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<SEC-DOCUMENT>0000950136-07-000295.txt : 20070123
<SEC-HEADER>0000950136-07-000295.hdr.sgml : 20070123
<ACCEPTANCE-DATETIME>20070123112549
ACCESSION NUMBER:		0000950136-07-000295
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20061031
FILED AS OF DATE:		20070123
DATE AS OF CHANGE:		20070123
EFFECTIVENESS DATE:		20070123

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:		07545133

	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>
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<PRE><PAGE>

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

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06591

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

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

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

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

Date of fiscal year end: October 31, 2006

Date of reporting period: October 31, 2006

Item 1 - Report to Shareholders

</PRE>


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

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

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" valign="top" style="font-family:sans-serif;font-weight:bold;color:#999999;font-size: 10pt;  width: 42pt;  padding-top: -16pt"><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: -16pt; width: 520;">Market
forecasts provided in this report may not necessarily come to pass.
There is no assurance that the Trust will achieve its investment
objective. The Trust is subject to market risk, which is the
possibility that market values of securities owned by the Trust will
decline and, therefore, the value of the Trust&rsquo;s shares may be
less than what you paid for them. Accordingly, you can lose money
investing in this Trust.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<td align="left" valign="top" style="font-family:sans-serif;font-weight:bold;color:#999999;font-size: 10pt;  width: 42pt;  padding-top: 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; width: 520;">Income
earned by certain securities in the portfolio may be subject to the
federal alternative minimum tax (AMT).</td>

</tr>

</table>

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

</tr>

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

</tr>

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



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

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

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

</tr>

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

<td style="font-family: sans-serif; font-size: 11pt; color: #ffffff" valign="top">For the year ended October 31, 2006</td>

</tr>

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

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

</tr>

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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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Against the backdrop of strong economic
growth, good employment data and inflationary pressures stemming from
rising oil prices, the Federal Open Market Committee (the
&lsquo;&lsquo;Fed&rsquo;&rsquo;) continued its tightening campaign
during the first eight months of the reporting period, raising the
federal funds target rate six times to 5.25 percent at the end of June.
In the months that followed, however, economic growth moderated as
consumer spending and housing weakened while inflation concerns eased,
prompting the Fed to keep its target rate unchanged for the remainder
of the period.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Short-term municipal bonds posted
the lowest returns as Fed rate hikes pushed yields in this portion of
the market higher. Representative yields on two-year AAA municipals
increased from 3.10 percent to 3.50 percent during the period. In
contrast, long-term municipal bonds earned the best returns, with
yields on 30-year AAA-rated municipal bonds declining from 4.60 percent
to 4.10 percent. Accordingly, the spread between long-term and
short-term interest rates narrowed and the slope of the municipal yield
curve flattened dramatically. Many investors continued to favor the
higher income of lower-quality bonds and as a result, credit spreads
remained tight. Credit spreads measure the incremental yield investors
are willing to accept to assume additional credit risk. When credit
spreads tighten, lower-quality issues typically outperform high-grade
issues.</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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Continued interest in the municipal
market by institutional investors and non-traditional buyers such as
hedge funds strengthened demand for municipal bonds. However, municipal
bond issuance lagged last year&rsquo;s record pace by 12 percent in the
first 10 months of 2006. The overall decline was due in great part to a
slowdown of refunding activity to roughly one half of the previous
year&rsquo;s rate. Issuers in California, Texas, Florida, New York and
Illinois accounted for about 40  percent of 2006 year-to-date
underwriting volume. Bond issues backed by insurance had close to a
50  percent market share.</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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Strong demand
and lower supply helped municipal bond performance keep pace with that
of Treasuries. The municipal-to-Treasury yield ratio measures the
relative attractiveness of the two sectors. A decline in this ratio
indicates that while municipals outperformed Treasuries for the period
measured, they also became richer (less attractive) on a relative
basis. During the 12-month reporting period, the 30-year
municipal-to-Treasury yield ratio declined from 92 to 87 percent. In
comparison, this yield ratio reached a high of 102 percent in
2005.</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: 6pt; 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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">For the
12-month period ended October 31, 2006, the net asset value (NAV) of
Morgan Stanley Quality Municipal Income Trust (IQI) increased from
$15.38 to $15.45 per share. Based on this change plus reinvestment of
tax-free dividends totaling $0.83 per share and a long-term capital
gain distribution of $0.256 per share, the Trust&rsquo;s total NAV
return was 8.34 percent. IQI&rsquo;s value on the New York Stock
Exchange (NYSE) moved from $13.71 to $14.39 per share during the same
period. Based on this change </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>

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<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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
plus reinvestment of dividends and
distributions, the Trust&rsquo;s total market return was 13.20 percent.
IQI&rsquo;s NYSE market price was at a 6.86 percent discount to its
NAV. During the fiscal period, the Trust purchased and retired 843,700
shares of common stock at a weighted average market discount of 6.77
percent. <font style="font-weight: normal; color: #000000;">
<i>Past performance is no guarantee of future
results.</i>
</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Monthly dividends for the fourth
quarter of 2006, declared in September, decreased from $0.07 to $0.06
per share. The dividend reflects the current level of the Trust&rsquo;s
net investment income. IQI&rsquo;s level of undistributed net
investment income was $0.037 per share on October 31, 2006, versus
$0.123 per share 12 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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">During the reporting
period, the Trust&rsquo;s interest-rate posture continued to reflect
the anticipation of higher rates. As a result, at the end of October
the Trust&rsquo;s option-adjusted duration* including leverage was
positioned at 10.5 years. To implement this strategy of reducing the
portfolio&rsquo;s duration, a U.S. Treasury futures hedge and a BMA
(Bond Market Association) interest-rate swap contract were used. This
positioning helped total returns as interest rates rose but tempered
performance when rates declined. Purchases during the period favored
bonds with maturities of 20 years or longer. The Trust benefited from
this emphasis on the long end of the yield curve, as this segment of
the market performed strongly.</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: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust
maintained its high quality bias with more than 90 percent of the
portfolio rated A or better. However, exposure to investment grade
bonds rated BBB was modestly increased by purchases of tobacco
securitization bonds in the industrial development/pollution control
sector. This had a positive impact on performance as lower-rated issues
outperformed. Another boost to performance came from issues that
appreciated when they were pre-refunded. Reflecting a commitment to
diversification, the Trust&rsquo;s net assets of approximately $582
million, including preferred shares, were invested among 15 long-term
sectors and 110 credits. As of the close of the period, the
Trust&rsquo;s largest allocations were to the water and sewer,
transportation, and general obligation
sectors.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12.67pt; 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&rsquo;s outstanding Auction Rate Preferred Shares (ARPS). ARPS
dividends reflect prevailing short-term interest rates on maturities
ranging from one week to two years. Incremental income to holders of
common shares depends on two factors: the amount of ARPS outstanding
and the spread between the portfolio&rsquo;s cost yield and its ARPS
auction rate and expenses. The greater the spread and the higher the
amount of ARPS outstanding, the greater the amount of incremental
income available for distribution to holders of common shares. The
level of net investment income available for distribution to holders of
common shares varies with the level of short-term interest rates. ARPS
leverage also increases the price volatility of common shares and has
the effect of extending portfolio
duration.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Fed&rsquo;s policy
of raising interest rates throughout much of the period increased the
cost of ARPS borrowing to the common shareholder, which reduced the
benefits of leverage. During this 12-month period, </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 style="font-family: sans-serif; font-size: 20pt; color: #ffffff" valign="bottom"></td>

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

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

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
ARPS leverage contributed approximately $0.10
per share to common-share earnings. The Trust has five ARPS series
totaling $208 million, representing 36 percent of net assets, including
preferred shares. ARPS rates ranged from 1.50 to 4.02 percent during
the fiscal period.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust&rsquo;s procedure
for reinvesting all dividends and distributions in common shares is
through purchases in the open market. This method helps support the
market value of the Trust&rsquo;s shares. In addition, we would like to
remind you that the Trustees have approved a procedure whereby the
Trust may, when appropriate, purchase shares in the open market or in
privately negotiated transactions at a price not above market value or
net asset value, whichever is lower at the time of purchase. The Trust
may also utilize procedures to reduce or eliminate the amount of ARPS
outstanding, including their purchase in the open market or in
privately negotiated
transactions.</p>

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<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;  width: 444pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>Performance
data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the
figures shown. Investment return, net asset value and common share
market price will fluctuate and Trust shares, when sold, may be worth
more or less than their original
cost.</b>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: italic; line-height: 13.67pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">There is no guarantee that any
sectors mentioned will continue to perform as discussed herein or that
securities in such sectors will be held by the Trust in the
future.</p>

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<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -6"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 8pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -6pt"><sup>1</sup></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -6pt; width: 569;"> Income
earned by certain securities in the portfolio may be subject to the
federal alternative minimum tax
(AMT).</td>

</tr>

</table>

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<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 562;">*&nbsp;&nbsp;&nbsp;A measure of the sensitivity
of a bond&rsquo;s price to changes in interest rates, expressed in
years. Each year of duration represents an expected 1 percent change in
the price of a bond for every 1 percent change in interest rates. The
longer a bond&rsquo;s duration, the greater the effect of interest-rate
movements on its price. Typically, trusts with shorter durations
perform better in rising-interest-rate environments, while trusts with
longer durations perform better when rates decline. <font style="font-weight: normal; color: #000000;">
<i>Duration
calculations are adjusted for
leverage.</i>
</font></td>

</tr>

</table>

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

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

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</tr>

<tr>
<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000;;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">TOP
FIVE SECTORS</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;">37.9</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">28.4</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">20.4</font></td>

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

</tr>

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

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

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

<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #999999; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #999999;">15.4</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#064731" style="font-family: sans-serif; font-size: 9pt; color: #ffffff; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000;;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">LONG-TERM
CREDIT
ANALYSIS</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;">60.6</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;">21.9</font></td>

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

</tr>

<tr>
<td bgcolor="#cccccc" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #cccccc;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">10.3</font></td>

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

</tr>

<tr>
<td bgcolor="#999999" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #999999;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">6.1</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; width: 562;">Data as of October
31, 2006. Subject to change daily. All percentages for top five 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&rsquo;s second and
fourth fiscal quarters. The semiannual reports and the annual reports
are filed electronically with the Securities and Exchange Commission
(SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also
delivers the semiannual and annual reports to trust shareholders and
makes these reports available on its public web site,
www.morganstanley.com. Each Morgan Stanley trust also files a complete
schedule of portfolio holdings with the SEC for the trust&rsquo;s first
and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver
the reports for the first and third fiscal quarters to shareholders,
nor are the reports posted to the Morgan Stanley public web site. You
may, however, obtain the Form N-Q filings (as well as the Form N-CSR
and N-CSRS filings) by accessing the SEC&rsquo;s web site,
http://www.sec.gov. You may also review and copy them at the
SEC&rsquo;s public reference room in Washington,  DC. Information
on the operation of the SEC&rsquo;s public reference room may be
obtained by calling the SEC at (800) SEC-0330. You can also request
copies of these materials, upon payment of a duplicating fee, by
electronic request at the SEC&rsquo;s e-mail address
(publicinfo@sec.gov) or by writing the public reference section
of the SEC, Washington, DC
20549-0102.</p>

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

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



<page>
<table cellpadding="0" cellspacing="0" bgcolor="#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 October 31, 2006</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: 19
Years<sup>(a)</sup>
</p>
<div align="center" style="width:  593;"><img src="html_62913dbm1.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: 6pt;  padding-top: -16"><img src="spacer.gif" height="1" width="6"></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">(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; width: 559;">
Where applicable maturities reflect mandatory tenders, puts and call
dates.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 6pt;  padding-top: -13"><img src="spacer.gif" height="1" width="6"></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: -13pt">&nbsp;&nbsp;&nbsp;&nbsp;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -13pt; width: 559;">
Portfolio structure is subject to
change.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:;font-size:10pt;  width: 444pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:42pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Geographic Summary of
Investments<br>Based on Market Value as a Percent of Total
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="281" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

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

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">0.7</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">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;">2.7</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11.7</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">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;">2.6</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">Delaware</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.2</font></td>

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

</tr>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">5.1</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">0.3</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">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;">5.6</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">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;">2.6</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">0.3</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">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;">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">Nebraska</td>

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

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

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

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.7</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">New
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;">6.1</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
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;">12.7</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">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">North
Dakota</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.2</font></td>

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

</tr>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2.0</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">2.7</font></td>

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

</tr>

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

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

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

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

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

</tr>

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

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

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

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

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">10.3</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">Vermont</td>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.5</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">Washington</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.4</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">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;">0.5</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">Total&dagger;</td>

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

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

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

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

</tr>

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

</tr>

</table>

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

</tr>

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

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

</tr>

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

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -13"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: -13pt">&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: -13pt; width: 562;">
Does not include open short futures contracts with an underlying face
amount of $25,653,750 with unrealized depreciation of $206,910 and an
interest rate swap contract with unrealized depreciation of
$387,918.</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>

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

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

</tr>

<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 October 31, 2006</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: 6
Years</p>
<div align="center" style="width:  593;"><img src="html_62913callcost1.jpg" style="margin-left:44pt;" align="left"></div>
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:42pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Cost
(Book) Yield<sup>(b)</sup>&mdash;Weighted Average Book Yield:
5.1%</p>
<div align="center" style="width:  593;"><img src="html_62913callcost2.jpg" style="margin-left:44pt;" align="left"></div>
<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

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

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 565;">
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: -12"><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: -12pt">(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: -12pt; width: 565;"> Cost or
&lsquo;&lsquo;book&rsquo;&rsquo; yield is the annual income earned on a
portfolio investment based on its original purchase price before the
Trust&rsquo;s operating expenses. For example, the Trust is earning a
book yield of 6.3% on 3% of the long-term portfolio that
is callable in 2007.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: -12"><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: -12pt">&nbsp;&nbsp;&nbsp;&nbsp;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: -12pt; width: 565;">
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>
<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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006</p>

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

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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
(158.1%)</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">General
Obligation
(20.4%)</font>&nbsp;</td>

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,422,850</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">4,259,600</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;">2,700</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, Ser
2003 A
(FSA)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.125</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;">2,921,130</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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 Ser 2002 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;">4,275,080</font></td>

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

</tr>

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,432,650</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">8,846,480</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Honolulu
City &amp; County, Hawaii, Ser 2003A
(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;">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;">10,715,800</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,278,120</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">6,498,060</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,158,960</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;">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, 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;">1,066,680</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Pennsylvania,
First 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;">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;">10,770,400</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">5,166,100</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;">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;">2,052,060</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;">2,500</font></td>

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,390,400</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">71,200</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">76,254,370</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Educational
Facilities Revenue
(5.2%)</font>&nbsp;</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">4,038,291</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">California
Infrastructure &amp; Economic Development Bank, The Scripps Research
Institute 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;">5.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/29</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,162,630</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">San
Diego County, California, Burnham Institute for Medical Research Ser
2006 COPs
</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">09/01/34</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;">1,032,040</font></td>

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

</tr>

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">1,901,007</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">1,901,007</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Colorado
Educational &amp; Cultural Facilities Authority, Peak to Peak Charter
School Refg &amp; Impr Ser 2004 (XLCA)
</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/34</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,144,320</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;">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
Castle County, Delaware, Newark Charter School Inc<br>Ser
2006</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">09/01/36</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;">1,012,730</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Illinois
Educational Facilities Authority, University of Chicago<br>Ser 1998 A
</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/38</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,044,380</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">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: 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;">2,104,700</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,200</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,341,105</font></td>

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

</tr>

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

</tr>

</table>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">8</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

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

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Electric Revenue
(15.2%)</font>&nbsp;</td>

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,282,960</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;">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">Arkansas
River Power Authority, Colorado, Power Ser 2006
(XLCA)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</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;">10/01/40</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;">2,156,200</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,300</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;">3,478,233</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,154,360</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">2,093,200</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">Nebraska
Public Power District, Ser 2005 C
(FGIC)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</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;">01/01/41</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Long
Island Power Authority, New York, 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;">5,801,481</font></td>

