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<SEC-DOCUMENT>0000950136-07-004587.txt : 20070629
<SEC-HEADER>0000950136-07-004587.hdr.sgml : 20070629
<ACCEPTANCE-DATETIME>20070629164136
ACCESSION NUMBER:		0000950136-07-004587
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20070430
FILED AS OF DATE:		20070629
DATE AS OF CHANGE:		20070629
EFFECTIVENESS DATE:		20070629

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		07951439

	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-CSRS
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM N-CSRS
<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, 2007

Date of reporting period: April 30, 2007


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&rsquo;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&rsquo;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:bold;color:#999999;font-size: 10pt;  width: 42pt;  padding-top: 1pt"><IMG
			 SRC="spacer.gif" HEIGHT="1" WIDTH="42"></TD>
		  <TD ALIGN="left"
			STYLE="font-family:sans-serif;font-weight:bold;color:#999999;font-size: 10pt;  padding-bottom: 0pt; font-style: normal; padding-top: 1pt; width: 520;">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&rsquo;s shares may be less than what you paid for them. Accordingly, you
			 can lose money investing in this Trust.</TD>
		</TR>
	 </TABLE>
	 <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:bold;color:#999999;font-size: 10pt;  width: 42pt;  padding-top: 18pt"><IMG
			 SRC="spacer.gif" HEIGHT="1" WIDTH="42"></TD>
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			STYLE="font-family:sans-serif;font-weight:bold;color:#999999;font-size: 10pt;  padding-bottom: 0pt; font-style: normal; padding-top: 18pt; width: 520;">Income
			 earned by certain securities in the portfolio may be subject to the federal
			 alternative minimum tax (AMT).</TD>
		</TR>
	 </TABLE>
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	  WIDTH="694">
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			 WIDTH="1"></TD>
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	 </TABLE> <BR> <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left"> <BR>



  <PAGE>


	 <TABLE CELLPADDING="0" CELLSPACING="0" BGCOLOR="#0041C4" BORDER="0"
	  WIDTH="694">
		<TR>
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		  <TD STYLE="font-family: sans-serif; font-size: 20pt; color: #ffffff"
			VALIGN="bottom">Fund Report</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">For the six months ended April 30, 2007</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:#0041C4;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 economy continued to send mixed signals about its overall strength
		during the six-month reporting period. Rising energy prices and ongoing
		geopolitical uncertainty had a negative impact on investor sentiment, as did
		the contraction in the residential real estate sector. Turmoil in the sub-prime
		mortgage market intensified concerns about housing, and dominated investment
		headlines during the period. In fact, these concerns were the primary
		contributor to the sharp decline in the equity market in late February, which
		led to a &lsquo;&lsquo;flight to quality&rsquo;&rsquo; that forced yields on
		U.S. Treasury bonds lower and prices higher. The changing economic and
		financial picture led to changes in the Federal Open Market Committee&rsquo;s
		(the &lsquo;&lsquo;Fed&rsquo;&rsquo;) monetary policy bias as well. Although
		the Fed held the target federal funds rate steady, statements released
		following its March meeting signaled a more neutral bias. This apparent shift
		in policy led to a stronger equity market and began to move bond yields higher.
	 </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">
		Long-term municipal bond yields (as represented by the 30-year AAA rated
		municipal bond), which stood at 4.06 percent at the end of October, ended the
		period slightly higher at 4.10 percent. The slope of the municipal yield curve
		remained relatively flat, with only a 50 basis point yield differential, or
		&lsquo;&lsquo;pick-up,&rsquo;&rsquo; between 30-year maturities and one-year
		maturities. In comparison, the yield pick-up from one to 30 years in April 2006
		was 95 basis points, and has averaged 165 basis points over the past three
		years.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		Declining interest rates in the fourth quarter of 2006 spurred a rebound
		in municipal bond issuance that led new issue volume for the calendar year to
		reach $383 billion, the second highest on record and only 6 percent below
		2005&rsquo;s record pace. In the first four months of 2007, new issue municipal
		volume increased by 37 percent versus the same period one year earlier,
		reaching a total of $135 billion. Insured municipal bonds continued to
		represent roughly half of all new issue supply. Municipalities continued to
		take advantage of lower interest rates to refinance their debt and refundings
		increased dramatically. California was the country&rsquo;s largest issuer of
		municipal bonds during the period, and new issue supply for the state rose by
		84 percent.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		Strong demand by institutional investors and non-traditional buyers,
		including hedge funds and arbitrage accounts, helped long-term municipal bonds
		perform relatively in line with Treasuries for the period. The 30-year
		municipal-to-Treasury yield ratio, which measures the relative attractiveness
		of these two sectors, declined slightly from 86 percent at the beginning of the
		period to 85 percent by period end. A declining ratio indicates that municipals
		outperformed Treasuries while at the same time becoming more expensive (and
		thus less attractive) on a relative basis.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		For the six-month period ended April 30, 2007, the net asset value (NAV)
		of Morgan Stanley Insured Municipal Income Trust (IIM) decreased from $15.81 to
		$15.61 per share. Based on this change plus reinvestment of tax-free dividends
		totaling $0.345 per share and a
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">
		2
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
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	  WIDTH="694">
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		  <TD STYLE="font-family: sans-serif; font-size: 20pt; color: #ffffff"
			VALIGN="bottom"></TD>
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		  <TD><IMG SRC="spacer.gif" HEIGHT="31" WIDTH="1"></TD>
		  <TD STYLE="font-family: sans-serif; font-size: 11pt; color: #ffffff"
			VALIGN="top"></TD>
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	 </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">
		long-term capital gain distribution of $0.061711 per share, the
		Trust&rsquo;s total NAV return was 1.54 percent. IIM&rsquo;s value on the New
		York Stock Exchange (NYSE) moved from $14.55 to $14.59 per share during the
		same period. Based on this change plus reinvestment of dividends and
		distributions, the Trust&rsquo;s total market return was 3.12 percent.
		IIM&rsquo;s NYSE market price was at a 6.53 percent discount to its NAV. During
		the fiscal period, the Trust purchased and retired 275,000 shares of common
		stock at a weighted average market discount of 7.71 percent.
		<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: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		Monthly dividends for the second quarter of 2007, declared in March, were
		unchanged at $0.0575 per share. The dividend reflects the current level of the
		Trust&rsquo;s net investment income. IIM&rsquo;s level of undistributed net
		investment income of $0.050 per share on April 30, 2007, was unchanged from six
		months earlier.<SUP>1</SUP>
	 </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 reporting period, the Trust&rsquo;s interest-rate positioning
		continued to reflect our anticipation of higher rates. This strategy helped the
		Trust&rsquo;s total returns at the beginning of the period when interest rates
		rose, but tempered returns later in the period when rates declined. At the end
		of April, the Trust&rsquo;s option-adjusted duration* including leverage was
		positioned at 10.5 years. To reduce the portfolio&rsquo;s duration, a U.S.
		Treasury futures hedge and Bond Market Association (BMA) interest rate swap
		contracts were used.
	 </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 primary detractor from performance was the Trust&rsquo;s overall
		maturity distribution, which was underweighted in longer-term issues relative
		to issues with shorter maturities. This stance limited the Trust&rsquo;s
		participation in the outperformance of longer-maturity bonds during the period.
		The Trust&rsquo;s performance was enhanced, however, by several holdings that
		appreciated when they were pre-refunded.**
	 </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">
		Reflecting a commitment to diversification, the Trust&rsquo;s net assets,
		including preferred shares, of approximately $485 million were invested among
		11 long-term sectors and 81 credits. As of the close of the period the
		Trust&rsquo;s largest allocations were to the transportation, public power and
		water and sewer 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: 6pt; 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&rsquo;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&rsquo;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 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; text-align: right; width: 534pt;">
		3
	 </P>
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	 <BR>
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		  <TD STYLE="font-family: sans-serif; font-size: 20pt; color: #ffffff"
			VALIGN="bottom"></TD>
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		  <TD><IMG SRC="spacer.gif" HEIGHT="31" WIDTH="1"></TD>
		  <TD STYLE="font-family: sans-serif; font-size: 11pt; color: #ffffff"
			VALIGN="top"></TD>
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	 </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">
		During this six-month period, ARPS leverage contributed approximately
		$0.02 per share to common-share earnings. The Trust has five ARPS series
		totaling $155 million, representing 32 percent of net assets, including
		preferred shares. Weekly ARPS rates ranged from 2.84 to 4.00 percent during the
		fiscal period.
	 </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&rsquo;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&rsquo;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 ARPS outstanding,
		including their purchase in the open market or in privately negotiated
		transactions.
	 </P>

