730,258 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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; 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 approximates the aggregate cost for
book purposes. The aggregate gross unrealized appreciation is
$16,443,627 and the aggregate gross unrealized depreciation is
$2,786,047, resulting in net unrealized appreciation of
$13,657,580.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="593">
<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"><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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">Ambac</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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FGIC</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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FSA</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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">MBIA</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>

<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="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">XLCA</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"> XL Capital
Assurance Inc.</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: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Futures Contracts Open at
April 30, 2004:</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="142"></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="142"></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="142"></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="142"></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,<br>DELIVERY
MONTH<br>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<br>FACE AMOUNT<br>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>APPRECIATION</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">450</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;
June/2004</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">$(49,471,875)</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">$1,049,936</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">900</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
June/2004</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">(99,450,000)</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="3">2,906,325</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
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: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$3,956,261</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; ">April 30, 2004
(unaudited)</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>

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

<td bgcolor="#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">Investments
in securities, at value<br>(cost
$492,722,364)</td>

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

<td bgcolor="#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;">506,379,944</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">19,530</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">Receivable
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">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: 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;">8,365,002</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
sold </td>

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

<td bgcolor="#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;">3,538,247</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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 and other
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: 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;">713,987</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
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: 0pt;" align="right" valign="bottom" colspan="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;">519,016,710</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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: 8pt;" 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: 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;"></font></td>

<td bgcolor="#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: 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">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;">176,847</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">167,961</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">386,712</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">Accrued expenses and other
payables </td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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;">120,405</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
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: 0pt;" align="right" valign="bottom" colspan="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;">851,925</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">Preferred shares
of beneficial interest (at liquidation value) <font style="font-weight: normal; color: #000000;"><i>(1,000,000 shares
authorized<br>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;">155,212,304</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: 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;">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: 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;">362,952,481</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">&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: 8pt;" 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: 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;"></font></td>

<td bgcolor="#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: 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>23,919,238 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;">345,698,738</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: 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;">17,613,841</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">3,438,110</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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 net realized
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: 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;">(3,798,208</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: #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 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: 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;">362,952,481</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">&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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Asset Value Per Common Share,<br><font style="font-weight: normal; color: #000000;"><i>($362,952,481 divided by
23,919,238 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;">15.17</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>

</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
six months ended April 30, 2004
(unaudited)</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>

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

<td bgcolor="#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: 3pt;" 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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,014,865</font></td>

<td bgcolor="#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">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;">935,194</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">385,873</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">86,188</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">34,792</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">21,621</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">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;">16,019</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">8,310</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">6,625</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>

</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;">5,115</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">28,485</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">1,528,222</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">&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;">(4,947</font></td>

<td bgcolor="#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: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
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: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; 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: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,523,275</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: 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: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Investment
Income</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: 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: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,491,590</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: 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: 8pt;" 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: 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;"></font></td>

<td bgcolor="#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: 0pt;" align="left" valign="bottom" colspan="3">Net Realized
Gain (Loss)
on:</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">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;">1,192,102</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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">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;">(7,828,472</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">Net
Realized Loss
</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: 0pt;" align="right" valign="bottom" colspan="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;">(6,636,370</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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: 8pt;" align="left" valign="bottom" colspan="3">Net
Change in Unrealized Appreciation/Depreciation
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: 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;"></font></td>

<td bgcolor="#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: 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;">(6,467,700</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: 0pt; text-indent: 0pt; 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;">6,794,437</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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
Appreciation
</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: 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: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">326,737</font></td>

<td bgcolor="#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: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Loss</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: 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: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,309,633</font></td>

<td bgcolor="#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: 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;">(1,543,748</font></td>

<td bgcolor="#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: 5pt;" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,638,209</font></td>

<td bgcolor="#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><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="421"></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 SIX<br>MONTHS ENDED<br>APRIL 30, 2004</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>

</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: 9pt; 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"><font style="font-style: italic; color: #000000">(unaudited)</font>&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">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;">11,491,590</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#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>

</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 (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;">(6,636,370</font></td>

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

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

<td bgcolor="#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>

</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/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: 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;">326,737</font></td>

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

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

<td bgcolor="#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>

</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;">(1,543,748</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(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>

</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: 1px solid #000000 ;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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,638,209</font></td>

<td bgcolor="#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" 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: 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: 1px solid #000000 ; 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>

</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: 8pt;" align="left" valign="bottom" colspan="3">Dividends
and Distributions to Common Shareholder
from:</td>

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

<td bgcolor="#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;"></font></td>

<td bgcolor="#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;"></font></td>

<td bgcolor="#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: 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">&nbsp;</td>

<td bgcolor="#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;">(11,204,638</font></td>

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

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

<td bgcolor="#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>

</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: 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;">(6,940,823</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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="center" valign="bottom" colspan="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="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; 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;">Total
Dividends and
Distributions</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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(18,145,461</font></td>