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

</tr>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,319,750</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;">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;">3,953,524</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">7,439,390</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">7,725,270</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Grant
County Public Utility District #2, Washington, Electric<br>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: 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;">5,359,950</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">53,325</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;">57,032,668</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Hospital
Revenue
(15.4%)</font>&nbsp;</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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 Health 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;">3,534,265</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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 Health Facilities Financing
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;">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">Cedars-Sinai
Medical Center Ser
2005</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">11/15/34</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;">2,084,420</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;">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">Kaiser
Permanente Ser
2006</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">04/01/39</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,133,020</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Statewide Communities Development, John Muir Health Ser 2006
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;">08/15/32</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,234,150</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;">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
Health Facilities Authority, Adventist/Sunbelt<br>Ser 2006 D (WI)
</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</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;">11/15/35</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;">2,127,860</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Highlands
County Health Facility Authority, Florida, Adventist/Sunbelt Ser 2006 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;">11/15/36</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;">3,203,820</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;">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">Indiana
Health &amp; Educational Facility Financing Authority, Clarian Health
Ser 2006
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;">02/15/40</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;">6,363,900</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;">2,650</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">University
of Kansas Hospital Authority, KU Health 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;">5.625</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;">09/01/27</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;">2,846,948</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,203,950</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;">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;">1,638,360</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">University
of Maryland Medical Ser 2006 A
(WI)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/41</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,078,040</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">Michigan
Hospital Finance Authority, Henry Ford Health<br>Refg Ser 2006
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;">11/15/46</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,361,680</font></td>

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

</tr>

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

</tr>

</table>

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

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">9</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

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

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,168,920</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Ward
County, North Dakota, Trinity Ser 2006
(WI)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/29</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,308,625</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,370</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">Cuyahoga
County, Ohio, Cleveland Clinic Ser 2003
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;">6.00</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">01/01/32</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,986,046</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,241,620</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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">Sullivan
County Health Educational &amp; Housing, Facilities Board, Tennessee,
Wellmont Health Ser 2006 C
(WI)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">09/01/36</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: 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;">2,103,400</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">54,270</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="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;">57,619,024</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Industrial
Development/Pollution Control Revenue
(11.6%)</font>&nbsp;</td>

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Northern
Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006
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;">06/01/46</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,054,000</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">California
Pollution Control Financing Authority, Keller Canyon Landfill
Co/Browning-Ferris Industries Inc Ser 1992
(AMT)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.875</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/01/27</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,039,660</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">Tobacco
Securitization Authority of Northern California, Sacramento County
Tobacco Securitization Corporation Ser 2005
A-1</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/37</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,102,550</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5,300,150</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;">5,000</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Nassau
County Tobacco Settlement Corporation, New York,<br>Asset Backed Ser
2006
A-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;">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;">06/01/46</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,164,200</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;">8,000</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tennessee
Energy Acquisition Corporation, Ser 2006
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;">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;">8,931,720</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">Alliance
Airport Authority, Texas, Federal Express Corp<br>Refg Ser 2006
(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;">4.85</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">04/01/21</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;">2,032,900</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,509,310</font></td>

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

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,128,120</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tobacco
Settlement Financing Corporation, Virginia, Ser
2005</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">06/01/37</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,067,950</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">41,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">43,330,560</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Mortgage
Revenue &ndash; Multi-Family
(1.3%)</font>&nbsp;</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,645</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">2,648,730</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">2,010</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">New
Jersey Housing Mortgage Finance Authority, Home Buyer Ser 2000 CC (AMT)
(MBIA)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,029,658</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,655</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" style="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;">4,678,388</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;"></font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Mortgage
Revenue &ndash; Single Family
(1.5%)</font>&nbsp;</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">215</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">215,297</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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,585</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">1,614,750</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;">265</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Missouri
Housing Development Commission, Homeownership Ser 2000 B-1
(AMT)</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.25</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">03/01/31</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">270,509</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">3,360</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="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">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: 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;">3,366,317</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">5,425</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="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;">5,466,873</font></td>

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

</tr>

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

</tr>

</table>

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

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

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

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

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Public
Facilities Revenue
(5.2%)</font>&nbsp;</td>

</tr>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,123,570</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">4,342,640</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">3,115,740</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,146,370</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Charleston
Educational Excellence Financing Corporation,<br>South Carolina,
Charleston County School District Ser
2005</td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #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;">12/01/29</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;">3,232,200</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;">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, Public Schools Ser  2003 A
(Ambac)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/01/23</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,652,175</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">18,500</font></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,612,695</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Recreational
Facilities Revenue
(2.5%)</font>&nbsp;</td>

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,590</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Denver
Convention Center Hotel Authority, Colorado, Refg  Ser 2006
(XLCA)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/30</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,686,990</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">District
of Columbia Ballpark, Ser 2006 B-1
(FGIC)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/31</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;">6,347,880</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,400</font></td>

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Marion
County Convention &amp; Recreational Facilities Authority, Indiana,
Refg Ser 2003 A
(Ambac)</td>

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/21</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,475,726</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</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;">8,990</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="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;">9,510,596</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Resource
Recovery Revenue
(0.9%)</font>&nbsp;</td>

</tr>

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">04/01/16</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,246,720</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Retirement
&amp; Life Care Facilities Revenue
(1.1%)</font>&nbsp;</td>

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Missouri
Health &amp; Educational Facilities Authority, Lutheran Senior Services
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;">5.375</font></td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/01/35</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;">1,575,690</font></td>

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

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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">Vermont
Economic Development Authority, Wake Robin Corp  Ser  2006
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;">05/01/36</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: 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;">2,549,375</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,125,065</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Transportation
Facilities Revenue
(28.4%)</font>&nbsp;</td>

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">2,186,860</font></td>

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

</tr>

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">3,136,440</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;">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;">4,134,520</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">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;">2,115,960</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,150,540</font></td>

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">6,411,540</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;">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;">9,617,310</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><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: #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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

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

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

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

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

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

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

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

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

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

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

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

</tr>

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

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chicago,
Illinois, O&rsquo;Hare Int&rsquo;l Airport Third Lien Ser 2003
B-2<br>(AMT)
(FSA)</td>

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

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

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

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,416,480</font></td>

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

</tr>

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

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

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

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

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

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

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,721,182</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,250,020</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">4,356,760</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;">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;">1,071,850</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;">1,178,309</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,137,580</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">5,885,850</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;">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;">12,627,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Metropolitan
Transportation Authority, New York, Transportation Refg  Ser 2002
A
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/15/25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,642,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">Triborough
Bridge &amp; Tunnel Authority, New York,<br>Refg 2002 E
(MBIA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">5,413,100</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;">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">Harris
County, Texas, Toll Road Sr Lien Ser 2005 A
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/35</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;">2,098,440</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;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Houston,
Texas,</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Airport
Sub Lien Ser 2000 A (AMT)
(FSA)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.875</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">07/01/17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,401,940</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: 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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,280,350</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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,010</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Port
of Seattle, Washington, Passenger Facility Ser 1998 A
(MBIA)**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12/01/23</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,116,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">99,445</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">106,350,991</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Water
&amp; Sewer Revenue
(37.9%)</font>&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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 Ser  2002
(FGIC)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.00</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;">3,983,882</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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<br>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;">3,133,350</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;">3,720</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,<br>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;">3,906,112</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">3,726,730</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">10,609,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">10,581,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">5,344,150</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;">5,345</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Las
Vegas Valley Water District, Nevada, Water Impr<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;">5,769,767</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">10,735,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Rio
Rancho, New Mexico, Water &amp; Wastewater Refg Ser 1999
(Ambac)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.25</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">05/15/19</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,112,020</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">3,803,310</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">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;">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;">18,744,300</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;">&nbsp;&nbsp;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;">&nbsp;&nbsp;&nbsp;10,443,100</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;4,500</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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,758,705</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">12</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley 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;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="320"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PRINCIPAL<br>AMOUNT
IN<br>THOUSANDS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">COUPON<br>RATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">MATURITY<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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 &amp; 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;">5.125</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;">10,390,360</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">16,301,250</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;">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;">14,449,019</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">2,059,140</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: 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;">141,851,195</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Other
Revenue
(8.5%)</font>&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">10,613,600</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;">6,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Golden
State Tobacco Securitization Corporation, California, Enhanced Asset
Backed Ser 2005 A
(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;">06/01/29</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;">6,247,080</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">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;">2,178,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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;">2,162,400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Tobacco
Settlement Financing Corporation, New York, State<br>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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,736,900</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">31,937,980</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: italic; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3"><font color="#064731">Refunded
(3.0%)</font>&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">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;">01/01/28</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">&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;">5,689,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dauphin
County General Authority, Pennsylvania, HAPSO Group/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: 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;">5,648,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11,337,850</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">556,335</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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Tax-Exempt Municipal Bonds&nbsp;<font style="font-weight: normal; color: #000000;">
<i>(Cost
$560,915,381)</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;">591,696,080</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Short-Term
Tax-Exempt Municipal Obligations
(4.5%)</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,600</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Illinois Health
Facilities Authority, Northwestern Memorial Hospital Ser  2004 B
Subser 2004 B-2 (Demand
11/01/06)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.58</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">08/15/38</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">10,600,000</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: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Montana
Facility Finance Authority, Sisters of Charity of Leavenworth Health
System Ser 2006 A (Demand
11/01/06)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.65</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="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">3,100,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Las
Vegas, Nevada, Ser 2006 C (Demand
11/01/06)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.60</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="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">06/01/36</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;">1,100,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,200</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Philadelphia
Hospitals &amp; Higher Education Facilities Authority,
Pennsylvania,  Children&rsquo;s Hospital of Philadelphia Ser 2002
A (Demand
11/01/06)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.61</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">*&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">1,200,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 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;">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">Washington
Health Care Facilities Authority, Virginia Mason Medical Center
Ser 1997 B (MBIA) (Demand
11/01/06)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.60</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="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">02/15/27</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: 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;">900,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,900</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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="11">Total
Short-Term Tax-Exempt Municipal Obligations&nbsp;<font style="font-weight: normal; color: #000000;">
<i>(Cost
$16,900,000)</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;">16,900,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">13</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<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="449"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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">&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: 1pt;" 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: 1pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">573,235</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 1pt" 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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 1pt;" align="left" valign="top" colspan="3">Total
Investments&nbsp;<font style="font-weight: normal; color: #000000;">
<i>(Cost $577,815,381)</i>
</font><font style="font-weight: normal; color: #000000;">
<i> (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: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 1pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 1pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">608,596,080</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: 1pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Floating
Rate Note Obligations Related to Securities Held
(&ndash;7.2%)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</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;">(27,010</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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">Notes
with interest rates ranging from 3.59% to 3.62% at
October 31,
2006</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">&nbsp;&nbsp;&nbsp;&nbsp;and
contractual maturities of collateral ranging from 01/01/19 to
05/15/27<br>(see Note 1D)&Dagger;&Dagger; <font style="font-weight: normal; color: #000000;">
<i>(Cost
$(27,010,000))</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;">(27,010,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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>
<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="374"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 4pt;" align="right" valign="top" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">546,225</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: 4pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; 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="3">Total
Net Investments&nbsp;<font style="font-weight: normal; color: #000000;">
<i>(Cost
$550,805,381)</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: 4pt;" align="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">155.4&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">581,586,080</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: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="top" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Other
Assets in Excess of
Liabilities</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;0.2</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;698,726</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="top" colspan="3">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: 8pt;" align="left" valign="bottom" colspan="3">&nbsp;(55.6)</td>

<td bgcolor="#ffffff" style="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: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(208,037,587</font></td>

<td bgcolor="#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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="top" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: #064731; 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="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 double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 4pt;" align="left" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 4pt" align="left" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">100.0&nbsp;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 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;">374,247,219</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="593">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 8pt; width: 578;">Note:
The categories of investments are shown as a percentage of net assets
applicable to common
shareholders.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 4"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">AMT</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 4pt; width: 524;">
Alternative Minimum Tax.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">COPs</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;">
Certificates of
Participation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">ETM</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Escrowed to
Maturity.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">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; width: 524;"> 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">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; width: 524;">
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; width: 524;"> Prerefunded to
call date shown.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&dagger;&dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;">
A portion of this security has been physically segregated in connection
with open futures contracts in the amount of
$120,000.</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">**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Underlying security
related to inverse floaters entered into by the Trust (See Note
1D).</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&Dagger;&Dagger;</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Floating
rate note obligations related to securities held. The interest rate
shown reflects the rate in effect at October 31,
2006.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">#</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Security is a
&lsquo;&lsquo;Step-up&rsquo;&rsquo; bond where the coupon increases
on a predetermined future date.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;">
Current coupon of variable rate demand
obligation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">(a)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Securities have
been designated as collateral in an amount equal to $33,216,736 in
connection with open futures contracts, an open interest rate swap
contract and the purchase of when-issued
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">(b)</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> The aggregate
cost for federal income tax purposes is $550,730,712. The aggregate
gross unrealized appreciation is $30,911,956 and the aggregate gross
unrealized depreciation is $56,588, resulting in net unrealized
appreciation of $30,855,368.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="593">
<tr>
<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 578;"><u>Bond
Insurance:</u></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 4"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 4pt">Ambac<br></td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 4pt; width: 524;">Ambac
Assurance Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">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; width: 524;">
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; width: 524;">
Financial Guaranty Insurance
Company.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">FSA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Financial Security
Assurance Inc.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">MBIA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> Municipal
Bond Investors Assurance
Corporation.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 53pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">XLCA</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 524;"> XL Capital
Assurance Inc.</td>

</tr>

</table>

<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">14</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Portfolio of Investments  <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:bold;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 October 31,
2006:</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="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="142"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">NUMBER
OF<br>CONTRACTS</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><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 #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">DESCRIPTION,
DELIVERY<br>MONTH AND YEAR</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #999999; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">UNDERLYING FACE<br>AMOUNT AT
VALUE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><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">120</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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 &nbsp;&nbsp;5 Year December
2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(12,667,500)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$(71,580)</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">120</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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 10 Year December
2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>(12,986,250)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>(135,330)</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="7">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Unrealized
Depreciation&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="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">$(206,910)</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:bold;color:#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; ">Interest
Rate Swap Contract Open at October  31,
2006:</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="109"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="115"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</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">COUNTERPARTY</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #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">NOTIONAL<br>AMOUNT
(000)</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #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">PAYMENTS<br>MADE BY TRUST</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #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">PAYMENTS<br>RECEIVED BY
TRUST</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #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">TERMINATION<br>DATE</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #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">JP
Morgan Chase Co.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">$25,000</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Fixed Rate
3.85%</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Floating Rate BMA<br>(Bond Market
Association)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>12/19/16</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="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">&nbsp;&nbsp;&nbsp;&nbsp;<br>$(387,918)</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family: sans-serif; font-size: 9pt; font-weight: normal; font-style: italic; color: #000000; text-align: center; padding-top: 50pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal; width: 546pt;">See Notes to Financial Statements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">15</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Financial Statements</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: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement
of Assets and Liabilities</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">October 31,
2006</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: #064731; font-weight: 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>&nbsp;&nbsp;&nbsp;&nbsp;(cost $577,815,381)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: 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;">608,596,080</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: 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;">162,038</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Interest receivable</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">8,948,478</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">18,548</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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;">617,725,144</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" align="left" valign="bottom" colspan="3">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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Floating
rate note obligations related to securities
held</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,010,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Unrealized depreciation on
an open swap contract</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">387,918</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: 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;">7,501,318</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#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;">137,495</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#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;">115,201</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#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;">91,874</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#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;">40,739</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Transfer agent fee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,554</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">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;">152,239</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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;">35,440,338</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred shares
of beneficial interest (at liquidation value) <font style="font-weight: normal; color: #000000;">
<i>(1,000,000 shares
authorized of non-participating<br>&nbsp;&nbsp;&nbsp;&nbsp;$.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;">208,037,587</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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;">374,247,219</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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,
24,222,398 shares<br>&nbsp;&nbsp;&nbsp;&nbsp;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;">339,049,543</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">30,185,871</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">902,033</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">4,109,772</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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;">374,247,219</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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"><font style="font-weight: normal; color: #000000;">
<i>($374,247,219 divided by
24,222,398 common shares outstanding)</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 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;">15.45</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">16</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">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: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Statement of
Operations</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 534pt; text-align: left; font-style: italic; line-height: 13pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">For the year ended October 31,
2006</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: #064731; font-weight: 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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Interest
Income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">28,605,486</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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;">1,570,349</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Interest and residual
trust expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">693,125</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">640,450</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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;">465,289</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: 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;">158,562</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">67,593</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">43,456</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">41,418</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">24,816</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: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Listing fees</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,971</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Trustees&rsquo; fees and expenses</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">12,511</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">91,246</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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;">3,828,786</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" 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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(7,535</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #064731;">Net
Expenses</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,821,251</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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: #064731;">Net
Investment Income</font>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,784,235</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net Realized Gain
on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Investments</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,461,100</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures contracts</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,238,322</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: 4pt;" align="left" valign="bottom" colspan="3"><font style="color: #064731;">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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,699,422</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
Change in Unrealized Appreciation
on:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 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;">5,794,452</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Futures contracts</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,797,952</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">Swap contract</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; 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;">(387,918</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: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 4pt;" align="left" valign="bottom" colspan="3"><font style="color: #064731;">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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,608,582</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 4pt;" align="left" valign="bottom" colspan="3"><font style="color: #064731;">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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">9,308,004</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" 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: 4pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,627,799</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 4pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 4pt;" align="left" valign="bottom" colspan="3">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: 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: 0pt; text-indent: 0pt;  padding-top: 4pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,464,440</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: 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: 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<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; ">Statements of Changes
in Net
Assets</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="710" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="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="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000; ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR
THE YEAR<br>ENDED<br>OCTOBER 31, 2006</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,
2005</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Increase (Decrease) in Net
Assets:</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: 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;">24,784,235</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,631,882</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net realized
gain </td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,699,422</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5,487,264</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">3,608,582</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(9,479,923</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">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;">(6,627,799</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(4,038,019</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #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: #064731;">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: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; 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;">27,464,440</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>