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	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		<B>Performance data quoted represents past performance, which is no
		guarantee of future results, and current performance may be lower or higher
		than the figures shown</B>. <B>Investment return, net asset value and common
		share market price will fluctuate and Trust shares, when sold, may be worth
		more or less than their original cost.</B>
	 </P>
	 <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: 9pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 562;">There
			 is no guarantee that any sectors mentioned will continue to perform as
			 discussed herein or that securities in such sectors will be held by the Trust
			 in the future.</TD>
		</TR>
	 </TABLE>
	 <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; width: 562;"><SUP>1</SUP>
			 Income earned by certain securities in the portfolio may be subject to the
			 federal alternative minimum tax (AMT).</TD>
		</TR>
	 </TABLE>
	 <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; width: 562;">*
			 A measure of the sensitivity of a bond&rsquo;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&rsquo;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. Duration calculations are adjusted
			 for leverage.</TD>
		</TR>
	 </TABLE>
	 <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; width: 562;">**
			 Prerefunding, or advance refunding, is a financing structure under which new
			 bonds are issued to repay an outstanding bond issue on its first call
			 date.</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="#0041C4" 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"></TD>
		</TR>
		<TR>
		  <TD><IMG SRC="spacer.gif" HEIGHT="31" WIDTH="1"></TD>
		  <TD STYLE="font-family: sans-serif; font-size: 11pt; color: #ffffff"
			VALIGN="top"></TD>
		</TR>
		<TR>
		  <TD><IMG SRC="spacer.gif" HEIGHT="16" WIDTH="55"></TD>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
		</TR>
	 </TABLE> <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1">
	 <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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="#0041C4"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000;;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">TOP FIVE SECTORS&nbsp;</TD>
			 <TD BGCOLOR="#0041C4" STYLE="border-bottom: 3px solid #0041C4"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#0041C4"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #0041C4;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;">31.3 </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">Public Power</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;">30.7</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">Water &amp; Sewer</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;">24.0</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">Refunded</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;">21.7</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">Appropriation</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;">15.4</FONT></TD>
			 <TD BGCOLOR="#cccccc"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><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: 709.8000000000001px;" 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="#0041C4"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000;;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">CREDIT ENHANCEMENTS&nbsp;</TD>
			 <TD BGCOLOR="#0041C4" STYLE="border-bottom: 3px solid #0041C4"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#0041C4"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #0041C4;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;">33.8</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 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">FGIC</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;">25.3</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">Ambac</TD>
			 <TD BGCOLOR="#cccccc"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#cccccc"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#cccccc"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #cccccc;">18.4</FONT></TD>
			 <TD BGCOLOR="#cccccc"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#999999"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">18.3</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;">3.4</FONT></TD>
			 <TD BGCOLOR="#cccccc"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #cccccc ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#999999"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">AGC</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;">0.8</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><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; width: 562;">Data
			 as of April 30, 2007. Subject to change daily. All percentages for top five
			 sectors are as a percentage of net assets applicable to common shareholders.
			 All percentages for credit enhancements are as a percentage of total long-term
			 investments. These data are 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:bold;color:#0041C4;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; ">
		For More Information<BR>About Portfolio Holdings
	 </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">
		Each Morgan Stanley trust provides a complete schedule of portfolio
		holdings in its semiannual and annual reports within 60 days of the end of the
		trust&rsquo;s second and fourth fiscal quarters. The semiannual reports and the
		annual reports are filed electronically with the Securities and Exchange
		Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley
		also delivers the semiannual and annual reports to trust shareholders and makes
		these reports available on its public web site, www.morganstanley.com. Each
		Morgan Stanley trust also files a complete schedule of portfolio holdings with
		the SEC for the trust&rsquo;s first and third fiscal quarters on Form N-Q.
		Morgan Stanley does not deliver the reports for the first and third fiscal
		quarters to shareholders, nor are the reports posted to the Morgan Stanley
		public web site. You may, however, obtain the Form N-Q filings (as well as the
		Form N-CSR and N-CSRS filings) by accessing the SEC&rsquo;s web site,
		http://www.sec.gov. You may also review and copy them at the SEC&rsquo;s public
		reference room in Washington, DC. Information on the operation of the
		SEC&rsquo;s public reference room may be obtained by calling the SEC at (800)
		SEC-0330. You can also request copies of these materials, upon payment of a
		duplicating fee, by electronic request at the SEC&rsquo;s e-mail address
		(publicinfo@sec.gov) or by writing the public reference section of the SEC,
		Washington, DC 20549-0102.
	 </P>
	 <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="#0041C4" 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, 2007</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: 15pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">
		Weighted Average Maturity: 18 Years<SUP>(a)</SUP>
	 </P>
	 <DIV ALIGN="center" STYLE="width:  593;"><IMG
		SRC="html_63051distbarchart1.jpg" STYLE="margin-left:44pt;" ALIGN="left"
		WIDTH="463" HEIGHT="240"></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: -17"><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: -17pt">(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: -17pt; width: 559;">
			 Where applicable maturities reflect mandatory tenders, puts and call
			 dates.</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: 18pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -16pt">&nbsp;&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: -16pt; width: 559;">
			 Portfolio structure is subject to change.</TD>
		</TR>
	 </TABLE>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:;font-size:10pt;  width: 444pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		Geographic Summary of Investments<BR>Based on Market Value as a Percent
		of Total Net Investments<BR>
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"> <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" ALIGN="center">
		<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="281"
		 BGCOLOR="#ffffff">
		  <TR>
			 <TD HEIGHT="1" WIDTH="15"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="103"></TD>
			 <TD HEIGHT="1" WIDTH="25"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="8"></TD>
			 <TD HEIGHT="1" WIDTH="15"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="25"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Arizona</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">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;">16.6</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">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;">3.5</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">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;">5.0</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">Georgia</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">2.7</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">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;">7.5</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">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;">0.9</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">0.9</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Maryland</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">0.3</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">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;">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">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;">1.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">1.1</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">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;">1.2</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">Montana</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">0.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">1.3</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">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;">2.7</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">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;">0.3</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">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;">1.6</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">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;">10.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">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">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;">0.2</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">Oregon</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">0.7</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">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;">3.6</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">2.3</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">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;">3.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">15.9</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">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;">1.1</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">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;">1.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">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;">6.8</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">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;">0.7</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">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;">(0.4</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Total&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 double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">100.0</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
<!--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="94"></TD>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="499"></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: -13"><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: 8pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -13pt">*</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: -13pt; width: 569;">
			 Joint exemptions have been included in each geographic location.</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: 8pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -16pt">&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: -16pt; width: 569;">
			 Does not include open futures contracts with an underlying face amount of
			 $27,082,033 with unrealized depreciation of $15,767, and open swap contracts
			 with net unrealized appreciation of $13,953.</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>


	 <TABLE CELLPADDING="0" CELLSPACING="0" BGCOLOR="#0041C4" 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, 2007 </TD>
		</TR>
		<TR>
		  <TD><IMG SRC="spacer.gif" HEIGHT="16" WIDTH="55"></TD>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
		</TR>
	 </TABLE>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
		Years Bonds Callable&mdash;Weighted Average Call Protection: 7 Years
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
	 </P>
	 <DIV ALIGN="center" STYLE="width:  593;"><IMG SRC="html_63051call.jpg"
		STYLE="margin-left:44pt;" ALIGN="left" WIDTH="466" HEIGHT="147"></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: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">
		Cost (Book) Yield<SUP>(b)</SUP>&mdash;Weighted Average Book Yield: 5.0%
	 </P>
	 <DIV ALIGN="left" STYLE="width:  593;"><IMG SRC="html_63051cost.jpg"
		STYLE="margin-left:44pt;" ALIGN="left" WIDTH="464" HEIGHT="148"></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: -6"><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: -6pt">(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: -6pt; width: 562;">
			 May include issues initially callable in previous years.</TD>
		</TR>
	 </TABLE>
	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="margin-top: 3pt;"
	  WIDTH="577">
		<TR>
<!--left padding-->
		  <TD ALIGN="left" VALIGN="top"
			STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -16"><IMG
			 SRC="spacer.gif" HEIGHT="1" WIDTH="0"></TD>
		  <TD ALIGN="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: -16pt">(b)</TD>

		  <TD ALIGN="left"
			STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -16pt; width: 562;">
			 Cost or &lsquo;&lsquo;book&rsquo;&rsquo; yield is the annual income earned on a
			 portfolio investment based on its original purchase price before the
			 Trust&rsquo;s operating expenses. For example, the Trust is earning a book
			 yield of 5.9% on 4% of the long-term portfolio that is callable in 2007.</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: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 8pt"></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; width: 562;">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: right; width: 534pt;">
		7
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>


