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<SEC-DOCUMENT>0000950136-05-003985.txt : 20050705
<SEC-HEADER>0000950136-05-003985.hdr.sgml : 20050704
<ACCEPTANCE-DATETIME>20050705154338
ACCESSION NUMBER:		0000950136-05-003985
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20050430
FILED AS OF DATE:		20050705
DATE AS OF CHANGE:		20050705
EFFECTIVENESS DATE:		20050705

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:		05936880

	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>SEMI ANNUAL REPORT
<TEXT>
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<TITLE>
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<PRE>
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                                  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, 2005

Date of reporting period: April 30, 2005


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:bold;color:#999999;font-size: 10pt;  width: 42pt;  padding-top: 8pt"><img src="spacer.gif" height="1" width="42"></td>

<td align="left" style="font-family:sans-serif;font-weight:bold;color:#999999;font-size: 10pt;  padding-bottom: 0pt; font-style: normal; padding-top: 8pt">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>

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

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



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

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

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<td><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, 2005</td>

</tr>

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

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

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Consumer spending and business investment helped the
U.S. economy expand at a solid pace. This, in turn, translated into
generally higher interest rates during the six-month fiscal period
ended April 30, 2005. The markets also continued to focus on global
commodity supply pressures, specifically the rapid climb in oil prices
and the large federal budget and trade deficits. However, employment
growth remained uneven and bonds often rallied on weaker than
anticipated monthly reports.</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 Federal Open Market Committee
(the "Fed") reaffirmed its pledge to raise
the federal funds target rate at a "measured"
pace and did so in its meetings throughout the period. The Fed's
policy shift began in June 2004 with the first of seven consecutive
25-basis point rate hikes which took the federal funds target rate to
2.75 percent by the end of April 2005. These increases represented a
reversal of the Fed's rate reductions between January 2001 and
June 2003. At the end of the period, the forward yield curve reflected
a widespread view that the Fed would continue its current pace of rate
increases.</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">Against this setting, long-term municipal bond yields
remained in a trading range which moved rates higher at the beginning
of the period, lower through the winter and higher at the end of the
first quarter. By the end of April, yields declined again and ended the
fiscal period at or near their lows. In contrast, yields on shorter
maturity bonds which were more directly impacted by the Fed's
actions rose. As a result, the municipal yield curve continued to
flatten and the yield spread (or differential between one-year rates
and 30-year rates) narrowed. Investor's quest for yield favored
lower-quality investment grade bonds over high grade issues, keeping
quality spreads tight.</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">In the first four months of 2005, total
municipal underwriting volume increased by nine percent over the same
period in 2004. Refunding issues accounted for the incremental growth.
Bonds backed by insurance increased their market penetration from 50 to
60 percent over the same period. Issuers in California, Texas, New
York, Florida and New Jersey accounted for 43 percent of the total
municipal underwriting volume.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On the demand side, the
municipal-to-Treasury yield ratio, which gauges relative performance
between the two markets, remained attractive for tax-exempts. As a
result, fixed income investors that normally focus on taxable sectors
(such as insurance companies and hedge funds) supported municipals by
"crossing over" to purchase bonds. However,
retail investors continued to experience rate shock from the absolute
level of rates and largely remained on the
sidelines.</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: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">For the six-month period
ended April 30, 2005, the net asset value (NAV) of the Morgan Stanley
Quality Municipal Income Trust (IQI) increased from $15.42 to $15.63
per share. IQI declared tax-free dividends totaling $0.405 per share.
The Trust's total NAV return </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>

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

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

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

</tr>

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

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

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</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">
was 4.46 percent. IQI's value on the New
York Stock Exchange (NYSE) moved from $13.83 to $13.60 per share during
the same period. Based on this change plus reinvestment of tax-free
dividends, IQI's total market return was 1.28 percent. On April
30, 2005, IQI's NYSE market price was at a 12.99 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: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Monthly dividends for the second quarter of 2005,
declared in March, were unchanged at $0.0675 per share. The dividend
reflects the current level of the Trust's net investment income.
IQI's level of undistributed net investment income was $0.107 per
share on April 30, 2005, versus $0.088 per share six months
earlier.<sup>(1)</sup>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">During the period, IQI maintained a
conservative strategy in anticipation of continued Fed tightening and
higher interest rates. Adjusted for leverage, the Trust's
duration* (a measure of interest rates sensitivity) was 10.1 years.
This positioning helped performance early in the period when rates
rose, but had the net effect of hampering total returns when rates
declined later in the period. The Trust's net assets, including
preferred shares, of $609.2 million were diversified across 104 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 this six-month period, ARPS leverage
contributed approximately $0.10 per share to common share earnings. The
Trust has five ARPS series totaling $208 million, representing 34
percent of net assets, including preferred shares. Yields on series in
two-year auction modes ranged from 1.50 to 2.25 percent. Weekly yields
ranged from 1.58 to 2.55 percent.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust's procedure for
reinvesting all dividends and distributions in common shares is through
purchases in the open market. This method helps support the market
value of the Trust's shares. In addition, we would like to remind
you that the Trustees have approved a procedure whereby the Trust may,
when appropriate, purchase shares in the open market or in privately
negotiated transactions at a price not above market value or net asset
value, whichever is lower at the time of purchase. The Trust may also
utilize procedures to reduce or eliminate the amount of ARPS
outstanding, including their purchase in the open market or in
privately negotiated transactions. During the six-month period ended
April 30, 2005, the Trust </p>