<td bgcolor="#ffffff" style="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;">17,601,204</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; 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;">(20,347,206</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(20,909,486</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net realized
gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(6,385,482</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #333333; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="color: #064731;">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: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; 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;">(26,732,688</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="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;">(20,909,486</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">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: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(11,978,771</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">(18,750,502</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: #064731;">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: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(11,247,019</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(22,058,784</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; 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;">385,494,238</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">End
of Period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; 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: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3"><font style="font-weight: normal; color: #000000;">
<i>(Including
accumulated undistributed net investment income of $902,033
and</i>
</font><br><font style="font-weight: normal; color: #000000;">
<i>$3,094,224, respectively)</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 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;">374,247,219</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">385,494,238</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 9pt; color: #000000; font-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;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2006</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 &lsquo;&lsquo;Trust&rsquo;&rsquo;) is registered under
the Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust&rsquo;s investment
objective is to provide current income which is exempt from federal
income tax. The Trust was organized as a Massachusetts business trust
on March  12, 1992 and commenced operations on 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: #064731;">A.&nbsp;&nbsp;&nbsp;Valuation of Investments &mdash; </font>(1) portfolio
securities are valued by an outside independent pricing service
approved by the Trustees. The pricing service uses both a computerized
grid matrix of tax-exempt securities and evaluations by its staff, in
each case based on information concerning market transactions and
quotations from dealers which reflect the mean between the last
reported bid and asked price. The portfolio securities are thus valued
by reference to a combination of transactions and quotations for the
same or other securities believed to be comparable in quality, coupon,
maturity, type of issue, call provisions, trading characteristics and
other features deemed to be relevant. The Trustees believe that timely
and reliable market quotations are generally not readily available for
purposes of valuing tax-exempt securities and that the valuations
supplied by the pricing service are more likely to approximate the fair
value of such securities; (2) futures are valued at the latest sale
price on the commodities exchange on which they trade unless it is
determined that such price does not reflect their market value, in
which case they will be valued at their fair value as determined in
good faith under procedures established by and under the supervision of
the Trustees; (3) interest rate swaps are marked-to-market daily based
upon quotations from market makers and the change, if any, is recorded
as unrealized appreciation or depreciation in the Statement of
Operations; and (4) short-term debt securities having a maturity date
of more than sixty days at time of purchase are valued on a
mark-to-market basis until sixty days prior to maturity and thereafter
at amortized cost based on their value on the 61st day. Short-term debt
securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">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: #064731;">C.&nbsp;&nbsp;&nbsp;Futures Contracts &mdash; </font>A futures contract is an
agreement between two parties to buy and sell financial instruments or
contracts based on financial indices at a set price on a future date.
Upon entering into such a contract, the Trust is required to pledge to
the broker cash, U.S. Government securities or other liquid portfolio
securities equal to the minimum initial margin requirements of the
applicable futures exchange. Pursuant to the contract, the Trust agrees
to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in the value of the contract. Such receipts or
payments known as variation margin are </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">19</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family: sans-serif; font-size: 14pt; font-weight: normal; font-style: normal; color: #064731; padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt; margin: 0pt; line-height: normal">Morgan Stanley Quality Municipal Income Trust</p>

<p style="font-family: sans-serif; font-size: 10pt; font-weight: bold; font-style: normal; color: #064731; padding-left: 0pt; padding-top: 0pt; padding-bottom: 36pt; line-height: normal; margin: 0pt;">Notes to Financial Statements    <img src="square.jpg" align="middle">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
recorded by the Trust as unrealized gains and
losses. Upon closing of the contract, the Trust realizes a gain or loss
equal to the difference between the value of the contract at the time
it was opened and the value at the time it was
closed.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">D.&nbsp;&nbsp;&nbsp;Floating Rate Note Obligations Related to
Securities Held &mdash; </font>The Trust enters into transactions in which it
transfers to Dealer Trusts (&lsquo;&lsquo;Dealer Trusts&rsquo;&rsquo;),
fixed rate bonds in exchange for cash and residual interests in the
Dealer Trusts&rsquo; assets and cash flows, which are in the form of
inverse floating rate investments. The Dealer Trusts fund the purchases
of the fixed rate bonds by issuing floating rate notes to third parties
and allowing the Trust to retain residual interest in the bonds. The
Trust enters into shortfall agreements with the Dealer Trusts which
commit the Trust to pay the Dealer Trusts, in certain circumstances,
the difference between the liquidation value of the fixed rate bonds
held by the Dealer Trusts and the liquidation value of the floating
rate notes held by third parties, as well as any shortfalls in interest
cash flows. The residual interests held by the Trust (inverse floating
rate investments) include the right of the Trust (1) to cause the
holders of the floating rate notes to tender their notes at par at the
next interest rate reset date, and (2) to transfer the municipal bond
from the Dealer Trusts to the Trust, thereby collapsing the Dealer
Trusts. The Trust accounts for the transfer of bonds to the Dealer
Trusts as secured borrowings, with the securities transferred remaining
in the Trust&rsquo;s investment assets, and the related floating rate
notes reflected as Trust liabilities under the caption
&lsquo;&lsquo;floating rate note obligations&rsquo;&rsquo; on the
&lsquo;&lsquo;Statement of Assets and Liabilities&rsquo;&rsquo;. The
Trust records the interest income from the fixed rate bonds under the
caption &lsquo;&lsquo;Interest Income&rsquo;&rsquo; and records the
expenses related to floating rate note obligations and any
administrative expenses of the dealer trusts under the caption
&lsquo;&lsquo;Interest and residual trust expenses&rsquo;&rsquo; in the
Trust&rsquo;s &lsquo;&lsquo;Statement of Operations&rsquo;&rsquo;. The
notes issued by the Dealer Trusts have interest rates that reset weekly
and the floating rate note holders have the option to tender their
notes to the Dealer Trusts for redemption at par at each reset date. At
October 31, 2006, Trust investments with a value of $44,924,880 are
held by the Dealer Trusts and serve as collateral for the $27,010,000
in floating rate note obligations outstanding at that date. Contractual
maturities of the floating rate note obligations and interest rates in
effect at October 31, 2006 are presented in the &lsquo;&lsquo;Portfolio
of Investments&rsquo;&rsquo;.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">E.&nbsp;&nbsp;&nbsp;Interest Rate
Swaps &mdash; </font>Interest rate swaps involve the exchange of commitments to
pay and receive interest based on a notional principal amount. Net
periodic interest payments to be received or paid are accrued daily and
are recorded as realized gains or losses in the Statement of
Operations.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">F.&nbsp;&nbsp;&nbsp;Federal Income Tax Policy &mdash; </font>It is the
Trust&rsquo;s policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable and nontaxable income to
its shareholders. Accordingly, no federal income tax provision is
required.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">G.&nbsp;&nbsp;&nbsp;Dividends and Distributions to
Shareholders &mdash; </font>Dividends and distributions to shareholders are
recorded on the ex-dividend date.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-family: sans-serif; font-size: 11pt; font-weight: normal; color: #064731;">H.&nbsp;&nbsp;&nbsp;Use of
Estimates &mdash; </font>The preparation of financial statements in accordance
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and
disclosures. Actual results could differ from those
estimates.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">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">  October 31, 2006<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; ">2.&nbsp;&nbsp;&nbsp;Investment
Advisory/Administration Agreements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to an Investment
Advisory Agreement with Morgan Stanley Investment Advisors Inc. (the
&lsquo;&lsquo;Investment Adviser&rsquo;&rsquo;), the Trust pays an
advisory fee, calculated weekly and payable monthly, by applying the
annual rate of 0.27% to the Trust&rsquo;s weekly total net
assets including preferred shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Pursuant to an Administration
Agreement with Morgan Stanley Services Company Inc. (the
&lsquo;&lsquo;Administrator&rsquo;&rsquo;), an affiliate of the
Investment Adviser, the Trust pays an administration fee, calculated
weekly and payable monthly, by applying the annual rate of 0.08%
to the Trust&rsquo;s weekly total net assets including preferred
shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">3.&nbsp;&nbsp;&nbsp;Security Transactions and Transactions with
Affiliates</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The cost of purchases and proceeds from sales of
portfolio securities, excluding short-term investments, for the year
ended October  31, 2006, aggregated $84,688,893 and $103,966,114,
respectively.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Trust, an affiliate of the
Investment Adviser and Administrator is the Trust&rsquo;s transfer
agent.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust has an unfunded noncontributory defined benefit
pension plan covering certain independent Trustees of the Trust who
will have served as independent Trustees for at least five years at the
time of retirement. Benefits under this plan are based on factors which
include years of service and compensation. The Trustees voted to close
the plan to new participants and eliminate the future benefits growth
due to increases to compensation after July  31, 2003. Aggregate
pension costs for the year ended October  31,  2006,
included in Trustees&rsquo; fees and expenses in the Statement of
Operations amounted to $4,207. At October  31, 2006, the Trust
had an accrued pension liability of $54,983 which is included in
accrued expenses in the Statement of Assets and Liabilities.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust has an unfunded Deferred Compensation Plan (the
&lsquo;&lsquo;Compensation Plan&rsquo;&rsquo;) which allows each
independent Trustee to defer payment of all, or a portion, of the fees
he or she receives for serving on the Board of Trustees. Each eligible
Trustee generally may elect to have the deferred amounts credited with
a return equal to the total return on one or more of the Morgan Stanley
funds that are offered as investment options under the Compensation
Plan. Appreciation/depreciation and distributions received from these
investments are recorded with an offsetting increase/decrease in the
deferred compensation obligation and do not affect the net asset value
of the Trust.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">4.&nbsp;&nbsp;&nbsp;Preferred Shares of Beneficial
Interest</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is authorized to issue up to 1,000,000
non-participating preferred shares of beneficial interest having a par
value of $.01 per share, in one or more series, with rights as
determined by the Trustees, without approval of the common
shareholders. The Trust has issued Series 1 through 5 Auction Rate
Preferred Shares (&lsquo;&lsquo;preferred shares&rsquo;&rsquo;) which
have a liquidation value of $50,000 per share plus the </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">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">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
redemption premium, if any, plus accumulated
but unpaid dividends, whether or not declared, thereon to the date of
distribution. The Trust may redeem such shares, in whole or in part, at
the original purchase price of $50,000 per share plus accumulated but
unpaid dividends, whether or not declared, thereon to the date of
redemption.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Dividends, which are cumulative, are reset through
auction
procedures.</p>

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<div style="border: 1px none; width: 709.8000000000001px;" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="530" 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="55"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="83"></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 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">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;">3.50</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;">11/01/06</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">2.58%
&ndash;
4.02%</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">3.40</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/02/06</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">2.49&nbsp;&nbsp;
&ndash;
3.96&nbsp;&nbsp;<font style="letter-spacing: 2pt;">&nbsp;&nbsp;</font></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">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;">3.52</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/02/06</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&nbsp;&nbsp;
&ndash;
3.79<font style="letter-spacing: 2pt;">&nbsp;&nbsp;</font>&nbsp;&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">4</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">3.48</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">11/02/06</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&nbsp;&nbsp;
&ndash;
3.96&nbsp;&nbsp;<font style="letter-spacing: 2pt;">&nbsp;&nbsp;</font></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">5</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">400</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">20,000</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3.55</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;">11/03/06</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">2.30&nbsp;&nbsp;
&ndash;
3.75<font style="letter-spacing: 1pt;">&nbsp;&nbsp;</font>&nbsp;&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 12"><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: 12pt">*</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: 12pt; width: 562;">
As of October  31,
2006.</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: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 5pt">**</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; width: 562;"> For the year ended
October  31, 2006.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Subsequent to October  31,
2006 and up through December 1, 2006, the Trust paid dividends to each
of the Series 1 through 5 at rates ranging from 3.10% to
3.64% in the aggregate amount of $703,778.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is
subject to certain restrictions relating to the preferred shares.
Failure to comply with these restrictions could preclude the Trust from
declaring any distributions to common shareholders or purchasing common
shares and/or could trigger the mandatory redemption of preferred
shares at liquidation value.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The preferred shares, which are
entitled to one vote per share, generally vote with the common shares
but vote separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred shares.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">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">  October 31, 2006<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="359"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">SHARES</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">PAR
VALUE</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">CAPITAL<br>PAID IN<br>EXCESS OF<br>PAR
VALUE</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance, October  31, 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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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 11.76%)*
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1,366,322</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(13,663</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(18,736,839</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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;">(93,632</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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, 2005</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,066,098</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">250,661</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">350,777,653</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Treasury
shares purchased and retired (weighted average discount 6.77%)*
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" 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;">(843,700</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(8,437</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(11,970,334</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Balance,
October  31,
2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">24,222,398</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">242,224</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">338,807,319</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 562;">
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: 3pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">6.&nbsp;&nbsp;&nbsp;Dividends to Common
Shareholders</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On September  26, 2006, 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="437" bgcolor="#ffffff">
<tr>
<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="78"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</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="center" valign="bottom" colspan="3">$0.06</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">November
3, 2006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">November 17,
2006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">$0.06</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">December 8,
2006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">December 22,
2006</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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: 3pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">7.&nbsp;&nbsp;&nbsp;Expense Offset</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
expense offset represents a reduction of the fees and expenses for
interest earned on cash balances maintained by the Trust with the
transfer agent and custodian.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#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;Purposes of and Risks
Relating to Certain Financial Instruments</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may invest a
portion of its assets in inverse floating rate instruments, either
through outright purchases of inverse floating rate securities or
through the transfer of bonds to a dealer trust in exchange for cash
and residual interests in the dealer trust. These investments are
typically used by the Trust in seeking to enhance the yield of the
portfolio. These instruments typically involve greater risks than a
fixed rate municipal bond. In particular, these instruments are
acquired through leverage or may have leverage embedded in them and
therefore involve many of the risks associated with leverage. Leverage
is a speculative technique that may expose the Trust to greater risk
and increased costs. Leverage may cause the Trust&rsquo;s net asset
value to be more volatile than if it had not been leveraged because
leverage tends to magnify the effect of any increases or decreases in
the value of the Trust&rsquo;s portfolio securities. The use of
leverage may also cause the Trust to liquidate portfolio positions when
it may not be advantageous to do so in order to satisfy its obligations
with respect to inverse floating rate instruments.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; 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">  October 31, 2006<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">To hedge against adverse interest rate
changes, the Trust may invest in financial futures contracts or
municipal bond index futures contracts (&lsquo;&lsquo;futures
contracts&rsquo;&rsquo;).</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">These futures contracts involve
elements of market risk in excess of the amount reflected in the
Statement of Assets and Liabilities. The Trust bears the risk of an
unfavorable change in the value of the underlying securities. Risks may
also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their
contracts.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may enter into interest rate swaps and may
purchase or sell interest rate caps, floors and collars. The Trust
expects to enter into these transactions primarily to manage interest
rate risk, hedge portfolio positions and preserve a return or spread on
a particular investment or portion of its portfolio. The Trust may also
enter into these transactions to protect against any increase in the
price of securities the Trust anticipates purchasing at a later date.
Interest rate swap transactions are subject to market risk, risk of
default by the other party to the transaction, risk of imperfect
correlation and manager risk. Such risks may exceed the related amounts
shown in the Statement of Assets and
Liabilities.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">9.&nbsp;&nbsp;&nbsp;Federal Income Tax Status</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The amount
of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles. These &lsquo;&lsquo;book/tax&rsquo;&rsquo; differences are
either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized
capital gains for tax purposes are reported as distributions of
paid-in-capital.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; 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">  October 31, 2006<font style="font-weight: normal; font-style: italic;"> continued</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The tax character of distributions paid
was as
follows:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" 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="374"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">FOR
THE YEAR<br>ENDED<br>OCTOBER 31, 2006</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, 2005</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Tax-exempt
income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,112,379</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: 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;">25,078,840</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">Long-term
capital gains</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6,385,476</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
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: 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;">33,497,855</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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;">25,078,840</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; 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="11">As
of October  31, 2006, the tax-basis components of accumulated
earnings were as
follows:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; 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">Undistributed
tax-exempt income</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">921,197</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Undistributed
long-term gains</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">3,902,938</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: 8pt;" align="left" valign="bottom" colspan="3">Net
accumulated earnings</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4,824,135</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 8pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Temporary
differences</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(93,909</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net unrealized
appreciation</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,467,450</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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: 5pt;" align="left" valign="bottom" colspan="3">Total
accumulated earnings</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 5pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 5pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35,197,676</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 5pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of
October  31, 2006, the Trust had temporary book/tax differences
primarily attributable to book amortization of discounts on debt
securities, mark-to-market of open futures contracts and dividend
payable and permanent book/tax differences primarily attributable to
tax adjustments on debt securities sold by the Trust. To reflect
reclassifications arising from the permanent differences, accumulated
undistributed net investment income was charged and accumulated
undistributed net realized gain was credit $1,421.</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; ">10.&nbsp;&nbsp;&nbsp;New
Accounting Pronouncements</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In July  2006, the Financial
Accounting Standards Board (FASB) issued Interpretation 48, Accounting
for Uncertainty in Income Taxes &ndash; an interpretation of FASB
Statement 109 (FIN 48). FIN 48 clarifies the accounting for income
taxes by prescribing the minimum recognition threshold a tax position
must meet before being recognized in the financial statements. FIN 48
is effective for fiscal years beginning after December  15, 2006.
The Trust will adopt FIN 48 for the fiscal year ending 2008 and the
impact to the Trust&rsquo;s financial statements, if any, is currently
being assessed.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In addition, in September  2006, Statement
of Financial Accounting Standards No. 157,<font style="font-weight: normal; color: #000000;">
<i> Fair Value
Measurements</i>
</font> (SFAS 157), was issued and is effective for fiscal
years beginning after November  15, 2007. SFAS 157 defines fair
value, establishes a framework for measuring fair value and expands
disclosures about fair value measurements. Management is currently
evaluating the impact the adoption of SFAS 157 will have on the
Trust&rsquo;s financial statement
disclosures<b>.</b>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: 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="273"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="19">FOR
THE YEAR ENDED OCTOBER
31,</td>