  <PAGE>


	 <DIV
	  STYLE="width:534pt; height:126pt; background-color:#0041C4; padding:72pt 0pt 36pt 42pt; margin:0pt 0pt 12pt 0pt">
		<DIV
		 STYLE="font-family: sans-serif; font-size: 20pt; font-weight: normal; font-style: normal; color: #ffffff; padding:0pt; line-height: normal; margin: 0pt;">Investment
		  Advisory Agreement Approval&nbsp;</DIV>
	 </DIV>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Nature, Extent and Quality of Services
	 </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 Board reviewed and considered the nature and extent of the investment
		advisory services provided by the Investment Adviser under the Advisory
		Agreement, including portfolio management, investment research and fixed income
		securities trading. The Board also reviewed and considered the nature and
		extent of the non-advisory, administrative services provided by the
		Trust&rsquo;s Administrator under the Administration Agreement, including
		accounting, clerical, bookkeeping, compliance, business management and
		planning, and the provision of supplies, office space and utilities at the
		Investment Adviser&rsquo;s expense. (The Investment Adviser and the
		Administrator together are referred to as the
		&lsquo;&lsquo;Adviser&rsquo;&rsquo; and the Advisory and Administration
		Agreements together are referred to as the &lsquo;&lsquo;Management
		Agreement.&rsquo;&rsquo;) The Board also compared the nature of the services
		provided by the Adviser with similar services provided by non-affiliated
		advisers as reported to the Board by Lipper Inc.
		(&lsquo;&lsquo;Lipper&rsquo;&rsquo;).
	 </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 Board reviewed and considered the qualifications of the portfolio
		managers, the senior administrative managers and other key personnel of the
		Adviser who provide the administrative and advisory services to the Trust. The
		Board determined that the Adviser&rsquo;s portfolio managers and key personnel
		are well qualified by education and/or training and experience to perform the
		services in an efficient and professional manner. The Board concluded that the
		nature and extent of the advisory and administrative services provided were
		necessary and appropriate for the conduct of the business and investment
		activities of the Trust. The Board also concluded that the overall quality of
		the advisory and administrative services was satisfactory.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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 Relative to Comparable Funds Managed by Other Advisers
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		On a regular basis, the Board reviews the performance of all funds in the
		Morgan Stanley Fund Complex, including the Trust, compared to their peers,
		paying specific attention to the underperforming funds. In addition, the Board
		specifically reviewed the Trust&rsquo;s performance for the one-, three- and
		five-year periods ended November 30, 2006, as shown in a report provided by
		Lipper (the &lsquo;&lsquo;Lipper Report&rsquo;&rsquo;), compared to the
		performance of comparable funds selected by Lipper (the
		&lsquo;&lsquo;performance peer group&rsquo;&rsquo;). The Board also discussed
		with the Adviser the performance goals and the actual results achieved in
		managing the Trust. The Board concluded that the Trust&rsquo;s performance was
		competitive with that of its performance peer group.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Fees Relative to Other Proprietary Funds Managed by the Adviser with
		Comparable Investment Strategies
	 </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 Board reviewed the advisory and administrative fee (together, the
		&lsquo;&lsquo;management fee&rsquo;&rsquo;) rate paid by the Trust under the
		Management Agreement. The Board noted that the management fee rate was
		comparable to the management fee rates charged by the Adviser to other
		proprietary funds it manages with investment strategies comparable to those of
		the Trust.
	 </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>
	 <DIV
	  STYLE="width:534pt; height:126pt; background-color:#0041C4; padding:72pt 0pt 36pt 42pt; margin:0pt 0pt 12pt 0pt">
		<DIV
		 STYLE="font-family: sans-serif; font-size: 20pt; font-weight: normal; font-style: normal; color: #ffffff; padding:0pt; line-height: normal; margin: 0pt;">&nbsp;</DIV>
	 </DIV>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Fees and Expenses Relative to Comparable Funds Managed by Other Advisers
	 </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 Board reviewed the management fee rate and total expense ratio of the
		Trust as compared to the average management fee rate and average total expense
		ratio for funds, selected by Lipper (the &lsquo;&lsquo;expense peer
		group&rsquo;&rsquo;), managed by other advisers with investment strategies
		comparable to those of the Trust, as shown in the Lipper Report. The Board
		concluded that the Trust&rsquo;s management fee rate and total expense ratio
		were competitive with those of its expense peer group.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Breakpoints and Economies of Scale
	 </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 Board reviewed the structure of the Trust&rsquo;s management fee
		schedule under the Management Agreement and noted that it does not include any
		breakpoints. The Board considered that the Trust is a closed-end fund and,
		therefore, that the Trust&rsquo;s assets are not likely to grow with new sales
		or grow significantly as a result of capital appreciation. The Board concluded
		that economies of scale for the Trust were not a factor that needed to be
		considered at the present time.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Profitability of the Adviser and 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:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		The Board considered information concerning the costs incurred and
		profits realized by the Adviser and affiliates during the last year from their
		relationship with the Trust and during the last two years from their
		relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser
		the cost allocation methodology used to determine the profitability of the
		Adviser and affiliates. Based on its review of the information it received, the
		Board concluded that the profits earned by the Adviser and affiliates were not
		excessive in light of the advisory, administrative and other services provided
		to the Trust.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Fall-Out Benefits
	 </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 Board considered so-called &lsquo;&lsquo;fall-out
		benefits&rsquo;&rsquo; derived by the Adviser and affiliates from their
		relationship with the Trust and the Morgan Stanley Fund Complex, such as
		commissions on the purchase and sale of Trust shares and
		&lsquo;&lsquo;float&rsquo;&rsquo; benefits derived from handling of checks for
		such purchases and sales of Trust shares, through a broker-dealer affiliate of
		the Adviser. The Board concluded that the float benefits were relatively small
		and that the commissions were competitive with those of other broker-dealers.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Soft Dollar Benefits
	 </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 Board considered whether the Adviser realizes any benefits from
		commissions paid to brokers who execute securities transactions for the Trust
		(&lsquo;&lsquo;soft dollars&rsquo;&rsquo;). The Board noted that the Trust
		invests only in fixed income securities, which do not generate soft dollars.
	 </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>
	 <DIV
	  STYLE="width:534pt; height:126pt; background-color:#0041C4; padding:72pt 0pt 36pt 42pt; margin:0pt 0pt 12pt 0pt">
		<DIV
		 STYLE="font-family: sans-serif; font-size: 20pt; font-weight: normal; font-style: normal; color: #ffffff; padding:0pt; line-height: normal; margin: 0pt;">&nbsp;</DIV>
	 </DIV>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Adviser Financially Sound and Financially Capable of Meeting the
		Trust&rsquo;s Needs
	 </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 Board considered whether the Adviser is financially sound and has the
		resources necessary to perform its obligations under the Management Agreement.
		The Board concluded that the Adviser has the financial resources necessary to
		fulfill its obligations under the Management Agreement.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Historical Relationship Between the Trust and the Adviser
	 </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 Board also reviewed and considered the historical relationship
		between the Trust and the Adviser, including the organizational structure of
		the Adviser, the policies and procedures formulated and adopted by the Adviser
		for managing the Trust&rsquo;s operations and the Board&rsquo;s confidence in
		the competence and integrity of the senior managers and key personnel of the
		Adviser. The Board concluded that it is beneficial for the Trust to continue
		its relationship with the Adviser.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		Other Factors and Current Trends
	 </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 Board considered the controls and procedures adopted and implemented
		by the Adviser and monitored by the Trust&rsquo;s Chief Compliance Officer and
		concluded that the conduct of business by the Adviser indicates a good faith
		effort on its part to adhere to high ethical standards in the conduct of the
		Trust&rsquo;s business.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
		General Conclusion
	 </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">
		After considering and weighing all of the above factors, the Board
		concluded that it would be in the best interest of the Trust and its
		shareholders to approve renewal of the Management Agreement for another year.
	 </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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(unaudited)
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"> <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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: #0041C4; 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 (157.9%)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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 (12.3%)</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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">California,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">&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: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Economic Recovery Ser 2004 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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;3,242,490</FONT></TD>

			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Ser 2007 (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;">4.25</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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">08/01/33</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">7,663,520</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">Los Angeles, California, Ser 2004 A
				(MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">09/01/24</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;">3,194,250</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">District of Columbia,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Refg Ser 1993 B (Ambac)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.50</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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;">5,179,450</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;">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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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;">6,262,020</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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;">5,443,474</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,254,800</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">King County, Washington, Refg 1998 Ser B
				(MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">01/01/34</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,054,570</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">2,500</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">Spokane School District #81, Washington,
				Ser 2005 (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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">12/01/23</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;">2,434,850</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: 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;">39,580</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="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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">40,729,424</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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>Appropriation (15.4%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">Golden State Tobacco Securitization
				Corporation, California, Enhanced Asset Backed Ser 2005 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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">06/01/38</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">6,294,540</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">District of Columbia Ballpark, Ser 2006
				B-1 (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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">02/01/31</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;">2,113,800</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;">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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">08/01/29</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15,598,500</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;">3,000</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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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;">3,222,840</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">16,000</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">Hudson Yards Infrastructure Corporation,
				New York,<BR>2007 Ser A (MBIA)&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;">4.50</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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">02/15/47</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15,780,160</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;">4,200</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">New York State Dormitory Authority,
				School District<BR>Ser 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;">5.50</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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10/01/17</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,549,146</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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">Oregon Department of Administrative
				Services, Ser 2005 B 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;">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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">11/01/24</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;">3,182,220</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">49,200</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="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" 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;">50,741,206</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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>Dedicated Tax (5.0%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="center" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,400</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Marion County Convention &amp;
				Recreational Facilities Authority, Indiana, Refg Ser 2003 A (Ambac)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">06/01/19</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,517,984</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: 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: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Baltimore, Maryland, Convention Center
				Hotel Ser 2006 A (XLCA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">09/01/39</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;">1,623,525</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">&nbsp;&nbsp;&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">Metropolitan Transportation Authority,
				New York, Dedicated Tax Fund Refg Ser 2002 A (FSA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.25</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="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">11/15/24</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;3,215,490</FONT></TD>