<td bgcolor="#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" 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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" 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: 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: 8pt;" 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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(4,685,686</font></td>

<td bgcolor="#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" 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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" 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: 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: 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;">(19,192,938</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: 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;">(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>

</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: 8pt;" 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: 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;"></font></td>

<td bgcolor="#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;"></font></td>

<td bgcolor="#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: 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;">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: 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;">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 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: 8pt;" 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 $3,438,110 and $4,694,906, 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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">362,952,481</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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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">  April 30, 2004 (unaudited)</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 mean between the last
reported bid and asked price. 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. The Trustees believe that timely
and reliable market quotations are generally not readily available for
purposes of valuing tax-exempt securities and that the valuations
supplied by the pricing service are more likely to approximate the fair
value of such securities; (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: 6pt; 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; 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">  April 30, 2004 (unaudited)<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;">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;  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 the Investment Manager 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 six months ended April 30, 2004, aggregated $20,032,123 and
$38,519,470, respectively.</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 April
30, 2004, the Trust had transfer agent fees and expenses payable of
approximately $15,700.</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 certain 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 factors which include years of service and compensation.
Aggregate pension costs for the year ended April 30, 2004, included in
Trustees' fees and expenses in the Statement of Operations
amounted to $3,070. At April 30, 2004, the Trust had an accrued pension
liability of $50,387 which is included in accrued expenses in the
Statement of Assets and Liabilities. On December  2,
2003, the Trustees voted to close the plan to new participants and
eliminate the future benefits growth due to increases to compensation
after July 31, 2003.</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">Effective April 1, 2004, the Trust began an
unfunded Deferred Compensation Plan (the "Compensation
Plan"), which allows each independent Trustee to defer
payment of all, or a portion, of the fees he receives for serving on
the Board of Trustees. Each eligible Trustee generally may elect to
have the deferred amounts credited with a return equal to the total
return on one or more of the Morgan Stanley funds that are offered as
investment options under the Compensation Plan.
Appreciation/depreciation and distributions received from these
investments are recorded with an offsetting increase/decrease in the
deferred compensation obligation and do not affect the net asset value
of the Trust.</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">  April 30, 2004 (unaudited)<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; ">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: 0pt; 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;  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="62"></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="129"></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" 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">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"><font style="letter-spacing: 5pt;">&nbsp;&nbsp;</font>1.36%</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">1.20</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">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;">1.48</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;">01/09/06</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">1.48
&ndash;
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">1.70</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: 7pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
As of April 30, 2004.</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: 7pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> For the six
months ended April 30, 2004.</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 April 30,
2004 and up through June 4, 2004, the Trust paid dividends to each of
the Series 1 through 5 at rates ranging from 1.20% to
2.20% in the aggregate amount of $424,608.</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: 6pt; 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:#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">  April 30, 2004 (unaudited)<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; ">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="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>

<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,
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">$</td>

<td bgcolor="#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">$</td>

<td bgcolor="#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 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;">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"><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;">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"><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;">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 bgcolor="#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
6.73%)*</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;">(320,900</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" 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;">(3,209</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;">(4,682,477</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">Balance,
April 30,
2004</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;">23,919,238</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;">239,192</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;">345,459,546</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: 7pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 7pt;  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: 7pt;  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:#064731;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: 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 March 30, 2004, 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="499" 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>

<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">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;DATE&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;DATE&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="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;">May
07, 2004</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;">May 21, 2004</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">$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="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;">June
04, 2004</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;">June 18,
2004</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:#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; ">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">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: 6pt; 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. Risks may
also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their
contracts.</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">  April 30, 2004 (unaudited)<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; ">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: 0pt; 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;  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
discount on debt securities, market-to-market of open futures contracts
and dividend payable.</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: justify; 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 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="218"></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>

<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="3" rowspan="2">FOR
THE SIX<br>MONTHS ENDED<br>APRIL 30, 2004</td>

<td bgcolor="#ffffff" rowspan="2" 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="19">FOR THE YEAR
ENDED OCTOBER
31,</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #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" 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">2002</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">2001</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">2000</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">1999</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: #000000; 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"><font style="font-weight: normal; color: #000000;"><i>(unaudited)</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: 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: 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: 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: 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: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&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">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>

<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;">15.76</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: 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;">15.67</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;">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: 5pt;" 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: 5pt;" 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: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&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: 5pt;" 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: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&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: 5pt;" 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: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&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: 5pt;" 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: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&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: 5pt;" 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: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&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: 5pt;" 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: 5pt" 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: 5pt" 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;">0.48</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;">1.04</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;">(0.26</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;</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 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;">(0.06</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;">(0.10</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: 8pt;" align="left" valign="bottom" colspan="3">Total
income (loss) from investment
&nbsp;&nbsp;&nbsp;&nbsp;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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.16</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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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">Less
dividends and distributions
from:</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>