<td bgcolor="#ffffff" 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">2006</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #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">2005</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #064731; 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">15.38</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt;" align="left" valign="bottom" colspan="3">Income
(loss) from investment
operations:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income*
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.00</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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
realized and unrealized gain
(loss)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.38</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.17</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.18</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>

</tr>

<tr>
<td bgcolor="#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;">(0.27</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;">(0.16</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;">(0.15</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">1.12</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 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;">0.67</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Less
dividends and distributions
from:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#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;">(0.83</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.81</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.88</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
realized
gain</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.26</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="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&mdash;</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(0.30</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">(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;">(0.81</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">)&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">(1.18</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Anti-dilutive
effect of acquiring treasury
shares*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.04</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.10</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 1px solid #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.06</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Net
asset value, end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.45</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.38</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.42</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: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.54</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: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15.60</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt;" align="left" valign="bottom" colspan="3">Market
value, end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.39</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: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.71</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.83</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">14.55</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff" style="border-bottom: 3px double #ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #000000 ;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px double #000000 ; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13.91</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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #064731; 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;">13.20</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">5.14</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;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Ratios
to Average Net Assets of Common
Shareholders:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Total
expenses (before expense
offset)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.03</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.88</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;">0.89</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>(1)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.78</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>(1)</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">Total
expenses (before expense offset, exclusive of &nbsp;&nbsp;&nbsp;&nbsp;interest and
residual trust
expenses)</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.84</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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;">0.89</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>(1)</sup>&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">0.78</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>(1)</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
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;">6.66</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">6.41</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;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Preferred
stock
dividends</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.78</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1.01</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
investment income available to common
shareholders</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">4.88</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;">5.40</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #064731; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Supplemental
Data:</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;"></font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Net
assets applicable to common shareholders, end of<br>&nbsp;&nbsp;&nbsp;&nbsp;period, in
thousands</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">374,247</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">385,494</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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">$</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Asset
coverage on preferred shares at end of
period</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">280</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">285</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">%&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px 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>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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;">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;">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;">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>

</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: 8"><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: 8pt">*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 0pt; font-style: italic; padding-top: 8pt; width: 561;">
The per share amounts were computed using an average number of common
shares outstanding during the period.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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; width: 561;">
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&rsquo;s dividend
reinvestment plan. Total return does not reflect brokerage
commissions.</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 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; width: 561;"> 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: 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;">Report of Independent Registered Public Accounting Firm  </p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:12pt;  width: 534pt; text-align: left; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">To
the Shareholders and Board of Trustees of<br>Morgan Stanley Quality
Municipal Income Trust:</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We have audited the
accompanying statement of assets and liabilities of Morgan Stanley
Quality Municipal Income Trust (the
&lsquo;&lsquo;Trust&rsquo;&rsquo;), including the portfolio of
investments, as of October  31,  2006, and the related
statements of operations for the year then ended and changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Trust&rsquo;s management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We conducted our audits in
accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Trust&rsquo;s internal control
over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. Our procedures included confirmation of securities owned
as of October  31,  2006, by correspondence with the
custodian and brokers. We performed other auditing procedures. We
believe that our audits provide a reasonable basis for our
opinion.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects,
the financial position of Morgan Stanley Quality Municipal Income Trust
as of October  31,  2006, the results of its operations for
the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each
of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of
America.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Deloitte &amp; Touche LLP<br>
<font style="font-weight: normal; color: #000000;">
<i>New York, New
York<br>January 12,
2007</i>
</font>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">27</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



<page>
<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;">Shareholder Voting Results (unaudited)  </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">On
October  25,  2006, an annual meeting of the Trust&rsquo;s
shareholders was held for the purpose of voting on the following
matters, the results of which were as follows:</p>

<p style="font-family:sans-serif;font-weight:normal;color:;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">Election of
Trustees by all
Shareholders:</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="374"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="11">#
of
Shares</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><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" 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&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">Withheld&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">Abstain&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">Frank
L. Bowman
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,243,169</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">172,965</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Kathleen
A.
Dennis</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,238,924</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">177,210</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Wayne
E.
Hedien</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,239,456</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">176,678</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Joseph
J.
Kearns</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,232,782</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">183,352</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Michael
F.
Klein</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,249,301</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">166,833</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">W.
Allen Reed
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,239,017</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">177,117</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-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">Fergus
Reid
</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">19,240,747</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">175,387</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">189,326</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-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:;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">Election
of Trustees by Preferred
Shareholders:</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="374"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="11">#
of
Shares</td>

<td bgcolor="#ffffff" style="border-bottom: 1px solid #000000"><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" 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&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">Withheld&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">Abstain&nbsp;</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 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">Manuel
H.
Johnson</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,994</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" 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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" 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: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="bottom" colspan="3">Michael
E.
Nugent</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,994</font></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px solid #ffffff ; padding-top: 0pt" align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" 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"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="right" valign="bottom" colspan="1">&nbsp;</td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal; border-bottom: 3px solid #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" 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><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">No
broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; were cast in connection
with this proposal. Broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; are
shares held in street name for which the broker indicates that
instructions have not been received from the beneficial owners or other
persons entitled to vote and for which the broker does not have
discretionary voting authority.</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 following Trustees were not
standing for reelection at this meeting: Michael Bozic, Edwin
J.  Garn, andq James F.
Higgins.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">28</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;">Revised Investment Policy (unaudited)  </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:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">
<font color="#064731">The
Trustees approved the following investment
policy:</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">
<b>
<font color="#064731">Interest Rate
Transactions.</font>
</b>&nbsp;&nbsp;&nbsp;&nbsp;The Trust may enter into interest rate
swaps and may purchase or sell interest rate caps, floors and collars.
The Trust expects to enter into these transactions primarily to manage
interest rate risk, hedge portfolio positions and preserve a return or
spread on a particular investment or portion of its portfolio. The
Trust may also enter into these transactions to protect against any
increase in the price of securities the Trust anticipates purchasing at
a later date. The Trust does not intend to use these transactions as
speculative investments and will not enter into interest rate swaps or
sell interest rate caps or floors where it does not own or have the
right to acquire the underlying securities or other instruments
providing the income stream the Trust may be obligated to pay. Interest
rate swaps involve the exchange by the Trust with another party of
their respective commitments to pay or receive interest, e.g., an
exchange of floating rate payments for fixed-rate payments. The
purchase of an interest rate cap entitles the purchaser, to the extent
that a specified index exceeds a predetermined interest rate, to
receive payments of interest on a contractually-based principal amount
from the party selling the interest rate cap. The purchase of an
interest rate floor entitles the purchaser, to the extent that a
specified index falls below a predetermined interest rate, to receive
payments of interest on a contractually-based principal amount from the
party selling the interest rate floor. An interest rate collar combines
the elements of purchasing a cap and selling a floor. The collar
protects against an interest rate rise above the maximum amount but
foregoes the benefit of an interest rate decline below the minimum
amount.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 444pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may enter into interest rate swaps,
caps, floors and collars on either an asset-based or liability-based
basis, and will usually enter into interest rate swaps on a net basis,
i.e., the two payment streams are netted out, with the Trust receiving
or paying, as the case may be, only the net amount of the two payments.
The net amount of the excess, if any, of the Trust&rsquo;s obligations
over its entitlements with respect to each interest rate swap will be
accrued on a daily basis and the Trust segregates an amount of cash
and/or liquid securities having an aggregate net asset value at least
equal to the accrued excess. If the Trust enters into an interest rate
swap on other than a net basis, the Trust would segregate the full
amount accrued on a daily basis of the Trust&rsquo;s obligations with
respect to the swap. Interest rate transactions do not constitute
senior securities under the 1940 Act when the Trust segregates assets
to cover the obligations under the transactions. The Trust will enter
into interest rate swap, cap or floor transactions only with
counterparties approved by the Trust&rsquo;s Board of Trustees. The
Adviser will monitor the creditworthiness of counterparties to the
Trust&rsquo;s interest rate swap, cap, floor and collar transactions
on an ongoing basis. If there is a default by the other party to such a
transaction, the Trust will have contractual remedies pursuant to the
agreements related to the transaction. To the extent the Trust sells
(i.e., writes) caps, floors and collars, it will segregate cash and/or
liquid securities having an aggregate net asset value at least equal to
the full amount, accrued on a daily basis, of the Trust&rsquo;s net
obligations with respect to the caps, floors or collars. The use of
interest rate swaps is a highly specialized activity which involves
investment techniques and risks different from those </p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">29</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;">Revised Investment Policy (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">
associated with ordinary portfolio securities
transactions. If the Adviser is incorrect in its forecasts of the
market values, interest rates and other applicable factors, the
investment performance of the Trust would diminish compared with what
it would have been if these investment techniques were not used. The
use of interest rate swaps, caps, collars and floors may also have the
effect of shifting the recognition of income between current and future
periods.</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 transactions do not involve the delivery of
securities or other underlying assets or principal. Accordingly, the
risk of loss with respect to interest rate swaps is limited to the net
amount of interest payments that the Trust is contractually obligated
to make. If the other party to an interest rate swap defaults, the
Trust&rsquo;s risk of loss consists of the net amount of interest
payments that the Trust contractually is entitled to
receive.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">30</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;">Trustee and Officer Information (unaudited)  </p>

<p style="font-family:sans-serif;font-weight:normal;color:#064731;font-size:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Independent
Trustees:</p>