			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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 Industrial Development
				Agency, New York,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Queens Baseball Stadium Ser 2006
				(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="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="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;">2,130,060</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;">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">Yankee Stadium Ser 2006 (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="left" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">03/01/46</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,634,250</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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: 709.8000000000001px;" 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="57"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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">New York City Transitional Finance
				Authority, New York,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,735</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="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&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="center" VALIGN="bottom" COLSPAN="3">08/01/21</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,862,644</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">&nbsp;&nbsp;&nbsp;&nbsp;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" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">2000 Ser C (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&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="center" VALIGN="bottom" COLSPAN="3">08/01/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">&nbsp;&nbsp;&nbsp;&nbsp;2,668,550</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;">15,635</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">16,652,503</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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>Education (5.9%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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, 2003 Ser B 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;">5.00&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="center" VALIGN="bottom" COLSPAN="3">06/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,617,950</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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">University of California,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">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&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="center" VALIGN="bottom" COLSPAN="3">05/15/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,103,080</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;">3,120</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="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 2007 J (FSA)&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;">4.50&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="left" VALIGN="bottom" COLSPAN="3">05/15/31</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,130,405</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: #000000; font-weight: 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;">2,880</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="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 2007 J (FSA)&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;">4.50&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="left" VALIGN="bottom" COLSPAN="3">05/15/35</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,889,605</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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="left" VALIGN="bottom" COLSPAN="3">01/01/27</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,077,610</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: 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="left" VALIGN="bottom" COLSPAN="3">07/01/33</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,363,687</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">University of Medicine and Dentistry, New
				Jersey, Ser 2004 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&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="left" VALIGN="bottom" COLSPAN="3">06/15/29</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,052,870</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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">University of North Carolina at
				Wilmington, Student Housing<BR>Ser 2005 COPs (FGIC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">06/01/36</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">3,141,000</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;">18,800</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" 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="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">19,376,207</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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 (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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Illinois Finance Authority, Swedish
				American Hospital Ser 2004 (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&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="left" VALIGN="bottom" COLSPAN="3">11/15/31</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,083,440</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: 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">Indiana Health Facilities Financing
				Authority, Community<BR>Health Ser 2005 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&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="left" VALIGN="bottom" COLSPAN="3">05/01/35</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,091,880</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">105</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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, SSM Health Care<BR>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&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="left" VALIGN="bottom" COLSPAN="3">06/01/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">107,074</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Montana Facility Finance Authority,
				Benefits Health Care<BR>Ser 2007 (AGC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">01/01/37</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,089,560</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;">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: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Medical University Hospital Authority,
				South Carolina,<BR>FHA Insured Mtge Ser 2004 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&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="left" VALIGN="bottom" COLSPAN="3">02/15/25</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,601,340</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Amarillo Health Facilities Corporation,
				Texas,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,020</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Baptist St Anthony&rsquo;s Hospital Ser
				1998 (FSA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="left" VALIGN="bottom" COLSPAN="3">01/01/16</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,324,537</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">5,075</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"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Baptist St Anthony&rsquo;s Hospital Ser
				1998 (FSA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="left" VALIGN="bottom" COLSPAN="3">01/01/17</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,605,185</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Washington State Health Care Facilities
				Authority, Kadlec Medical Center Ser 2006 A (AGC)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">12/01/30</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">2,098,540</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">17,700</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="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="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">19,001,556</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">
		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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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: 709.8000000000001px;" 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="57"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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: #0041C4; 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 (2.2%)&nbsp;</I> </FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">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<BR>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&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="center" VALIGN="bottom" COLSPAN="3">11/01/29</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">5,314,750</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Delaware County Industrial Development
				Authority, Pennsylvania, Aqua Inc Ser A 2005 (AMT) (FGIC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">11/01/37</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">2,094,480</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">7,000</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="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">7,409,230</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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 Power (30.7%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">20,000</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">Anaheim Public Financing Authority,
				California, Ser 2007 (MBIA)&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;">4.50&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="center" VALIGN="bottom" COLSPAN="3">10/01/37</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">19,884,500</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">Arkansas River Power Authority, Colorado,
				Power Ser 2006 (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;">5.25&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="center" VALIGN="bottom" COLSPAN="3">10/01/40</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,306,080</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">Lafayette, Louisiana, Utilities Ser 2004
				(MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="center" VALIGN="bottom" COLSPAN="3">11/01/25</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,326,720</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;">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">Missouri Joint Municipal Electric Utility
				Commission Plum<BR>Point Ser 2006 (MBIA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00&nbsp;&nbsp;</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">01/01/26</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,657,950</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">01/01/35</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,231,750</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Long Island Power Authority, New
				York</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Ser 2006 A (XLCA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">12/01/26</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,250,360</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">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="center" VALIGN="bottom" COLSPAN="3">09/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,147,450</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;">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<BR>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&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="center" VALIGN="bottom" COLSPAN="3">01/01/19</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">6,425,460</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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,
				Santee Cooper</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">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&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="center" VALIGN="bottom" COLSPAN="3">01/01/27</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,463,500</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: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">2006 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;">5.00&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="center" VALIGN="bottom" COLSPAN="3">01/01/36</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,234,760</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Lower Colorado River Authority,
				Texas,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Refg Ser 1999 A (FSA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.875</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">05/15/16</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,516,500</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Refg Ser 2001 (FSA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">05/15/26</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,151,850</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,780</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="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&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="center" VALIGN="bottom" COLSPAN="3">05/15/31</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">9,134,624</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">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&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="center" VALIGN="bottom" COLSPAN="3">07/01/21</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,314,250</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">6,000</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">Cowlitz County, Public Utility District #
				1, Washington,<BR>Production Ser 2006 (MBIA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00&nbsp;&nbsp;</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">09/01/31</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">6,345,840</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">97,280</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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="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: 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;">101,391,594</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #0041C4; 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 (31.3%)</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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; 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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">&nbsp;&nbsp;&nbsp;&nbsp;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">Phoenix Civic Improvement Corporation,
				Arizona, Sr Lien<BR>Airport Ser 2002 B (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;">5.75&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="center" VALIGN="bottom" COLSPAN="3">07/01/19</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,082,150</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="center" VALIGN="bottom" COLSPAN="3">05/15/18</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,440,990</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Atlanta, Georgia, Airport Ser 2004 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="center" VALIGN="bottom" COLSPAN="3">01/01/33</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,227,800</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;">5,000</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, O&rsquo;Hare
				Int&rsquo;l Airport, Third Lien Ser 2005 A (MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="center" VALIGN="bottom" COLSPAN="3">01/01/25</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,406,200</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">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&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="center" VALIGN="bottom" COLSPAN="3">01/01/15</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,438,680</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Massachusetts Turnpike Authority,
				Metropolitan Highway<BR>1997 Ser A (MBIA)&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;">5.00&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="center" VALIGN="bottom" COLSPAN="3">01/01/37</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,119,760</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><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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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: 709.8000000000001px;" 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="57"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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;">7,000</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<BR>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="center" VALIGN="bottom" COLSPAN="3">01/01/40</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">7,223,090</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">Delaware River Port Authority, New Jersey
				&amp; Pennsylvania<BR>Ser 1995 (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&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="center" VALIGN="bottom" COLSPAN="3">01/01/26</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,022,960</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;">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 Jersey Transportation Trust Fund
				Authority, Ser 2005 C (FGIC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="center" VALIGN="bottom" COLSPAN="3">06/15/20</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,350,960</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;">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">Metropolitan Transportation Authority,
				New York,<BR>Transportation Refg Ser 2002 A (FGIC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">11/15/25</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,543,300</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;">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,<BR>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&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="center" VALIGN="bottom" COLSPAN="3">11/15/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,718,300</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;">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-Fort Worth International Airport,
				Texas, Ser 2003 A<BR>(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="center" VALIGN="bottom" COLSPAN="3">11/01/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">9,574,200</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,000</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">Harris County, Texas, Toll Road Ser Lien
				2005 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&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="center" VALIGN="bottom" COLSPAN="3">08/15/35</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,117,210</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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&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="center" VALIGN="bottom" COLSPAN="3">08/15/39</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,295,200</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,000</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<BR>(FGIC) Port of Seattle, Washington,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.25&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="center" VALIGN="bottom" COLSPAN="3">07/15/22</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,407,460</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,025</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="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">Passenger Facility Ser 1998 A
				(MBIA)&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;">5.00&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="center" VALIGN="bottom" COLSPAN="3">12/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,201,160</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;">5,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">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="center" VALIGN="bottom" COLSPAN="3">02/01/24</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">5,241,300</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: 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;">97,025</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="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="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: 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;">103,410,720</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #0041C4; 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 (24.0%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Los Angeles Department of Water &amp;
				Power, California, Water 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&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="center" VALIGN="bottom" COLSPAN="3">07/01/24</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,321,550</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;">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)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">06/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4,198,000</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;">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">Sacramento County Sanitation District
				Financing Authority, California, Sacramento Regional Ser 2006 (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&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="center" VALIGN="bottom" COLSPAN="3">12/01/36</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,192,450</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Ser 2002 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&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="center" VALIGN="bottom" COLSPAN="3">05/01/27</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,226,500</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">Ser 2004 A COPs (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="center" VALIGN="bottom" COLSPAN="3">05/01/29</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,274,700</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">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&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="center" VALIGN="bottom" COLSPAN="3">10/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,168,800</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;">5,000</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">Atlanta, Georgia, Water &amp; Wastewater,
				Ser 2004 (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="center" VALIGN="bottom" COLSPAN="3">11/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,289,750</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Augusta, Georgia, Water &amp; Sewer Ser
				2004 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&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="center" VALIGN="bottom" COLSPAN="3">10/01/39</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,149,100</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Detroit, Michigan,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">825</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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&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="center" VALIGN="bottom" COLSPAN="3">07/01/26</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">860,954</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,390</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="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&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="center" VALIGN="bottom" COLSPAN="3">07/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,494,156</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">1,005</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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, Waterworks Impr &amp;
				Refg 1998 Ser I (FSA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">01/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,021,773</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 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&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="center" VALIGN="bottom" COLSPAN="3">12/15/14</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,439,900</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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">Houston, Texas, Combined Utility First
				Lien Refg 2004 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;">5.25&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="center" VALIGN="bottom" COLSPAN="3">05/15/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">16,188,300</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;">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 Antonio, Texas, Water &amp; Refg Ser
				2002 A (FSA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00&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="center" VALIGN="bottom" COLSPAN="3">05/15/32</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,120,420</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">
		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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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: 709.8000000000001px;" 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="57"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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;">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&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="center" VALIGN="bottom" COLSPAN="3">01/01/31</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">5,189,200</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Seattle, Washington,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,890</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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 Refg 2003 (MBIA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00&nbsp;&nbsp;</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">09/01/20</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,070,972</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,870</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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 Refg 2003 (MBIA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.00&nbsp;&nbsp;</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">09/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,014,332</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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, Loan Program<BR>II Refg 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;">5.25&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="center" VALIGN="bottom" COLSPAN="3">11/01/23</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">3,135,103</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">74,880</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="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="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: 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;">79,355,960</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #0041C4; 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 (3.7%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Denver Convention Center Hotel Authority,
				Colorado<BR>Refg Ser 2006 (XLCA)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="center" VALIGN="bottom" COLSPAN="3">12/01/30</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,178,020</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Metropolitan Pier &amp; Exposition
				Authority, Illinois,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="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: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">McCormick Place Refg Ser 2002 B
				(MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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">##</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">06/15/18</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,537,820</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: 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&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="center" VALIGN="bottom" COLSPAN="3">06/15/42</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,310,400</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: 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;">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" 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">Omaha Convention Center Hotel
				Corporation, Nebraska,<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;">5.50&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="left" VALIGN="bottom" COLSPAN="3">04/01/18</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">1,077,220</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">12,000</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="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">12,103,460</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #0041C4; 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 (21.7%)</I>
				</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">California Infrastructure &amp; Economic
				Development Bank,</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Bay Area Toll Bridges Seismic Retrofit
				1st Lien<BR>Ser 2003 A (Ambac) (ETM)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">01/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">11,208,500</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">Bay Area Toll Bridges Seismic Retrofit
				1st Lien<BR>Ser 2003 A (FGIC) (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;">5.00&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="left" VALIGN="bottom" COLSPAN="3">01/01/28</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,604,250</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="left" VALIGN="bottom" COLSPAN="3">01/01/11&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;">15,925,650</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;">3,275</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">Massachusetts Municipal Wholesale
				Electric Company,<BR>1993 Ser A (Ambac) (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;">5.00&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="left" VALIGN="bottom" COLSPAN="3">07/01/10</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3,352,192</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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">Detroit, Michigan, Sewage Disposal Ser
				2001 A (FGIC)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">07/01/11&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;">3,166,590</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: #000000; font-weight: 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)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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&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="left" VALIGN="bottom" COLSPAN="3">01/01/11&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;">5,266,000</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;">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&rsquo;l
				Airport Ser 2001 A (MBIA)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">07/01/11&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;">3,151,020</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">4,110</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="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, First Ser 2003
				(MBIA)&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;">5.00&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="left" VALIGN="bottom" COLSPAN="3">01/01/13&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;">4,377,561</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="left" VALIGN="bottom" COLSPAN="3">08/15/18</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5,372,350</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;">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">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&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="left" VALIGN="bottom" COLSPAN="3">08/01/17</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,971,900</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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&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="left" VALIGN="bottom" COLSPAN="3">10/01/10&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: 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;">3,241,050</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: 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;">66,385</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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="left" VALIGN="bottom" COLSPAN="3">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">71,637,063</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</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;">495,485</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="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: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="11">Total Tax-Exempt Municipal Bonds
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>(Cost $499,322,124)</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;">521,808,923</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
	 <P
	  STYLE="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">
		See Notes to Financial Statements
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">
		15
	 </P>
	 <BR> <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left"> <BR> <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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: 709.8000000000001px;" 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="57"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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">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: #0041C4; 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
				Obligation (0.5%)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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="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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,500</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: 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: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="3">North Central Texas Health Facility
				Development Corporation, Presbyterian Medical Center Ser 1985 D
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>(Cost
				$1,500,000)&nbsp;</I> </FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">4.01*</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">12/01/15</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#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;">1,500,000</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;">496,985</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="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: #0041C4; 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 Investments
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>(Cost $500,822,124)</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;">523,308,923</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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">Floating Rate Note Obligations Related
				to Securities Held (&ndash;13.8%)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">(45,580</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="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="11">Notes with interest rates ranging from
				3.92% to 3.98% at April 30, 2007 and contractual</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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="11">&nbsp;&nbsp;&nbsp;&nbsp;maturities of
				collateral ranging from 01/01/13 to 02/15/47 (See Note
				1D)&Dagger;&Dagger;<BR><FONT STYLE="font-weight: normal; color: #000000;">
				<I>(Cost $(45,580,000))</I> </FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(45,580,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">451,405</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="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: #0041C4; 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">Total Net Investments
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>(Cost $455,242,124) (a)
				(b)</I> </FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">144.6</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">477,728,923</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap"></TD>