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

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

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

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

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
purchased and retired 765,190 shares of common
shares at a weighted average market discount of 12.10
percent.</p>

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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="94"></td>

<td><img src="spacer.gif" height="1" width="499"></td>

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

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<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"><font style="font-weight: bold;">
<i>Performance data quoted
represents past performance, which is no guarantee of future results,
and current performance may be lower or higher than the figures shown.
Investment return, net asset value and common share market price will
fluctuate and Trust shares, when sold, may be worth more or less than
their original cost.</i>
</font></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
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<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">There is no guarantee that
any sectors mentioned will continue to perform well or be held by the
Trust in the future.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
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<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">(1) Income earned by certain
securities in the portfolio may be subject to the federal alternative
tax (AMT).</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">* 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>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" style="margin-left: 42pt; " width="421" bgcolor="#ffffff">
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<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="218"></td>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 3px solid #064731;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">35.5
</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;">29.3</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">23.7</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">17.6</font></td>

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

</tr>

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

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

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

<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #cccccc; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #cccccc;">7.5</font></td>

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

</tr>

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

</tr>

</table>

</div>
<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" style="margin-left: 42pt; " width="421" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="218"></td>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#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;">68.1</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">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;">20.8</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">8.0</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">2.0</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">Ba/BB
or Less</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;">1.1</font></td>

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

</tr>

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

</tr>

</table>

</div>
<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,
2005. Subject to change daily. All percentages for largest sectors are
as a percentage of net assets applicable to common shareholders. All
percentages for long-term credit analysis are as a percentage of total
long-term investments. These data are provided for informational
purposes only and should not be deemed a recommendation to buy or sell
the securities mentioned. Morgan Stanley is a full-service securities
firm engaged in securities trading and brokerage activities, investment
banking, research and analysis, financing and financial advisory
services.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight: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"></td>

</tr>

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

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

</tr>

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

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

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#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; ">For More Information About Portfolio
Holdings</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each Morgan Stanley trust provides a complete schedule
of portfolio holdings in its semiannual and annual reports within 60
days of the end of the trust's second and fourth fiscal quarters
by filing the schedule electronically with the Securities and Exchange
Commission (SEC). The semiannual reports are filed on Form N-CSRS and
the annual reports are filed on Form N-CSR. Morgan Stanley also
delivers the semiannual and annual reports to trust shareholders and
makes these reports available on its public Web site,
www.morganstanley.com. Each Morgan Stanley trust also files a complete
schedule of portfolio holdings with the SEC for the trust's first
and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver
the reports for the first and third fiscal quarters to shareholders,
nor are the reports posted to the Morgan Stanley public Web site. You
may, however, obtain the Form N-Q filings (as well as the Form N-CSR
and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the
SEC's Public Reference Room in Washington, DC. Information on the
operation of the SEC's Public Reference Room may be obtained by
calling the SEC at (800) SEC-0330. You can also request copies of these
materials, upon payment of a duplicating fee, by electronic request at
the SEC's e-mail address (publicinfo@sec.gov) or by
writing the Public Reference section of the SEC, Washington, DC
20549-0102.</p>

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

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



<page>
<table cellpadding="0" cellspacing="0" bgcolor="#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, 2005</td>

</tr>

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

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

</tr>

</table>

<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 6pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Weighted
Average Maturity: 18
Years<sup>(a)</sup>
</p>
<div align="center" style="width:  593;"><img src="html_62540dbm.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: -16"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -16pt">(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: -16pt">
Where applicable maturities reflect mandatory tenders, puts and call
dates.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -16pt"><font style="letter-spacing: 15pt;">&nbsp;&nbsp;</font>Portfolio structure is
subject to
change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:;font-size:10pt;  width: 444pt; text-align: center; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Geographic
Summary of Investments<br>Based on Market Value as a Percent of Total
Investments</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="562" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">1.3</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">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;">4.6</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">8.8</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">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;">3.9</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">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;">5.9</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">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">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;">5.8</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">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;">4.2</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">Kentucky</td>

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">1.7</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">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;">1.8</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">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;">0.1</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">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;">0.7</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">Nevada</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.4</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">New
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;">6.0</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
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;">1.1</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">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;">13.3</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5.4</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">Puerto
Rico</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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">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;">3.2</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">Texas</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12.5</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">Virginia</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.0</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">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;">4.3</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.4</font></td>

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

</tr>

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

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

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

</tr>

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

</tr>

</table>

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

</tr>

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

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

</tr>

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

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 12pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -16pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -16pt">
Does not include open short futures contracts with an underlying face
amount of $109,046,880 with unrealized depreciation of
$418,382.</td>

</tr>

</table>

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

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



<page>
<table cellpadding="0" cellspacing="0" bgcolor="#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, 2005</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 &mdash; Weighted Average Call Protection: 7 Years</p>
<div align="center" style="width:  593;"><img src="html_62540call.jpg" style="margin-left:44pt;" align="middle"></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>
&mdash; Weighted Average Book Yield: 5.2%</p>
<div align="center" style="width:  593;"><img src="html_62540cost.jpg" style="margin-left:44pt;" align="middle"></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: -8"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -8pt">(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: -8pt"> May include
issues initially callable in previous
years.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -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 5% of the long-term portfolio that
is callable in 2005.</td>