<img src="spacer.gif" height="10" width="1">
<br>
<div style="border: 1px none; width: 709.8000000000001px;" 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="159"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="62"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="55"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="42"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="105"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Independent
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by
Independent<br>Trustee**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships<br>Held by
Independent Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Frank L. Bowman (61)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>August 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President
and Chief Executive Officer of the Nuclear Energy Institute (policy
organization) (since February 2005); Director or Trustee of various
Retail Fund and Institutional Funds (since August 2006) formerly
variously, Admiral in the U.S. Navy, Director of Naval Nuclear
Propulsion Program and Deputy Administrator&mdash;Naval Reactors in the
National Nuclear Security Administration at the U.S. Department of
Energy (1996-2004). Honorary Knight Commander of the Most Excellent
Order of the British
Empire.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">163</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director
of the National Energy Foundation, the U.S. Energy Association, the
American Council for Capital Formation and the Armed Services YMCA of
the USA.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Michael Bozic (65)<br>c/o Kramer Levin
Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>April
1994</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Private investor; Chairperson of the Valuation, Insurance
and Compliance Committee (since October 2006); Director or Trustee of
the Retail Funds (since April 1994) and the Institutional Funds (since
July 2003); formerly Chairperson of the Insurance Committee (July
2006-September 2006); Vice Chairman of Kmart Corporation (December
1998-October 2000), Chairman and Chief Executive Officer of Levitz
Furniture Corporation (November 1995-November 1998) and President and
Chief Executive Officer of Hills Department Stores (May 1991-July
1995); variously Chairman, Chief Executive Officer, President and Chief
Operating Officer (1987-1991) of the Sears Merchandise Group of Sears,
 Roebuck &amp; Co.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of various
business organizations.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">31</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;">Trustee and Officer Information (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="159"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="62"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="55"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="42"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="105"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Independent
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by
Independent<br>Trustee**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships<br>Held by
Independent Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Kathleen A. Dennis (53)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>August 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President,
Cedarwood Associates (mutual fund consulting) (since July 2006);
Chairperson of the Money Market and Alternatives Sub-Committee of the
Investment Committee (since October 2006) and Director or Trustee of
various Retail Fund and Institutional Funds (since August 2006);
formerly, Senior Managing Director of Victory Capital Management
(1993-2006).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">163</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">None.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Edwin
J. Garn (74)<br>1031 N. Chartwell Court<br>Salt Lake City, UT
84103</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since January
1993</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Consultant; Director or Trustee of the Retail Funds (since
January 1993) and the Institutional Funds (since July 2003); Member of
the Utah Regional Advisory Board of Pacific Corp. (utility company);
formerly Managing Director of Summit Ventures LLC (lobbying and
consulting firm) (2000-2004); United States Senator (R-Utah)
(1974-1992) and Chairman, Senate Banking Committee (1980-1986), Mayor
of Salt Lake City, Utah (1971-1974), Astronaut, Space Shuttle Discovery
(April 12-19, 1985), and Vice Chairman, Huntsman Corporation (chemical
company).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of Franklin Covey (time
management systems), BMW Bank of North America, Inc. (industrial loan
corporation), Escrow Bank USA (industrial loan corporation); United
Space Alliance (joint venture between Lockheed Martin and the Boeing
Company) and Nuskin Asia Pacific (multilevel marketing); member of the
board of various civic and charitable
organizations.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Wayne E. Hedien (72)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since September
1997</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Retired; Director or Trustee of the Retail Funds; (Since
September 1997) and the Institutional Funds (since July 2003); formerly
associated with the Allstate Companies (1966-1994), most recently as
Chairman of The Allstate Corporation (March 1993-December 1994) and
Chairman and Chief Executive Officer of its wholly-owned subsidiary,
Allstate Insurance Company (July 1989-December 1994).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of The PMI Group Inc. (private mortgage insurance);
Trustee and Vice Chairman of The Field Museum of Natural History;
director of various other business and charitable
organizations.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">32</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;">Trustee and Officer Information (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="159"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="62"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="55"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="42"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="105"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Independent
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by
Independent<br>Trustee**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships<br>Held by
Independent Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dr. Manuel H. Johnson (57)<br>c/o
Johnson Smick Group, Inc.<br>888 16th Street, N.W.<br>Suite
740<br>Washington, D.C.
20006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
1991<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Senior Partner, Johnson Smick International, Inc.,
(consulting firm); Chairperson of the Investment Committee (since
October 2006) and Director or Trustee of the Retail Funds (since July
1991) and the Institutional Funds (since July 2003); Co-Chairman and a
founder of the Group of Seven Council (G7C), an international economic
commission; formerly Chairperson of the Audit Committee (July
1991-September 2006); Vice Chairman of the Board of Governors of the
Federal Reserve System and Assistant Secretary of the U.S.
Treasury.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director
of NVR, Inc. (home construction); Director of KFX Energy; Director of
RBS Greenwich Capital Holdings (financial holding
company).<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Joseph J. Kearns (64)<br>c/o Kearns
&amp; Associates LLC<br>PMB754<br>23852 Pacific Coast
Highway<br>Malibu, CA
90265<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President, Kearns &amp; Associates LLC (investment
consulting); Chairperson of the Audit Committee (since October 2006)
and Director or Trustee of the Retail Funds (since July 2003) and the
Institutional Funds (since August 1994); formerly Deputy Chairperson
of  the Audit Committee (July 2003- September 2006) and
Chairperson of the Audit Committee of the Institutional Funds (October
2001-July 2003); formerly CFO of the J. Paul Getty
Trust.</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">174</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of Electro Rent Corporation
(equipment leasing), The Ford Family Foundation, and the UCLA
Foundation.<br></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Michael F. Klein (47)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>August 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chief
Operating Officer and Managing Director, Aetos Capital, LLC (since
March 2000); Chairman of the Fixed-Income Sub-Committee of the
Investment Committee (since October 2006) and Director or Trustee
(since August 2006) of various Retail Fund and Institutional Funds;
formerly Managing Director, Morgan Stanley &amp; Co. Inc. and Morgan
Stanley Dean Witter Investment Management, President, Morgan Stanley
Institutional Funds (June 1998-March 2000) and Principal, Morgan
Stanley &amp; Co. Inc. and Morgan Stanley Dean Witter Investment
Management (August 1997-December 1999).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">163</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director of
certain investment funds managed or sponsored by Aetos Capital
LLC.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">33</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;">Trustee and Officer Information (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="159"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="62"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="55"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="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="42"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="105"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Independent
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by
Independent<br>Trustee**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships<br>Held by
Independent Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Michael E. Nugent (70)<br>c/o
Triumph Capital, L.P.<br>445 Park Avenue<br>New York, NY
10022<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Board and
Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of the Board since<br>July
2006<br>and Trustee since<br>July  1991</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">General Partner
of Triumph Capital, L.P., a private investment partnership; Chairman of
the Boards of the Retail Funds and Institutional Funds (since July
2006) and Director or Trustee of the Retail Funds (since July 1991) and
the Institutional Funds (since July 2001); formerly Chairperson of the
Insurance Committee (until July  2006); Vice President, Bankers
Trust Company and BT Capital Corporation
(1984-1988).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">None.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">W.
Allen Reed (59)<br>c/o Kramer Levin Naftalis &amp; Frankel
LLP<br>Counsel to the Independent Trustees<br>1177 Avenue of the
Americas<br>New York, NY
10036</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>August 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairperson
of the Equity Sub-Commitee of the Investment Committee (since October
2006) and Director or Trustee (since August 2006) of various Retail
Funds and Institutional Funds. President and CEO of General Motors
Asset Management; Formerly, Chairman and Chief Executive Officer of the
GM Trust Bank and Corporate Vice President of General Motors
Corporation (August 1994-December 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: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">163</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director
of GMAC (financial services), GMAC Insurance Holdings and Temple-Inland
Industries (packaging, banking and forest products); member of the
Board of Executives of the Morgan Stanley Capital International
Editorial Board; Director of Legg Mason and Director of various
investment fund advisory boards.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Fergus Reid
(74)<br>c/o Lumelite Plastics Corporation<br>85 Charles Colman
Blvd.<br>Pawling, NY
12564<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>July
2003<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chairman of Lumelite Plastics Corporation;
Chairperson of the Governance Committee and Director or Trustee of the
Retail Funds (since July 2003) and the Institutional Funds (since June
1992).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">174</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee and Director of certain investment
companies in the JPMorgan Funds complex managed by J.P. Morgan
Investment Management Inc.<br></td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">34</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;">Trustee and Officer Information (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:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Interested Trustee:</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="159"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="42"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="60"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="148"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="44"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="109"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Name, Age and Address of<br>Interested
Trustee</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Term
of<br>Office and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Principal
Occupation(s)<br>During Past 5 Years</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Number of
Portfolios<br>in Fund Complex Overseen by Interested
Trustee**</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="bottom" colspan="3">Other Directorships<br>Held by Interested
Trustee</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">James F. Higgins (58)<br>c/o Morgan Stanley
Trust<br>Harborside Financial Center<br>Plaza Two<br>Jersey City, NJ
07311<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Trustee<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>June
2000<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director or Trustee of the Retail Funds (since June
2000) and the Institutional Funds (since July 2003); Senior Advisor of
Morgan Stanley (since August
2000).</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="center" valign="top" colspan="3">173</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Director
of AXA Financial, Inc. and The Equitable Life Assurance Society of the
United States (financial
services).<br></td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 562;">
This is the earliest date the Trustee began serving the funds advised
by Morgan Stanley Investment Advisors Inc. (the
&lsquo;&lsquo;Investment Adviser&rsquo;&rsquo;) (the
&lsquo;&lsquo;Retail Funds&rsquo;&rsquo;) or the funds advised by
Morgan Stanley Investment Management Inc. and Morgan Stanley AIP GP LP
(the &lsquo;&lsquo;Institutional
Funds&rsquo;&rsquo;).</td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 0"><img src="spacer.gif" height="1" width="0"></td>

<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 0pt">**</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 0pt; width: 562;"> The Fund
Complex includes all open-end and closed-end funds (including all of
their portfolios) advised by the Investment Adviser and any funds that
have an investment adviser that is an affiliated person of the
Investment Adviser (including, but not limited to, Morgan Stanley
Investment Management Inc.) as of October 31,
2006.</td>

</tr>

</table>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">35</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;">Trustee and Officer Information (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:9pt;  width: 534pt; text-align: left; font-style: normal; line-height: 11pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; ">Executive
Officers:</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="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="304"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Name,
Age and Address of<br>Executive Officer</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held
with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>Term of<br>Office
and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)
During Past 5 Years</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Ronald E. Robison (67)<br>1221
Avenue of the Americas<br>New York, NY 10020<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President
and Principal Executive Officer<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President since September
2005 and Principal Executive Officer since May 2003</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">President
(since September 2005) and Principal Executive Officer (since May 2003)
of funds in the Fund Complex; President (since September 2005) and
Principal Executive Officer (since May 2003) of the Van Kampen Funds;
Managing Director, Director and/or Officer of the Investment Adviser
and various entities affiliated with the Investment Adviser; Director
of Morgan Stanley SICAV (since May 2004). Formerly, Executive Vice
President (July 2003 to September 2005) of funds in the Fund Complex
and the Van Kampen Funds; President and Director of the Institutional
Funds (March 2001 to July 2003); Chief Administrative Officer of the
Investment Adviser; Chief Administrative Officer of Morgan Stanley
Services Company Inc.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">J. David Germany
(52)<br>Morgan Stanley Investment Management Ltd.<br>25 Cabot
Square<br>Canary Wharf, London<br>United Kingdom E144QA</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice
President</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since February 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing Director and
(since December 2005) Chief Investment Officer &ndash; Global Fixed
Income of Morgan Stanley Investment Management; Managing Director and
Director of Morgan Stanley Investment Management Limited; Vice
President of the Retail and Institutional Funds (since February
2006).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Dennis F. Shea (53)<br>1221 Avenue of the
Americas<br>New York, NY 10020</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since
February 2006</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing Director and (since February 2006) Chief
Investment Officer &ndash; Global Equity of Morgan Stanley Investment
Management; Vice President of the Retail and Institutional Funds (since
February 2006). Formerly, Managing Director and Director of Global
Equity Research at Morgan Stanley.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Barry Fink
(51)<br>1221 Avenue of the Americas<br>New York, NY
10020<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since<br>February
1997<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing Director of Morgan Stanley Investment
Management; Managing Director of the Investment Adviser and various
entities affiliated with the Investment Adviser; Vice President of the
Retail Funds and (since July 2003) the Institutional Funds. Formerly,
Secretary, General Counsel and/or Director of the Investment Adviser
and various entities affiliated with the Investment Adviser; Secretary
and General Counsel of the Retail Funds.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Amy R.
Doberman (44)<br>1221 Avenue of the Americas<br>New York, NY
10020</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice President</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since July 2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing
Director and General Counsel, U.S. Investment Management of Morgan
Stanley Investment Management (since July 2004); Vice President of the
Retail Funds and the Institutional Funds (since July 2004); Vice
President of the Van Kampen Funds (since August 2004); Secretary (since
February 2006) and Managing Director (since July 2004) of the
Investment Adviser and various entities affiliated with the Investment
Adviser. Formerly, Managing Director and General Counsel &ndash;
Americas, UBS Global Asset Management (July 2000 to July
2004).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Carsten Otto (42)<br>1221 Avenue of the
Americas<br>New York, NY 10020</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Chief
Compliance<br>Officer</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since October<br>2004</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Managing Director and U.S. Director of Compliance for Morgan
Stanley Investment Management (since October 2004); Managing Director
and Chief Compliance Officer of Morgan Stanley Investment Management.
Formerly, Assistant Secretary and Assistant General Counsel of the
Retail Funds.</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Stefanie V. Chang Yu (39)<br>1221
Avenue of the Americas<br>New York, NY 10020<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Vice
President<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since December 1997<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive
Director of the Investment Adviser and various entities affiliated with
the Investment Adviser; Vice President of the Retail Funds (since July
2002) and the Institutional Funds (since December 1997). Formerly,
Secretary of various entities affiliated with the Investment
Adviser.</td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: left; width: 534pt;">36</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;">Trustee and Officer Information (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="140"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="65"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

<td><img src="spacer.gif" height="1" width="8"></td>

<td height="1" width="15"><img src="spacer.gif" height="1" width="1"></td>

<td height="1" width="10"><img src="spacer.gif" height="1" width="304"></td>

<td height="1" width="25"><img src="spacer.gif" height="1" width="1"></td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Name,
Age and Address of<br>Executive Officer</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Position(s)<br>Held
with<br>Registrant</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;<br>Term of<br>Office
and<br>Length of<br>Time<br>Served*</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #064731; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt; padding-top: 9pt;" align="center" valign="bottom" colspan="3">Principal Occupation(s)
During Past 5 Years</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Francis J. Smith (41)<br>c/o Morgan
Stanley Trust<br>Harborside Financial Center<br>Plaza Two<br>Jersey
City, NJ 07311<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Treasurer and Chief Financial
Officer<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Treasurer since July 2003 and Chief Financial
Officer since September 2002</td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Director of the
Investment Adviser and various entities affiliated with the Investment
Adviser; Treasurer and Chief Financial Officer of the Retail Funds
(since July 2003). Formerly, Vice President of the Retail Funds
(September 2002 to July 2003).</td>

</tr>

<tr>
<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Mary E. Mullin
(39)<br>1221 Avenue of the Americas<br>New York, NY
10020<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Secretary<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Since June
1999<br></td>

<td bgcolor="#ffffff"><img src="spacer.gif" height="1" width="2"></td>

<td bgcolor="#ffffff" style="font-family: sans-serif; font-size: 7pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt;" align="left" valign="top" colspan="3">Executive Director of the Investment Adviser and
various entities affiliated with the Investment Adviser; Secretary of
the Retail Funds (since July 2003) and the Institutional Funds (since
June
1999).<br></td>

</tr>

<tr>
<td><img src="spacer.gif" height="10" width="1"></td>

</tr>

</table>

</div>
<table cellpadding="0" cellspacing="0" border="0" width="94" style="margin-bottom: 2pt; margin-top: 30pt;">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="94"></td>

</tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="margin-top: 3pt;" width="577">
<tr>
<!--left padding-->
<td align="left" valign="top" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  width: 0pt;  padding-top: 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: 6pt;  width: 15pt; padding-left: 0pt; text-align: center ;font-style: italic;  padding-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;*</td>

<td align="left" style="font-family:sans-serif;font-weight:normal;color:#000000;font-size: 6pt;  padding-bottom: 0pt; font-style: italic; padding-top: 10pt; width: 562;">
This is the earliest date the Officer began serving the Retail Funds or
the Institutional Funds.</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:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In accordance with Section
303A.12(a) of the New York Stock Exchange Listed Company Manual, the
Trust&rsquo;s Annual CEO Certification certifying as to compliance with
NYSE&rsquo;s Corporate Governance Listing Standards was submitted to
the Exchange on November 14, 2006.</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&rsquo;s Principal
Executive Officer and Principal Financial Officer Certifications
required by Section 302 of the Sarbanes-Oxley Act of 2002 were filed
with the Trust&rsquo;s N-CSR and are available on the Securities and
Exchange Commission&rsquo;s Web site at
http://www.sec.gov.</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:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>

<div style="background: #cccccc; width: 414pt; margin-left: 24pt; ">
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 390pt; text-align: center; font-style: normal; line-height: normal; padding-top:10pt; padding-left:12pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #cccccc">
<b>2006
Federal Tax Notice (unaudited)</b>
</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 390pt; text-align: left; font-style: normal; line-height: normal; padding-top:10pt; padding-left:12pt; padding-right:0pt; padding-bottom: 10pt; margin: 0pt; text-indent: 0pt; background-color: #cccccc">During
the year ended October 31, 2006, the Trust paid the following per share
amounts from tax-exempt income: $0.87 to common shareholders, $1,514 to
Series 1 preferred shareholders, $1,477 to Series 2 preferred
shareholders, $1,301 to Series 3 preferred shareholders, $1,395 to
Series 4 preferred shareholders, and $1,464 to Series 5 preferred
shareholders.</p>

<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 390pt; text-align: left; font-style: normal; line-height: normal; padding-top:0pt; padding-left:12pt; padding-right:0pt; padding-bottom: 10pt; margin: 0pt; text-indent: 0pt; background-color: #cccccc">For the year ended October
31, 2006, the Trust paid the following per share amounts from long-term
capital gains: $0.22 to common shareholders, $220 to Series 1 preferred
shareholders, $214 to Series 2 preferred shareholders, $191 to Series 3
preferred shareholders, $216 to Series 4 preferred shareholders, and
$213 to Series 5 preferred
shareholders.</p>

</div>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt; text-align: right; width: 534pt;">37</p>

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<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>
<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">Frank L. Bowman<br>Michael
Bozic<br>Kathleen A. Dennis<br>Edwin J. Garn<br>Wayne E.
Hedien<br>James F. Higgins<br>Dr. Manuel H. Johnson<br>Joseph J.
Kearns<br>Michael F. Klein<br>Michael E. Nugent<br>W. Allen
Reed<br>Fergus Reid</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Officers</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Michael
E. Nugent<br>
<font style="font-weight: normal; color: #000000;">
<i>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:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Ronald E.
Robison<br>
<font style="font-weight: normal; color: #000000;">
<i>President </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:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">J. David Germany<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice
President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Dennis F. Shea<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice
President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Barry Fink<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Amy R. Doberman<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Carsten Otto<br>
<font style="font-weight: normal; color: #000000;">
<i>Chief Compliance
Officer</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Stefanie V. Chang Yu<br>
<font style="font-weight: normal; color: #000000;">
<i>Vice
President</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Francis J. Smith<br>
<font style="font-weight: normal; color: #000000;">
<i>Treasurer </i>
</font>and
<font style="font-weight: normal; color: #000000;">
<i>Chief Financial Officer</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mary E.
Mullin<br>
<font style="font-weight: normal; color: #000000;">
<i>Secretary</i>
</font>
</p>
<p style="font-family:sans-serif;font-weight:bold;color:#064731;font-size:11pt;  width: 200pt; text-align: left; font-style: normal; line-height: 15pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Transfer
Agent</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 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: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Independent Registered Public
 Accounting Firm</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 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: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; ">Investment Adviser</p>
<p style="font-family:sans-serif;font-weight:normal;color:#000000;font-size:10pt;  width: 200pt; text-align: left; font-style: normal; line-height: 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: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">Investments and services offered through Morgan
Stanley DW Inc., member SIPC.</p>
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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;">RA06-01113P-Y10/06-IQIRPT-ANR</font></td>

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<td align="right" valign="top"><font style="font-family: sans-serif; font-size: 10pt; text-align:right; margin-top: 20pt; padding-bottom: 10pt;  font-weight: bold; width: 150pt;">MORGAN STANLEY FUNDS</font></td>

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<td align="right"><br><br><font style="font-size: 18pt; color: #064731; font-family: sans-serif">Morgan
Stanley<br>Quality Municipal Income
Trust</font><br><br><br><br><br><br><font style="font-size: 12pt; color: #999999; font-family: sans-serif">Annual Report<br>October 31, 2006</font><br><br><br><br><br><br><br><br><br><br><br></td>

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<PRE><PAGE>

Item 2. Code of Ethics.

