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<SEC-DOCUMENT>0000950136-04-002108.txt : 20040630
<SEC-HEADER>0000950136-04-002108.hdr.sgml : 20040630
<ACCEPTANCE-DATETIME>20040630131334
ACCESSION NUMBER:		0000950136-04-002108
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040630
EFFECTIVENESS DATE:		20040630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		04890789

	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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST II
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY><PRE><PAGE>

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

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06591

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

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

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

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

Date of fiscal year end: October 31, 2004

Date of reporting period: April 30, 2004


Item 1 - Report to Shareholders

</PRE>

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

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

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

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

</tr>

</table>

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

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

</tr>

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



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

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

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

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<td style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom">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-month period ended April 30, 2004</td>

</tr>

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

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

</tr>

</table>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The U.S. economy continued to show improvement over
the six-month period under review. On the positive side, gross domestic
product growth topped 4 percent in both quarters. While strength in
output has historically led to higher interest rates, yields remained
stubbornly low across the curve. These yields reflected low levels of
observed inflation in the economy and gradual improvement in
employment. The Federal Open Market Committee maintained its
accommodative monetary policy.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Surprising job growth in March,
combined with escalating oil prices, led investors to anticipate that
the Fed would raise interest rates sooner rather than later. Yet at its
April meeting the Federal Reserve did not change its short-term lending
rate but did signal a prospective shift in policy. As a result, bond
yields spiked across sectors and maturities.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The supply of new
municipal bonds in calendar 2003 reached record levels as
municipalities took advantage of historically low interest rates. Many
cities and states reduced expenditures by refinancing existing debt at
lower yields. In other cases, municipalities attempted to meet budget
needs by issuing additional debt. Then in the first months of 2004 bond
sales began to slow.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Low interest rates also had an impact on the
demand for municipal bonds. Retail and mutual fund activity slowed as
holders of municipal bonds saw little reason to sell bonds purchased at
higher yields and reinvest at historically low yields. However,
insurance companies and hedge funds purchased municipal bonds based on
their attractiveness relative to taxable securities. Additionally,
investors stretched for yield by buying lower-rated bonds, causing
credit spreads to tighten.</p>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The net
asset value (NAV) of Morgan Stanley Quality Municipal Income Trust
(IQI) decreased from $15.54 to $14.97 per share for the six-month
period ended April  30, 2004. Based on this change plus
reinvestment of tax-free dividends totaling $0.435 per share, a
short-term capital gain distribution of $0.01574 and a long-term
capital gain distribution of $0.302959 per share, the Trust's
total NAV return was 1.48 percent. The Trust's value on the New
York Stock Exchange (NYSE) decreased from $14.55 to $13.31 per share
during the same period. Based on this change plus reinvestment of
distributions, the Trust's total market return was -3.64 percent.
On April 30, 2004, IQI's NYSE market price was at a 11.09 percent
discount to its NAV. <font style="font-weight: normal; color: #000000;">
<i>Past performance is no guarantee of future
results.</i>
</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Monthly dividends for the second quarter of 2004,
declared in March, were unchanged at $0.0725 per share. The dividend
reflects the level of the Trust's undistributed net investment
income and projected earnings power. The Trust's level of
undistributed net investment income was $0.114 per share on April 30,
2004, versus $0.132 per share six months
earlier.</p>

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

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

</tr>

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

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

</tr>

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

</tr>

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

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

</tr>

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

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

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust's
duration*
was targeted to be shorter than its benchmark index. The duration,
adjusted for leverage, was 11.7 years. Treasury futures were sold to
reduce interest-rate exposure without raising the level of cash in the
portfolio. We maintained an average tax-exempt bond maturity objective
of 20 years to take advantage of the steepness of the municipal yield
curve. Revenue bonds in sectors with reliable income streams from
essential services such as municipal electric, transportation and water
and sewer systems were emphasized. The Trust's net assets,
including preferred shares, of $613 million were diversified across 105
credits in 13 long-term sectors.</p>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">During the six-month period under
review, ARPS leverage contributed approximately $0.09 per share to
common-share earnings. The Trust has five ARPS series totaling $208
million and representing 34  percent of net assets, including
preferred shares. These series are currently in two-year auction modes
with maturities ranging from July 2004 to January 2006. The yields
ranged from 1.50 to 2.20 percent. The latest auction of $56 million
Series 4 ARPS in January received a rate of 1.50%.</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">
<font style="font-weight: normal; font-style: normal">The
Trust's procedure for reinvesting all dividends and distributions
in common shares is through purchases in the open market. This method
helps support the market value of the Trust's shares. In
addition, we would like to remind you that the Trustees have approved a
procedure whereby the Trust may, when appropriate, purchase shares in
the open market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the time
of purchase. The Trust may also utilize procedures to reduce or
eliminate the amount of outstanding ARPS, including their purchase in
the open market or in privately negotiated
transactions.</font>
</p>

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

</tr>

</table>

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

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

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

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<td 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>

</tr>

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

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

</tr>

</table>

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

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

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

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

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

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

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

</tr>

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

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

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">24.1
</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Transportation</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;">18.9</font></td>

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

</tr>

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

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

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

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">15.1</font></td>

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

</tr>

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">6.8</font></td>

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

</tr>

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

</tr>

</table>

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

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

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

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

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

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

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

</tr>

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

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

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Aaa/AAA</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;">68.7</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Aa/AA</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;">22.0</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">A/A</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;">5.9</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">Baa/BBB</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;">2.4</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Ba/BB</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;">1.0</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><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">Data
as of April 30, 2004. Subject to change daily. All percentages are as a
percentage of long-term investments. Provided for informational
purposes only and should not be deemed a recommendation to buy or sell
the securities mentioned. Morgan Stanley is a full-service securities
firm engaged in securities trading and brokerage activities, investment
banking, research and analysis, financing and financial advisory
services.</td>

</tr>

</table>

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

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



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

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

</tr>

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

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

</tr>

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

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

</tr>

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

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">(% of Long-Term Portfolio) As of April 30,2004</td>

</tr>

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

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

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Weighted
Average Maturity: 19
Years</p>
<div align="center" style="width:  593;"><img src="html_62291dbm.jpg" style="margin-left:44pt;" align="left"></div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -4pt">Portfolio structure is subject to
change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;  width: 534pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">
<font style="font-weight: normal; font-style: normal">Geographic
Summary of Investments<br>Based on Market Value as a Percent of Total
Investments</font>
</p>