		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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: #0041C4; 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;2.3</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>

			<TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">7,678,204</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap"></TD>






		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; 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="top" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; 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="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: 4pt"
			  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: #0041C4; 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;">(46.9</FONT></TD>
			 <TD BGCOLOR="#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>
			 <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 black ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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 black ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(155,000,000</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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="top" COLSPAN="7">Net Assets Applicable to Common
				Shareholders</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">100.0</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>


				<TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">$330,407,127</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap"></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; width: 559;">
			 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: 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">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: 4pt; width: 524;">
			 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; width: 524;">
			 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; width: 524;">
			 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">&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; width: 524;">
			 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; width: 524;">
			 A portion of this security has been physically segregated in connection with
			 open futures contracts in the amount of $162,500.</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; width: 524;">
			 Underlying security related to inverse floaters entered into by the Trust (See
			 Note 1D).</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; width: 524;">
			 Floating rate note obligations related to securities held. The interest rates
			 shown reflect the rates in effect at April 30, 2007.</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; width: 524;">
			 Currently a zero coupon security; will convert to 5.125% on December 1,
			 2008.</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; width: 524;">
			 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; width: 524;">
			 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; width: 524;">
			 Joint exemption in locations 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">(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; width: 524;">
			 Securities have been designated as collateral in an amount equal to $26,918,406
			 in connection with open futures contracts and open swap 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; width: 524;">
			 The aggregate cost for federal income tax purposes approximates the aggregate
			 cost for book purposes.</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">&nbsp;&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; width: 524;">
			 The aggregate gross unrealized appreciation is $23,049,849 and the aggregate
			 gross unrealized depreciation is $563,050, resulting in net unrealized
			 appreciation of $22,486,799.</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; width: 578;"><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">AGC</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; width: 524;">
			 Assured Guaranty 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">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: 0pt; width: 524;">
			 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; width: 524;">
			 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; width: 524;">
			 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; width: 524;">
			 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; width: 524;">
			 XL Capital Assurance Inc.</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: 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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Portfolio of Investments
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(unaudited)<FONT STYLE="font-weight: normal; font-style: italic;">
		continued</FONT>
	 </P>
	 <P
	  STYLE="font-family: sans-serif; font-weight: bold; color: #0041C4; font-size: 12pt; width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt; padding-bottom: 6pt; margin-top: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 0pt">
		Futures Contracts Open at April 30, 2007:
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"> <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" ALIGN="center">
		<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="593"
		 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="113"></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="113"></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="113"></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="113"></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: #0041C4; 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 #000000"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; 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 #000000"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">DESCRIPTION, DELIVERY<BR>MONTH AND
				YEAR</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #000000"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">UNDERLYING FACE<BR>AMOUNT AT
				VALUE</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #000000"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">UNREALIZED<BR>DEPRECIATION</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">250<BR>&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: 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<BR>&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: 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 Notes 10 Year June
				2007</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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">$(27,082,033)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">$(15,767)</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
	 <P
	  STYLE="font-family: sans-serif; font-weight: bold; color: #0041C4; font-size: 12pt; width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt; padding-bottom: 6pt; margin-top: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 0pt">
		Interest Rate Swap Contracts Open at April 30, 2007:
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"> <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" ALIGN="center">
		<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="593"
		 BGCOLOR="#ffffff">
		  <TR>
			 <TD HEIGHT="1" WIDTH="15"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="125"></TD>
			 <TD HEIGHT="1" WIDTH="25"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="8"></TD>
			 <TD HEIGHT="1" WIDTH="15"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="101"></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="101"></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="101"></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="101"></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="62"></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: #0041C4; 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">COUNTERPARTY</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: 8pt; color: #0041C4; 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">NOTIONAL<BR>AMOUNT (000)</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: 8pt; color: #0041C4; 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">PAYMENTS<BR>MADE BY TRUST</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: 8pt; color: #0041C4; 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">PAYMENTS<BR>RECEIVED BY TRUST</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: 8pt; color: #0041C4; 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">TERMINATION<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: 8pt; color: #0041C4; 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<BR>(DEPRECIATION)</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">JPMorgan Chase &amp;
				Co.<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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">$15,000<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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">Fixed Rate
				3.608%<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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">Floating Rate BMA<BR>(Bond
				Market<BR>Association)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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">05/25/17</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">$57,403</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">JPMorgan Chase &amp;
				Co.<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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;&nbsp;25,000<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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">Fixed Rate
				3.679<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&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: 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">Floating Rate BMA<BR>(Bond
				Market<BR>Association)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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">05/25/17</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">(43,450)</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="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="center" VALIGN="bottom"
			  COLSPAN="11">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
				Unrealized Appreciation&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 double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">$13,953</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;">
		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: #0041C4; 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: #0041C4; 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:#0041C4;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, 2007 (unaudited)
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1">
	 <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Assets:</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Investments in securities, at
				value<BR>&nbsp;&nbsp;&nbsp;&nbsp;(cost $500,822,124)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</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;">523,308,923</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Unrealized appreciation on open swap
				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: 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;">57,403</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">81,440</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: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Interest receivable</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">8,001,542</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">56,081</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3"><FONT STYLE="color: #0041C4;">Total
				Assets</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">531,505,389</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Liabilities:</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Floating rate note obligations</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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;">45,580,000</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: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Unrealized depreciation on open swap
				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: 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;">43,450</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: 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">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;">121,095</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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 advisory 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;">111,454</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">72,692</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Administration 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;">33,024</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Transfer agent 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;">5,384</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Accrued expenses 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: 1pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">131,163</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3"><FONT STYLE="color: #0041C4;">Total
				Liabilities</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">46,098,262</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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</I>
				</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;<FONT
				STYLE="font-weight: normal; color: #000000;">
				<I>authorized of non-participating $.01 par value, 3,100 shares
				outstanding)</I>
				</FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">155,000,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3"><FONT STYLE="color: #0041C4;">Net
				Assets Applicable to Common Shareholders</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">330,407,127</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Composition of Net Assets Applicable
				to Common Shareholders:</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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 $.01 par
				value,<BR>&nbsp;&nbsp;&nbsp;&nbsp;21,160,459 shares outstanding)</I>
				</FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</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;">306,855,822</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">22,484,985</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #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;">1,051,779</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Accumulated undistributed net realized
				gain</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14,541</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 1pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3"><FONT STYLE="color: #0041C4;">Net
				Assets Applicable to Common Shareholders</FONT>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 1pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 1pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">330,407,127</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Net Asset Value Per Common
				Share<BR><FONT STYLE="font-weight: normal; color: #000000;">
				<I>($330,407,127 divided by 21,160,459 common shares
				outstanding)</I>
				</FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</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;">15.61</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">
		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: #0041C4; 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: #0041C4; 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:#0041C4;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, 2007 (unaudited)
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1">
	 <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Net Investment Income:</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Interest 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">$</TD>
			 <TD BGCOLOR="#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;">11,953,890</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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 advisory 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;">657,224</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Interest and residual trust
				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;">545,274</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Administration 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;">194,733</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">192,284</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">38,786</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">35,148</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">22,793</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">22,473</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">10,413</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Listing 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;">10,212</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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&rsquo; 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;">6,672</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">40,571</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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;">1,776,583</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">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: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(10,292</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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;">1,766,291</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">10,187,599</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Net Realized and Unrealized Gain