(a) The Trust has adopted a code of ethics (the "Code of Ethics") that applies
to its principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the Trust or a third
party.

(b) No information need be disclosed pursuant to this paragraph.

(c) Not applicable.

(d) Not applicable.

(e) Not applicable.

(f)

     (1)  The Trust's Code of Ethics is attached hereto as Exhibit 12 A.

     (2)  Not applicable.

     (3)  Not applicable.

Item 3. Audit Committee Financial Expert.

The Trust's Board of Trustees has determined that Joseph J. Kearns, an
"independent" Trustee, is an "audit committee financial expert" serving on its
audit committee. Under applicable securities laws, a person who is determined to
be an audit committee financial expert will not be deemed an "expert" for any
purpose, including without limitation for the purposes of Section 11 of the
Securities Act of 1933, as a result of being designated or identified as an
audit committee financial expert. The designation or identification of a person
as an audit committee financial expert does not impose on such person any
duties, obligations, or liabilities that are greater than the duties,
obligations, and liabilities imposed on such person as a member of the audit
committee and Board of Trustees in the absence of such designation or
identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:


                                        2

<PAGE>

2006
                                         REGISTRANT     COVERED ENTITIES(1)
                                         ----------     -------------------
   AUDIT FEES.........................     $28,800              N/A
   NON-AUDIT FEES
      AUDIT-RELATED FEES..............     $ 6,096 (2)        $ 5,217,590 (2)
      TAX FEES........................     $ 4,900 (3)        $ 1,472,895 (4)
      ALL OTHER FEES..................     $     -            $         -
   TOTAL NON-AUDIT FEES...............     $10,996            $ 6,690,485
   TOTAL..............................     $39,796            $ 6,690,485

2005
                                         REGISTRANT     COVERED ENTITIES(1)
                                         ----------     -------------------
   AUDIT FEES.........................     $28,108              N/A
   NON-AUDIT FEES
      AUDIT-RELATED FEES..............     $ 6,105 (2)        $ 3,215,745 (2)
      TAX FEES........................     $ 5,026 (3)        $    24,000 (4)
      ALL OTHER FEES..................     $     -            $         -
   TOTAL NON-AUDIT FEES...............     $11,131            $ 3,239,745
   TOTAL..............................     $39,239            $ 3,239,745

N/A- Not applicable, as not required by Item 4.

(1)  Covered Entities include the Adviser (excluding sub-advisors) and any
     entity controlling, controlled by or under common control with the Adviser
     that provides ongoing services to the Registrant.

(2)  Audit-Related Fees represent assurance and related services provided that
     are reasonably related to the performance of the audit of the financial
     statements of the Covered Entities' and funds advised by the Adviser or its
     affiliates, specifically data verification and agreed-upon procedures
     related to asset securitizations and agreed-upon procedures engagements.

(3)  Tax Fees represent tax compliance, tax planning and tax advice services
     provided in connection with the preparation and review of the Registrant's
     tax returns.

(4)  Tax Fees represent tax compliance, tax planning and tax advice services
     provided in connection with the review of Covered Entities' tax returns.


                                        3

<PAGE>

(e)(1) The audit committee's pre-approval policies and procedures are as
follows:

                                                                      APPENDIX A

                                 AUDIT COMMITTEE
                          AUDIT AND NON-AUDIT SERVICES
                       PRE-APPROVAL POLICY AND PROCEDURES
                                     OF THE
                  MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS

                    AS ADOPTED AND AMENDED JULY 23, 2004,(1)

     1.   STATEMENT OF PRINCIPLES

The Audit Committee of the Board is required to review and, in its sole
discretion, pre-approve all Covered Services to be provided by the Independent
Auditors to the Fund and Covered Entities in order to assure that services
performed by the Independent Auditors do not impair the auditor's independence
from the Fund.

The SEC has issued rules specifying the types of services that an independent
auditor may not provide to its audit client, as well as the audit committee's
administration of the engagement of the independent auditor. The SEC's rules
establish two different approaches to pre-approving services, which the SEC
considers to be equally valid. Proposed services either: may be pre-approved
without consideration of specific case-by-case services by the Audit Committee
("general pre-approval"); or require the specific pre-approval of the Audit
Committee or its delegate ("specific pre-approval"). The Audit Committee
believes that the combination of these two approaches in this Policy will result
in an effective and efficient procedure to pre-approve services performed by the
Independent Auditors. As set forth in this Policy, unless a type of service has
received general pre-approval, it will require specific pre-approval by the
Audit Committee (or by any member of the Audit Committee to which pre-approval
authority has been delegated) if it is to be provided by the Independent
Auditors. Any proposed services exceeding pre-approved cost levels or budgeted
amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All
Other services that have the general pre-approval of the Audit Committee. The
term of any general pre-approval is 12 months from the date of pre-approval,
unless the Audit Committee considers and provides a different period and states
otherwise. The Audit Committee will annually review and pre-approve the services
that may be provided by the Independent Auditors without obtaining specific
pre-approval from the Audit Committee. The Audit Committee will add to or
subtract from the list of general pre-approved services from time to time, based
on subsequent determinations.

- ----------
(1)  This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and
     Procedures (the "Policy"), adopted as of the date above, supersedes and
     replaces all prior versions that may have been adopted from time to time.


                                        4

<PAGE>

The purpose of this Policy is to set forth the policy and procedures by which
the Audit Committee intends to fulfill its responsibilities. It does not
delegate the Audit Committee's responsibilities to pre-approve services
performed by the Independent Auditors to management.

The Fund's Independent Auditors have reviewed this Policy and believes that
implementation of the Policy will not adversely affect the Independent Auditors'
independence.

     2.   DELEGATION

As provided in the Act and the SEC's rules, the Audit Committee may delegate
either type of pre-approval authority to one or more of its members. The member
to whom such authority is delegated must report, for informational purposes
only, any pre-approval decisions to the Audit Committee at its next scheduled
meeting.

     3.   AUDIT SERVICES

The annual Audit services engagement terms and fees are subject to the specific
pre-approval of the Audit Committee. Audit services include the annual financial
statement audit and other procedures required to be performed by the Independent
Auditors to be able to form an opinion on the Fund's financial statements. These
other procedures include information systems and procedural reviews and testing
performed in order to understand and place reliance on the systems of internal
control, and consultations relating to the audit. The Audit Committee will
approve, if necessary, any changes in terms, conditions and fees resulting from
changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit
Committee, the Audit Committee may grant general pre-approval to other Audit
services, which are those services that only the Independent Auditors reasonably
can provide. Other Audit services may include statutory audits and services
associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4,
etc.), periodic reports and other documents filed with the SEC or other
documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix B.1. All
other Audit services not listed in Appendix B.1 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     4.   AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably
related to the performance of the audit or review of the Fund's financial
statements and, to the extent they are Covered Services, the Covered Entities or
that are traditionally performed by the Independent Auditors. Because the Audit
Committee believes that the provision of Audit-related services does not impair
the independence of the auditor and is consistent with the SEC's rules on
auditor independence, the Audit Committee may grant general pre-approval to
Audit-related services. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure matters


                                        5

<PAGE>

not classified as "Audit services"; assistance with understanding and
implementing new accounting and financial reporting guidance from rulemaking
authorities; agreed-upon or expanded audit procedures related to accounting
and/or billing records required to respond to or comply with financial,
accounting or regulatory reporting matters; and assistance with internal control
reporting requirements under Forms N-SAR and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix B.2.
All other Audit-related services not listed in Appendix B.2 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     5.   TAX SERVICES

The Audit Committee believes that the Independent Auditors can provide Tax
services to the Fund and, to the extent they are Covered Services, the Covered
Entities, such as tax compliance, tax planning and tax advice without impairing
the auditor's independence, and the SEC has stated that the Independent Auditors
may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the
Tax Services in Appendix B.3. All Tax services in Appendix B.3 must be
specifically pre-approved by the Audit Committee (or by any member of the Audit
Committee to which pre-approval has been delegated).

     6.   ALL OTHER SERVICES

The Audit Committee believes, based on the SEC's rules prohibiting the
Independent Auditors from providing specific non-audit services, that other
types of non-audit services are permitted. Accordingly, the Audit Committee
believes it may grant general pre-approval to those permissible non-audit
services classified as All Other services that it believes are routine and
recurring services, would not impair the independence of the auditor and are
consistent with the SEC's rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix B.4.
Permissible All Other services not listed in Appendix B.4 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     7.   PRE-APPROVAL FEE LEVELS OR BUDGETED AMOUNTS

Pre-approval fee levels or budgeted amounts for all services to be provided by
the Independent Auditors will be established annually by the Audit Committee.
Any proposed services exceeding these levels or amounts will require specific
pre-approval by the Audit Committee. The Audit Committee is mindful of the
overall relationship of fees for audit and non-audit services in determining
whether to pre-approve any such services.

     8.   PROCEDURES

All requests or applications for services to be provided by the Independent
Auditors that do not require specific approval by the Audit Committee will be
submitted to the Fund's Chief Financial Officer and must include a detailed
description of the services to be


                                        6

<PAGE>

rendered. The Fund's Chief Financial Officer will determine whether such
services are included within the list of services that have received the general
pre-approval of the Audit Committee. The Audit Committee will be informed on a
timely basis of any such services rendered by the Independent Auditors. Requests
or applications to provide services that require specific approval by the Audit
Committee will be submitted to the Audit Committee by both the Independent
Auditors and the Fund's Chief Financial Officer, and must include a joint
statement as to whether, in their view, the request or application is consistent
with the SEC's rules on auditor independence.

The Audit Committee has designated the Fund's Chief Financial Officer to monitor
the performance of all services provided by the Independent Auditors and to
determine whether such services are in compliance with this Policy. The Fund's
Chief Financial Officer will report to the Audit Committee on a periodic basis
on the results of its monitoring. Both the Fund's Chief Financial Officer and
management will immediately report to the chairman of the Audit Committee any
breach of this Policy that comes to the attention of the Fund's Chief Financial
Officer or any member of management.

     9.   ADDITIONAL REQUIREMENTS

The Audit Committee has determined to take additional measures on an annual
basis to meet its responsibility to oversee the work of the Independent Auditors
and to assure the auditor's independence from the Fund, such as reviewing a
formal written statement from the Independent Auditors delineating all
relationships between the Independent Auditors and the Fund, consistent with
Independence Standards Board No. 1, and discussing with the Independent Auditors
its methods and procedures for ensuring independence.

     10.  COVERED ENTITIES

Covered Entities include the Fund's investment adviser(s) and any entity
controlling, controlled by or under common control with the Fund's investment
adviser(s) that provides ongoing services to the Fund(s). Beginning with
non-audit service contracts entered into on or after May 6, 2003, the Fund's
audit committee must pre-approve non-audit services provided not only to the
Fund but also to the Covered Entities if the engagements relate directly to the
operations and financial reporting of the Fund. This list of Covered Entities
would include:

          Morgan Stanley Retail Funds

          Morgan Stanley Investment Advisors Inc.
          Morgan Stanley & Co. Incorporated
          Morgan Stanley DW Inc.
          Morgan Stanley Investment Management Inc.
          Morgan Stanley Investment Management Limited
          Morgan Stanley Investment Management Private Limited
          Morgan Stanley Asset & Investment Trust Management Co., Limited
          Morgan Stanley Investment Management Company
          Van Kampen Asset Management
          Morgan Stanley Services Company, Inc.
          Morgan Stanley Distributors Inc.
          Morgan Stanley Trust FSB


                                        7

<PAGE>

          Morgan Stanley Institutional Funds
          ----------------------------------

          Morgan Stanley Investment Management Inc.
          Morgan Stanley Investment Advisors Inc.
          Morgan Stanley Investment Management Limited
          Morgan Stanley Investment Management Private Limited
          Morgan Stanley Asset & Investment Trust Management Co., Limited
          Morgan Stanley Investment Management Company
          Morgan Stanley & Co. Incorporated
          Morgan Stanley Distribution, Inc.
          Morgan Stanley AIP GP LP
          Morgan Stanley Alternative Investment Partners LP

(e)(2) Beginning with non-audit service contracts entered into on or after May
6, 2003, the audit committee also is required to pre-approve services to Covered
Entities to the extent that the services are determined to have a direct impact
on the operations or financial reporting of the Registrant. 100% of such
services were pre-approved by the audit committee pursuant to the Audit
Committee's pre-approval policies and procedures (attached hereto).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the
provision of services other than audit services performed by the auditors to the
Registrant and Covered Entities is compatible with maintaining the auditors'
independence in performing audit services.

Item 5. Audit Committee of Listed Registrants.

(a) The Trust has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:
Frank Bowman, Wayne Hedien, Joseph Kearns, Michael Nugent and Allen Reed.

(b) Not applicable.

Item 6.

See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.


                                        8

<PAGE>

The Trust invests in exclusively non-voting securities and therefore this item
is not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

PORTFOLIO MANAGEMENT. As of the date of this report, the Trust is managed by
members of the Municipal Fixed Income team. The team consists of portfolio
managers and analysts. Current members of the team jointly and primarily
responsible for the day-to-day management of the Trust's portfolio and the
overall execution of the strategy of the Trust are James F. Willison, a Managing
Director of the Investment Adviser, Joseph R. Arcieri, an Executive Director of
the Investment Adviser and Robert J. Stryker and Robert W. Wimmel, Vice
Presidents of the Investment Adviser.

Mr. Willison has been associated with the Investment Adviser in an investment
management capacity since January 1980 and began managing the Trust at
inception.

Mr. Arcieri has been associated with the Investment Adviser in an investment
management capacity since January 1986 and began managing the Trust in January
2002.

Mr. Stryker has been associated with the Investment Adviser in an investment
management capacity since February 1994 and began managing the Trust in July
2005.

Mr. Wimmel has been associated with the Investment Adviser in an investment
management capacity since August 1996 and began managing the Trust in January
2002.

The composition of the team may change from time to time.

OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS

The following information is as of October 31, 2006:

Mr. Willison managed 22 mutual funds with a total of approximately $7.4 billion
in assets; no pooled investment vehicles other than mutual funds; and no other
accounts.