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="104"></td>

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">0.5</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">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;">5.2</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">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;">6.0</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">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;">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">Connecticut</td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">2.1</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.2</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">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;">4.1</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">Kentucky</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.3</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">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;">0.7</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">Maine</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.6</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">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">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;">2.8</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">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;">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">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;">1.9</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">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;">0.8</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">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;">1.9</font></td>

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

</tr>

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.9</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">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;">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">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;">0.9</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">Pennsylvania</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.5</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">3.9</font></td>

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

</tr>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.9</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;&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;">11.0</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

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

</tr>

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

</tr>

</table>

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

</tr>

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

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

</tr>

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

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="NaN">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -12pt">*&nbsp;&nbsp;&nbsp;&nbsp;Joint
exemptions have been included in each geographic
location.</td>

</tr>

</table>

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

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



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

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

</tr>

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

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

</tr>

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

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

</tr>

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

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">(Based on Long-Term Portfolio) As of April 30, 2004</td>

</tr>

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

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

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Years
Bonds Callable<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>&mdash;<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>Weighted Average Call
Protection: 7
Years</p>
<div align="center" style="width:  593;"><img src="html_62291call.jpg" style="margin-left:44pt;" align="left"></div>
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Cost (Book)
Yield<sup>(b)</sup>
<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>&mdash;<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>Weighted Average Book
Yield:
5.2%</p>
<div align="center" style="width:  593;"><img src="html_62291cost.jpg" style="margin-left:44pt;" align="left"></div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

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

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

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -10"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -10pt">(b)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -10pt"> Cost or
"book" yield is the annual income earned on a
portfolio investment based on its original purchase price before the
Trust's operating expenses. For example, the Trust is earning a
book yield of 6.6% on 7% of the long-term portfolio that
is callable in 2004.</td>

</tr>

</table>

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

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

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Portfolio structure
is subject to change.</td>

</tr>

</table>

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

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



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

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tax-Exempt
Municipal Bonds
(142.5%)</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="1">&nbsp;</td>

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>General
Obligation
(21.5%)</i></font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California,
Various Purpose dtd
05/01/03</td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/19</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,115,450</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;">2,700</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Adams
&amp; Arapahoe Counties Joint School District # 32, Colorado,<br>Ser
2003A
(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;">5.125</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/21</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,816,856</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,500</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">Denver
School District # 1, Colorado, Ser 1999
(FGIC)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/16</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,743,180</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Connecticut,
2002 Ser
B</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/20</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,153,920</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Florida
Board of Education, Capital Outlay Refg 2002 Ser C
(MBIA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/20</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,171,350</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;"></font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">1992
Ser
BZ</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/10</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;">5,725,300</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;">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">1992
Ser
BZ</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/11</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,186,800</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">Honolulu
City &amp; County, Hawaii, ROLS RR II R 237-3
(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;">9.29</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">&Dagger;&nbsp;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/26</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,273,150</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;">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">Chicago,
Illinois, Neighborhoods Alive 21 Ser 2001 A
(FGIC)</td>

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,368,800</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Cook
County, Illinois, Ser 1992 C
(FGIC)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/09</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;">4,562,360</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;">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">Illinois,
First 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;">5.375</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/20</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,361,500</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;"></font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">First
Ser 2003 RITES PA &ndash; 1112 A
(MBIA)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.662</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,439,000</font></td>

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

</tr>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.662</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,387,800</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;">3,235</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Charleston
County School District, South Carolina, Ser 2004
A</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/22</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,313,805</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Houston,
Texas, Refg Ser 2000
(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;">5.75</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/18</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,214,100</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;">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">Houston,
Independent School District, Texas, Refg Ser 1999 A
(PSF)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/15/18</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,291,250</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;">5,000</font></td>

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/15/26</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">5,001,050</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;">81,435</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">87,125,671</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Educational
Facilities Revenue
(2.7%)</i></font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#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">University
of Arizona 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;">5.50</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/15</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,797,840</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;">1,740</font></td>

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

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

<td bgcolor="#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">University
of Arizona 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;">5.50</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/16</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,891,102</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,835</font></td>

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

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

<td bgcolor="#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">University
of Arizona 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;">5.50</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/17</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,990,828</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#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">University
of Arizona 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;">5.50</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/18</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,017,005</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: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Ohio
State University, General Receipts Ser 2002
A</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/31</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;">2,019,700</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Pennsylvania
State University, Refg Ser
2002</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/14</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,187,020</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,165</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,903,495</font></td>

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

</tr>

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

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">7</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Electric
Revenue
(19.1%)</i></font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Salt
River Project Agricultural Improvement &amp; Power District, Arizona,
2002 Ser
B</td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,010,020</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;">5,000</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Department of Water Resources, Power Supply Ser 2002
A</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/17</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;">5,421,350</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;">3,300</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">Jacksonville
Electric Authority, Florida, St Johns Power Park<br>Refg  Issue
2 Ser
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;">5.00</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,393,555</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Orlando
Utilities Commission, Florida, Water &amp; Electric Ser
2001</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,114,860</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Western
Minnesota Municipal Power Agency, 2003 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</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/30</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,007,540</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;"></font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">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
2003
B</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/13</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,263,960</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: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Ser
2000 A
(FSA)&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;">0.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/16</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,815,900</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;">5,325</font></td>

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

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

<td bgcolor="#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
C</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/19</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;">5,608,610</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;"></font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,700</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#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 D
(Ambac)</td>

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,819,251</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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 2002 D
(FSA)</td>

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,153,950</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;">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: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Refg
Ser 2003 A
(Ambac)</td>

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,146,650</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;">5,000</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Memphis,
Tennessee, Jr Lien Refg 2002
(MBIA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/15</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,298,600</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Energy
Northwest, Washington, Columbia Refg Ser 2001 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;">5.75</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/18</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,679,910</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Grant
County Public Utility District #2,
Washington,</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Electric
Refg Ser 2001 H
(FSA)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,312,450</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,220</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="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">Priest
Rapids Hydro Second Ser 1992
A</td>