				(Loss):</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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;">722,368</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: 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: 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;">(213,688</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Swap 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;">(683,727</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: #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: #0041C4;">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;">(175,047</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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 on:</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">(3,595,033</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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: 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;">173,901</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">Swap 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;">479,455</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #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: #0041C4;">Net
				Depreciation </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;">(2,941,677</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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;">(3,116,724</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Dividends to preferred shareholders
				from net investment income</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(2,861,988</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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 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: 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;">4,208,887</FONT></TD>
			 <TD BGCOLOR="#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;">
		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: #0041C4; 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: #0041C4; 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:#0041C4;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; ">
		Statements of Changes in Net Assets
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1">
	 <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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="144"></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: #0041C4; 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: #0041C4; 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, 2007</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: #0041C4; 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,
				2006</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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: #0041C4; 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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">10,187,599</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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;">20,523,451</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">(175,047</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">2,570,870</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">(2,941,677</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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;">5,846,852</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Dividends to preferred shareholders
				from net investment income</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(2,861,988</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(4,690,598</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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;">4,208,887</FONT></TD>
			 <TD BGCOLOR="#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;">24,250,575</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: 8pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 10pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Dividends and Distributions to Common
				Shareholders from:</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">(7,355,594</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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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;">(17,401,436</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">(1,320,583</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(1,000,186</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #0041C4;">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: 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;">(8,676,177</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 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;">(18,401,622</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 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: 3pt;"
			  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: 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;">(3,983,850</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: 3pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 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;">(9,946,691</FONT></TD>
			 <TD BGCOLOR="#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: #0041C4;">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: 3pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(8,451,140</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: 3pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(4,097,738</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: 3pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; 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 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: 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: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  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: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#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="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#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="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: 5pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#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;">338,858,267</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">342,956,005</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">End of Period<BR><FONT
				STYLE="font-weight: normal; color: #000000;">
				<I>(Including accumulated undistributed net investment income of
				$1,051,779 and</I>
				</FONT>&nbsp;<FONT STYLE="font-weight: normal; color: #000000;">
				<I>$1,081,762, respectively)</I>
				</FONT></TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">330,407,127</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">338,858,267</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">
		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: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(unaudited)
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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
		&lsquo;&lsquo;Trust&rsquo;&rsquo;) is registered under the Investment Company
		Act of 1940, as amended, as a diversified, closed-end management investment
		company. The Trust&rsquo;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: #0041C4;">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; (3) interest rate
		swaps are marked-to-market daily based upon quotations from market makers and
		the change, if any, is recorded as unrealized appreciation or depreciation in
		the Statement of Operations; and (4) 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: #0041C4;">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: #0041C4;">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
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">
		21
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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">
		recorded by the Trust as unrealized gains and losses. Upon closing of the
		contract, the Trust realizes a gain or loss equal to the difference between the
		value of the contract at the time it was opened and the value at the time it
		was closed.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		<FONT
		 STYLE="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #0041C4;">D.&nbsp;&nbsp;&nbsp;Floating
		Rate Note Obligations Related to Securities Held &mdash; </FONT>The Trust
		enters into transactions in which it transfers to Dealer Trusts
		(&lsquo;&lsquo;Dealer Trusts&rsquo;&rsquo;), fixed rate bonds in exchange for
		cash and residual interests in the Dealer Trusts&rsquo; assets and cash flows,
		which are in the form of inverse floating rate investments. The Dealer Trusts
		fund the purchases of the fixed rate bonds by issuing floating rate notes to
		third parties and allowing the Trust to retain residual interest in the bonds.
		The Trust enters into shortfall agreements with the Dealer Trusts which commit
		the Trust to pay the Dealer Trusts, in certain circumstances, the difference
		between the liquidation value of the fixed rate bonds held by the Dealer Trusts
		and the liquidation value of the floating rate notes held by third parties, as
		well as any shortfalls in interest cash flows. The residual interests held by
		the Trust (inverse floating rate investments) include the right of the Trust
		(1) to cause the holders of the floating rate notes to tender their notes at
		par at the next interest rate reset date, and (2) to transfer the municipal
		bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
		The Trust accounts for the transfer of bonds to the Dealer Trusts as secured
		borrowings, with the securities transferred remaining in the Trust&rsquo;s
		investment assets, and the related floating rate notes reflected as Trust
		liabilities under the caption &lsquo;&lsquo;floating rate note
		obligations&rsquo;&rsquo; on the &lsquo;&lsquo;Statement of Assets and
		Liabilities.&rsquo;&rsquo; The Trust records the interest income from the fixed
		rate bonds under the caption &lsquo;&lsquo;Interest Income&rsquo;&rsquo; and
		records the expenses related to floating rate note obligations and any
		administrative expenses of the Dealer Trusts under the caption
		&lsquo;&lsquo;Interest and residual trust expenses&rsquo;&rsquo; in the
		Trust&rsquo;s &lsquo;&lsquo;Statement of Operations.&rsquo;&rsquo; The notes
		issued by the Dealer Trusts have interest rates that reset weekly and the
		floating rate note holders have the option to tender their notes to the Dealer
		Trusts for redemption at par at each reset date. At April 30, 2007, Trust
		investments with a value of $62,383,151 are held by the Dealer Trusts and serve
		as collateral for the $45,580,000 in floating rate note obligations outstanding
		at that date. Contractual maturities of the floating rate note obligations and
		interest rates in effect at April 30, 2007, are presented in the
		&lsquo;&lsquo;Portfolio of Investments.&rsquo;&rsquo;
	 </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: #0041C4;">E.&nbsp;&nbsp;&nbsp;Interest
		Rate Swaps &mdash; </FONT>Interest rate swaps involve the exchange of
		commitments to pay and receive interest based on a notional principal amount.
		Net periodic interest payments to be received or paid are accrued daily and are
		recorded as realized gains or losses in the Statement of Operations.
	 </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: #0041C4;">F.&nbsp;&nbsp;&nbsp;Federal
		Income Tax Policy &mdash; </FONT>It is the Trust&rsquo;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: #0041C4;">G.&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: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		<FONT
		 STYLE="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #0041C4;">H.&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:#000000;font-size:10pt; text-align: left; width: 534pt;">
		22
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(unaudited)<FONT STYLE="font-weight: normal; font-style: italic;">
		continued</FONT>
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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 Advisory/Administration Agreements
	 </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 Advisory Agreement with Morgan Stanley
		Investment Advisors Inc. (the &lsquo;&lsquo;Investment Adviser&rsquo;&rsquo;),
		the Trust pays an advisory fee, calculated weekly and payable monthly, by
		applying the annual rate of 0.27% to the Trust&rsquo;s weekly total net assets
		including preferred shares.
	 </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 Administration Agreement with Morgan Stanley Services
		Company Inc. (the &lsquo;&lsquo;Administrator&rsquo;&rsquo;), an affiliate of
		the Investment Adviser, the Trust pays an administration fee, calculated weekly
		and payable monthly, by applying the annual rate of 0.08% to the Trust&rsquo;s
		weekly total net assets including preferred shares.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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, 2007,
		aggregated $35,395,085 and $16,173,867, 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 Adviser and
		Administrator, is the Trust&rsquo;s transfer agent.
	 </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. 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. Aggregate pension costs for the six months ended April 30, 2007,
		included in Trustees&rsquo; fees and expenses in the Statement of Operations
		amounted to $2,290. At April 30, 2007, the Trust had an accrued pension
		liability of $53,387 which is included in accrued expenses in the Statement of
		Assets and Liabilities.
	 </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 Deferred Compensation Plan (the
		&lsquo;&lsquo;Compensation Plan&rsquo;&rsquo;) which allows each independent
		Trustee to defer payment of all, or a portion, of the fees he or she 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:#0041C4;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
		4.&nbsp;&nbsp;&nbsp;Preferred Shares of Beneficial Interest
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		The Trust is authorized to issue up to 1,000,000 non-participating
		preferred shares of beneficial interest having a par value of $.01 per share,
		in one or more series, with rights as determined by the Trustees, without
		approval of the common shareholders. The Trust has issued Series 1 through 5
		Auction Rate Preferred Shares (&lsquo;&lsquo;preferred shares&rsquo;&rsquo;)
		which have a liquidation value of $50,000 per share plus the
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">
		23
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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">
		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: 709.8000000000001px;" 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="78"></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="70"></TD>
			 <TD HEIGHT="1" WIDTH="25"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="8"></TD>
			 <TD HEIGHT="1" WIDTH="15"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
			 <TD HEIGHT="1" WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="140"></TD>
			 <TD HEIGHT="1" WIDTH="25"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="1"></TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 7pt; color: #0041C4; 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: #0041C4; 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" 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: #0041C4; 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" 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: #0041C4; 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" 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: #0041C4; 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE&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: #0041C4; 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;">3.88</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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">05/07/07&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: 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">3.04% &ndash; 3.88%</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;">3.90</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: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom"
			  COLSPAN="3">05/07/07&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: 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">3.22&nbsp;&nbsp; &ndash;
				4.00&nbsp;&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom" COLSPAN="3">3</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">50,000</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3.90</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: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="center" VALIGN="bottom"
			  COLSPAN="3">05/07/07&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: 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">3.45&nbsp;&nbsp; &ndash;
				4.00&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">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;">3.85</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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">05/07/07&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: 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">3.11&nbsp;&nbsp; &ndash;
				4.00&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">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;">3.88</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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">05/07/07&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: 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">2.84&nbsp;&nbsp; &ndash;
				4.00&nbsp;&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="94"
	  STYLE="margin-bottom: 2pt; margin-top: 30pt;">
		<TR>
		  <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="94"></TD>