</tr>

</table>

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

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

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

</tr>

</table>

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

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


 <PAGE>




    <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">Investment Advisory Agreement Approval</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="31" WIDTH="1"></TD>
        <TD STYLE="font-family: sans-serif; font-size: 11pt; color: #ffffff"
         VALIGN="top"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="16" WIDTH="55"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <P
     STYLE="font-family:sans-serif;font-weight: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">
      &nbsp;&nbsp;&nbsp;&nbsp;
    </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; ">
      Nature, Extent and Quality of Services
    </P>
    <P
     STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
      The Board reviewed and considered the nature and extent of the investment
      advisory services provided by the Investment Adviser under the Advisory
      Agreement, including portfolio management, investment research and fixed income
      securities trading. The Board also reviewed and considered the nature and
      extent of the non-advisory, administrative services provided by the Trust's
      Administrator under the Administration Agreement, including accounting,
      clerical, bookkeeping, compliance, business management and planning, and the
      provision of supplies, office space and utilities at the Adviser's expense.
      (The Investment Adviser and the Administrator together are referred to as the
      "Adviser" and the Advisory and Administration Agreements together are referred
      to as the "Management Agreement.") The Board also compared the nature of the
      services provided by the Adviser with similar services provided by
      non-affiliated advisers as reported to the Board by Lipper Inc. ("Lipper").
    </P>
    <P
     STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
      The Board reviewed and considered the qualifications of the portfolio
      managers, the senior administrative managers and other key personnel of the
      Adviser who provide the administrative and investment advisory services to the
      Trust. The Board determined that the Adviser's portfolio managers and key
      personnel are well qualified by education and/or training and experience to
      perform the services in an efficient and professional manner. The Board
      concluded that the nature and extent of the advisory and administrative
      services provided were necessary and appropriate for the conduct of the
      business and investment activities of the Trust. The Board also concluded that
      the overall quality of the advisory and administrative services was
      satisfactory.
    </P>
    <P
    STYLE="font-family:sans-serif;font-weight:bold;color:#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 Relative to Comparable Funds Managed by Other Advisers
    </P>
    <P
    STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
      The Board reviewed the Trust's performance for one-, three- and five-year
      periods ended November 30, 2004, as shown in reports provided by Lipper (the
      "Lipper Reports"), compared to the performance of comparable funds selected by
      Lipper (the "performance peer group"), and noted that the Trust's performance
      was lower than its performance peer group average for the one-, three- and
      five-year periods. The Adviser and the Board discussed the portfolio
      management's team strategy in anticipation of Federal Reserve Board actions and
      in response to the interest rate environment. The Board considered that the
      strategy employed was reasonable and that the Trust's more recent performance,
      for the one- and three-year periods, was only slightly lower than the Trust's
      performance peer group average. The Board discussed with the Adviser possible
      steps to improve performance.
    </P>
    <P
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      Fees Relative to Other Funds Managed by the Adviser with Comparable
      Investment Strategies
    </P>
    <P
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      The Board reviewed the advisory and administrative fees (together, the
      "management fee") paid by the Trust under the Management Agreement. The Board
      noted that the rate was comparable to the management fee rates charged by the
      Adviser to any other funds it manages with investment strategies comparable to
      those of the Trust.
    </P>
    <P
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      Fees and Expenses Relative to Comparable Funds Managed by Other Advisers
    </P>
    <P
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      The Board reviewed the management fee rate and total expense ratio of the
      Trust. The Board noted that: (i) the Trust's management fee rate was lower than
      the average management fee rate for funds, selected by Lipper (the "expense
      peer group"), managed by other advisers, with investment strategies comparable
      to those of the Trust,
    </P>
    <P
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      8
    </P>
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    <P
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      as shown in the Lipper Report for the Trust; and (ii) the Trust's total
      expense ratio was also lower than the average total expense ratio of the funds
      included in the expense peer group. The Board concluded that the Trust's
      management fee and total expenses were competitive with those of the Trust's
      expense peer group.
    </P>
    <P
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      Breakpoints and Economies of Scale
    </P>
    <P
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      The Board reviewed the structure of the Trust's management fee schedule
      under the Management Agreement and noted that it does not include any
      breakpoints. The Board considered that the Trust is closed-end and is not a
      growth fund and, therefore, that the Trust's assets are not likely to grow with
      new sales or grow significantly as a result of capital appreciation. The Board
      concluded that economies of scale for this Trust were not a factor that needed
      to be considered.
    </P>
    <P
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      Profitability of Adviser and Affiliates
    </P>
    <P
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      The Board considered and reviewed information concerning the costs
      incurred and profits realized by the Adviser and its affiliates during the last
      two years from their relationship with the Trust and the Morgan Stanley Fund
      Complex and reviewed with the Controller of the Adviser the cost allocation
      methodology used to determine the Adviser's profitability. Based on their
      review of the information they received, the Board concluded that the profits
      earned by the Adviser and its affiliates were not excessive in light of the
      advisory, administrative, and other services provided to the Trust.
    </P>
    <P
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      Fall-Out Benefits
    </P>
    <P
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      The Board considered so-called "fall-out benefits" derived by the Adviser
      and its affiliates from their relationship with the Trust and the Fund Complex,
      such as "float" benefits derived from handling of checks for purchases and
      sales of Trust shares through a broker-dealer affiliate of the Adviser. The
      Board considered the float benefits and concluded that they were relatively
      small.
    </P>
    <P
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      Soft Dollar Benefits
    </P>
    <P
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      The Board considered whether the Adviser realizes any benefits from
      commissions paid to brokers who execute securities transactions for the Trust
      ("soft dollars"). The Board noted that the Trust invests only in fixed income
      securities, which do not generate soft dollars.
    </P>
    <P
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      Adviser Financially Sound and Financially Capable of Meeting the Trust's
      Needs
    </P>
    <P
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      The Board considered whether the Adviser is financially sound and has the
      resources necessary to perform its obligations under the Management Agreement.
      The Board noted that the Adviser's operations remain profitable, although
      increased expenses in recent years have reduced the Adviser's profitability.
      The Board concluded that the Adviser has the financial resources necessary to
      fulfill its obligations under the Management Agreement.
    </P>
    <P
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      Historical Relationship Between the Trust and the Adviser
    </P>
    <P
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      The Board also reviewed and considered the historical relationship
      between the Trust and the Adviser, including the organizational structure of
      the Adviser, the policies and procedures formulated and adopted by the Adviser
      for
    </P>
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      9
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      managing the Trust's operations and the Board's confidence in the
      competence and integrity of the senior managers and key personnel of the
      Adviser. The Board concluded that it is beneficial for the Trust to continue
      its relationship with the Adviser.
    </P>
    <P
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      Other Factors and Current Trends
    </P>
    <P
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      The Board considered the controls and procedures adopted and implemented
      by the Adviser and monitored by the Trust's Chief Compliance Officer and
      concluded that the conduct of business by the Adviser indicates a good faith
      effort on its part to adhere to high ethical standards in the conduct of the
      Trust's business.
    </P>
    <P
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      General Conclusion
    </P>
    <P
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      After considering and weighing all of the above factors, the Board
      concluded it would be in the best interest of the Trust and its shareholders to
      approve renewal of the Management Agreement for another year.
    </P>
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      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, 2005 (unaudited)</p>