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">8,219,671</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">78,545</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">77,266,277</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Hospital
Revenue
(5.3%)</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>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,500</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">Birmingham-Carraway
Special Care Facilities Financing Authority, Alabama, Carraway
Methodist Hlth Ser 1995 A (Connie
Lee)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/15</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,705,170</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Maryland
Health &amp; Higher Educational Facilities
Authority,</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">University
of Maryland Medical Ser
2001</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/28</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,969,150</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;">1,500</font></td>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/32</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,573,320</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Lorain
County, Ohio, Catholic Healthcare Partners Ser 2001
A</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">3,178,740</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Philadelphia
Hospitals &amp; Higher Education Facilities Authority, Pennsylvania,
Chestnut Hill Hospital Ser
1992</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/11</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,014,040</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">South
Dakota Health &amp; Educational Facilities Authority, Queen of Peace
Hospital Ser 1992
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.70</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,212,000</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;">21,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">21,652,420</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 bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Industrial
Development/Pollution Control Revenue
(4.1%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">California
Pollution Control Financing Authority, Keller Canyon Landfill
Co/Browning-Ferris Industries Inc Ser 1992
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,934,540</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;">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">Michigan
Strategic Fund, Detroit Edison Co Ser 2001 C
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.65</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,054,250</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: left; width: 534pt;">8</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Brazos
River Authority, Texas, TXU Electric Co Ser 1999 C
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.70&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,428,430</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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">Sabine
River Authority, Texas, TXU Electric Co Refg Ser 2001 B (AMT)
(Mandatory Tender
11/01/11)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,117,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,534,320</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Mortgage
Revenue &ndash; Multi-Family
(2.8%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,000</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
Housing Development Authority, Ser
I</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/12</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,079,100</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">Missouri
Housing Development
Commission,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Federally
Insured Mortgage Loans Refg Ser
11/15/92</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,901,976</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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;">2,350</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="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">Federally
Insured Mortgage Loans Refg Ser
11/15/92</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.60</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,351,927</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">11,250</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,333,003</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Mortgage
Revenue &ndash; Single Family
(3.6%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">550</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Idaho
Housing Agency, 1992 Ser E
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/12</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">551,964</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,630</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Idaho
Housing &amp; Finance Association, 2000 Ser E
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,708,698</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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
Housing Development Commission, Homeownership Ser  2000 B-1
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/31</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;">604,644</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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,765</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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
Board of Housing, 2000 Ser B
(AMT)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/29</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;">4,984,190</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,565</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
Jersey Housing Mortgage Finance Authority, Home Buyer Ser  2000
CC (AMT)
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/31</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,738,698</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">14,090</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,588,194</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Public
Facilities Revenue
(9.6%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Arizona
School Facilities Board, Ser 2003A 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;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/17</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;">4,275,160</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Phoenix
Industrial Development Authority, Arizona, Capital Mall LLC 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;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/15/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,206,950</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;">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">Sacramento
Financing Authority, California, City Hall 2002 Ser A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,983,980</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Colorado
Educational &amp; Cultural Facilities Authority, Peak to Peak Charter
School Refg &amp; Impr 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;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/34</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;">2,029,880</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Broward
County School Board, Florida, Ser 2001 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</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,010,770</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Orange
County School Board, Florida, Ser 2001 A COPs
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,352,080</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;">1,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Marion
County Convention &amp; Recreational Facilities Authority, Indiana,
Refg Ser 2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,426,040</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,655</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Kentucky
State Property &amp; Buildings Commission, Project # 79
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,711,923</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;">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">Kansas
City School District, Missouri, Elementary School<br>Refg Ser 2003 B
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,343,900</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;">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">Albuquerque,
New Mexico, Gross Receipts Refg Ser 1999
C</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/17</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;">3,175,410</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">9</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Pennsylvania
Public School Building Authority, Philadelphia School District Ser 2003
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00&nbsp;&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/33</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,988,480</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;">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">Milwaukee
Redevelopment Authority, Wisconsin, 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;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/23</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;">2,555,625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">37,555</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">39,060,198</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Resource
Recovery Revenue
(0.8%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Northeast
Maryland Waste Disposal Authority, Montgomery County Ser  2003
(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;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">04/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">3,203,520</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Transportation
Facilities Revenue
(27.0%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Alaska
International Airports, Ser 2002 B
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,051,720</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;">2,000</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">Arizona
Transportation Board, Highway Refg Ser 2002
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/19</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;">2,149,960</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Phoenix
Civic Improvement Corporation, Arizona, 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;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,016,590</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">California
Infrastructure &amp; Economic Development Bank, Bay Area Toll Bridges
Seismic Retrofit First Lien Ser 2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/36</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,966,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Orange
County Transportation Authority, California, Toll Road Refg
Ser  2003 A
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,963,346</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Port
of Oakland, California, Ser 2002 L (AMT)
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,903,840</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;">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">Georgia
State Road &amp; Tollway Authority, DRIVERS Ser
373</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8.645</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&Dagger;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/11</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,296,500</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">Chicago,
Illinois, O' Hare Int'l Airport 3rd Lien Ser 2003 B-2 (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;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,273,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Regional
Transportation Authority, Illinois, Refg Ser 1999
(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;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,527,320</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Indiana
Transportation Finance Authority, Ser
2000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,706,625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,400</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">Maine
Turnpike Authority, Ser 2000
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,553,816</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Wayne
County, Michigan, Detroit Metropolitan Wayne County Airport Refg Ser
2002 D (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;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/17</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;">3,193,980</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">St
Louis, Missouri, Lambert - St Louis Int'l Airport Ser 2001 A
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">996,610</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Clark
County,
Nevada,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Jet
Aviation Fuel Tax Ser 2003 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;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,037,970</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,100</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#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">Jet
Aviation Fuel Tax Ser 2003 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;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,140,117</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Jet