		</TR>
	 </TABLE>
	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="margin-top: 3pt;"
	  WIDTH="577">
		<TR>
<!--left padding-->
		  <TD ALIGN="left" VALIGN="top"
			STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><IMG
			 SRC="spacer.gif" HEIGHT="1" WIDTH="0"></TD>
		  <TD ALIGN="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">*</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; width: 562;"><FONT
			 STYLE="font-weight: normal; font-style: normal">As of April 30,
			 2007.</FONT></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">**</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; width: 562;"><FONT
			 STYLE="font-weight: normal; font-style: normal">For the six months ended April
			 30, 2007.</FONT></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, 2007 and up through June 8, 2007, the Trust paid
		dividends to each of the Series 1 through 5 at rates ranging from 3.21% to
		3.90% in the aggregate amount of $564,608.
	 </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: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		The preferred shares, which are entitled to one vote per share, generally
		vote with the common shares but vote separately as a class to elect two
		Trustees and on any matters affecting the rights of the preferred shares.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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: 709.8000000000001px;" 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="351"></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: #0041C4; 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: #0041C4; 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: #0041C4; 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: #0041C4; 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, 2005 </TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">22,130,159</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">221,301</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">320,565,062</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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 7.85%)*</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">(694,700</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(6,947</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(9,939,744</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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, 2006 </TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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;">21,435,459</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">214,354</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">310,625,318</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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 7.71%)*</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				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;">(275,000</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" 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;">(2,750</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(3,981,100</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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, 2007 </TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="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;">21,160,459</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">211,604</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">306,644,218</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="94"
	  STYLE="margin-bottom: 2pt; margin-top: 30pt;">
		<TR>
		  <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="94"></TD>

		</TR>
	 </TABLE>
	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="margin-top: 3pt;"
	  WIDTH="577">
		<TR>
<!--left padding-->
		  <TD ALIGN="left" VALIGN="top"
			STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><IMG
			 SRC="spacer.gif" HEIGHT="1" WIDTH="0"></TD>
		  <TD ALIGN="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">*</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; width: 562;"><FONT
			 STYLE="font-weight: normal; font-style: normal">The Trustees have voted to
			 retire the shares purchased.</FONT></TD>
		</TR>
	 </TABLE>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">
		24
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(unaudited)<FONT STYLE="font-weight: normal; font-style: italic;">
		continued</FONT>
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
		6.&nbsp;&nbsp;&nbsp;Dividends to Common Shareholders
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		On March 26, 2007, 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: 709.8000000000001px;" ALIGN="center">
		<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="468"
		 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: #0041C4; 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: #0041C4; 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;DATE&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: #0041C4; 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">$0.0575</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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">May 4,
				2007&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: 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">May 18,
				2007&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">$0.0575</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 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">June 8,
				2007&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: 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">June 22,
				2007&nbsp;&nbsp;&nbsp;&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
		  </TR>
		</TABLE> </DIV>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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 fees and expenses for
		interest earned on cash balances maintained by the Trust with the transfer
		agent and custodian.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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;Purposes of and 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 inverse floating rate
		instruments, either through outright purchases of inverse floating rate
		securities or through the transfer of bonds to Dealer Trusts in exchange for
		cash and residual interests in the Dealer Trusts. These investments are
		typically used by the Trust in seeking to enhance the yield of the portfolio.
		These instruments typically involve greater risks than a fixed rate municipal
		bond. In particular, these instruments are acquired through leverage or may
		have leverage embedded in them and therefore involve many of the risks
		associated with leverage. Leverage is a speculative technique that may expose
		the Trust to greater risk and increased costs. Leverage may cause the
		Trust&rsquo;s net asset value to be more volatile than if it had not been
		leveraged because leverage tends to magnify the effect of any increases or
		decreases in the value of the Trust&rsquo;s portfolio securities. The use of
		leverage may also cause the Trust to liquidate portfolio positions when it may
		not be advantageous to do so in order to satisfy its obligations with respect
		to inverse floating rate 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">
		To hedge against adverse interest rate changes, the Trust may invest in
		financial futures contracts or municipal bond index futures contracts
		(&lsquo;&lsquo;futures contracts&rsquo;&rsquo;).
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		These futures contracts involve elements of market risk in excess of the
		amount reflected in the Statement of Assets and Liabilities. The Trust bears
		the risk of an unfavorable change in the value of the underlying securities.
		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;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		The Trust may enter into interest rate swaps and may purchase or sell
		interest rate caps, floors and collars. The Trust expects to enter into these
		transactions primarily to manage interest rate risk, hedge portfolio positions
		and preserve a return or spread on a particular investment or portion of its
		portfolio. The Trust may also enter into these transactions to protect against
		any increase in the price of securities the Trust anticipates purchasing at a
		later date. Interest rate swap transactions are subject to market risk, risk of

	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">
		25
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>
	 <PAGE>
	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Notes to Financial Statements
		<IMG SRC="square.jpg" ALIGN="middle" WIDTH="4" HEIGHT="4"> April 30, 2007
		(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">
		default by the other party to the transaction, risk of imperfect
		correlation and manager risk. Such risks may exceed the related amounts shown
		in the Statement of Assets and Liabilities.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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 &lsquo;&lsquo;book/tax&rsquo;&rsquo; 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: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		As of October 31, 2006, the Trust had temporary book/tax differences
		primarily attributable to book amortization of discounts on debt securities and
		mark-to-market of open futures contracts.
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#0041C4;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; ">
		10.&nbsp;&nbsp;&nbsp;Accounting Pronouncements
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		In July 2006, the Financial Accounting Standards Board (FASB) issued
		Interpretation 48, Accounting for Uncertainty in Income Taxes &mdash; an
		interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting
		for income taxes by prescribing the minimum recognition threshold a tax
		position must meet before being recognized in the financial statements. FIN 48
		is effective for fiscal years beginning after December 15, 2006, and is to be
		applied to all open tax years as of the effective date. The impact to the
		Trust&rsquo;s financial statements, if any, is currently being assessed.
	 </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">
		In addition, in September 2006, Statement of Financial Accounting
		Standards No. 157,<FONT STYLE="font-weight: normal; color: #000000;">
		<I> Fair Value Measurements</I>
		</FONT> (SFAS 157), was issued and is effective for fiscal years
		beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
		framework for measuring fair value and expands disclosures about fair value
		measurements. Management is currently evaluating the impact the adoption of
		SFAS 157 will have on the Trust&rsquo;s financial statement disclosures<B>.</B>
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">
		26
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>