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IN<br>THOUSANDS</td>

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<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>

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<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>

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<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>

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

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

<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
(146.6%)</td>

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

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<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(23.7%)</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">$</td>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,425,900</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;">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">Los
Angeles, California, Ser 2004 A
(MBIA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/24</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,268,760</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,700</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;">2,949,426</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,851,750</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;">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">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;">4,310,800</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;"></font></td>

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,670,400</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;">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;">9,183,280</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">7.386</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5,684,250</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">10,833,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,476,440</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">6,560,520</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;">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">Schaumburg,
Illinois, Ser 2004 B
(FGIC)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/34</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;">2,152,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">New
York City, New York, 2005 Ser
G</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">12/01/23</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,050,880</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;"></font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">6.785</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&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;">5,772,850</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">6.785</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&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;">6,054,300</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;">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">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;">2,138,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,320,950</font></td>

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

</tr>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,154,750</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">King
County, Washington, Refg 1998 Ser B
(MBIA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/34</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;">2,102,480</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">Spokane
School District #81, Washington, Ser 2005 (MBIA)
(WI)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">06/01/23</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;">2,169,575</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">86,700</font></td>

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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;">95,130,311</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(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;">3,700</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">University
of Alabama, Ser 2004-A
(MBIA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,031,225</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">1,825,494</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">1,925,066</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,028,060</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">1,037,816</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;"></font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">09/01/18</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;">1,933,838</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;">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;">1,916,775</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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<br>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;">2,132,340</font></td>

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

</tr>

<tr>
<td><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, 2005 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,106,720</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">2,250,200</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,365</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">21,187,534</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(17.6%)</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;">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</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,273,660</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Department of Water Resources, Power Supply<br>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;">5,611,850</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,300</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;">3,534,366</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,195,720</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">Indiana
Municipal Power Agency, Power Supply 2004 Ser A
(FGIC)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</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;">2,094,380</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,099,220</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,429,880</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;">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;">5,852,654</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,980,682</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,378,900</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;">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;">7,510,720</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;">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;">7,879,900</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;"></font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">5,446,150</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: 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 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;">8,224,028</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">65,545</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;">70,512,110</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(5.0%)</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;">3,500</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;">3,595,375</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,182,100</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;">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;">1,636,995</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Kent
Hospital Finance Authority, Michigan, Metropolitan Hospital<br>Ser
2005
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;">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;">07/01/40</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,189,080</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;">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">University
of Medicine and Dentistry, New Jersey, Ser 2004 COPs (MBIA)
</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/15/23</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,171,180</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;">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;">3,251,640</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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">Allegheny
County, Hospital Development Authority, Pennsylvania, Ohio Valley
General Hospital Ser 2005
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;">04/01/35</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,001,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,000</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,027,370</font></td>