Aviation Fuel Tax Ser 2003 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;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,059,520</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,595</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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 and Industry, Las Vegas Monorail 1st  Tier
Ser 2000
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,789,155</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">New
Jersey Transportation Trust Fund Authority, 1999 Ser
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,615,800</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;">12,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
Jersey Turnpike Authority, Ser 2003 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,117,840</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;">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, Transportation Refg  Ser 2002
A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,100,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Port
Authority of New York &amp; New Jersey, Cons 135th  Ser
(MBIA)**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/15/29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,008,640</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">10</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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">Triborough Bridge
&amp; Tunnel Authority, New
York,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
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="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,250,750</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;">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">Ser
2001
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,941,860</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Airport
Sub Lien Ser 2000 A (AMT)
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/17</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;">6,526,560</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: 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">Airport
Sub Lien Ser 2000 A (AMT)
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.625</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,112,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">108,495</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">109,300,579</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Water
&amp; Sewer Revenue
(34.3%)</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>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Birmingham,
Alabama, Water &amp; Sewer Ser 1998
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,981,040</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,800</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Phoenix
Civic Improvment Corporation, Arizona, Jr Lien Water<br>Ser
2002</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,821,242</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">East
Bay Municipal Utility District, California, Water Ser 2001
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,013,200</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;">3,720</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">San
Diego County Water Authority, California, Ser 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</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,717,470</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,500</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">Broward
County, Florida, Water &amp; Sewer Utility Ser 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</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/24</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;">3,543,155</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Augusta,
Georgia, Water and Sewerage Ser 2000
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,165,300</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">Indiana
Bond Bank, Revolving Fund Ser 2001
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,141,900</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;">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">Louisville
&amp; Jefferson County Metropolitan Sewer District, Kentucky, Ser 1999
A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/33</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;">5,359,800</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">Massachusetts
Water Resources Authority, 2000 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;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/39</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;">5,365,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,345</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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 Valley Water District, Nevada, Water Impr Refg Ser 2003 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,614,067</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Passaic
Valley Sewerage Commisioners, New Jersey, Ser F
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,373,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Rio
Rancho, New Mexico, Water &amp; Wastewater Refg Ser 1999
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/19</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;">3,165,990</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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 Municipal Water Finance Authority, New
York,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,500</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">2003
Ser
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/19</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;">3,739,435</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,000</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">2001
Ser
B</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,036,360</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;">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">2004
Ser
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/35</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,865,700</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;">4,500</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">Charlotte,
North Carolina, Water &amp; Sewer Ser
2001</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,593,240</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Western
Carolina Regional Sewer Authority, South Carolina,<br>Ser 2001
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,281,200</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;">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">Austin,
Texas, Water &amp; Wastewater Refg Ser 2001 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;">5.125</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,080,300</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Houston,
Texas, Water &amp; Sewer Refg Ser 2002
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,974,300</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;">13,960</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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 2001
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,963,769</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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">Fairfax
County Water Authority, Virginia, Refg Ser
1992</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">04/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,195,320</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">136,325</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">138,991,588</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">11</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="328"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Other
Revenue
(4.6%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Boulder
County,
Colorado,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;1,750</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#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">University
Corp for Atmospheric Research 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;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,876,473</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,750</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#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">University
Corp for Atmospheric Research 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;">5.375</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/21</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,859,725</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">New
York City Transitional Finance Authority, New York,<br>Refg 2003 Ser
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,210,480</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Tobacco
Settlement Financing Corp, New York, Ser 2004
B-1C</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/17</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;">10,641,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Philadelphia,
Pennsylvania, Gas Works First Ser 1998 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;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,001,060</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: 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;">17,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,588,838</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;"><i>Refunded
(7.1%)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Atlanta,
Georgia, Airport Ser 2000 A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.50</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/10&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,634,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Massachusetts,
Ser 2000
C</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10/01/10&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,335,500</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dauphin
County General Authority, Pennsylvania, HAPSO Group  Inc/The
Western Pennsylvania Hospital Refg 1992 Ser A (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;">6.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/16</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,817,300</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;">5,200</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">San
Antonio, Texas, Electric &amp; Gas Ser 2000
A</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.75</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/10&dagger;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,894,616</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">25,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,682,266</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">560,560</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Tax-Exempt Municipal Bonds <font style="font-weight: normal; color: #000000;"><i>(Cost
$555,867,485)</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;">577,230,369</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Short-Term
Tax-Exempt Municipal Obligations
(5.6%)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,200</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">Idaho
Health Facilities Authority, St Luke's Regional Medical Center
Ser  2000 (FSA) (Demand
05/03/04)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,200,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,370</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Indiana
Health Facility Financing Authority, Clarian Health Ser 2000 B (Demand
05/03/04)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/30</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,370,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,100</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="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">East
Baton Rouge Parish, Louisiana, Exxon Corporation Ser 1993 (Demand
05/03/04)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/22</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,100,000</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;">3,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Port
Authority of New York &amp; New Jersey, Ser 2 (Demand
05/03/04)**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.08</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/01/19</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;">3,900,000</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;">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" 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">Harris
County Health Facilities Development Corporation, Texas, Methodist
Hospital Ser 2002 (Demand
05/03/04)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/15/31</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">1,300,000</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;">22,870</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" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Short-Term Tax-Exempt Municipal Obligations <font style="font-weight: normal; color: #000000;"><i>(Cost
$22,870,000)</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;">22,870,000</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: 5pt;" 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: 5pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">583,430</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="top" colspan="7">Total
Investments&nbsp;<font style="font-weight: normal; color: #000000;"><i>(Cost $578,737,485) (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: 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: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">148.1</font></td>