  <PAGE>


	 <P
	  STYLE="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #0041C4; 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: #0041C4; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">
		Financial Highlights
	 </P>
	 <P
	  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
		Selected ratios and per share data for a common share of beneficial
		interest outstanding throughout each period:
	 </P>
	 <IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1">
	 <BR>
	 <DIV STYLE="border: 1px none; width: 709.8000000000001px;" 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="234"></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="71"></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: #0041C4; 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: #0041C4; 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, 2007</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: #0041C4; 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: #0041C4; 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: #0041C4; 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">2006</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: #0041C4; 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">2005</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: #0041C4; 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">2004</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: #0041C4; 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: #0041C4; 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>
		  </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">&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="center" VALIGN="bottom" COLSPAN="3"><FONT
				STYLE="font-style: italic; color: #000000">(unaudited)</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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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: #0041C4; 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">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.81</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</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;">15.50</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.60</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</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;">15.76</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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Income (loss) from investment
				operations:</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.48</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;">0.94</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.94</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.95</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;">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>
		  </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;">(0.16</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: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&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;">0.40</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">(0.19</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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.17</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;">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>
		  </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;">(0.13</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;">(0.13</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;">(0.12</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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>
		  </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: 4pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Total income from investment
				operations</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  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: 4pt"
			  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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1.12</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">0.62</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">1.00</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  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: 4pt"
			  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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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: 4pt"
			  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: 4pt"
			  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;">(0.35</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(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;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">(0.92</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">)&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>
		  </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;">(0.06</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;">(0.05</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="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="right" VALIGN="bottom" COLSPAN="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>
		  </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 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: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="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;">(0.41</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" 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;">(0.85</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(0.81</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;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">(1.21</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(0.90</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" 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;">(0.82</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>
		  </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 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;">0.02</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 1px solid #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">0.04</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" 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;">0.09</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-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>
		  </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, end of period </TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.61</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.81</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;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.50</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.60</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">15.76</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Market value, end of period </TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14.59</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14.55</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">13.86</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14.09</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14.73</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff" STYLE="border-bottom: 3px double #ffffff"><IMG
				SRC="spacer.gif" HEIGHT="1" WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">$</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">14.05</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Total Return&dagger;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3.12</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">% <SUP>(1)</SUP>&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">11.30</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">4.19</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>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">3.91</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">11.53</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.35</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 4pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Ratios to Average Net Assets of
				Common<BR>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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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: 4pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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;"></FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; 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: 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;">1.07</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-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>(2)(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;">0.82</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">% <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;">0.80</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">% <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;">0.82</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">% <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;">0.75</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>
		  </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">Total expenses (before expense offset,
				exclusive of interest and residual trust expenses)</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.74</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-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>(2)(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;">0.76</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">%<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;">0.80</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">%<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;">0.82</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">%<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;">0.75</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>
		  </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 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;">6.12</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-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>(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;">6.08</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">6.01</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;">6.11</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;">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>
		  </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;">1.72</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">%<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;">1.39</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">0.81</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;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">0.76</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"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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>
		  </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;">4.40</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-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>(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;">4.69</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"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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;">5.20</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: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">5.35</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">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>
		  </TR>
		  <TR>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #0041C4; 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">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: 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: 20pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="left" VALIGN="bottom" COLSPAN="3">Net assets applicable to common
				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;">$330,407</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">$338,858</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">$342,956</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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;">$362,468</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">&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>
		  </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">Asset coverage on preferred shares at
				end of period</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1">&nbsp;</TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt"
			  ALIGN="right" VALIGN="bottom" COLSPAN="1" NOWRAP="nowrap"><FONT
				STYLE="background-color: #ffffff;">313</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">319</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">321</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">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;</TD>
			 <TD BGCOLOR="#ffffff"><IMG SRC="spacer.gif" HEIGHT="1"
				WIDTH="2"></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; 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>
		  </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;">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">%<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;">14</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">15</FONT></TD>
			 <TD BGCOLOR="#ffffff"
			  STYLE="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt"
			  ALIGN="left" VALIGN="bottom" NOWRAP="nowrap">%&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;">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>
		  </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: 1pt;  padding-top: -3"><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: 7pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -3pt">*</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: -3pt; width: 561;">
			 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: 7pt;  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: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 561;">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&rsquo;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: 7pt;  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: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 561;">
			 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: 7pt;  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: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 561;">
			 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: 7pt;  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: 7pt;  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: 7pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 561;">
			 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;">
		27
	 </P>
	 <BR>
	 <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left">
	 <BR>

 <PAGE>


	 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="550">
		<TR>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="250"></TD>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="50"></TD>
		  <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="250"></TD>
		</TR>
		<TR>
		  <TD ROWSPAN="3">
			 <P
			  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
				Trustees
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Frank L. Bowman<BR>Michael Bozic<BR>Kathleen A. Dennis<BR>James F.
				Higgins<BR>Dr. Manuel H. Johnson<BR>Joseph J. Kearns<BR>Michael F.
				Klein<BR>Michael E. Nugent<BR>W. Allen Reed<BR>Fergus Reid
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
				Officers
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Michael E. Nugent<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Chairperson of the
				Board</I> </FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; 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>President and Principal
				Executive Officer</I> </FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				J. David Germany<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Vice President</I>
				</FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Dennis F. Shea<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Vice President</I>
				</FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Amy R. Doberman<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Vice President</I>
				</FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Carsten Otto<BR> <FONT
				STYLE="font-weight: normal; color: #000000;"> <I>Chief Compliance Officer</I>
				</FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Stefanie V. Chang Yu<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Vice President</I>
				</FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Francis Smith<BR>
				<FONT STYLE="font-weight: normal; color: #000000;"> <I>Treasurer </I>
				</FONT>and <FONT STYLE="font-weight: normal; color: #000000;"> <I>Chief
				Financial Officer</I> </FONT>
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; 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:#0041C4;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
				Transfer Agent
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; 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:#0041C4;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
				Independent Registered Public Accounting Firm
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; 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:#0041C4;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; ">
				Legal Counsel
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Clifford Chance US LLP<BR>31 West 52nd Street<BR>New York, New York
				10019
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;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; ">
				Counsel to the Independent Trustees
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				Kramer Levin Naftalis &amp; Frankel LLP<BR>1177 Avenue of the
				Americas<BR>New York, New York 10036
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:bold;color:#0041C4;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
				Investment Adviser
			 </P>
			 <P
			  STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11.17pt; 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:6.5pt;  width: 200pt; text-align: left; font-style: normal; line-height: 8.5pt; padding-top:6pt; 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:7pt;  width: 200pt; text-align: left; font-style: normal; line-height: 9pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
				&copy; 2007 Morgan Stanley
			 </P>
			 <IMG SRC="html_mslogok50.jpg" WIDTH="164" HEIGHT="25"><BR><BR><FONT
			 STYLE="font-family: sans-serif; font-size: 8pt; padding-left: 0pt; margin-top: 20pt; padding-bottom: 10pt;">IIMSAN-IU07-01577P-Y04/07</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; text-align:right; 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: #0041C4; 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,
			 2007</FONT><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></TD>
		</TR>
		<TR>
		  <TD ALIGN="right" VALIGN="bottom">
			 <DIV
			  STYLE="background-color:#0041C4;position:relative; height:166px; width:366.5px; font-family: sans-serif;font-size:10pt;font-style:italic;font-weight:normal;line-height:15pt; text-align:left;padding:95px 0px 26px 34px;"><IMG
				SRC="html_mslogoko.jpg" WIDTH="183" HEIGHT="37"></DIV></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.

Refer to Item 1.


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

Not applicable for semiannual reports.


Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to reports covering periods ending on or after December 31,
2005.





<PAGE>






Item 9. Closed-End Fund Repurchases
<FONT size="1">



                                               REGISTRANT PURCHASE OF EQUITY SECURITIES
- ----------------------------- --------------------- -------------------- --------------------- ---------------------

Period                        (a) Total Number of   (b) Average Price    (c) Total Number of   (d) Maximum Number
                              Shares (or Units)     Paid per Share (or   Shares (or Units)     (or Approximate
                              Purchased             Unit)                Purchased as Part     Dollar Value) of
                                                                         of Publicly           Shares (or Units)
                                                                         Announced Plans or    that May Yet Be
                                                                         Programs              Purchased Under the
                                                                                               Plans or Programs
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
November 1, 2006 --
November 30, 2006             35,700                14.5003                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
December 1, 2006 --
December 31, 2006             40,800                14.4557                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
January 1, 2007 --
January 31, 2007              47,100                14.4276                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
February 1, 2007 --
February 28, 2007             61,200                14.4231                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
March 1, 2007 --
March 31, 2007                54,900                14.5892                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
April 1, 2007
April 30, 2007                35,300                14.5132                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
Total                         275,000               14.4849                      N/A                   N/A
- ----------------------------- --------------------- -------------------- --------------------- ---------------------
</FONT>


Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.


Item 11. 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.




                                       2
<PAGE>


(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

Item 12. 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.





















                                       3
<PAGE>




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Insured Municipal Income Trust

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 21, 2007

         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 21, 2007

/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 21, 2007

                                       4</PRE>

<PRE><PAGE>
                                                                   EXHIBIT 12 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) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

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)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

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 second fiscal quarter of
     the period covered by this 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):

                                       5
<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 21, 2007
                                               /s/ Ronald E. Robison
                                               Ronald E. Robison
                                               Principal Executive Officer

                                       6
</PRE>

<PRE><PAGE>
                                                                   EXHIBIT 12 B2

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

                                 CERTIFICATIONS
                                 --------------

I, Francis Smith, 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) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

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)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

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 second fiscal quarter of
     the period covered by this 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):

                                        7
<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 21, 2007
                                                  /s/ Francis Smith
                                                  Francis Smith
                                                  Principal Financial  Officer



                                       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, 2007 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 21, 2007                               /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.


                                       9

<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, 2007 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 21, 2007                               /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.



                                       10
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