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

</tr>

<tr>
<td><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, 2005 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;">
<i>Industrial
Development/Pollution Control Revenue
(4.3%)</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">$</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,090,600</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">5,268,350</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;">3,000</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,578,310</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,169,060</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;">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;">17,106,320</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
(1.7%)</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;">6,525</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">6,534,657</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">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: 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;">200,260</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">245</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">245,282</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,970</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="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;">6,980,199</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(2.4%)</i>
</font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">375,450</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;">2,315</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,324,862</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Missouri
Housing Development Commission, Homeownership<br>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;">389,388</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,065</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="top" nowrap="nowrap">&nbsp;</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">4,188,047</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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;">2,380</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="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<br>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;">2,406,918</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">9,505</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,684,665</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(7.5%)</i>
</font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">5,435,050</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">2,078,720</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,132,960</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">4,441,200</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;">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;">1,479,632</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,209,820</font></td>

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

</tr>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,121,080</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Puerto
Rico Public Buildings Authority, Ser J (Ambac)<br>(Mandatory Tender
07/01/12)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">4,408,120</font></td>

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

</tr>

<tr>
<td><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: #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, 2005 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,661,550</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,900</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">29,968,132</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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<br>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;">3,274,140</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;">
<i>Transportation
Facilities Revenue
(29.3%)</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">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;">3,204,510</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,225,840</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;">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;">3,128,940</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5,237,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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<br>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;">2,056,446</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,092,400</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;">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">Mid-Bay
Bridge Authority, Florida Refg Ser 1993 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;">5.95</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,194,420</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;">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">Atlanta,
Georgia, Airport Ser 2004 J
(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;">01/01/34</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,131,970</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;"></font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
2004</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">6,489,420</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;">9,000</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Ser
2004</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">10/01/23</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;">9,701,910</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;">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;">4,441,880</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;">6,335</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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
(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;">5.375</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;">6,852,823</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,257,790</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">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">Airport
SubLien Ser 2004 A-1 (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;">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;">4,390,600</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">1,077,850</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;">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;">1,182,489</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,140,020</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">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;">5,901,150</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;">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)&dagger;&dagger;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</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;">12,619,440</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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<br>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;">10,554,900</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;"></font></td>

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

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

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

</tr>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/22</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,454,450</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">6,197,100</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><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: #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, 2005 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,551,280</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">5,390,450</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;">109,335</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">117,475,078</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(35.5%)</i>
</font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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 Improvement 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;">3,977,992</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,125,190</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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,888,367</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,739,540</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;">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 &amp; 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;">10,729,300</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;">10,563,900</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;">5,522,600</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,345</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 Vallley Water District, Nevada, Water Improvement<br>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;">5,825,890</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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 Commissioners, 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;">10,802,800</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,206,850</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;"></font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">3,858,435</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;">18,666,719</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">10,402,300</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;">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;">4,768,875</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>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">10,407,800</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Houston,
Texas, Combined Utility First Lien Refg 2004 Ser A
(FGIC)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/23</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;">16,198,200</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;">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;">14,420,261</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">2,146,820</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">134,325</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;">142,251,839</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
(7.0%)</i>
</font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Economic Recovery, 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;">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;">10,759,600</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;">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
Jersey Economic Development Authority, Cigarette Tax<br>Ser
2004</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">06/15/29</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;">2,145,840</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;">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;">2,225,100</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><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: #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, 2005 (unaudited)<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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 Corporation, New York,<br>State Contingency Ser 2003
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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,993,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">2,075,840</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">28,199,380</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font style="font-weight: normal; color: #000000;">
<i>Refunded
(6.5%)</i>
</font>&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">06/15/12</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,269,200</font></td>

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

</tr>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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;">5,569,400</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;">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;">10/01/13</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">&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;">2,944,289</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">07/01/10</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">&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;">3,813,440</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5,827,450</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;">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</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-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: 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;">5,796,856</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: 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;">23,255</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">26,220,635</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">546,900</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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
$549,400,380)</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;">588,017,713</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,400</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">Indiana
Health Facility Financing Authority, Clarian Health Obligated Group Ser
2000 B (Demand
05/02/05)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.00</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;">03/01/30</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,400,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,300</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">Philadelphia
Hospitals &amp; Higher Education Facilities Authority, Pennsylvania,
Children's Hospital of Philadelphia Ser 2002 A (Demand
05/02/05)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.03</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;">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;">5,300,000</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;">3,600</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Roanoke
Industrial Development Authority, Virginia, Carilion Health System Ser
1997 B (Demand
05/02/05)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.05</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/27</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: 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;">3,600,000</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,300</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: #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
$13,300,000)</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;">13,300,000</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: 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;">560,200</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: 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 <font style="font-weight: normal; color: #000000;">
<i>(Cost $562,700,380) (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;">149.9</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 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;">601,317,713</font></td>

<td bgcolor="#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: 3pt;" align="right" valign="top" colspan="1">&nbsp;</td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="top" colspan="7">Other
Assets in Excess of
Liabilities</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.0</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,128,469</font></td>

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

</tr>

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

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

<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: 9pt;" 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: 9pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 9pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(51.9</font></td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 9pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(208,231,619</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 4pt;" align="left" valign="top" colspan="7">Net
Assets Applicable to Common
Shareholders</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.0</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">401,214,563</font></td>

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

</tr>

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

</tr>

</table>

</div>
<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: #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, 2005 (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>