<td bgcolor="#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;%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">600,100,369</font></td>

<td bgcolor="#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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="7">Other
Assets In Excess of
Liabiities</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;3.3</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;&nbsp;&nbsp;&nbsp;&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,397,812</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="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: 5pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" 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: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(51.4</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(208,303,949</font></td>

<td bgcolor="#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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" 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: 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 double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" 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: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,194,232</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">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: #333333; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #333333; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<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>

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</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 18pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">Note:</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The
categories of investments are shown as a percentage of net assets
applicable to common
shareholders.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 8"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 8pt">AMT</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 8pt">
Alternative Minimum Tax.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">COPs</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Certificates of
Participation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">ETM</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Escrowed to
maturity.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">PSF</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"> Texas Permanent
School Fund Guarantee
Program.</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">DRIVERS</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"> Derivative
Inverse Tax-Exempt
Receipts.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">RITES</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Residual Interest
Tax-Exempt Securities.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">ROLS</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"> Reset
Option Longs.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Prerefunded to call date
shown.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> This
security has been physically segregated in connection with open futures
contracts in the amount of
$1,762,500.</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"> Current
coupon rate for inverse floating rate municipal obligation. This rate
resets periodically as the auction rate on the related security
changes. Positions in inverse floating rate municipal obligations have
a total value of $21,396,450 which represents 5.3% of net assets
applicable to common
shareholders.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Current coupon of
variable rate demand
obligation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Joint exemption in
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"> Securities
have been designated as collateral in an amount equal to $164,052,820
in connection with open futures
contracts.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(b)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> The aggregate cost
for federal income tax purposes approximates the aggregate cost for
book purposes. The aggregate gross unrealized appreciation is
$22,514,545 and the aggregate gross unrealized depreciation is
$1,151,661, resulting in net unrealized appreciation of
$21,362,884.</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: 8pt"><u>Bond
Insurance:</u></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 4"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">Ambac</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 4pt">
Ambac Assurance
Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">Connie&nbsp;Lee</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">
Connie Lee Insurance Company &ndash; a wholly owned subsidiary of Ambac
Assurance Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FGIC</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Financial Guaranty Insurance
Company.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FSA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Financial Security
Assurance Inc.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">MBIA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Municipal
Bond Investors Assurance
Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">XLCA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> XL Capital
Assurance Inc.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Futures Contracts Open at
April 30,
2004:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">NUMBER
OF<br>CONTRACTS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">LONG/SHORT</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">DESCRIPTION,<br>DELIVERY
MONTH<br>AND YEAR</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">UNDERLYING<br>FACE AMOUNT<br>AT
VALUE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">UNREALIZED<br>APPRECIATION</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;500</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Short</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">U.S.
Treasury Note 5
Yr&nbsp;&nbsp;<br>June/2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(54,968,750)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">$1,166,595</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">1,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Short</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">U.S.
Treasury Note 10
Yr<br>June/2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">(110,500,000)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;3,229,250</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="left" valign="bottom" colspan="7"><font style="letter-spacing: 9pt;">&nbsp;&nbsp;</font>Total
unrealized
appreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$4,395,845</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">13</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement
of Assets and Liabilities</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">April 30, 2004 (unaudited)</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Assets:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments
in securities, at value<br>(cost $578,737,485)
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">600,100,369</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">102,356</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Receivable
for:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Interest
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,426,163</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: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments sold
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,876,179</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">1,002,216</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total Assets
</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">614,507,283</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Liabilities:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Payable
for:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; 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;">429,680</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: 20pt; 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;">261,798</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investment management fee
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">209,545</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Accrued expenses and other payables
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">108,079</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total Liabilities
</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,009,102</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred
shares of beneficial interest (at liquidation value) <font style="font-weight: normal; color: #000000;"><i>(1,000,000
shares<br>authorized of non-participating $.01 par value, 4,160 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;">208,303,949</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net Assets
Applicable to Common Shareholders</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,194,232</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Composition
of Net Assets Applicable to Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Common shares of
beneficial interest <font style="font-weight: normal; color: #000000;"><i>(unlimited shares authorized of $.01 par
value,<br>27,075,620 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;">378,317,153</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">25,758,729</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Accumulated undistributed net
investment income </td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,089,385</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="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Accumulated net
realized loss
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,971,035</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net Assets
Applicable to Common Shareholders</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,194,232</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net Asset Value
Per Common Share,<br>&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-weight: normal; color: #000000;"><i>($405,194,232 divided by 27,075,620
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;">14.97</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement of Operations</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">For the
six months ended April 30, 2004
(unaudited)</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Investment Income:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 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;">15,549,230</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: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investment
management fee </td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,110,163</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: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">518,504</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">91,962</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">30,999</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">16,893</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">15,927</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">15,023</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Registration fees
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,436</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">Trustees' fees and expenses
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,306</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">31,852</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: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total
Expenses</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,848,065</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(1,430</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Expenses</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,846,635</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Investment Income</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,702,595</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Net
Realized and Unrealized Gain
(Loss):</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net Realized
Gain (Loss) on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">4,286,121</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures contracts
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,425,285</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net Realized
Loss</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(5,139,164</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Net
Change in Unrealized Appreciation/Depreciation
on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,788,083</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures contracts
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7,998,631</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
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: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,789,452</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Loss</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,928,616</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Dividends
to preferred shareholders from net investment income
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(2,332,139</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Net
Increase</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,441,840</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: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">15</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Statement of Changes in Net
Assets</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="421"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000; ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR
THE SIX<br>MONTHS ENDED<br>APRIL 30, 2004</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000; ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR THE
YEAR<br>ENDED<br>OCTOBER 31,
2003</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3"><font style="font-style: italic; color: #000000">(unaudited)</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Increase
(Decrease) in Net
Assets:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,702,595</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">29,064,363</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(5,139,164</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,139,931</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(1,789,452</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(5,751,763</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(2,332,139</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(4,630,727</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: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Increase</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,441,840</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: 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;">30,821,804</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Dividends
and Distributions to Common Shareholders
from:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net investment income
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(11,930,231</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(25,758,247</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">(8,800,752</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(8,460,780</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Total
Dividends and Distributions</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(20,730,983</font></td>

<td bgcolor="#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;">(34,219,027</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Decrease
from transactions in common shares of beneficial interest
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(8,869,994</font></td>

<td bgcolor="#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;">(16,666,151</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Decrease</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(25,159,137</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(20,063,374</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Net
Assets Applicable to Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Beginning of
period
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">430,353,369</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">450,416,743</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">End
of Period<br><font style="font-weight: normal; color: #000000;"><i>(Including accumulated undistributed net
investment income of $3,089,385 and $3,649,160, respectively)</i></font></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">405,194,232</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">430,353,369</font></td>