Mr. Arcieri managed 19 mutual funds with a total of approximately $5.7 billion
in assets; no pooled investment vehicles other than mutual funds; and no other
accounts.

Mr. Stryker managed 14 mutual funds with a total of approximately $6.8 billion
in assets; no pooled investment vehicles other than mutual funds; and no other
accounts.

Mr. Wimmel managed 25 mutual funds with a total of approximately $12.6 billion
in assets; no pooled investment vehicles other than mutual funds; and no other
accounts.

Because the portfolio managers manage assets for other investment companies,
pooled investment vehicles, and/or other accounts (including institutional
clients, pension plans and certain high net worth individuals), there may be an
incentive to favor one client over another resulting in conflicts of interest.
For instance, the Investment Adviser may


                                        9

<PAGE>

receive fees from certain accounts that are higher than the fee it receives from
the Trust, or it may receive a performance-based fee on certain accounts. In
those instances, the portfolio manager may have an incentive to favor the higher
and/or performance-based fee accounts over the Trust. The Investment Adviser has
adopted trade allocation and other policies and procedures that it believes are
reasonably designed to address these and other conflicts of interest.

PORTFOLIO MANAGER COMPENSATION STRUCTURE

Portfolio managers receive a combination of base compensation and discretionary
compensation, comprised of a cash bonus and several deferred compensation
programs described below. The methodology used to determine portfolio manager
compensation is applied across all funds/accounts managed by the portfolio
manager.

BASE SALARY COMPENSATION. Generally, portfolio managers receive base salary
compensation based on the level of their position with the Investment Adviser.

DISCRETIONARY COMPENSATION. In addition to base compensation, portfolio managers
may receive discretionary compensation.

Discretionary compensation can include:

- -    Cash Bonus.

- -    Morgan Stanley's Equity Incentive Compensation Program (EICP) awards -- a
     mandatory program that defers a portion of discretionary year-end
     compensation into restricted stock units or other awards based on Morgan
     Stanley common stock that are subject to vesting and other conditions.

- -    Investment Management Alignment Plan (IMAP) awards -- a mandatory program
     that defers a portion of discretionary year-end compensation and notionally
     invests it in designated Funds advised by the Investment Adviser or its
     affiliates. The award is subject to vesting and other conditions. Portfolio
     managers must notionally invest a minimum of 25% to a maximum of 100% of
     the IMAP deferral into a combination of the designated open-end mutual
     funds they manage that are included in the IMAP fund menu, which may or may
     not include the Trust.

- -    Voluntary Deferred Compensation Plans -- voluntary programs that permit
     certain employees to elect to defer a portion of their discretionary
     year-end compensation and directly or notionally invest the deferred
     amount: (1) across a range of designated investment Funds, including Funds
     advised by the Investment Adviser or its affiliates; and/or (2) in Morgan
     Stanley stock units.

Several factors determine discretionary compensation, which can vary by
portfolio management team and circumstances. In order of relative importance,
these factors include:


                                       10

<PAGE>

- -    Investment performance. A portfolio manager's compensation is linked to the
     pre-tax investment performance of the funds/accounts managed by the
     portfolio manager. Investment performance is calculated for one-, three-
     and five-year periods measured against a fund's/account's primary
     benchmark, indices and/or peer groups where applicable. Generally, the
     greatest weight is placed on the three- and five-year periods.

- -    Revenues generated by the investment companies, pooled investment vehicles
     and other accounts managed by the portfolio manager.

- -    Contribution to the business objectives of the Investment Adviser.

- -    The dollar amount of assets managed by the portfolio manager.

- -    Market compensation survey research by independent third parties.

- -    Other qualitative factors, such as contributions to client objectives.

- -    Performance of Morgan Stanley and Morgan Stanley Investment Management, and
     the overall performance of the investment team(s) of which the portfolio
     manager is a member.

SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS

As of October 31, 2006, the portfolio managers did not own any shares of the
Trust.


                                       11

<PAGE>

Item 9. Closed-End Fund Repurchases

                    REGISTRANT PURCHASE OF EQUITY SECURITIES

<FONT size="1">

                                                                        (d) Maximum Number
                                                                          (or Approximate
                                                  (c) Total Number of    Dollar Value) of
                        (a) Total                  Shares (or Units)    Shares (or Units)
                        Number of   (b) Average    Purchased as Part      that May Yet Be
                       Shares (or    Price Paid       of Publicly         Purchased Under
                         Units)      per Share     Announced Plans or      the Plans or
Period                  Purchased    (or Unit)          Programs             Programs
- --------------------   ----------   -----------   -------------------   ------------------

November 1, 2005
November 30, 2005        107,600      $13.6560            N/A                  N/A
December 1, 2005 --
December 31, 2005        140,200      $13.7405            N/A                  N/A
January 1, 2006 --
January 31, 2006         163,500      $14.2003            N/A                  N/A
February 1, 2006 --
February 28, 2006        120,100      $14.5268            N/A                  N/A
March 1, 2006 --
March 31, 2006           105,400      $14.5932            N/A                  N/A
April 1, 2006 --
April 30, 2006            78,400      $14.5142            N/A                  N/A
May 1, 2006 --
May 31, 2006              48,400      $14.3079            N/A                  N/A
June 1, 2006 --
June 30, 2006             33,600      $14.3842            N/A                  N/A
July 1, 2006 --
July 31, 2006              3,600      $14.3756            N/A                  N/A
August 1, 2006 --
August 31, 2006               --            --            N/A                  N/A
September 1, 2006 --
September 30, 2006            --            --            N/A                  N/A
October 1, 2006 --
October 31, 2006          42,900      $14.3510            N/A                  N/A
                         -------      --------
Total                    843,700      $14.2650            N/A                  N/A
                         =======      ========
</FONT>


                                       12

<PAGE>

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
provide reasonable assurance 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 ("SEC")
rules and forms or by the SEC staff, based upon such officers' evaluation of
these controls and procedures as of January 12, which is a date within 90 days
of the filing date of the report. The Trust's principal executive officer and
principal financial officer have also concluded that the Trust's disclosure
controls and procedures designed to ensure that information required to be
disclosed by the Trust in this Form N-CSR is accumulated and communicated to the
Trust's management, including its principal executive officer and principal
financial officer, as appropriate to allow timely decisions regarding required
disclosure were effective.

Management of the Trust has determined that as of and prior to October 31, 2006,
the Trust's fiscal year end, the Trust had a deficiency in its internal control
over financial reporting related to the review, analysis and determination of
whether certain transfers of municipal securities qualified for sale accounting
under the provisions of Statement of Financial Accounting Standards No. 140
"Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities." As a result, the Trust's independent registered public
accountants advised the Trust that this control deficiency represented a
material weakness in internal control over financial reporting as of October 31,
2006. Since October 31, 2006, and prior to the issuance of the Trust's annual
report, management has revised its disclosure controls and procedures and its
internal control over financial reporting in order to improve the controls'
effectiveness to ensure that transactions in transfers of municipal securities
are accounted for properly.

Management notes that other investment companies investing in similar
investments over the same time periods had been accounting for such investments
in a similar manner as the Trust. Accordingly, other investment companies are
also concluding that there was a material weakness in their internal control
over financial reporting of such investments. The changes in the Trust's
financial statements did not impact the net asset value of the Trust's shares or
the Trust's total return for any period.

(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably likely to
materially affect, the Trust's internal control over financial reporting.
However, as discussed above, subsequent to October 31, 2006, the Trust's
internal control over financial reporting was revised.

Item 12. Exhibits

(a) The Code of Ethics for Principal Executive and Senior Financial Officers is
attached hereto.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.


                                       13

<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
January 12, 2007

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.


/s/ Ronald E. Robison
- -------------------------------------
Ronald E. Robison
Principal Executive Officer
January 12, 2007


/s/ Francis Smith
- -------------------------------------
Francis Smith
Principal Financial Officer
January 12, 2007

                                       14

<PAGE>

                                                                    EXHIBIT 12 A

      CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
            ADOPTED SEPTEMBER 28, 2004, AS AMENDED SEPTEMBER 20, 2005

I.   This Code of Ethics (the "Code") for the investment companies within the
     Morgan Stanley complex identified in Exhibit A (collectively, "Funds" and
     each, a "Fund") applies to each Fund's Principal Executive Officer,
     President, Principal Financial Officer and Treasurer (or persons performing
     similar functions) ("Covered Officers" each of whom are set forth in
     Exhibit B) for the purpose of promoting:

          o    honest and ethical conduct, including the ethical handling of
               actual or apparent conflicts of interest between personal and
               professional relationships.

          o    full, fair, accurate, timely and understandable disclosure in
               reports and documents that a company files with, or submits to,
               the Securities and Exchange Commission ("SEC") and in other
               public communications made by the Fund;

          o    compliance with applicable laws and governmental rules and
               regulations;

          o    prompt internal reporting of violations of the Code to an
               appropriate person or persons identified in the Code; and

          o    accountability for adherence to the Code.

               Each Covered Officer should adhere to a high standard of business
ethics and should be sensitive to situations that may give rise to actual as
well as apparent conflicts of interest. Any question about the application of
the Code should be referred to the General Counsel or his/her designee (who is
set forth in Exhibit C).

II.  COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF
     INTEREST

     OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private
interest interferes, or appears to interfere, with the interests of, or his
service to, the Fund. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of his position with the Fund.

     Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of interest
provisions in the


                                       15

<PAGE>

Investment Company Act of 1940 ("Investment Company Act") and the Investment
Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers
may not individually engage in certain transactions (such as the purchase or
sale of securities or other property) with the Fund because of their status as
"affiliated persons" (as defined in the Investment Company Act) of the Fund. The
Fund's and its investment adviser's compliance programs and procedures are
designed to prevent, or identify and correct, violations of these provisions.
This Code does not, and is not intended to, repeat or replace these programs and
procedures, and such conflicts fall outside the parameters of this Code, unless
or until the General Counsel determines that any violation of such programs and
procedures is also a violation of this Code.

     Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and its investment adviser of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Fund or for the investment adviser, or for both), be involved
in establishing policies and implementing decisions that will have different
effects on the Fund and its investment adviser. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Fund and the investment adviser and is consistent with the performance by
the Covered Officers of their duties as officers of the Fund. Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically. In addition, it is recognized by the Funds' Boards of
Directors/Trustees ("Boards") that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other
codes.

     Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment Company Act and the
Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Officers should keep in mind that these
examples are not exhaustive. The overarching principle is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Fund.

     Each Covered Officer must not:

          o    use his personal influence or personal relationships improperly
               to influence investment decisions or financial reporting by the
               Fund whereby the Covered Officer would benefit personally
               (directly or indirectly);

          o    cause the Fund to take action, or fail to take action, for the
               individual personal benefit of the Covered Officer rather than
               the benefit of the Fund; or

          o    use material non-public knowledge of portfolio transactions made
               or contemplated for, or actions proposed to be taken by, the Fund
               to trade personally or cause others to trade personally in
               contemplation of the market effect of such transactions.


                                       16

<PAGE>

     Each Covered Officer must, at the time of signing this Code, report to the
General Counsel all affiliations or significant business relationships outside
the Morgan Stanley complex and must update the report annually.

     Conflict of interest situations should always be approved by the General
Counsel and communicated to the relevant Fund or Fund's Board. Any activity or
relationship that would present such a conflict for a Covered Officer would
likely also present a conflict for the Covered Officer if an immediate member of
the Covered Officer's family living in the same household engages in such an
activity or has such a relationship. Examples of these include:

          o    service or significant business relationships as a director on
               the board of any public or private company;

          o    accepting directly or indirectly, anything of value, including
               gifts and gratuities in excess of $100 per year from any person
               or entity with which the Fund has current or prospective business
               dealings, not including occasional meals or tickets for theatre
               or sporting events or other similar entertainment; provided it is
               business-related, reasonable in cost, appropriate as to time and
               place, and not so frequent as to raise any question of
               impropriety;

          o    any ownership interest in, or any consulting or employment
               relationship with, any of the Fund's service providers, other
               than its investment adviser, principal underwriter, or any
               affiliated person thereof; and

          o    a direct or indirect financial interest in commissions,
               transaction charges or spreads paid by the Fund for effecting
               portfolio transactions or for selling or redeeming shares other
               than an interest arising from the Covered Officer's employment,
               such as compensation or equity ownership.

III. DISCLOSURE AND COMPLIANCE

          o    Each Covered Officer should familiarize himself/herself with the
               disclosure and compliance requirements generally applicable to
               the Funds;

          o    each Covered Officer must not knowingly misrepresent, or cause
               others to misrepresent, facts about the Fund to others, whether
               within or outside the Fund, including to the Fund's
               Directors/Trustees and auditors, or to governmental regulators
               and self-regulatory organizations;

          o    each Covered Officer should, to the extent appropriate within his
               area of responsibility, consult with other officers and employees
               of the Funds and their investment advisers with the goal of
               promoting full, fair, accurate, timely and understandable
               disclosure in the reports and documents the Funds file with, or
               submit to, the SEC and in other public communications made by the
               Funds; and


                                       17

<PAGE>

          o    it is the responsibility of each Covered Officer to promote
               compliance with the standards and restrictions imposed by
               applicable laws, rules and regulations.

IV.  REPORTING AND ACCOUNTABILITY

          Each Covered Officer must:

          o    upon adoption of the Code (thereafter as applicable, upon
               becoming a Covered Officer), affirm in writing to the Boards that
               he has received, read and understands the Code;

          o    annually thereafter affirm to the Boards that he has complied
               with the requirements of the Code;

          o    not retaliate against any other Covered Officer, other officer or
               any employee of the Funds or their affiliated persons for reports
               of potential violations that are made in good faith; and

          o    notify the General Counsel promptly if he/she knows or suspects
               of any violation of this Code. Failure to do so is itself a
               violation of this Code.

          The General Counsel is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any waivers(2) sought
by a Covered Officer must be considered by the Board of the relevant Fund or
Funds.

          The Funds will follow these procedures in investigating and enforcing
this Code:

          o    the General Counsel will take all appropriate action to
               investigate any potential violations reported to him;

          o    if, after such investigation, the General Counsel believes that
               no violation has occurred, the General Counsel is not required to
               take any further action;

          o    any matter that the General Counsel believes is a violation will
               be reported to the relevant Fund's Audit Committee;

          o    if the directors/trustees/managing general partners who are not
               "interested persons" as defined by the Investment Company Act
               (the "Independent Directors/Trustees/Managing General Partners")
               of the relevant Fund concur that a violation has occurred, they
               will consider appropriate action,

- ----------
(2)  Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
     a material departure from a provision of the code of ethics."


                                       18

<PAGE>

               which may include review of, and appropriate modifications to,
               applicable policies and procedures; notification to appropriate
               personnel of the investment adviser or its board; or a
               recommendation to dismiss the Covered Officer or other
               appropriate disciplinary actions;

          o    the Independent Directors/Trustees/Managing General Partners of
               the relevant Fund will be responsible for granting waivers of
               this Code, as appropriate; and

          o    any changes to or waivers of this Code will, to the extent
               required, be disclosed as provided by SEC rules.

V.   OTHER POLICIES AND PROCEDURES

          This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds, the Funds' investment advisers, principal
underwriters, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code unless any provision of this Code conflicts
with any applicable federal or state law, in which case the requirements of such
law will govern. The Funds' and their investment advisers' and principal
underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act
and Morgan Stanley's Code of Ethics are separate requirements applying to the
Covered Officers and others, and are not part of this Code.

VI.  AMENDMENTS

          Any amendments to this Code, other than amendments to Exhibits A, B or
C, must be approved or ratified by a majority vote of the Board of each Fund,
including a majority of Independent Directors/Trustees/Managing General
Partners.

VII. CONFIDENTIALITY

          All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the Independent
Directors/Trustees/Managing General Partners of the relevant Fund or Funds and
their counsel, the relevant Fund or Funds and their counsel and the relevant
investment adviser and its counsel.


                                       19

<PAGE>

VIII. INTERNAL USE

          The Code is intended solely for the internal use by the Funds and does
not constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion

I have read and understand the terms of the above Code. I recognize the
responsibilities and obligations incurred by me as a result of my being subject
to the Code. I hereby agree to abide by the above Code.