</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: 23pt; 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: 5"><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: 5pt">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: 5pt">
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">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 (Illiquid
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 (Illiquid 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">WI</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
Security purchased on a when-issued
basis.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Prerefunded to
call date shown.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt">
A portion of this security has been physically segregated in connection
with open futures contracts in the amount of
$590,000.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&Dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Current coupon
rate for inverse floating rate municipal obligation. This rate resets
periodically as the auction rate on the related security changes.
Positions in inverse floating rate municipal obligations have a total
value of $17,511,400 which represents 4.4% of net assets
applicable to common
shareholders.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">#</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> Currently a zero
coupon security; will convert to 5.125% on January 1,
2008.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"> 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">(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 $110,150,423 in
connection with open futures contracts and the purchase of a
when-issued security.</td>

</tr>

</table>

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

<td align="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 and net
unrealized appreciation is
$38,617,333.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="593">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt"><u>Bond
Insurance:</u></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 4"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">Ambac</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 4pt">
Ambac Assurance Corporation.</td>

</tr>

</table>

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

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">Connie
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,
2005:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="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="94"></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="94"></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>DEPRECIATION</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">800</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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 Notes 5 Yr
June/2005</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>(86,762,504)</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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: 1pt;">&nbsp;&nbsp;</font>(208,456)</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">200</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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"><font style="letter-spacing: 5pt;">&nbsp;&nbsp;</font>U.S.
Treasury Notes 10 Yr
June/2005</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">(22,284,376)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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">(209,926)</td>

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="11">Total
unrealized
depreciation</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(418,382)</td>

</tr>

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

</tr>

</table>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">17</p>

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



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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, 2005
(unaudited)</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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
$562,700,380)</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">601,317,713</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,011</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">9,290,858</font></td>

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

</tr>

<tr>
<td bgcolor="#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;">500,628</font></td>

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

</tr>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">669,998</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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;">612,030,208</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Liabilities:</td>

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

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

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

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

</tr>

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,109,175</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">166,007</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Common shares of
beneficial interest
repurchased</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">144,297</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">49,187</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">115,360</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: #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;">2,584,026</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">208,231,619</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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;">401,214,563</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Composition
of Net Assets Applicable to Common
Shareholders:</td>

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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,</i>
</font><br><font style="font-weight: normal; color: #000000;">
<i>25,667,230 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;">359,459,432</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">38,198,951</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">2,733,578</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">822,602</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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;">401,214,563</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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><font style="font-weight: normal; color: #000000;">
<i>($401,214,563 divided by
25,667,230 common shares
outstanding)</i>
</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.63</font></td>

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

</tr>

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

</tr>

</table>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">18</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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, 2005
(unaudited)</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="499"></td>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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: #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">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: 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: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,652,981</font></td>

<td bgcolor="#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: 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
advisory fee</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">820,617</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">470,952</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">243,146</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">75,996</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">33,062</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">27,547</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,571</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">14,554</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">7,012</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">5,889</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">73,043</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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;">1,788,389</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">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: 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;">(2,206</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 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
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;">1,786,183</font></td>

<td bgcolor="#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;">12,866,798</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Realized and Unrealized Gain
(Loss):</td>

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net Realized
Gain (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;">1,739,923</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">(224,405</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Realized
Gain</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;">1,515,518</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Change in Unrealized Appreciation/Depreciation
on:</td>

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">183,285</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: #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">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: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,958,454</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Appreciation</font>&nbsp;</td>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 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;">2,141,739</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Gain</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: 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;">3,657,257</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Dividends
to preferred shareholders from net investment
income</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,888,429</font></td>

<td bgcolor="#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;">14,635,626</font></td>

<td bgcolor="#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;">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;">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: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="406"></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="152"></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, 2005</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">FOR THE
YEAR<br>ENDED<br>OCTOBER 31,
2004</td>

</tr>

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

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

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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;">12,866,798</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>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,821,433</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">1,515,518</font></td>

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

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">(4,157,568</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
change in unrealized
appreciation/depreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,141,739</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">8,509,031</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Dividends
to preferred shareholders from net investment
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,888,429</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(4,164,646</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: 5pt;" 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: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14,635,626</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,008,250</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: 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: 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;">(10,561,069</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">(23,870,615</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="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;">(8,366,098</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: 5pt;" 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: 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;">(10,561,069</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(32,236,713</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Decrease
from transactions in common shares of beneficial
interest</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(10,413,016</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(17,571,884</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3"><font style="color: #333333;">Net
Decrease</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,338,459</font></td>

<td bgcolor="#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;">(22,800,347</font></td>

<td bgcolor="#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;">407,553,022</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">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>

</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">End
of Period<br><font style="font-weight: normal; color: #000000;">
<i>(Including accumulated undistributed net
investment income of $2,733,578 and<br>$2,316,278,
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: 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;">401,214,563</font></td>

<td bgcolor="#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: 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: 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;">407,553,022</font></td>