<td bgcolor="#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: left; width: 534pt;">16</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">1.&nbsp;&nbsp;&nbsp;Organization
and Accounting Policies</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Quality Municipal Income
Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide current income which is exempt from federal
income tax. The Trust was organized as a Massachusetts business trust
on March 12, 1992 and commenced operations on September 29,
1992.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The following is a summary of significant accounting
policies:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">A.&nbsp;&nbsp;&nbsp;Valuation of Investments &mdash; </font>(1) portfolio
securities are valued by an outside independent pricing service
approved by the Trustees. The pricing service uses both a computerized
grid matrix of tax-exempt securities and evaluations by its staff, in
each case based on information concerning market transactions and
quotations from dealers which reflect the mean between the last
reported bid and asked price. The portfolio securities are thus valued
by reference to a combination of transactions and quotations for the
same or other securities believed to be comparable in quality, coupon,
maturity, type of issue, call provisions, trading characteristics and
other features deemed to be relevant. The Trustees believe that timely
and reliable market quotations are generally not readily available for
purposes of valuing tax-exempt securities and that the valuations
supplied by the pricing service are more likely to approximate the fair
value of such securities; (2) futures are valued at the latest sale
price on the commodities exchange on which they trade unless it is
determined that such price does not reflect their market value, in
which case they will be valued at their fair value as determined in
good faith under procedures established by and under the supervision of
the Trustees; and (3) short-term debt securities having a maturity date
of more than sixty days at time of purchase are valued on a
mark-to-market basis until sixty days prior to maturity and thereafter
at amortized cost based on their value on the 61st day. Short-term debt
securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">B.&nbsp;&nbsp;&nbsp;Accounting for
Investments &mdash; </font>Security transactions are accounted for on the trade
date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost
method. Discounts are accreted and premiums are amortized over the life
of the respective securities. Interest income is accrued
daily.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">C.&nbsp;&nbsp;&nbsp;Futures Contracts &mdash; </font>A futures contract is an
agreement between two parties to buy and sell financial instruments or
contracts based on financial indices at a set price on a future date.
Upon entering into such a contract, the Trust is required to pledge to
the broker cash, U.S. Government securities or other liquid portfolio
securities equal to the minimum initial margin requirements of the
applicable futures exchange. Pursuant to the contract, the Trust agrees
to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in the value of the contract. Such receipts or
payments known as variation margin are recorded by the Trust as
unrealized gains and losses. Upon closing of the contract, the Trust
realizes a gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it was
closed.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">17</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">D.&nbsp;&nbsp;&nbsp;Federal Income Tax
Policy &mdash; </font>It is the Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its taxable
and nontaxable income to its shareholders. Accordingly, no federal
income tax provision is required.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">E.&nbsp;&nbsp;&nbsp;Dividends and
Distributions to Shareholders &mdash; </font>Dividends and distributions to
shareholders are recorded on the ex-dividend
date.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #333333;">F.&nbsp;&nbsp;&nbsp;Use of Estimates &mdash; </font>The preparation of
financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could
differ from those estimates.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">2.&nbsp;&nbsp;&nbsp;Investment Management
Agreement</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to an Investment Management Agreement with
Morgan Stanley Investment Advisors Inc. (the "Investment
Manager"), the Trust pays the Investment Manager a
management fee, calculated weekly and  payable monthly, by
applying the annual rate of 0.35% to the Trust's weekly
net assets including preferred  shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">3.&nbsp;&nbsp;&nbsp;Security
Transactions and Transactions with Affiliates</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The cost of
purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended April 30, 2004,
aggregated $30,397,572 and $65,671,955, respectively.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan
Stanley Trust, an affiliate of the Investment Manager, is the
Trust's transfer agent. At April 30, 2004, the Trust had transfer
agent fees and expenses payable of approximately $12,100.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust has an unfunded noncontributory defined benefit pension plan
covering certain independent Trustees of the Trust who will have served
as independent Trustees for at least five years at the time of
retirement. Benefits under this plan are based on factors which include
years of service and compensation. Aggregate pension costs for the six
months ended April 30, 2004, included in Trustees' fees and
expenses in the Statement of Operations amounted to $3,185. At April
30, 2004, the Trust had an accrued pension liability of $51,803 which
is included in accrued expenses in the Statement of Assets and
Liabilities. On December 2, 2003, the Trustees voted to close the plan
to new participants and eliminate the future benefits growth due to
increases to compensation after July 31, 2003.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Effective April 1,
2004, the Trust began an unfunded Deferred Compensation Plan (the
"Compensation Plan"), which allows each
independent Trustee to defer payment of all, or a portion, of the fees
he receives for serving on the Board of Trustees. Each eligible Trustee
generally may elect to have the deferred amounts credited with a return
equal to the total return on one or more of the Morgan Stanley funds
that are offered as investment options under the Compensation Plan.
Appreciation/depreciation and distributions received from these
investments are recorded with an offsetting increase/decrease in the
deferred compensation obligation and do not affect the net asset value
of the Trust.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">18</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">4.&nbsp;&nbsp;&nbsp;Preferred Shares of Beneficial
Interest</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is authorized to issue up to 1,000,000
non-participating preferred shares of beneficial interest having a par
value of $.01 per share, in one or more series, with rights as
determined by the Trustees, without approval of the common
shareholders. The Trust has issued Series 1 through 5 Auction Rate
Preferred Shares ("Preferred Shares") which
have a liquidation value of $50,000 per share plus the redemption
premium, if any, plus accumulated but unpaid dividends, whether or not
declared, thereon to the date of distribution. The Trust may redeem
such shares, in whole or in part, at the original purchase price of
$50,000 per share plus accumulated but unpaid dividends, whether or not
declared, thereon to the date of redemption.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Dividends, which are
cumulative, are reset through auction
procedures.</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="608" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="62"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="105"></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="105"></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="105"></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="105"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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="center" valign="bottom" colspan="3">1,120</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">$56,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.60%</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">01/05/05</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;1.60</font></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="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;400</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;20,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70&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">07/07/05</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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="center" valign="bottom" colspan="3">1,120</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;56,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2.20&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">07/08/04</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2.20</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">4</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1,120</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;56,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.50&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">01/05/06</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">1.50
&ndash;
2.55</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="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;400</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;20,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70&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">09/02/05</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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">
As of April 30, 2004.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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"> For the six months
ended April 30, 2004.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Subsequent to April 30, 2004 and up
through June 4, 2004, the Trust paid dividends to each of the Series 1
through 5 at rates ranging from 1.50% to 2.20% in the
aggregate amount of $607,898.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is subject to certain
restrictions relating to the preferred shares. Failure to comply with
these restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares and/or
could trigger the mandatory redemption of preferred shares at
liquidation value.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The preferred shares, which are entitled to
one vote per share, generally vote with the common shares but
vote separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred  shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">19</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">5.&nbsp;&nbsp;&nbsp;Common Shares of Beneficial
Interest</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Transactions in common shares of beneficial interest
were as
follows:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="359"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SHARES</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PAR
VALUE</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">CAPITAL<br>PAID IN<br>EXCESS OF<br>PAR
VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance, October 31,
2002</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,866,920</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: 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;">288,669</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: 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;">403,564,629</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Treasury
shares purchased and retired (weighted average discount
8.23%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,171,100</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>