- ------------------------------

Date:
     -------------------------


                                       20

<PAGE>

                                    EXHIBIT A
                                    ---------

                                    FUND LIST

                                       AT
                               SEPTEMBER 30, 2006

RETAIL FUNDS
- ------------

OPEN-END RETAIL FUNDS

     TAXABLE MONEY MARKET FUNDS
     --------------------------

1.   Active Assets Government Securities Trust ("AA Government")

2.   Active Assets Institutional Government Securities Trust ("AA Institutional
     Government")

3.   Active Assets Institutional Money Trust ("AA Institutional Money")

4.   Active Assets Money Trust ("AA Money")

5.   Morgan Stanley Liquid Asset Fund Inc. ("Liquid Asset")

6.   Morgan Stanley U.S. Government Money Market Trust ("Government Money")

     TAX-EXEMPT MONEY MARKET FUNDS
     -----------------------------

7.   Active Assets California Tax-Free Trust ("AA California")

8.   Active Assets Tax-Free Trust ("AA Tax-Free")

9.   Morgan Stanley California Tax-Free Daily Income Trust ("California Tax-Free
     Daily")

10.  Morgan Stanley New York Municipal Money Market Trust ("New York Money")

11.  Morgan Stanley Tax-Free Daily Income Trust ("Tax-Free Daily")

     EQUITY FUNDS
     ------------

12.  Morgan Stanley Aggressive Equity Fund ("Aggressive Equity")+

13.  Morgan Stanley Allocator Fund ("Allocator Fund")+

14.  Morgan Stanley Capital Opportunities Trust ("Capital Opportunities")+

15.  Morgan Stanley Developing Growth Securities Trust ("Developing Growth")+

16.  Morgan Stanley Dividend Growth Securities Inc. ("Dividend Growth")+

17.  Morgan Stanley Equally-Weighted S&P 500 Fund ("Equally-Weighted S&P 500")+

18.  Morgan Stanley European Equity Fund Inc. ("European Equity")+

19.  Morgan Stanley Financial Services Trust ("Financial Services")+

20.  Morgan Stanley Focus Growth Fund ("Focus Growth")+

21.  Morgan Stanley Fundamental Value Fund ("Fundamental Value")+


                                       21

<PAGE>

22.  Morgan Stanley Global Advantage Fund ("Global Advantage")+

23.  Morgan Stanley Global Dividend Growth Securities ("Global Dividend
     Growth")+

24.  Morgan Stanley Global Utilities Fund ("Global Utilities")+

25.  Morgan Stanley Growth Fund ("Growth Fund")+

26.  Morgan Stanley Health Sciences Trust ("Health Sciences")+

27.  Morgan Stanley Institutional Strategies Fund ("Institutional Strategies")+

28.  Morgan Stanley International Fund ("International Fund")+

29.  Morgan Stanley International SmallCap Fund ("International SmallCap")+

30.  Morgan Stanley International Value Equity Fund ("International Value")+

31.  Morgan Stanley Japan Fund ("Japan Fund")+

32.  Morgan Stanley Mid-Cap Value Fund (Mid-Cap Value")+

33.  Morgan Stanley Multi-Asset Class Fund ("Multi-Asset Class")+

34.  Morgan Stanley Nasdaq-100 Index Fund ("Nasdaq-100")+

35.  Morgan Stanley Natural Resource Development Securities Inc. ("Natural
     Resource")+

36.  Morgan Stanley Pacific Growth Fund Inc. ("Pacific Growth")+

37.  Morgan Stanley Real Estate Fund ("Real Estate")+

38.  Morgan Stanley Small-Mid Special Value Fund (Small-Mid Special Value")+

39.  Morgan Stanley S&P 500 Index Fund ("S&P500 Index")+

40.  Morgan Stanley Special Growth Fund ("Special Growth")+

41.  Morgan Stanley Special Value Fund ("Special Value")+

42.  Morgan Stanley Technology Fund ("Technology Fund")+

43.  Morgan Stanley Total Market Index Fund ("Total Market Index")+

44.  Morgan Stanley Total Return Trust ("Total Return")+

45.  Morgan Stanley Utilities Fund ("Utilities Fund")+

46.  Morgan Stanley Value Fund ("Value Fund")+

     BALANCED FUNDS
     --------------

47.  Morgan Stanley Balanced Growth Fund ("Balanced")+

     ASSET ALLOCATION FUND
     ---------------------

48.  Morgan Stanley Strategist Fund ("Strategist Fund")+

     TAXABLE FIXED-INCOME FUNDS
     --------------------------

49.  Morgan Stanley Convertible Securities Trust ("Convertible Securities")+

50.  Morgan Stanley Flexible Income Trust ("Flexible Income")+

51.  Morgan Stanley Income Trust ("Income Trust")+

52.  Morgan Stanley High Yield Securities Inc. ("High Yield Securities")+

53.  Morgan Stanley Limited Duration Fund ("Limited Duration Fund")

54.  Morgan Stanley Limited Duration U.S. Treasury Trust ("Limited Duration
     Treasury")

55.  Morgan Stanley Mortgage Securities Trust ("Mortgage Securities")+

56.  Morgan Stanley U.S. Government Securities Trust ("Government Securities")+


                                       22

<PAGE>

     TAX-EXEMPT FIXED-INCOME FUNDS
     -----------------------------

57.  Morgan Stanley California Tax-Free Income Fund ("California Tax-Free")+

58.  Morgan Stanley Limited Term Municipal Trust ("Limited Term Municipal")

59.  Morgan Stanley New York Tax-Free Income Fund ("New York Tax-Free")+

60.  Morgan Stanley Tax-Exempt Securities Trust ("Tax-Exempt Securities")+

     SPECIAL PURPOSE FUNDS
     ---------------------

61.  Morgan Stanley Select Dimensions Investment Series ("Select Dimensions")

     o    Balanced Growth Portfolio

     o    Capital Opportunities Portfolio

     o    Developing Growth Portfolio

     o    Dividend Growth Portfolio

     o    Equally-Weighted S&P 500 Portfolio

     o    Flexible Income Portfolio

     o    Focus Growth Portfolio

     o    Global Equity Portfolio

     o    Growth Portfolio

     o    Money Market Portfolio

     o    Utilities Portfolio

62. Morgan Stanley Variable Investment Series ("Variable Investment")

     o    Aggressive Equity Portfolio

     o    Dividend Growth Portfolio

     o    Equity Portfolio

     o    European Equity Portfolio

     o    Global Advantage Portfolio

     o    Global Dividend Growth Portfolio

     o    High Yield Portfolio

     o    Income Builder Portfolio

     o    Limited Duration Portfolio

     o    Money Market Portfolio

     o    Income Plus Portfolio

     o    S&P 500 Index Portfolio

     o    Strategist Portfolio

     o    Utilities Portfolio

CLOSED-END RETAIL FUNDS

     TAXABLE FIXED-INCOME CLOSED-END FUNDS
     -------------------------------------

63.  Morgan Stanley Government Income Trust ("Government Income")

64.  Morgan Stanley Income Securities Inc. ("Income Securities")


                                       23

<PAGE>

65.  Morgan Stanley Prime Income Trust ("Prime Income")

     TAX-EXEMPT FIXED-INCOME CLOSED-END FUNDS
     ----------------------------------------

66.  Morgan Stanley California Insured Municipal Income Trust ("California
     Insured Municipal")

67.  Morgan Stanley California Quality Municipal Securities ("California Quality
     Municipal")

68.  Morgan Stanley Insured California Municipal Securities ("Insured California
     Securities")

69.  Morgan Stanley Insured Municipal Bond Trust ("Insured Municipal Bond")

70.  Morgan Stanley Insured Municipal Income Trust ("Insured Municipal Income")

71.  Morgan Stanley Insured Municipal Securities ("Insured Municipal
     Securities")

72.  Morgan Stanley Insured Municipal Trust ("Insured Municipal Trust")

73.  Morgan Stanley Municipal Income Opportunities Trust ("Municipal
     Opportunities")

74.  Morgan Stanley Municipal Income Opportunities Trust II ("Municipal
     Opportunities II")

75.  Morgan Stanley Municipal Income Opportunities Trust III ("Municipal
     Opportunities III")

76.  Morgan Stanley Municipal Premium Income Trust ("Municipal Premium")

77.  Morgan Stanley New York Quality Municipal Securities ("New York Quality
     Municipal")

78.  Morgan Stanley Quality Municipal Income Trust ("Quality Municipal Income")

79.  Morgan Stanley Quality Municipal Investment Trust ("Quality Municipal
     Investment")

80.  Morgan Stanley Quality Municipal Securities ("Quality Municipal
     Securities")

+-   Denotes Retail Multi-Class Fund

                               INSTITUTIONAL FUNDS
                               -------------------

OPEN-END INSTITUTIONAL FUNDS

1.   Morgan Stanley Institutional Fund, Inc. ("Institutional Fund Inc.")

     Active Portfolios:

          o    Active International Allocation Portfolio

          o    Emerging Markets Portfolio

          o    Emerging Markets Debt Portfolio

          o    Focus Equity Portfolio

          o    Global Franchise Portfolio

          o    Global Real Estate Portfolio

          o    Global Value Equity Portfolio

          o    International Equity Portfolio

          o    International Growth Equity Portfolio


                                       24

<PAGE>

          o    International Magnum Portfolio

          o    International Real Estate Portfolio

          o    International Small Cap Portfolio

          o    Large Cap Relative Value Portfolio

          o    Money Market Portfolio

          o    Municipal Money Market Portfolio

          o    Small Company Growth Portfolio

          o    Systematic Active Large Cap Core Portfolio

          o    Systematic Active Small Cap Core Portfolio

          o    Systematic Active Small Cap Growth Portfolio

          o    Systematic Active Small Cap Value Portfolio

          o    U.S. Large Cap Growth Portfolio

          o    U.S. Real Estate Portfolio

     Inactive Portfolios*:

          o    China Growth Portfolio

          o    Gold Portfolio

          o    Large Cap Relative Value Portfolio

          o    MicroCap Portfolio

          o    Mortgage-Backed Securities Portfolio

          o    Municipal Bond Portfolio

          o    U.S. Equity Plus Portfolio

2.   Morgan Stanley Institutional Fund Trust ("Institutional Fund Trust")

     Active Portfolios:

          o    Advisory Portfolio

          o    Advisory Foreign Fixed Income II Portfolio

          o    Advisory Foreign Fixed Income Portfolio

          o    Balanced Portfolio

          o    Core Fixed Income Portfolio

          o    Core Plus Fixed Income Portfolio

          o    Equity Portfolio

          o    Equity Plus Portfolio

          o    High Yield Portfolio

          o    Intermediate Duration Portfolio

          o    International Fixed Income Portfolio

          o    Investment Grade Fixed Income Portfolio

          o    Limited Duration Portfolio

- ----------
*    Have not commenced or have ceased operations


                                       25

<PAGE>

          o    Long Duration Fixed Income Portfolio

          o    Mid-Cap Growth Portfolio

          o    Municipal Portfolio

          o    U.S. Mid-Cap Value Portfolio

          o    U.S. Small-Cap Value Portfolio

          o    Value Portfolio

     Inactive Portfolios*:

          o    Balanced Plus Portfolio

          o    Growth Portfolio

          o    Investment Grade Credit Advisory Portfolio

          o    Mortgage Advisory Portfolio

          o    New York Municipal Portfolio

          o    Targeted Duration Portfolio

          o    Value II Portfolio

3.   The Universal Institutional Funds, Inc. ("Universal Funds")

     Active Portfolios:

          o    Core Plus Fixed Income Portfolio

          o    Emerging Markets Debt Portfolio

          o    Emerging Markets Equity Portfolio

          o    Equity and Income Portfolio

          o    Equity Growth Portfolio

          o    Global Franchise Portfolio

          o    Global Real Estate Portfolio

          o    Global Value Equity Portfolio

          o    High Yield Portfolio

          o    International Growth Equity Portfolio

          o    International Magnum Portfolio

          o    Mid-Cap Growth Portfolio

          o    Small Company Growth Portfolio

          o    U.S. Mid-Cap Value Portfolio

          o    U.S. Real Estate Portfolio

          o    Value Portfolio

     Inactive Portfolios*:

          o    Balanced Portfolio

          o    Capital Preservation Portfolio

          o    Core Equity Portfolio

          o    International Fixed Income Portfolio

- ----------


                                       26

<PAGE>

          o    Investment Grade Fixed Income Portfolio

          o    Latin American Portfolio

          o    Multi-Asset Class Portfolio

          o    Targeted Duration Portfolio

4.   Morgan Stanley Institutional Liquidity Funds ("Liquidity Funds")

     Active Portfolios:

          o    Government Portfolio

          o    Money Market Portfolio

          o    Prime Portfolio

          o    Tax-Exempt Portfolio

          o    Treasury Portfolio

     Inactive Portfolios*:

          o    Government Securities Portfolio

          o    Treasury Securities Portfolio

CLOSED-END INSTITUTIONAL FUNDS

5.   Morgan Stanley Asia-Pacific Fund, Inc. ("Asia-Pacific Fund")

6.   Morgan Stanley Eastern Europe Fund, Inc. ("Eastern Europe")

7.   Morgan Stanley Emerging Markets Debt Fund, Inc. ("Emerging Markets Debt")

8.   Morgan Stanley Emerging Markets Fund, Inc. ("Emerging Markets Fund")

9.   Morgan Stanley Global Opportunity Bond Fund, Inc. ("Global Opportunity")

10.  Morgan Stanley High Yield Fund, Inc. ("High Yield Fund")

11.  The Latin American Discovery Fund, Inc. ("Latin American Discovery")

12   The Malaysia Fund, Inc. ("Malaysia Fund")

13.  The Thai Fund, Inc. ("Thai Fund")

14.  The Turkish Investment Fund, Inc. ("Turkish Investment")

15.  India Investment Fund ("India Investment")

CLOSED-END FUND OF HEDGE FUNDS

16.  Morgan Stanley Institutional Fund of Hedge Funds ("Fund of Hedge Funds")

                                 IN REGISTRATION

MORGAN STANLEY RETAIL FUNDS

1. Morgan Stanley American Franchise Fund

- ----------
*    Have not commenced or have ceased operations


                                       27

<PAGE>

FUNDS OF HEDGE FUNDS

1.   Morgan Stanley Absolute Return Fund

2.   Morgan Stanley Institutional Fund of Hedge Funds II


                                       28

<PAGE>

                                    EXHIBIT B
                                    ---------

                               INSTITUTIONAL FUNDS
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison -President and Principal Executive Officer
            James W. Garrett - Chief Financial Officer and Treasurer

                                  RETAIL FUNDS
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison -President and Principal Executive Officer
              Francis Smith - Chief Financial Officer and Treasurer

                   MORGAN STANLEY INDIA INVESTMENT FUND, INC.
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison - President and Principal Executive Officer
            James W. Garrett - Chief Financial Officer and Treasurer


                                       29

<PAGE>

                                    EXHIBIT C
                                    ---------

                                 GENERAL COUNSEL
                                 ---------------

                                   Amy R. Doberman


                                       30

<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 second fiscal quarter of
     the period covered by this report that has materially affected, or is
     reasonably likely to materially affect, the registrant's internal control
     over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):


                                       31

<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.

January 12, 2007


                                        /s/ Ronald E. Robison
                                        ----------------------------------------
                                        Ronald E. Robison
                                        Principal Executive Officer


                                       32

<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 second fiscal quarter of
     the period covered by this period 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):


                                       33

<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: January 12, 2007


                                        /s/ Francis Smith
                                        ----------------------------------------
                                        Francis Smith
                                        Principal Financial Officer


                                       34

<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 October 31, 2006 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: January 12, 2007                  /s/ Ronald E. Robison
                                        ----------------------------------------
                                        Ronald E. Robison
                                        Principal Executive Officer

A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley 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.


                                       35

<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 October 31, 2006 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: January 12, 2007                  /s/ Francis Smith
                                        ----------------------------------------
                                        Francis Smith
                                        Principal Financial Officer

A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley 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.


                                       36
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