<td bgcolor="#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;">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, 2005 (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;">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;">Notes to Financial Statements    <img src="square.jpg" align="middle">  April 30, 2005 (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.</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
Advisory/Administration Agreements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to an Investment
Advisory Agreement with Morgan Stanley Investment Advisors Inc. (the
"Investment Adviser"), the Trust pays an
advisory fee, calculated weekly and payable monthly, by applying the
annual rate of 0.27% to the Trust's weekly total net
assets including preferred shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to an Administration
Agreement with Morgan Stanley Services Company Inc. (the
"Administrator"), an affiliate of the
Investment Adviser, the Trust pays an administration fee, calculated
weekly and payable monthly, by applying the annual rate of 0.08%
to the Trust's weekly total 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, 2005, aggregated $14,430,605 and $27,338,195,
respectively.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Trust, an affiliate of the
Investment Adviser and Administrator, is the Trust's transfer
agent. At April 30, 2005, the Trust had transfer agent fees and
expenses payable of approximately $15,900.</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, 2005, included in Trustees' fees and expenses in the
Statement of Operations amounted to $3,196. At April 30, 2005, the
Trust had an accrued pension liability of $53,960 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">The Trust has 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 </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">22</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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, 2005 (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">
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:#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: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="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: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SERIES</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SHARES*</td>

<td bgcolor="#ffffff" style="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">AMOUNT
IN<br>THOUSANDS*</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RATE*</td>

<td bgcolor="#ffffff" style="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">RESET<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RANGE
OF<br>DIVIDEND
RATES**</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,120</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: 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;">56,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.55</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">05/04/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.58%
&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">2</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.70</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/07/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">3</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,120</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">56,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/06/06</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">2.25</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">4</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,120</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">56,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.50</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: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/05/06</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.50</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">5</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.70</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/02/05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">1.70</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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, 2005.</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, 2005.</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, 2005 and up
through June 3, 2005, the Trust paid dividends to each of the
Series  1 through 5 at rates ranging from 1.50% to
2.83% in the aggregate amount of $608,973.</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;">23</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley 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, 2005 (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: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="354"></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,
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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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
8.81%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">(1,263,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(12,634</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">(17,559,250</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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">Reclassification
due to permanent book/tax
differences</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&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: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&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: 0pt; 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;">257,185</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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, 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="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">26,432,420</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; 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;">264,324</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: 0pt; 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;">369,608,124</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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
12.10%)*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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;">(765,190</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">(7,652</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(10,405,364</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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, 2005
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px 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;">25,667,230</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">256,672</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">359,202,760</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">6.&nbsp;&nbsp;&nbsp;Dividends To Common
Shareholders</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On March 29, 2005, the Trust declared the following
dividends from net investment
income:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="390" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">AMOUNT<br>PER
SHARE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">RECORD<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PAYABLE<br>DATE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">$0.0675</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">May
6, 2005</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">May 20, 2005</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #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">$0.0675</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">June 3,
2005</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">June 17, 2005</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">7.&nbsp;&nbsp;&nbsp;Expense
Offset</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The expense offset represents a reduction of the
custodian fees for earnings on cash balances maintained by the
Trust.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">8.&nbsp;&nbsp;&nbsp;Risks Relating to Certain Financial
Instruments</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may invest a portion of its assets in
residual interest bonds, which are inverse floating rate municipal
obligations. The prices of these securities are subject to greater
market fluctuations during periods of changing prevailing interest
rates than are comparable fixed rate obligations.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To hedge
against adverse interest rate changes, the Trust may invest in
financial futures contracts or municipal bond index futures contracts
("futures contracts").</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">These futures
contracts involve elements of market risk in excess of the amount
reflected in the Statement of Assets and Liabilities. The Trust bears
the risk of an unfavorable change in the value of the underlying
securities. Risks may also arise upon entering into these contracts
from the potential inability of the counterparties to meet the terms of
their contracts.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">24</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley 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, 2005 (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: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of October 31, 2004, the Trust had a net
capital loss carryforward of $3,069,752 which will expire on October
31, 2012 to offset future capital gains to the extent provided by
regulations.</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, 2004, 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;">25</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley 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: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Selected
ratios and per share data for a common share of beneficial interest
outstanding throughout each
period:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="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, 2005</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">2004</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(unaudited</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="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: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Selected
Per Share
Data:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
asset value, beginning of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Income
from investment
operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment
income*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.49</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.97</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: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#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</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.14</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#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;">(0.07</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="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;">(0.15</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;">(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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
income 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;">0.56</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">Less
dividends 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: 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: 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;">(0.41</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;">(0.88</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#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;">&mdash;&nbsp;&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" style="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;">(0.30</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
dividends and
distributions</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.41</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1.18</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Anti-dilutive
effect of acquiring treasury
&nbsp;&nbsp;&nbsp;&nbsp;shares*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.06</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.06</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.05</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">Net
asset value, end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.63</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.60</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.91</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.22</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="left" valign="bottom" colspan="3">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: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.60</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.83</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.91</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 3pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.313</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: 3pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
Return&dagger;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.28</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<sup>(1)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.32</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.82</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16.59</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 3pt;" 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: 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">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;">0.89</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<sup>(2)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.89</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">6.42</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">%
											<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;">6.48</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred stock
dividends</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.94</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<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;">1.01</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;">1.05</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net investment income available to common
&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: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.48</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%
											<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;">5.47</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;">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>

</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">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: 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
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;">$401,215</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">$407,553</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">293</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">296</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">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">%
											<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;">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;">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>

</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: 3"><img src="spacer.gif" height="1" width="1"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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">
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>