<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;">(11,711</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(16,654,440</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance,
October 31,
2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,695,820</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">276,958</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">386,910,189</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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
7.84%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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;">(620,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(6,202</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(8,863,792</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance,
April 30,
2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,075,620</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">270,756</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">378,046,397</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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">
The Trustees have voted to retire the shares
purchased.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">6.&nbsp;&nbsp;&nbsp;Dividends to Common
Shareholders</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On March 30, 2004, the Trust declared the following
dividends from net investment
income:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="601" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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">$0.0725</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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
7, 2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3"><font style="letter-spacing: 1.42pt;">&nbsp;&nbsp;</font>May 21,
2004</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">$0.0725</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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 4, 2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">June 18,
2004</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 9pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">7.&nbsp;&nbsp;&nbsp;Expense Offset</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
expense offset represents a reduction of the custodian fees for
earnings on cash balances maintained by the Trust.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">8.&nbsp;&nbsp;&nbsp;Risks
Relating to Certain Financial Instruments</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may invest a
portion of its assets in residual interest bonds, which are inverse
floating rate municipal obligations. The prices of these securities are
subject to greater market fluctuations during periods of changing
prevailing interest rates than are comparable fixed rate
obligations.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To hedge against adverse interest rate changes, the
Trust may invest in financial futures contracts or municipal bond index
futures contracts ("futures
contracts").</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">These futures contracts involve
elements of market risk in excess of the amount reflected in the
Statement of Assets and Liabilities. The Trust bears the risk of an
unfavorable change in the value of the underlying securities. Risks may
also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their
contracts.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">20</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2004 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">9.&nbsp;&nbsp;&nbsp;Federal Income Tax
Status</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The amount of dividends and distributions from net
investment income and net realized capital gains are determined in
accordance with federal income tax regulations which may differ from
generally accepted accounting principles. These
"book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are
permanent in nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized
capital gains for tax purposes are reported as distributions of
paid-in-capital.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of October 31, 2003 the Trust had temporary
book/tax differences primarily attributable to book amortization of
discounts on debt securities, mark-to market of open futures contracts
and dividend payable.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">21</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Highlights</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: justify; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Selected
ratios and per share data for a common share of beneficial interest
outstanding throughout each
period:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="218"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3" rowspan="2">FOR
THE SIX<br>MONTHS ENDED<br>APRIL 30, 2004</td>

<td bgcolor="#ffffff" rowspan="2" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="19">FOR THE YEAR
ENDED OCTOBER
31,</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2003</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2002</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2001</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2000</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1999</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3"><font style="font-weight: normal; color: #000000;"><i>(unaudited)</i></font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" 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: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="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: 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: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">15.54</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">15.91</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" 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;">15.22</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;14.88</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" 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;">16.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Income
(loss) from investment
operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment
income*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.50</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">1.11</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;">1.16</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;">1.17</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;">1.16</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
realized and unrealized gain
(loss)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.24</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.01</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;">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;">0.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1.36</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</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;">(0.09</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;">(0.16</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" 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;">(0.20</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" 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;">(0.27</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" 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;">(0.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" 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>

</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
income (loss) from investment
operations</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.15</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" 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;">1.09</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;">0.92</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" 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;">1.65</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">1.17</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" 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;">(0.42</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">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;">(0.43</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;">(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;">(0.87</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.87</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.93</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.93</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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;">(0.32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(0.30</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" 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;">(0.39</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" 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="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;">(0.05</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">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;">(0.75</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">)&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;">(1.20</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" 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;">(1.26</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" 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;">(1.00</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: 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;">(0.93</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(0.98</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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">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;">0.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.04</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;">0.10</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;">0.02</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.97</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.54</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" 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: 5pt;" 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: 5pt" 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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.91</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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;15.22</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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.88</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: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.31</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" 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: 5pt;" 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: 5pt" 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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.91</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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.48</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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.313</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: 5pt" 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: 5pt;" 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: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Total
Return&dagger;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(3.64)</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">%
											<sup>(1)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.82</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; 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;">4.94</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16.59</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: 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;">7.51</font></td>

<td bgcolor="#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;">(10.21</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: 8pt" align="left" valign="bottom" nowrap="nowrap">)%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Ratios
to Average Net Assets of Common
&nbsp;&nbsp;&nbsp;&nbsp;Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
expenses (before expense
offset)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.87</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;%<sup>(2)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.83</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">0.78</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<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;">0.74</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">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">0.73</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;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income before preferred stock
&nbsp;&nbsp;&nbsp;&nbsp;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;">6.43</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;%<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;">6.58</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.19</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;">7.47</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.83</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">7.32</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred
stock
dividends</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.10</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;%<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;">1.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.29</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.71</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.74</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">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.42</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;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income available to common
shareholders</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.33</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%<sup>(2)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.53</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;">5.90</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;">5.76</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;">6.09</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.90</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="left" valign="bottom" colspan="3">Supplemental
Data:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 10pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 10pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 10pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
assets applicable to common &nbsp;&nbsp;&nbsp;&nbsp;shareholders, end of period, in
thousands</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$405,194</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$430,353</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$450,417</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$473,103</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$467,875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$487,179</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Asset
coverage on preferred shares at end of
&nbsp;&nbsp;&nbsp;&nbsp;period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">307</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">316</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">325</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">324
</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">333</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Portfolio
turnover
rate</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;%<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;">41</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">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;">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;">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;%&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 1"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 1pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 1pt">
The per share amounts were computed using an average number of common
shares outstanding during the period.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Total return is based upon the current market value on last day of each
period reported. Dividends and distributions are assumed to be
reinvested at the prices obtained under the Trust's dividend
reinvestment plan. Total return does not reflect brokerage
commissions.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(1)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Not
annualized.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(2)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Annualized.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 1pt;  padding-top: 0"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(3)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Does not reflect the effect of
the expense offset of
0.01%.</td>