<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;">(0.47</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: 10pt; 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;">(0.82</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;">(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: 0pt" align="left" valign="bottom" nowrap="nowrap">)&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;">(0.86</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: 0pt" align="left" valign="bottom" nowrap="nowrap">)&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;">(0.84</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>

</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
gain</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;">(0.29</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" 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="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: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</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="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: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</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="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: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</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="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: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</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="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: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</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: 8pt;" align="left" valign="bottom" colspan="3">Total
dividends and
distributions</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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.76</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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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">Anti-dilutive
effect of acquiring treasury
&nbsp;&nbsp;&nbsp;&nbsp;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: 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;">0.01</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" 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;">0.05</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: 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;">0.05</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: 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;">0.05</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: 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;">0.03</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" 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;">0.01</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: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.17</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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.64</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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" 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: 8pt;" 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: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2.63)</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: 8pt" 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: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 8pt" 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: 8pt;" align="left" valign="bottom" colspan="3">Ratios
to Average Net Assets of Common
&nbsp;&nbsp;&nbsp;&nbsp;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: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" 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: 8pt" 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: 8pt" 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
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;">0.80</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;%<sup>(2)</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;">0.75</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>(3)</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;">6.05</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;%<sup>(2)</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;">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;">0.81</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;%<sup>(2)</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;">0.66</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: 20pt; 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;">5.24</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;%<sup>(2)</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;">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: 10pt;" 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: 10pt;" 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: 10pt" 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: 10pt" align="left" valign="bottom" nowrap="nowrap">&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: 10pt;" 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: 10pt" 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: 10pt" align="left" valign="bottom" nowrap="nowrap">&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: 10pt;" 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: 10pt" 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: 10pt" align="left" valign="bottom" nowrap="nowrap">&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: 10pt;" 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: 10pt" 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: 10pt" align="left" valign="bottom" nowrap="nowrap">&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: 10pt;" 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: 10pt" 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: 10pt" align="left" valign="bottom" nowrap="nowrap">&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: 10pt;" 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: 10pt" 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: 10pt" 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 &nbsp;&nbsp;&nbsp;&nbsp;shareholders, end of 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">&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;">$362,952</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;">$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">&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;">$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">&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;">$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">&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;">$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">&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;">$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
&nbsp;&nbsp;&nbsp;&nbsp;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;">334</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>

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

<td align="left" 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: 1pt">*</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: 1pt">
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="left" 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 and distributions 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="left" 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"> Not
annualized.</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="left" 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">(2)</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">
Annualized.</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="left" 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">(3)</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: 10pt; font-weight: normal; font-style: normal; color: #000000; text-align: center; padding-top: 300pt; padding-left: 0pt; padding-bottom: 300pt; margin: 0pt; line-height: normal; width: 546pt;">(This page has been left blank intentionally.)</p>

<page>
<p style="font-family: sans-serif; font-size: 10pt; font-weight: normal; font-style: normal; color: #000000; text-align: center; padding-top: 300pt; padding-left: 0pt; padding-bottom: 300pt; margin: 0pt; line-height: normal; width: 546pt;">(This page has been left blank intentionally.)</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: 10.7pt; padding-top:6pt; padding-left:0pt; 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>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: 6pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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></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: 10.7pt; padding-top:6pt; padding-left:0pt; 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:0pt; 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:0pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 6pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 6pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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: 6pt; 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: 10.7pt; padding-top:6pt; padding-left:0pt; 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:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:9pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The financial statements included
herein have been taken from the records of the Trust without
examination by the independent auditors and accordingly they do not
express an opinion thereon.</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: 10.7pt; padding-top:6pt; padding-left:0pt; 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:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&copy; 2004 Morgan
Stanley</p>
<img src="html_mslogok50.jpg"><br><br><font style="font-family: sans-serif; font-size: 8pt; padding-left: 0pt; margin-top: 20pt; padding-bottom: 10pt;">37958RPT-RA04-00255P-Y04/04</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">Semiannual Report<br>April 30, 2004</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.

Not applicable for semiannual reports.


Item 3.  Audit Committee Financial Expert.

Not applicable for semiannual reports.


Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.


Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.


Item 6. [Reserved.]


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable for semiannual reports.


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.

Item 10 Exhibits

(a) Code of Ethics - Not applicable for semiannual reports.

(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.

                                        2
<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
June 22, 2004

     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
June 22, 2004

/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 22, 2004

                                        3


</PRE><PRE>
<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):

                                        4
<PAGE>

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

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: June 22, 2004


                                                     /s/ Ronald E. Robison
                                                     Ronald E. Robison
                                                     Principal Executive Officer

                                       5
<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

                                        6
<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: June 22, 2004


                                                     /s/ Francis Smith
                                                     Francis Smith
                                                     Principal Financial Officer

                                        7
<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 April 30, 2004 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: June 22, 2004                                  /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.

                                        8
<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 April 30, 2004 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: June 22, 2004                                  /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.



                                        9



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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