<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;">26</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 10pt; font-weight: normal; font-style: normal; color: #000000; text-align: center; padding-top: 300pt; padding-left: 0pt; padding-bottom: 300pt; margin: 0pt; line-height: normal; width: 546pt;">(This page has been left blank intentionally.)</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<table cellpadding="0" cellspacing="0" border="0" width="550">
<tr>
<td><img src="spacer.gif" height="1" width="250"></td>

<td><img src="spacer.gif" height="1" width="50"></td>

<td><img src="spacer.gif" height="1" width="250"></td>

</tr>

<tr>
<td rowspan="3"><p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Trustees</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Michael
Bozic<br>Charles A. Fiumefreddo<br>Edwin J. Garn<br>Wayne E.
Hedien<br>James F. Higgins<br>Dr. Manuel H. Johnson<br>Joseph J.
Kearns<br>Michael E. Nugent<br>Fergus
Reid</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Officers</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Amy R. Doberman<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice
President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:2pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Carsten Otto<br>
<font style="font-weight: normal; color: #000000;">
<i>Chief Compliance
Officer</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; 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: 11pt; padding-top:2pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mary E.
Mullin<br>
<font style="font-weight: normal; color: #000000;">
<i>Secretary</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Transfer
Agent</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Trust<br>Harborside
Financial Center, Plaza Two<br>Jersey City, New Jersey
07311</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Independent Registered Public Accounting
Firm</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Deloitte &amp; Touche LLP<br>Two World
Financial Center<br>New York, New York 10281</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Investment
Adviser</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Investment Advisors
Inc.<br>1221 Avenue of the Americas<br>New York, New York 10020</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:6.5pt;  width: 200pt; text-align: left; font-style: normal; line-height: 8.5pt; padding-top:8pt; 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:6.5pt;  width: 200pt; text-align: left; font-style: normal; line-height: 8.5pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">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: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&copy; 2005 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-RA05-00452P-Y04/05</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<br>
</font><br><br><br><br><br><br><font style="font-size: 12pt; color: #999999; font-family: sans-serif">Semiannual Report<br>April 30, 2005</font><br><br><br><br><br><br><br><br><br><br><br></td>

</tr>

<tr>
<td align="right" valign="bottom"><img src="html_mslogoko.jpg"></td>

</tr>

</table>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>


<PRE>
<PAGE>

Item 2.  Code of Ethics.

Not applicable for semiannual reports.


Item 3.  Audit Committee Financial Expert.

Not applicable for semiannual reports.


Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.


Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.


Item 6.

Refer to Item 1.


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable for semiannual reports.


Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to reports covering periods ending on or after December 31,
2005.


<PAGE>


Item 9. Closed-End Fund Repurchases

&lt;TABLE&gt;

                                   REGISTRANT PURCHASE OF EQUITY SECURITIES
- ----------------------------- --------------- -------------------- --------------------- --------------------
Period                        (a) Total       (b) Average Price    (c) Total Number of   (d) Maximum Number
                              Number of       Paid per Share (or   Shares (or Units)     (or Approximate
                              Shares (or      Unit)                Purchased as Part     Dollar Value) of
                              Units)                               of Publicly           Shares (or Units)
                              Purchased                            Announced Plans or    that May Yet Be
                                                                   Programs              Purchased Under
                                                                                         the Plans or
                                                                                         Programs
- ----------------------------- --------------- -------------------- --------------------- --------------------

November 1, 2004 --
November 30, 2004                    109,500             $13.5936          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
December 1, 2004 --
December 31, 2004                    177,800             $13.5020          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
January 1, 2005 --
January 31, 2005                     146,200             $13.6849          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
February 1, 2005 --
February 28, 2005                    117,200             $13.9174          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
March 1, 2005 --
March 31, 2005                       119,290             $13.5595          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
April 1, 2005 --
April 30, 2005                        95,200             $13.4392          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
Total                                765,190             $13.6161          N/A                   N/A
- ----------------------------- --------------- -------------------- --------------------- --------------------
&lt;/TABLE&gt;


Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.


Item 11. Controls and Procedures

(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.


                                       2

<PAGE>

(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the 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 12. Exhibits

(a) Code of Ethics - Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.



                                       3

<PAGE>



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Quality Municipal Income Trust

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 16, 2005

         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 16, 2005

/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 16, 2005



                                       4

<PAGE>


                                                                   EXHIBIT 12 B1

                  CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

                                 CERTIFICATIONS

I, Ronald E. Robison, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley 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) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

b)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the 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):


                                       5


<PAGE>

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: June 16, 2005
                                              /s/ Ronald E. Robison
                                              Ronald E. Robison
                                              Principal Executive Officer


                                       6

<PAGE>


                                                                   EXHIBIT 12 B2

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

                                 CERTIFICATIONS

I, Francis Smith, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley 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) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

b)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the 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):


                                       7

<PAGE>

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: June 16, 2005
                                                   /s/ Francis Smith
                                                   Francis Smith
                                                   Principal Financial  Officer



                                       8

<PAGE>



                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley 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, 2005 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 16, 2005                          /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.



                                       9

<PAGE>


                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley 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, 2005 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 16, 2005                            /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.




                                       10




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<DOCUMENT>
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<SEQUENCE>5
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>html_mslogoko.jpg
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