</tr>

</table>

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">22</p>

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<p style="font-family: sans-serif; font-size: 10pt; font-weight: normal; font-style: normal; color: #000000; text-align: center; padding-top: 300pt; padding-left: 0pt; padding-bottom: 300pt; margin: 0pt; line-height: normal; width: 546pt;">(This page has been left blank intentionally.)</p>

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<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>

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<tr>
<td rowspan="3"><p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Trustees</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Michael Bozic<br>Charles
A. Fiumefreddo<br>Edwin J. Garn<br>Wayne E. Hedien<br>James F.
Higgins<br>Dr. Manuel H. Johnson<br>Joseph J. Kearns<br>Michael E.
Nugent<br>Fergus Reid</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 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: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Charles A.
Fiumefreddo<br><font style="font-weight: normal; color: #000000;"><i>Chairman of the Board</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mitchell M.
Merin<br><font style="font-weight: normal; color: #000000;"><i>President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Ronald E.
Robison<br><font style="font-weight: normal; color: #000000;"><i>Executive Vice President </i></font>and <font style="font-weight: normal; color: #000000;"><i>Principal Executive
Officer</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Barry Fink<br><font style="font-weight: normal; color: #000000;"><i>Vice President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Joseph J. McAlinden<br><font style="font-weight: normal; color: #000000;"><i>Vice President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Stefanie
V. Chang<br><font style="font-weight: normal; color: #000000;"><i>Vice President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Francis J.
Smith<br><font style="font-weight: normal; color: #000000;"><i>Treasurer </i></font>and <font style="font-weight: normal; color: #000000;"><i>Chief Financial
Officer</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Thomas F. Caloia<br><font style="font-weight: normal; color: #000000;"><i>Vice
President</i></font></p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mary E.
Mullin<br><font style="font-weight: normal; color: #000000;"><i>Secretary</i></font></p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 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: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan
Stanley Trust<br>Harborside Financial Center, Plaza Two<br>Jersey
City, New Jersey 07311</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Independent
Auditors</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Deloitte &amp; Touche LLP<br>Two World
Financial Center<br>New York, New York 10281</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Investment
Manager</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Investment Advisors Inc.<br>1221
Avenue of the Americas<br>New York, New York 10020</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The financial statements included herein have been
taken from the records of the Trust without examination by the
independent auditors and accordingly they do not express an opinion
thereon.</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10.7pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Investments and services offered through
Morgan Stanley DW Inc., member SIPC.</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&copy; 2004 Morgan
Stanley</p>
<img src="html_mslogok50.jpg"><br><br><font style="font-family: sans-serif; font-size: 8pt; padding-left: 0pt; margin-top: 20pt; padding-bottom: 10pt;">37954RPT-RA04-00259P-Y04/04</font></td>

<td rowspan="3"><img src="spacer.gif" height="1" width="50"></td>

<td align="right" valign="top"><font style="font-family: sans-serif; font-size: 10pt; padding-left: 44pt; margin-top: 20pt; padding-bottom: 10pt;  font-weight: bold; width: 150pt;">MORGAN STANLEY FUNDS</font></td>

</tr>

<tr>
<td align="right"><br><br><font style="font-size: 18pt; color: #064731; font-family: sans-serif">Morgan
Stanley<br>Quality Municipal<br> Income
Trust</font><br><br><br><br><br><br><font style="font-size: 12pt; color: #999999; font-family: sans-serif">Semiannual Report<br>April 30, 2004</font><br><br><br><br><br><br><br><br><br><br><br></td>

</tr>

<tr>
<td align="right" valign="bottom"><img src="html_mslogoko.jpg"></td>

</tr>

</table>

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<br>

<PRE><PAGE>


Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6. [Reserved.]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable for semiannual reports.

Item 8. [Reserved.]

Item 9 - Controls and Procedures

(a) The Trust principal executive officer and principal financial officer have
concluded that the Trust disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.

     There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.

<PAGE>

(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

Item 10 Exhibits

(a) Code of Ethics - Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.
























                                       2
<PAGE>




                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Quality Municipal Income Trust

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 22, 2004

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 22, 2004

/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 22, 2004




























                                       3
<PAGE>

                                                                   EXHIBIT 10 B1

                  CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

                                 CERTIFICATIONS

I, Ronald E. Robison, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley Quality
     Municipal Income Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

[b)  Omitted.]

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):

                                       4
<PAGE>

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: June 22, 2004

                                              /s/ Ronald E. Robison
                                              Ronald E. Robison
                                              Principal Executive Officer


















                                       5
<PAGE>


                                                                   EXHIBIT 10 B2

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

                                 CERTIFICATIONS

I, Francis Smith, certify that:

6.   I have reviewed this report on Form N-CSR of Morgan Stanley Quality
     Municipal Income Trust;

7.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

8.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

9.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

b)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

[b)  Omitted.]

e)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

f)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

10.  The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):

c)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

                                       6
<PAGE>

d)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: June 22, 2004

                                                  /s/ Francis Smith
                                                  Francis Smith
                                                  Principal Financial Officer
























                                       7
<PAGE>




                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Quality Municipal Income Trust

     In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended April 30, 2004 that is accompanied by
this certification, the undersigned hereby certifies that:

1.   The Report fully complies with the requirements of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

2.   The information contained in the Report fairly presents, in all material
     respects, the financial condition and results of operations of the Issuer.



Date: June 22, 2004                         /s/ Ronald E. Robison
                                                ---------------------------
                                                Ronald E. Robison
                                                Principal Executive Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Quality Municipal Income Trust and will be retained
by Morgan Stanley Quality Municipal Income Trust and furnished to the Securities
and Exchange Commission or its staff upon request.






















                                       8
<PAGE>



                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Quality Municipal Income Trust

         In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended April 30, 2004 that is accompanied by
this certification, the undersigned hereby certifies that:

1.   The Report fully complies with the requirements of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

2.   The information contained in the Report fairly presents, in all material
     respects, the financial condition and results of operations of the Issuer.



Date: June 22, 2004                            /s/ Francis Smith
                                                   ----------------------
                                                   Francis Smith
                                                   Principal Financial Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Quality Municipal Income Trust and will be retained
by Morgan Stanley Quality Municipal Income Trust and furnished to the Securities
and Exchange Commission or its staff upon request.























                                       9
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